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    I purchased my home with NACA about 4 years ago (thank you!). I understand from the website that NACA doesn’t do refinancing, which I am considering since my interest rate (which was awesome a few years ago) can probably be decreased based on current rates. The reason I am considering this is because my escrow payments had increased to cover taxes, so I’m looking to save money where possible.

    NACA generally does not currently refinance mortgages since it is best to modify an unaffordable mortgage. The NACA Home-Save Department is very effective in assisting homeowners with their servicers/lenders achieve an affordable mortgage payment.

    Does that mean that NACA may help modify my current mortgage? If so, how does that work?

    Also, if I do decide to refinance, would that be an issue? Would I need to request to have the lien removed? I would hate to leave the NACA program.


    Hello yvette1,

    A mortgage modification request requires a documentable hardship and in many cases also requires the loan be 60 days past due.

    I’m afraid your situation would not qualify for a modification since an increase in property taxes is common enough that it is not considered a hardship.

    Refinancing appears to be your best option under the circumstances you describe. If you pursue that route, make sure to request a release of the lien NACA places on the property to enforce the owner occupancy requirement. Just contact with your request and they will walk you through the process.

    Tim Trumble
    Online Operations, NACA

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