Quote:
Originally Posted by panther  I am behind on my payments about 7 months. We did have some decrease in income, not a lot though. Did you guys go through NACA. I just want it to be the same or a couple hundred lower, that would enable us to keep our home in the long run. Has anyone rejected a NACA offer and got another one. They gave us the same interest rate. It was a fixed rate. |
They will add on 7 months of the interest portion of your payment to your loan balance, and most likely 7 months worth of the escrow portion of your payment (if your account is escrowed) increasing you loan balance and with no interest rate reduction, this would explain the increase in your payment. This is the standard way all modifications are done regardless of the lender or how you go about getting the modifcation. Many people on this forum got loan mods with Naca, I actually got 2 modifcations in the last year from Naca. They (naca) base their proposal to the lender off what you can afford based on your income and expenses such as car, insurance, food, utilities and other secured debt.