Owned home less than 5yrs get out of lien

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This topic contains 3 replies, has 3 voices, and was last updated by  TTrumble 3 months, 4 weeks ago.

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  • #38834

    LJsMom
    Member

    Is there anyway to sell your NACA home or get out of the $25,000 lien if you owned the home less than 5yrs? I am going through a divorce and need to move to SC for my job.

    #38838

    TTrumble
    Member

    Hello LJsMom,

    Contact the NACA Member Assistance Program at 281-968-6222 and explain your situation. You will likely have to provide evidence to support your reasons, but it shouldn’t be too difficult to get a waiver.

    Your bigger concern will likely be if you received money from any sort of down payment assistance program when buying the home. Their five year occupancy requirements are usually much stricter.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #39762

    leannc1007
    Member

    What type of lien is NACA placing on these homes? And how does it affect my credit score?

    #39764

    TTrumble
    Member

    Hello leannc1007,

    The lien was explained in your initial Home Buyer’s Workshop and is also detailed in your Workbook. NACA places a $25,000 lien on the property to enforce the owner occupancy requirement of the NACA loan, and it remains in place as long as you have the NACA mortgage. The lien has no effect whatsoever on your credit score.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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