Loan Modification Forum - LoanSafe.org - View Single Post - NACA or Short Sale? I'm current

miked2023 · 05-07-2009, 10:40 PM

Hi, and thanks again - this is a great forum. It's decision time for me and my family and I could greatly use your advice:

I'm still current in my loan but probably for only a few more months max. It goes adjustable in December and we can't afford it now (my wife lost her job) never mind in December.

As it stands, we're upside down (probably at least -50K on the value) and the house needs about 25K worth of work.

We're with Countrywide/BOA and they've been little help with the loan mod process.

We've contacted NACA but here's where it gets tricky:

I'm not sure I want to save this house. With the 50K under we're at and the 25K worth of work it needs, I'm not sure I will want to stay here long enough for it to come back the 75K + to make it all worth it (my taxes are ridiculous). It's only a two bedroom and if we want to have another child, we'd have to move within a few years of that happening. Basically, I can see us staying here for another 5 years max. 3 would be more ideal.

So is it even worth trying to save in that case? If NACA can whack our principal then, maybe yeah. But, I assume Countrywide isn't going to do something like that when we're still current.

So should I just go for a short sale? Try and get ride of it while hopefully staying current? I have a feeling this may be the best option for us assuming Countrywide would accept a short sale offer within reason. Does anyone know if CW accepts short sale offers when the owner is current?

I'd rather do short sale then to almost go into foreclosure only to have it saved last minute. I'm trying to preserve my credit as much as I can as I'm already thinking about the next house and not as much this one.

If I go ahead with NACA, does that prevent me from working on a short sale too? I know CW is difficult once you start the NACA paperwork. If I begin with NACA does that cutoff my short sale prospects? Will CW freeze my account?

The other side of this is, if I can't get a short sale to go throuh and will miss payments anyways, NACA could swoop in and save the day. If my credit is ruined, I'd rather find a way to stay in my current house if I can.

I know this is a lot, so I appreciate any advice. I'm sure a lot of you can relate to how I'm feeling and are looking forward to better times.

Peace on you.

MD

05-07-2009, 10:40 PM	#7 (permalink)
miked2023 Senior Member Join Date: Mar 2009 Posts: 48 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	NACA or Short Sale? I'm current - for now. Hi, and thanks again - this is a great forum. It's decision time for me and my family and I could greatly use your advice: I'm still current in my loan but probably for only a few more months max. It goes adjustable in December and we can't afford it now (my wife lost her job) never mind in December. As it stands, we're upside down (probably at least -50K on the value) and the house needs about 25K worth of work. We're with Countrywide/BOA and they've been little help with the loan mod process. We've contacted NACA but here's where it gets tricky: I'm not sure I want to save this house. With the 50K under we're at and the 25K worth of work it needs, I'm not sure I will want to stay here long enough for it to come back the 75K + to make it all worth it (my taxes are ridiculous). It's only a two bedroom and if we want to have another child, we'd have to move within a few years of that happening. Basically, I can see us staying here for another 5 years max. 3 would be more ideal. So is it even worth trying to save in that case? If NACA can whack our principal then, maybe yeah. But, I assume Countrywide isn't going to do something like that when we're still current. So should I just go for a short sale? Try and get ride of it while hopefully staying current? I have a feeling this may be the best option for us assuming Countrywide would accept a short sale offer within reason. Does anyone know if CW accepts short sale offers when the owner is current? I'd rather do short sale then to almost go into foreclosure only to have it saved last minute. I'm trying to preserve my credit as much as I can as I'm already thinking about the next house and not as much this one. If I go ahead with NACA, does that prevent me from working on a short sale too? I know CW is difficult once you start the NACA paperwork. If I begin with NACA does that cutoff my short sale prospects? Will CW freeze my account? The other side of this is, if I can't get a short sale to go throuh and will miss payments anyways, NACA could swoop in and save the day. If my credit is ruined, I'd rather find a way to stay in my current house if I can. I know this is a lot, so I appreciate any advice. I'm sure a lot of you can relate to how I'm feeling and are looking forward to better times. Peace on you. MD