Questions about NACA and Wells Fargo

[Byram_MS]

BACKGROUND SITUATION:

My husband lost his business last year and as a result, we lost more than 50% of our income. We fell behind on our mortgage and asked Wells Fargo for help. They referred us to their Home Preservation Program and did a modification to our loan. They rolled the 2 payments we were behind to the end of our loan. They did not pay the taxes or the home owner insurance. (not included in our mortgage loan). I asked the Home Preservation representative that was assigned to us for a long term solution with our mortgage nightmare. At the present time we have:

** Monthly mortgage note of $1265.00
** A 10.2% ARM
** Behind in 3 years in property taxes ($1500 yearly)
**Current on house note and
** Current on Homeowner insurance that runs us $172.00 quarterly)

We are currently working with NACA (Neighborhood Assistance Corporation of American. I just received word from NACA today 1/22/2009 that they have submitted our paperwork to Wells Fargo asking Wells to accept the new load modification they (NACA) have determined based on our current financial needs. This is my first time dealing with NACA but they are free open to the public service organization. My husband and I started the NACA process December 21, 2008.

NACA SUGGESTED LOAN MODIFICATION (submitted to Wells)

** 5.21% fixed interest rate
** $713.00 month principal and interest
** Escrow account (taxes $145, homeowners insurance $64.00)
** Total monthly mortgage payment would be $913.00

I am praying and keeping my fingers crossed.

MY QUESTIONS:

1) Do you know what the current success rate is for NACA as it
pertains to Mortgage modifications?
2) What is the difference in NACA and ACORN?
3) Has anyone on the forum successfully completed the NACA process in less than 3 months?

Thanks you

[Moe Bedard]

The NACA success stories are over in the Success Section of the forum with the word NACA in the thread title.............the timeframes are listed in their story as well. Those workouts from NACA were with CW as the servicer because CW and BofA work along with NACA to help their customers.

We have a couple of members going through the process with ACORN, but no successes yet. The main difference which is a big difference is that NACA offers a restructure modification to a low fixed rate based on affordability, and they negotiate this with the investor through the servicer which is something that we have not seen ACORN do.


Good Luck with your workout from NACA!!


Keep us posted on how it goes............