If you're struggling with mortgage payments or going into foreclosure, even if you have a sale date scheduled, the Neighborhood Assistance Corporation of America, NACA, may be able to help you lower your house payments and save your home from foreclosure. NACA has contracts with several lenders like Bank of America, Chase, IndyMac and Countrywide to help people stay in their homes. NACA helps homeowners put their paperwork and financial information together to submit to their lenders. Saving your home with NACA programs involves following a few simple steps.
Access NACA.com (see Resources). NACA is a nonprofit company and a Housing and Urban Development-certified counseling agency. There are no costs or fees for the homeowner.
Get your paperwork organized. You will need your most recent mortgage statement, a copy of your insurance declaration page, most recent paycheck stubs for the last 30 days and/or copies of your last six months of bank statements if you are self-employed. The last two years of tax returns may also be required or you may have to sign a Form 4506-T authorizing your lender to get copies of the returns from the Internal Revenue Service, IRS.
Register with NACA online. Input your personal and mortgage information. If you are not comfortable registering online, you can bring your information to an NACA office or workshop.
Find the closest NACA office. NACA also travels around the country holding workshops. Several home mortgage lenders attend these conventions, so many homeowners get answers about their home loans from their lenders on the same day.
The NACA process involves a workshop for homeowners, getting personal and financial paperwork together with a NACA representative and submitting the paperwork to your home lender. There are different programs for home borrowers, depending on each situation. Many people have gotten their interest rates reduced to five, four, three and even two percent. NACA programs are completely free.