What to do if you can't make your mortgage payment.

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NACA is a national non-profit community advocacy and homeownership organization providing the best homeownership program in America .

Home Save Program

Homeownership should be about stability without the fear of major increases in your mortgage payments. The foreclosure rate in the United States is soaring, and huge numbers of people also are saddled with mortgages that are or will become unaffordable in the near future. This is having a tremendous impact on families and neighborhoods and NACA is committed to fighting this devastation.

NACA’s Home Save Program is committed to assisting Member’s in every way possible to lower the mortgage payment to an amount that is affordable for the term of the mortgage. The NACA process considers the individual characteristics for each borrower but provides a framework and standardization to provide unprecedented home save solutions for tens of thousands of homeowners.

The Homeowner needs to following the below process:
STEP ONE:
Complete a Mortgage Submission on our website at www.naca.com
STEP TWO:
Attend a NACA Workshop to learn about the process and options.
STEP THREE:
Most importantly, meet with a NACA Mortgage Consultant who works with you throughout the process.
STEP FOUR:
Your file is referred to a NACA underwriter who then takes over the application.
STEP FIVE:
The completed file is submitted to the lender. This is through NACA’s paperless state of the art software system.
NACA’s home save options for you that are based on the terms of what you can afford, with a cascade of options as follows:

PAYMENT PLAN:
Appropriate if you have an affordable mortgage but have experienced a short term financial setback and can become current within 12 months.

MODIFICATION:
Works if you have an affordable payment but have experienced a long-term financial set back and cannot become current in 12 months. The loan is modified to include the past due amounts.

NACA REFINANCE:
This is for homeowners with a high rate and unaffordable mortgage who can meet the Refinance Eligibility Criteria (i.e. Loan-to-value, payments, etc.). NACA provides one mortgage product, the Refinance Product that is the best in America providing a below-market fixed rate interest, no points, no fees or repayment penalties. NACA has committed one billion dollars to help homeowners who have an unaffordable mortgage keep their homes in the wake of the subprime crash.

RESTRUCTURE:
This is the most powerful tool for many homeowners to save their home. We evaluate what you can afford: looking at your net income, deducting only the required debts, housing expenses and $200 for unforeseen expenses. This results in a payment that you can afford. This payment is the fixed figure or the mortgage payment (i.e. PITI). The two variables are the interest rate and outstanding mortgage amount. Servicers/Investors would reduce either or both to achieve the mortgage payment over the long-term

All of the above options provide for an affordable mortgage payment over the long-term. In fact the restructuring has sometimes lowered the fixed interest rate to less than a NACA Refinance. As opposed to the NACA Refinance, a Restructure is available throughout the country and is not based on factors such as equity, debt ratios and credit score.

We will try to assist everyone with either a NACA Refinance or working with your lender. However, we cannot assist you if you own investment properties. If you have an auction date or need immediate assistance, email NACA at HomeSave@naca.com .