Over the past few days, the atmosphere at the Cow Palace has been almost surreal. Seeing masses of people, most with financial hardships, trying to obtain loan mods simply made our jaws drop. We spotted cans, bottles, fold-up chairs and fast food containers littered alongside the parking lot from people who spent the previous night waiting to see counselors.
The whole NACA based program takes hours to go through. The orientation only represents the first step but it does provide a lot of info about who can qualify and how. We listed some helpful facts about qualifying for a free NACA loan mod but one of the smartest tips we can offer would be to submit any loan mod application through the NACA web site. Unless your loan needs immediate attention (like you have Notice of Trustee Sale pending) then the on-line route will be a more efficient use of time.
We provided four rules that will help determine if you’re eligible:
1- You can only own one home. Some exceptions can be made if a family member lives and pays for a second home.
2- You have an unaffordable mortgage because of job loss, medical issues, predatory lending, other reduction in income.
3- Home must be owner occupied.
4- Homeowner budget must have sufficient income to make affordable mortgage payment.
Representatives told us that the program takes about 30 days for an answer but some people have found out about their loan mods in as little as two weeks. It’s free. So why not go for it.