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vikingmom · 06-12-2009, 06:03 PM

Thank you both! So far BOA does not know about NACA (although they probably will once the proposal is sent in). I was afraid to not try both routes, just in case. We currently are somewhat underwater on our house. We owe $400,000 with 28 years left @ 10.35% - House is valued at $378,000 according to the town assessments that were just posted. That is probably a generous assessment, although prices in our area have bottomed out, (according to the news). Still there are many empty houses in our little town. Of the 5000 or so single family homes, I would guess 6 - 8% are bank owned right now. Another 5% are on the market by seller. We have some town budget problems that is making our little town unattractive right now.
In my BOA request I asked for a reduction in interest (I boldly asked for 5% for the lifetime of the loan, which would save us about $1000 a month). I see many here have been offered miracle rates of 2%, but the NACA rep told me there was no way we would get that rate given our current income (too high). NACA is shooting for 31% of our gross (I am assuming the Obama plan), but I think that is still pretty high, even though it would save us about $600 a month. Then again, anything is better than what we have now.
I realize it will be some time before I get the NACA results (seems to be 4 - 6 weeks from when the proposal is submitted?) I don't know if BOA will offer something before then. I explained to Ms. Thornton in the VP's office that in July I would be able to pay 1/2 of the total outstanding, and in August another 1/2, so I am hoping that incentive will get people moving, but still qualify us for a reduction in interest.

06-12-2009, 06:03 PM	#5 (permalink)
vikingmom Senior Member Join Date: Jan 2009 Posts: 56 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Hopeful start Thank you both! So far BOA does not know about NACA (although they probably will once the proposal is sent in). I was afraid to not try both routes, just in case. We currently are somewhat underwater on our house. We owe $400,000 with 28 years left @ 10.35% - House is valued at $378,000 according to the town assessments that were just posted. That is probably a generous assessment, although prices in our area have bottomed out, (according to the news). Still there are many empty houses in our little town. Of the 5000 or so single family homes, I would guess 6 - 8% are bank owned right now. Another 5% are on the market by seller. We have some town budget problems that is making our little town unattractive right now. In my BOA request I asked for a reduction in interest (I boldly asked for 5% for the lifetime of the loan, which would save us about $1000 a month). I see many here have been offered miracle rates of 2%, but the NACA rep told me there was no way we would get that rate given our current income (too high). NACA is shooting for 31% of our gross (I am assuming the Obama plan), but I think that is still pretty high, even though it would save us about $600 a month. Then again, anything is better than what we have now. I realize it will be some time before I get the NACA results (seems to be 4 - 6 weeks from when the proposal is submitted?) I don't know if BOA will offer something before then. I explained to Ms. Thornton in the VP's office that in July I would be able to pay 1/2 of the total outstanding, and in August another 1/2, so I am hoping that incentive will get people moving, but still qualify us for a reduction in interest.