Question About NACA Guidelines

[thankful07]

Hi,

This is my first post and hello to everyone. My story is very similar to just about all posting, because we would like some assistance from what we have already put in. I have two loans with CW and instead of wasting time with them, I am going through NACA first. I appreciate so many of you all posts. They are very informative. My story started out as such. About 2 years ago my husband and I brought a home. We own a business and it was doing quite well. Unfortunately, until the turn in the economy last year. Many of our clients had to cut back or cancel. However, gas and groceries depleted anything we had saved, because of the business. In return, we fell behind on the mortgage this year. Each month we pay late with late fees we don't have. This has been a humbling experience for me. I have always been organized enough to pay this or that. I seek to become more humble every day! The more I pray the more I know this will work out for my family and I.
I am currently getting my paperwork together to send NACA. I wanted to know if they had guideline that had to be meet as far as income. I read in previous posts that CW needed to see $100-250 for net balance. Our business has had a net loss in the past quarter and I need to send in an income statement?
Thanks
In His Love

[Moe Bedard]

HI thankful07,



Welcome to the forum and thank you for joining.............

With NACA or any modification program it is best to give an accurate financial picture so that the workout given will fit the hardship.........if you have questions regarding self employment income or hard to document income............the NACA counselor can will be able to go over this with you when you have your consultation.

According to NACA:

This Homeowner Submission will provide crucial information of your mortgage and financial situation that will be accessed by your Mortgage Consultant. Prior to recommending a NACA Solution your Mortgage Consultant will need verification of the information you provided

You need to be completely accurate and honest. We will require verification of the information you submit.

Affordability Budget:

NACA’s Home Save Program provides four long-term solutions. The NACA process considers the individual characteristics for each homeowner but provides a framework and standardization to provide for the most effective long-term solution. The Affordable Budget provides an analysis of your current financial situation. If completed accurately and completely, it will show the mortgage amount you can afford. The solutions are based on what you can afford based on a tight budget consisting of the following:

Net Income:
Less:
Required Liability Payments
Required Monthly Expenses
Allowance for Non-Recurring Expenses (usually $200)
Net Available Income for a Mortgage Payment (i.e. Principal, Interest, Taxes and Insurance)

Options:

NACA’s home save options are based on what you can afford based on our comprehensive Affordability Budget.

[thankful07]

O.K., I have everything to fax except the pay stubs. Instead, should we send in our 07 taxes, the 08 are not finished. Perhaps a letter stating that it is being filed. I want to try and send everything in so nothing will hold up the process.
Thanks
In His Love

[Moe Bedard]

On the Home Save submission section is doesn't list tax returns are needed to get the process started........
If you are waiting on check stubs............you may want to contact NACA directly to see what you would need to do in that case.............
You can either use the online chat feature when available at the top of the NACA website.........
or
1-888-404-6222
homesave@naca.com



This is what is required to begin the process:

To achieve an affordable solution you need to provide the following documents either electronically or provided directly to your Mortgage Consultant.
a) Pay Stubs (most recent available 30 days)
b) Monthly Mortgage Statement (most recent available)
c) Property Tax Bill if not part of your mortgage payment (most recent available)
d) Homeowners Insurance Bill if not part of your mortgage payment (most recent available)

The following documents would be helpful in further assisting you. You should submit them if possible
a) Bank Statements (last available two months)
b) Mortgage Documents (current mortgage) – HUD1/Settlement Statement & Note (if not sure bring all documents from the closing)

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

[FLgata]

Good Morning Thankful,

I too, am a business owner. When I submitted my paperwork to the NACA, they requested the last 6 months of bank statements for my personal and business accounts. Please make sure when you send your bank statements, you send each page, front and back in chronological order. They also asked for an itemized list of my monthly business expenses.

They did request a statement for property taxes and my Homeowner's Declaration page from my insurance policy, even though they were escrowed into my mortgage payments.

Hope this helps.

[thankful07]

Thanks Flgata, that is helpful information!

[MP927]

Wanted to wish you the best of luck thankful07. I think you are doing the best thing you can by having NACA in your corner. They submit everything electronically to CW, so in my opinion it is the quickest way to get the results you are hoping for.

[thankful07]

Thanks MP927, I have a phone interview on Thursday 16th.