NACA Question

[flacracker]

Hello all,

It was suggested that I join the NACA program but I found their
membership agreement requirment a little confusing and don't
want to sign it until I get some legal advice. However, before
I do that I would like to know if I even qualify for NACA help.

I have been in my house for 20 years and only have 5 years left
on my mortgage with a balance of only $21,000. I'm not behind
on my payments but I'm 64 years old and living off SS and a small
pension plus I have a part-time business but all of this is not
enough to keep me afloat.

Since I have some equity in my house I'm wondering if NACA is
going to tell me the only option I have is to sell my house and
be glad I have some money left over. The problem with this is my
house is 26 years old with the original roof which needs to be
replaced and with the real estate market in the dumps I couldn't
even get what I paid for it 20 years ago. Sure, I would have a
little cash left after I sold it but not enough to even buy a
mobile home. Renting a small apartment in my area is about the
same as my mortgage payment right now so renting is out of the
question. I would be better off just living in my van.

Does any one think NACA can help me stay in my home?

[Evan Bedard]

Hi flacracker,

NACA should be able to help assist you with you modification. Give them a call, it is definetely worth a shot many here in the forum have had success while going through NACA.

[CW California]

How much is your mortgage payment versus your income?

[flacracker]

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"How much is your mortgage payment versus your income? "

Mortgage payment is about 60% of income.

[CW California]

Originally Posted by flacracker

---

"How much is your mortgage payment versus your income? "

Mortgage payment is about 60% of income.

NACA can usually work to lower that. I forget who is the investor on your loan? By the way, my mom is on SS, too and now that I've had mine modified she is also ready to do hers.

[flacracker]

I forget who is the investor on your loan?

Good ole citimorgtage

[SillyWorld]

If this is an FHA loan it can be reversed mortgage, if there is enough equity you cold sell, they pay you a check a month

[flacracker]

"If this is an FHA loan it can be reversed mortgage, if there is enough equity you cold sell, they pay you a check a month"

Yes, FHA Genni Mae(sp?)

Does NACA give advice about reverse mortgages?

If NACA does modify my mortgage to a lower interst rate will it be a new mortgage? In other words, I only have 5 years left on current mortgage will NACA give me a new mortgage of 15 years or more or will it just lower my interest rate on my current mortgage?

If I could just somehow survive 5 more years of payments, my house would be paid for and no more mortgage worries.

[CW California]

Originally Posted by flacracker

"If this is an FHA loan it can be reversed mortgage, if there is enough equity you cold sell, they pay you a check a month"

Yes, FHA Genni Mae(sp?)

Does NACA give advice about reverse mortgages?

If NACA does modify my mortgage to a lower interst rate will it be a new mortgage? In other words, I only have 5 years left on current mortgage will NACA give me a new mortgage of 15 years or more or will it just lower my interest rate on my current mortgage?

If I could just somehow survive 5 more years of payments, my house would be paid for and no more mortgage worries.

I'm not sure NACA can do FHA but usually they work to lower the interest amount to lower the payment. Also here is a link that you could research any FHA programs available.

National Servicing Center - HUD

[CW California]

There is a NACA link on the FHA site.....