I have blogged about NACA in the past–they are the organization that was able to get me and several people I know and thousands of others great loan modifications after our banks had already denied us…and they did it for FREE! They saved me about $1620 per month!
If you only own one property (the American Dream), or one property that has a mortgage on it, then NACA may be able to help you too, even if your bank has already denied your loan modification in the past, once, twoce, or even more times than that! They cannot help everybody, but free is free and it is worth a shot! NACA has special contracts with varoius lenders, so if they cannot get you a modification, I do not believe anyone can.
You can attend one of the events like I did which can take 2-3 days to get done or you can do the process online and/or via one of their local offices; Oakland is the closest office to the Bay Area.
From what I have heard, people have the best success by attending the events. A “same day solution” may take 2-3 days to actually happen because of the large number of people who attend the events in person, but it is well worth all the time sitting and waiting, and overnight expenses if they are able to help you. I suggest taking food and drinks in with you so that you do not have to pay the high food prices and eat junk food while you are there. Take a good book or something to read or do to occupy your time while you wait. If you cannot get through the entire process at one event, you can go to one of the future events. A friend of mine started her process in San Francisco and finished it in Florida! It was well worth it for her because she was able to get them to forgive a very large part of the balance and got her interest rate reduced as well.
If your loan is owned by the bank you make your payments to and the bank is one that they work with, then you should have your modification terms before you leave the event, aka your “same day solution.” If your loan is only serviced by the bank you write your check to, and is actually owned by an investor or group of investors, then they can write up a proposal of new loan terms that represent an affordable mortgage solution for you and get them submitted to your lender, but you will usually have to wait 30-45 days or so to see if the investor(s) who own(s) your loan will agree to the changes. Please note that some investors will NOT modify a loan regardless of circumstances so in those cases, NACA will not be able to help you, but you will not know unless you go and if you want to keep your home it may be a good alternative to forclosure for you.
From the NACA.com website:
“NACA’s historic Save the Dream Tour has been an incredible success with hundreds of thousands of participants. Thousands of homeowners received same day solutions saving hundreds some over $1,000 a month. All of NACA’s services are FREE.
You can get a list of the cities they plan to be in and event dates along with more details about NACA and theor Save the Dream Tours at http://NACA.com
Visit NACA.com to find out more.
If you go to NACA, I would love to hear your feedback!
If NACA cannot help you and you decide that you need to sell your home or you would like to know if you have other options you did not know about, my team would be happy to help you! You can contact me directly at 925-577-8692.
Good luck!
Your Friend in Real Estate,
Robin
