Yeah, NACA doesn't do loan mods. They actually do a loan restructure. From what I am understanding they only do 30 year fixed. They prefer you to make your payments as you wait, but by the time we got to them we were so far behind and had tried working with
CW first. There was no way we could make them up. PLUS we simply CAN'T. So they told us to save what we could because sometimes
CW will require a down payment. I am assuming this is like a good faith payment or some such thing.
NACA basically does all the work for
CW. They gather all your income verification and information. What they do from there is what I think EVERY lender should do. They write down your income and take your expenses each month out of that (not including the house payment). What is left is what you can afford. For example:
Quote:
4,000 income
- 550 utilities
- 350 car payments
- 150 car insurance
- 800 food
- 200 savings
- 400 gas
- 100 credit card
- 150 cell phone
- 40 internet
- 200 entertainment
1060 Remaining
|
NACA considers that $1060 to be the highest possible payment you can make. You CAN'T afford anything higher. They take that amount and figure what percentage that is of your loan. So if your loan is $160,000 you can only afford a percentage rate that will give you a monthly payment of $1060 OR less...they include the taxes and insurance into this if yours is escrowed.
We have been told numerous times that
CW works with NACA very well because they have some sort of agreement with them. This is the only reason we are really wanting to wait to hear back from
CW to see if they accept or deny us.