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?
Product or Service Mentioned: Naca Loan.