Naca Or Hamp?

[mookster]

We started the Naca process 2 years ago,but never completed it. Things got slightly better so we forgot about it. It's now 2 years later and we're in dire staights. I have a Loan Modification packet coming from my lender (HAMP),but can drive to Miami next weekend to a NACA dream function.

Has Naca improved things and we can get a yey or Nay that day,providing we bring all the requested documents? I am so broke now it will be hard to scrape up the gas money just to drive to Miami. I don't know if I should go through HAMP or Naca. Any help would be appreciated

Thanks in advance.

[Cat Damiano]

Hi mookster,


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


Are you waiting for an actual modification from the lender or just a HAMP modification request packet? If it is just the request packet you may want to get the help from NACA if only for the difference in the modification program, but that is something that you would need to decide. With NACA the interest rate is normally fixed for the duration of the loan. With HAMP it is a step rate beginning at the lower rate for the first five years then stepping up from there to the current Freddie Mac Market Rate. I am not sure that NACA has become as streamlined as being able to give an answer at the event without sufficient verification of the documents presented.

[TomEason]

mookster

Thanks for your questions. I largely agree with Cat's post. As I don't have recent personal experience with NACA, I cannot speak with much credibility here. But in attending one of NACA's big events in SF a couple years ago, I can say that only a small percentage of attendees walked away with a modification. Hopefully the percentage of those positive outcomes has increased dramatically.

[mookster]

For replying. I'm only waiting for the Hamp modification packet. I'm just so beaten down hese days I don't want to drive all the way to Miami all for naught. I will give it a go though,thanks again.

[TomEason]

For replying. I'm only waiting for the Hamp modification packet. I'm just so beaten down hese days I don't want to drive all the way to Miami all for naught. I will give it a go though,thanks again.

mookster

Thanks for your post. FYI, you needn't wait for anyone to send you the HAMP packet. You can simply download it from the MHA site.

[davephx]

While the rare NACA modifications may have a fixed rate they may also have higher initial payments since they do not believe in extending the loan term to 40 year like HAMP.

NACA makes money by submissions but few get solutions that stick. Even those that rejoice being told they have been accepted often find they are later not approved.

It is like a Las Vegas gamble to win your home. But even if odds are against you may be worth a try.

Some banks however will not work with you directly if your using NACA and communications with NACA is often as bad or worse than trying to communicate with the banks.

[Cat Damiano]

mookster,


Who is the lender?