OK today I'm writing to pick your brains a little. I hope it doesn't hurt!!! I wrote a post last year about "The Lovelys" titled "When your house becomes a prison". If you haven't read it please take a minute to do so.
I'm still working with these folks. Since I wrote that post "The Lovelys" have gone through a bankruptcy and Mr. Lovely has had to quit his job as a security guard, for health reasons, plus the fact that he's now 81 years old.
We took their property off the market about 6 months ago because their rate is getting ready to adjust again in April and they may need to refinance.
Last week we called the National Hotline, that was set up by President Bush, to see if we could get some help. They referred us to a group called NACA. NACA is the Neighborhood Assistance Corporation of America. They are a non-profit organization that offers low fixed rate mortgages as a part of their "Save your Home" program. It's designed for low to moderate income homeowners that are struggling to make their mortgage payments due to predatory lending practices.
Supposedly, if "The Lovelys" can get approved they will get a fixed 30 year mortgage at 5.375%. That will save them about $800 a month and give them some breathing room to be able to wait out the market decline.
From everything I've read so far "The Lovelys" do qualify for the program. It's their primary residence, they don't own any other properties, they refinanced more than 2 years ago and their interest rate is currently over 10% on the first and over 13% on the second. And they have never been late on a payment.
Their bankruptcy was discharged more than a year ago. If they hadn't filed bankruptcy they would not have been able to keep current on their mortgage payments.
So my question is…..do any of you have any experience with NACA? If so, what can you tell me about them that may help.
I took my computer over to "The Lovely's" today so we could submit the proper forms to NACA to get the ball rolling. Any and all insight you can give me would be appreciated.
I am determined to help "The Lovelys" through this situation in any way that I can. Can you imagine being in your 80s and having these types of issues? I can't. So please help. Any ideas?
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