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June 12th, 2010
02:22 AM ET

Save My Home!

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.

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soundoff (5 Responses)
  1. Carl

    These "incentive" programs are as generous as trying to save a drowning person in a river by throwing them a lifeline made of string instead of rope!! Bail these people and their foreclosures out COMPLETELY with stimulus money just like you bailed out Wall Street. Make them whole. Taxpayers deserve much better than this.

    June 12, 2010 at 8:54 am |
  2. Stephanie Watkins

    This program (along with other incentive to help homeowners) appear to be great – for the people that can qualify. What are we doing for the those who, unfortunately, do not qualify (i.e. inefficient income, outstanding loan amount compared to the current value of the home is more than 60% difference, etc)?

    In NY, we are trying to work with corporations, HUD, or any other entities that can assist those people who seem to be left behind.....

    June 12, 2010 at 10:25 am |
  3. Geneva Morgan

    Will someone please tell the President the mortgage companies are not required to modify a loan even when all documents are produced. I was in a trial modification with Saxon for eleven months, to my disappointment I got denied based on a treasury department guidline that is a mystery calculation. If you are off on the income even by 40 dollars the computer will send the modification back with a denial.
    What kind of government would do this to american citizens who worked hard and paid taxes.but lost their jobs because of banks to big to fail. What about doing something more than the voluntarily modification basis in place now

    June 12, 2010 at 11:00 am |
  4. Mr.Eister

    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)

    Americans don't even know the law(s) in our own country. Ever notice, everyone always says 'you NEED this' or 'you NEED that' and 'PROOF' of this or that, yet the people demanding such proofs can NEVER show you ANY law(s). #a) the DEFINITION of 'income' is "gains and profit from stocks and bonds". As well 'property taxes' are UNCONSTITUTIONAL, as it IS a 'Direct Tax'. This is via the U.S. Supreme Court 1895 and never overturned.
    The American people in their god faith of government have been hooked,lined, and sinkered by the BANKERS, all because they just follow the leader and say something is required when it is not, and never checks anything. People need to demand a 'copy of the check' in the amount of the loan that was given to them. You NEVER received a check in the amount of your loan for your home have you? NO. All you did was sign a 'promise to pay document' for a loan you NEVER received, and that's why you are held liable. You got scammed, and the bankers got away with it, and got bailed out to make even more $$$.

    June 12, 2010 at 4:28 pm |
  5. Disappointed person

    Long process 3 days sitting in rooms packed with people so close you are touching on both sides. Hot and very emotional. Yes they were "Open" 24 hrs a day-but you didn't get to meet with the lenders (reg. banking hours 9-5). I think it's inhumane that we were treated like animals in holding pens waiting for slaughter...Yes, they did have volunteers but most were the rudest people you would ever want to meet. I arrived on Monday noon and didn't leave until Wednesday 3:00 a.m. never got to talk to lenders – they were sneaking out last night while NACA were still bringing people in and signing them up knowing full well they wouldn't be able to meet with anyone. I didn't bring a change of clothes with me I didn't know I would be there for two days without sleep and eating snacks I brought with me. Yes, they had people giving their stories over a bullhorn but the people in the back of the room couldn't hear what was being said 99% of the time. I am glad they helped some people but I was very unhappy with what I was told "you can afford your payment" do you think I would have sat for several days without taking a bath or changing my clothes due to being scared of getting out of line or away from the group of people they put you with from the very beginning? If you knew me you would know that I take a bath every morning and night. I felt dirty, tired (it's hard to sleep in the hard chairs they put you in) and my spirit was broken by the time I got to meet with a counselor at 3:00 a.m. this morning only to be told I could afford my mortgage – I am unemployed and not going to be able to make it. The surrounding venue's vendors closed at 8:00 at night (WTH) and the WCC charged $3 a bottle for water) and food was a joke – I was hungry but never would I pay $8 for a few grits, eggs and a croisant. Shame on you guys for sticking it to us when we were already down. Didn't enjoy being the practice DUMMY. 🙁 and I surely didn't enjoy being lied to by the volunteers that were just putting time in so they could be jumped ahead of us. I give it a two thumbs down 🙁

    June 16, 2010 at 6:51 am |