From financial analyst Clyde Anderson:
With foreclosures still being the largest portion of the existing housing inventory, the goal is to stop the bleeding and help as many people as possible save their homes from foreclosure. The government has implemented several programs to incentives lenders to create work out plans that will reduce interest rates, bring loans current or present creative options that will allow people a chance to get back on track. The Neighborhood Assistance Corporation or NACA as most people know it, is back on the road with their Save the Dream Tour. The tour which was created to reach distressed homeowners and provide instant solutions to their mortgage dilemma. NACA's Home Save Program is nationally recognized as providing effective solutions. The NACA solution for this issue is to restructure the existing mortgage by permanently reducing the interest rate to achieve an affordable mortgage payment. A mortgage restructure is not a refinance that requires eligibility for a new loan (i.e. high credit scores, high property values, etc.). Since a restructure reduces either or both the interest rate and/or mortgage principal on the existing first mortgage, there are no mortgage criteria eligibility restrictions.
The tour makes a stop in Atlanta this weekend before heading to South Florida, Washington D.C., Los Angeles and Sacramento. They will have counselors and lenders on hand to assist homeowners navigate the turbulent waters in uncertain times. Now with that being said, don't expect a miracle. Some people will be able to get assistance while others may not. Also with the huge demand for assistance patience is definitely a virtue. The key is to stay focused, be prepared with your necessary documentation and remember to breath.
You need to submit the following documents by fax, electronically or bring them to your meeting with your Mortgage Counselor.
a) Income verification for most recent available 30 days. For self-employed, six months of income verification.
b) Monthly Mortgage Statement (most recent available)
c) Tax Returns Authorization (Form 4506T)
The following documents would be helpful in further assisting you. You should submit them, if possible.
a) Property Tax Bill (most recent available)
b) Homeowners Insurance Bill (most recent available)
The most effective and fastest way to assist you is to submit the documents into your electronic file by any of the following three options:
a) Personalized fax cover sheet that has your Member ID and faxing to
1-877-Fax-NACA (1-877-329-6222) (Click here to get the fax cover sheet)
b) Personalized email
c) Upload online @ NACA's web site
Look for Clyde Anderson's Home School segments in the 7 o'clock hour of CNN Saturday Morning with TJ Holmes.