In reading all the different experiences with NACA it seems that the results differ depending on a number of factors the main one being who owns your loan.
If you received a successful NACA restructure we would like to hear from you. This will help others as they start their journey. This is just a guideline
current scenario: (provide info on 1st & 2nd)
loan servicer or Bank
investor who owns your loan
current payment amt (indicate if this is interest only or PITI)
length of loan
type of loan fixed or variable
number of months behind
new payment amount (is this PITI or Interest only)interest rate
fixed for life of loan (y/n)
length of new loan
new loan balance amt
principle reduction (y/n)
how long did this all take
new payment is what % of your total gross or total net income?
I think this will help if we had 1 place where people could go to see scenarios where people received successful NACA restructures. In reading various postings it looks like Fannie Mae, Freddie Mac and FHA loans are the ones that are having issues and those loans are being directed to the HAMP program.
I know there are a lot of factors and every situation is different. I would like to see if we can narrow down some of the commonalities especially for those receiving 2-4% for the life of the loan restructures.
I welcome your comments and suggestions.