Naca uses your expenses and income to come up with a payment you can afford, then the rate is lowered to equal that payment amount. our original fixed suprime rate was 11% (like everyone else I was tricked by
CW that I could refinance) it was lowered to 6% for the life of the loan by naca, the past due interest and escrow was tacked on to the loan balance. We are not required to come up with any upfront money, just make our next payment 2/09 Keep in mind, alot of the mods coming from
cw are temporary or interest only, with naca it is a fully amortized loan payment