NACA provides the most effective solution for homeowners with an unaffordable mortgage. NACA can enforce and achieve these solutions with major lenders/servicers and is advocating against others. The procedures stated below are important to follow in order achieve such an affordable permanent solution through NACA’s Home Save Program. While NACA is the best option for at-risk homeowners, you should pursue all alternatives and if possible have a Plan B. We will not be able to assist you if you do not live in your home or if you own other properties. All of NACA’s services are Free.
There are 9 Stages...
Stage 1
Attend NACA Workshop
Attend a free NACA Workshop to learn about NACA and the Home Save Program’s requirements and processing. There are a number of workshops offered every month by each NACA office. If you do not live in a state where NACA has a workshop, send an email to HomeSave@naca.com or call NACA’s Hotline at 1-888-297-5568 and we will continue to assist you. Upon completion of the NACA Workshop, you need to complete the submission section in the website and then make an appointment for an individual counseling session with a NACA Mortgage Consultant.
Stage 2
Home Save Submission
You need to input information through our website. There are ten sections that can be done over a period of time. Complete as much as possible since the more information and documentation you submit the faster and more effectively we can meet your needs.
The information you will need to submit on the NACA website are the following:
1. Personal Information – After completing this you will receive an email with your NACA ID
2. Authorization
3. Property
4. Mortgage
5. Hardship Explanation
6. General Questions
7. Income
8. Monthly Debts
9. Monthly Expenses
You need to be completely accurate and honest. We will require verification of the information you submit. If you are not sure or comfortable on utilizing the website, bring whatever you have to your counseling session.
Stage 3
Counseling Appointment
Make an appointment to meet with a NACA counselor for a face-to-face meeting or a phone session. Phone sessions are available sooner and more flexible times. For a phone session you must complete the submission on-line and submit the documents by fax or electronically. If you have an auction date you need to complete the Urgent Situation button so we can work to suspend your action while you are working with NACA.
Stage 4
Document Submission
For your NACA counselor to provide an affordable solution, you need to provide supporting documentation. The below required documents need to be submitted electronically or provided directly to your Mortgage Consultant.
1. Pay Stubs (most recent available 30 days)
2. Monthly Mortgage Statement (most recent available)
The following documents would be helpful in further assisting you. You should submit them if possible
1. Bank Statements (last available two months)
2. Property Tax Bill (most recent available)
3. Homeowners Insurance Bill (most recent available)
4. Mortgage Documents (current mortgage) – HUD1/Settlement Statement & Note (if not sure bring all documents from the closing)
The most effective and fastest way for us to assist you is for you to submit the documents into your electronic file by any of the following three options: a) using your personalized fax cover sheet that has your Member ID and faxing to 1-888-Fax-NACA (1-888-329-6222); b) submitting using your personalized email; and directly from your computer. You can also bring them to your meeting with your NACA Mortgage Consultant.
Stage 5
Individual Counseling
Your Mortgage Consultant will work with you to complete a budget documenting a mortgage payment you can afford over the long-term. You will work with your Mortgage Consultant to complete a verifiable and documented budget which identifies your monthly net income, less monthly liabilities, less monthly expenses, less $200 for non-recurring expenses. Your Mortgage Consultant will obtain verification of the budget information including pay stubs and liability payments from your credit report. NACA determines the interest rate and mortgage amount that would be necessary for you to achieve the maximum mortgage payment. The only real and permanent solution for the majority of at-risk homeowners is to restructure the mortgage by permanently reducing your interest rate and/or outstanding principal amount.
Stage 6
Submission to Servicer
The NACA recommended solution with your budget and supporting documentation is submitted to the servicer electronically. NACA submits all solutions based on the documented affordable amount with an interest rate and mortgage amount that is locked-in for the remaining term. The servicer has considerable discretion in changing the mortgage. In some cases the servicer would need to obtain approval by the investor.
NACA’s Home Save Underwriters work with the designated staff at the servicer to process the NACA Solution. When the servicer responds or accepts the NACA Solution, the Underwriter will coordinate with you and your Mortgage Consultant to complete any additional requirements. If the servicer does not accept the NACA Solution or have the authority to approve, then NACA would request that the investor approve the NACA Solution.
Stage 7
Advocacy for Your Solution
NACA has agreements and relationships with major lenders/servicers to enforce and achieve your Mortgage Restructure. NACA is expanding these agreements and more lenders/servicers are accepting the NACA Mortgage Restructure Solution.
If your lender/servicer or investor does not accept your NACA Mortgage Restructure, you will need to advocate with public officials and others to get your solution accepted. The ultimate decision maker is the CEO of your servicer and investor. To get the CEOs approval you need to involve your Congressman and Senator and make them responsible for getting the CEO of your lender/servicer or investor to accept the solution. We will provide you with contacts and information for you to call, email, write and confront these officials. You need to involve your family members, your friends, your co-workers, your neighbors and everyone else. Your responsibility is to relentlessly call, email and advocate until they get your solution accepted. It may also be necessary to aggressively confront some predatory lenders and involve your attorney general, federal and state regulators, state and local politicians, attorneys, and other organizations and individuals who can impact these services and/or investors. Your direct advocacy with thousands of other homeowners and NACA Members will be an irresistible force.
Stage 8
Accepted Solution
Once your solution is accepted, you would receive the documentation from the servicer often within two weeks. You need to review the documents carefully, sign them and return them to the servicer. These will be binding regardless of who services or purchases your mortgage.
Stage 9
Participation
We need your continued participation to advocate for economic justice. There are numerous activities to take part in, including participating in demonstrations; volunteering in the NACA office; assisting other homeowners or homebuyers, and; and providing your skills and knowledge to assist others. Contact your local office or NACA’s national office at 1-888-297-5568 to discuss how you can volunteer. Thank you for your continued involvement with NACA.
Find out more information @ https://www.naca.com/index_main.jsp
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