Tips and Insights From NACA Loan Mod Event at Cow Palace

cow palaceOver 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.

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4 Comments

Filed under California, Events, Loan Modifications, Mortgages, San Francisco

4 responses to “Tips and Insights From NACA Loan Mod Event at Cow Palace

  1. Pingback: Inside the San Francisco Armory « Resource Blog

  2. sharon

    have you heard of naca making execptions with homeowners with two properties: i owned my home for almost 6 years i asked my broker to refinance my home
    my credit was too low she suggested that i add my mom (who had a better
    credit score than i did ) to the deed. she combined my mom’s other home to
    the deal. took money from my mom;s first home to pay for the purchase my
    home gave my mom a new 2nd mortgage and a interest only mortgage and had my
    mom buy my home. (claiming my mom was single and making $10000 per month
    at publix my mom does not work at publix) a mail away closing found all
    this out after the closing. I still live in my home. Can nacca assist me
    my name is on the deed but not on the mortgage note with the bank. The bank
    reject the home safe modification now saying that the home is not owner
    occupied. my mom lives there but goes back and forth to work in new york
    so she files her taxes in new york because she get her paycheck from ny and
    her patient lives in new york.

    • ladyrock

      Hi Sharon,

      We know people who have applied for loan mods with NACA but because NACA is so inundated, the homeowners often don’t get their loan mod cases looked at until late in the process.

      It may be better to enlist the aid of a counselor from a certified HUD agency. We work with a network of counselors here in California but I’m sure that we can find one in your area. What city and state do you live in?

  3. we always get home loans everytime we do some home renovation ;

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