I signed up on the NACA website as a volunteer and proceeded to tell everyone who would listen about NACA. I wanted people to become proactive and use whatever help was available. I kept saying, "It is free help, just try it and see what happens. It is so much better than not trying at all." I went on the radio, pass out flyers at churches, at work, in the supermarket, at the mall, I knocked on doors in my neighborhood, and hand out NACA flyers and postcards I ordered through Vista Prints. I did everything I could and many people tried. I was getting something done.
One day I called NACA's North Carolina office to get some information to help some people. The representative who answered the phone was very nice, and impressed that a volunteer was trying so hard to help strangers save their homes. She asked, "Do you have a mortgage and are you modifying your mortgage?' I said, "Yes, I have a mortgage but I am OK." She asked, "What is your interest rate?, I said, "I have an 8 percent fixed, FHA Mortgage Loan." She said, "You have a hardship interest rate." I asked, 'What does that mean?" She said, "It means you can qualify easily for a lower interest rate." Naturally my answer was "How?"
I was excited so I faxed everything required before I went to work that afternoon. The next morning 10am I received a call from NACA. To my surprise, a counselor called to go over my information and and get my approval to submit a mortgage restructure request to my lender, Bank of America. After everything, she assured me I would save at least $500 per month. I was overjoyed. Everything was set. I just have to wait on my lender's response.
That knowledge made me work even harder to help more and more people. My home computer was busy. It felt like I had regular office hours during the day, because I was helping so many people fill out NACA applications. It felt good that I had found a way to help people save some homes in my neighborhood, now it felt even better because I could help people to save homes everywhere.
I found a way to send requests to NACA via their website and I kept sending request after request for them to take a look at South Florida. "Please take the Save the Dream Tour to Florida, we need you here. Can't you see what is happening down here?" They saw, they were looking, but I am not sure if my requests made any difference.
One night however, after prayer meeting, I received a call from a number I did not recognize. I usually wouldn't do this, but I answered my phone. It was from someone named David and he identified himself as a NACA Coordinator. I wanted to know how he got my number and why he called me.. Yes I was curious. He said they were in Florida to conduct home save workshops, and they wanted to meet me.
That was too good, I wanted to know where they were. He gave me the address and I went to meet with the first NACA Save The Dream, Home Save Workshop Team that came to Florida. David, William, Carl, and the rest of the old crew. They made a big deal of the NACA advertising magnets that I had on my car. I showed them the flyers and postcards and they told me I got my wish. They were here to help save some homes. I was ecstatic.
I arranged air time on local radio for as many people as possible to hear about NACA. It worked and the workshops were filled to capacity. It was an answered prayer. Homes would be saved...if people followed instructions. Homes already in foreclosure, homes with an sale date, yes, homes set for auction were saved. Sundays were busy when I visited churches and told them about NACA. Those who confided their foreclosure dilemma, were helped. Super Tuesday had some beneficiaries in South Florida. God is good.
Fast forward to Palm Beach, February 2010. NACA's Save The Dream Tour came to Florida for the first time, to help desperate home owners save their homes. I took off from work to volunteer at the event, and gathered some other volunteers and drove there early in the morning. It was euphoric. It felt like church with so many people receiving restructured mortgages. The testimonies were awesome. It felt like blessing was raining down in the Palm Beach Convention Center. Late afternoon on the first day, when I got tired, I decided to go and see my lender BOA.
All my documents were ready and I was ready to sit down with BOA. I was already excited because so many people, some I never met in person, all day kept coming to find me to tell me their good news. So now I was going to get my turn. I am very transparent so I hid nothing. I was testing the process for myself. How can I continue to talk about it if I never experienced it..right? All documents were again scrutinized in the computer, by a very caring, compassionate BOA rep.
Yea, I was getting a restructure...but I had an FHA mortgage, so I could only get the prevailing interest rate on wall street that day...5%. I saved 3 percentage points for the life of my loan. Now I saved $300 each month. I have $300 more dollars each month to do God's work. Yea, it worked! The more than 50 miles ride home that night was like a celebration, everyone got a restructure. Everyone was very tired but no one was talking about how much their feet hurt.
I went to my NACA online file and accepted the offer pronto. This is a requirement if you plan to keep the offer the bank gave you. But BOA did not make it easy. I had to keep up with them and all the ways that they tried to make me slip up. Yes, it felt like they were trying to find a way to take it back. Be very careful because although NACA does a great job, after you sit with your lender, you are responsible for whatever else happens. The banks can play tricks. Keep your eyes open. If they keep sending the same documents to be notarized too many times, keep notarizing them and send them back.
The one you get fed up and refuse to send back, may be the one that would actually go to the right person, department, etc. After the sit down, you are your own best advocate. Keep your eyes open. I have talked to people who lost their offer...because they did not follow through appropriately. If the banks wants a copy of your rental agreement, child support payments, copy of bank deposits statements, updated W2 or pay stubs, whatever, send it. If you use it as a method of proving income, you should be prepared to prove it.
Please get help. This works, if you do not have any really bad, financial situations that can mitigate negatively against you. Call a NACA counselor and get more personalized information. What you think is bad, may be quite OK. Discharged bankruptcies or poor credit do not matter. Call and ask the questions. 1-888-499-6622.
I remain a NACA volunteer but not as busy as I used to be, as now I have other causes that require just as much time. We now have a local NACA office in South Florida located at: 662 NE 125 St, North Miami, FL 33161, Tel: 305-341-0791.
NACA also offers low interest home loans.
While NACA provides everyone with mortgage options, NACA also provides one extraordinary mortgage product. The NACA mortgage is unique in that everyone receives the same incredible terms which makes homeownership affordable and you do not need perfect credit.
- No down payment,
- No closing costs,
- No fees,
- Fixed 30 year below market rate at 3.875% (as of 3/21/2012).