Naca?

[OneHungryChicken]

Hey guys I have seen this mentioned in a few threads. What is NACA? Website?

[denised]

https://www.naca.com/refinance/refinanceTenStep.jsp

[denised]

I just started the process myself.

[OneHungryChicken]

Thanks for the link. Amyone have any idea of how long the process takes?

[denised]

I read here that it takes 30-90 days
maybe more....

[gray517]

me and another member were successful getting mods that are fixed for the life of the loan (instead of a temporary 5 year) using naca. the process takes at least 60-90 once naca submits the proposal to CW. it could be longer as the number of people needing help is growing and CW is extremely slow in reviewing the proposals (they are slow at reviewing anything) but naca does have an agreement with cw, which means cw has to look at their proposal. our naca submission was 10/6 got a verbal approval 12/12, emailed the approval details on 12/30 and just got docs 1/9, cw is also extremely slow at getting the docs out too. the approval letter of the naca proposal is dated 11/26. you can see our threads under success storys

[OneHungryChicken]

Originally Posted by gray517

me and another member were successful getting mods that are fixed for the life of the loan (instead of a temporary 5 year) using naca. the process takes at least 60-90 once naca submits the proposal to CW. it could be longer as the number of people needing help is growing and CW is extremely slow in reviewing the proposals (they are slow at reviewing anything) but naca does have an agreement with cw, which means cw has to look at their proposal. our naca submission was 10/6 got a verbal approval 12/12, emailed the approval details on 12/30 and just got docs 1/9, cw is also extremely slow at getting the docs out too. the approval letter of the naca proposal is dated 11/26. you can see our threads under success storys

If you wouldnt mind saying how much of a reduction did you get?

[mto66]

Hi,

I just started the process with NACA yesterday. The woman I spoke with said 60-90 days..........I was just approved for modification, which is good, but I still have to come up with funds in the amount of $1850 by the 19th. There are a lot of hidden fees with this, which is really unbelievable as my payments that I was late on were all rolled into my mortgage.
NACA scheduled another session for tomorrow. The woman said that I should be eligible for a rate of less than my 8.28,which was my orig rate that CW reinstated. I'd be interested in hearing about what type of rates people who are going through NACA are getting as well.

[gray517]

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

[tandknix]

We were the other success story gray was referring to. We went through NACA also. Submitted paperwork 9/26, got verbal approval 12/12, received docs 12/26.

Our loan began as a 10.45% ARM...after the first 2 years it would go up. First loan mod offer through CW was a reduction to 10.35%, second reduced our rate to 6.75% for 5 years then it would return to 10.45% for the remainder of the loan. After our first offer from CW is when we contacted NACA. We continued to work with NACA while CW was working on our loan also...we went into active foreclosure which NACA got postponed. After the second loan mod offer we refused to sign we got our offer from NACA. Although we got verbal approval 12/12 the docs we got were dated 11/18...which means they SAT ON THEM for over a month! I feel they did this to see if we would take the second offer

Our offer from CW through NACA reduces our 10.45% ARM to 5.25% for the life of the loan!