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Last Feb we went to a NACA dream event in SF.We went hoping to get a loan modification, instead we ended up with a repayment plan agreement.

They wanted $1000 along with loan docs after we signed, and would be put on a 6 mo. trial plan of $2417. mo. After looking at the docs, it showed after 6 months a payment being owed of $55,367.

We called NACA, they said the money was going to be added to the back of the loan. BofA said it is a balloon payment that will become due but after 6 months they might negotiate putting us into a permanent mod. I dont know who to believe and Im worried after 6 mo. they will foreclose on us.

HELP!anyone else been through this?

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Anonymous
#554898

My problem with NACA is post approval.I became qualified to purchase my home in August.

I thought my major problems were behind me with "NACA". Boy, was I wrong! I wish to purchase in a small town in Georgia, and explained this to NACA from the begininig. I ws told "no problem" that I was able to purchase.

I contacted an agent and found a house, but now Iwas told, by NACA, they are not sure I would be able to purchase in this area.

They would get back with me.It's 6 weeks later and I'm still waiting..

tellingtruth
#494551

Let's START THE MOVEMENT!

REMOVE the POWER from NACA everyone send them an e-mail to CLOSE your case. When NACA receives a high volume of cancellations; then they will learn their lesson! Don't give NACA any more power people!!

Anonymous
#466249

Have you contacted someone at NACA for a clarification?the trial period is to ensure that you are able to make a modificed mortgage payment.

At the end of the trial period, the file is reviewed for a permanent modification then and only then is any past due amount either added back into the balance or set aside as a balloon payment due at the end of the regular term of the loan.You can dontact the NACA Member Services line at 888-404-6222 to speak with a NACA rep.

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