| Not Happy with NACA Experience..
Hello Everyone, I wanted to share my recent experience wth NACA. After reading so many positive posts about NACA, I decided to try them while simultaneously applying for HAMP with my lender/servicer, BofA. I submitted my paperwork and had two telephone conferences. The first person indicated that they could most likely obtain an interest rate reduction (which is all I am really after). However, after a 45 minute call today, I was informed that my income was too low to qualify for any assistance. Um, hello? That is the basis for our "hardship"! What really irked me was the fact that they would only consider my income and not my husband's unemployment, which is $2,500 per month. She said that that income could not be considered for a 30 year loan because it is temporary. I attempted to point out to her that UI is specifically allowed under the HAMP program pursuant to the recent Sept, 2009 Directive from Treasury, which states, in part, that unemployment can be considered if there are 9 months of payments available. We only have about a month or two window to fall within that guideline. Towards the end of the conversation, she made a comment to the effect of, "you bought a half a million dollar house and your income alone does not cover the mortgage!" Um, DUH! That's why I'm looking for help! She said they could try to get us a 6 month forebearance, and I said no thanks. Doesn't seem wise to add more principal to an already high priced loan on an underwater house (55% underwater at this point). Disappointing...
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