Start the process by inputting your information through our website. There are ten sections that require personal, property, mortgage and financial information for you and co-borrower(s). Once you have created a Web file, a personal NACA Identification number will be provided. You will receive two emails. The first would be your user-name and the second your temporary password which you would use to create your personal password. From there you may contact our Home Save Department @ 801.401.6222 for further instructions regarding your process and to schedule a counseling appointment.
The following documents are required to submit your file to the servicer:
- Income Verification- including but not limited to the following:
- Employment Income (paystubs - most recent 30 days)
- Self-employment (bank statements â€“ last six months and 6 months Profit and Loss Statement)
- Retirement/Pension, Social Security, Disability, Child Support, Unemployment and Rental
- 2 months current Bank Statements (all pages included, front and back)
- Tax Authorization Form - 4506T-EZ or 4506T
- NACA Client Authorization- signed electronically in Web-Submission or signed fax
- Tax Return â€“ (most recent, all schedules included and page 2 signed and dated)
- Mortgage Statement (most recent month available) for first and second mortgage
- Property Tax Bill (most recent month available)
- Homeowners Insurance Bill (you can obtain from your insurance agent)
- HOA (Homeowners Association) Statement
- Utility Bill (30 days valid)
The effective way to submit the documents into your electronic file is fax, email or upload by using the following:
- Personalized fax cover sheet that has your Member ID and faxing to 1-877-Fax-NACA (1-877-329-6222)
- Personalized email (i.e. â€œemail(NACA-ID)@nacalynx.com)
- Upload from your computer
- Income Verification- including but not limited to the following:
A Home Save Advocate works with you to complete a budget documenting a mortgage payment you can afford over the long-term. The financial analysis will determine the mortgage you are able to afford based on the following:
Required Liability Payments
Required Monthly Expenses
Allowance for Non-Recurring Expenses (usually $200)
Net Available Income for a Mortgage Payment (i.e. Principal, Interest, Taxes and Insurance)
Your budget would be verified with documentation including pay stubs and liability payments from your credit report. The NACA recommended solution with your budget and supporting documentation is submitted to your servicer electronically.
The most viable and appropriate solution for most homeowners to save their home and to achieve true affordable homeownership is to restructure their existing mortgage (â€œMortgage Restructure). A Mortgage Restructure changes the terms of the existing mortgage to achieve an affordable mortgage payment by a combination of any or all of the following: 1) interest rate reduction; 2) changing the duration of the mortgage; and/or 3) change in the principal amount owed on the mortgage. It is not a refinance (i.e. new loan) and thus not conditioned on the major limitations for refinances or the paying off of a second mortgage. While NACA does not change or negotiate the terms of your loan, we submit your Affordability Budget with supporting documentation to the Servicer (the Servicer may not be the original lender) and request that they reduce your monthly mortgage payment to the affordable amount documented in your Affordability Budget as described above or 31% of your gross income, whichever is less. If you are unemployed or under-employed the solution is often a forbearance for a duration of 6-12 months with a minimum payment and can be considered for a Mortgage Restructure once stable income is gained.
NACA does not advocate for other solutions often pushed by servicers and the government that are not affordable over the long-term or result in the loss of your home. These options include payment plans that increase the already unaffordable mortgage payment or where the payments go up over time. NACA does not consider selling your home or a deed-in-lieu to be viable solutions if you are determined to keep your home.
Negotiating Your Solution
The servicers have dedicated staff to review and decision files submitted by NACA. NACA has legally binding agreements with all the major servicers and investors covering over 90% of homeowners to achieve the NACA Restructure or other affordable solution. The servicer has a lot of discretion in changing your loan terms. They have a contract with the investor(s) who owns your loan that gives them authority to change the mortgage terms in achieving an affordable solution. If the servicer does not accept the affordable solution or does not have the authority to approve, then NACA would request that the investor approve the solution. While the servicer or investor makes the final decision, NACA has been extremely successful in achieving affordable solutions for over a quarter of a million homeowners. If the servicer and investor still refuse the Restructure Solution then NACA could work with you as part of the Homeowner Advocacy campaign.
After you review your Web-File and want to speak to someone concerning your file, you should contact the Home Save Department at 801.401.6222. If your file has not been assigned to a Home Save Advocate, the Advocate who takes your call will be your designated advocate throughout the process. Your assigned Advocate will work with your servicer and investor to achieve an affordable solution and will contact you if additional documents or information is needed. You should continue to communicate with your MAP Advocate and call him/her at their direct extension or review your Web File for updates and request of additional information which may be needed.
Once your solution is accepted, you should receive the documentation from the servicer. You need to review the documents carefully to verify that the payment is affordable. If you have any questions or concerns you may contact your Home Save Advocate for discussion. Once accepted, you need to sign the documents and return to the servicer as well as fax a copy to your Web file.
Advocating Your Solution
NACA will continue to advocate for you if you are determined to keep your home. We have been extraordinary successful in helping homeowners through a combination of our operations and aggressive advocacy. This advocacy involves direct actions against the decision makers who are the CEOs of your servicer or investor, or government officials. Since losing your home would be personally devastating and would turn you and your family’s lives upside down, we hold these decision makers personally responsible. We have gone to their homes with hundreds of homeowners with non-violent demonstrations, to force these executives to be accountable for their actions and personally responsible. We are also holding government officials responsible since their programs often do not provide affordable solutions.
You need to involve your family members, your friends, your co-workers, your neighbors and everyone else in these advocacy campaigns. Your responsibility is to relentlessly call, email and advocate until they get your solution accepted. Your direct advocacy with the huge NACA Membership s will be an irresistible force. If your servicer or investor does not accept your NACA solution, your participation in our advocacy campaigns will be even more important in achieving a long-term affordable payment. Much of their personal information used in our advocacy comes from our members who do the services for these CEO’s including cleaning their homes, providing security and much more for these over-paid executives. They cannot hide.
With this tremendous track record so there is a good chance that you will not lose your home. Particularly since servicers and investors are now more willing to restructure a loan and even reduce the outstanding principal. We have additional opportunities to advocate for you with submissions of your file to the appropriate regulators, attorney general and more.
We need your continued participation to advocate for other homeowners with an unaffordable mortgage and for economic justice. We are our brother’s keeper and cannot be satisfied until we all receive an affordable solution. There are numerous activities to take part in, including participating in demonstrations, volunteering in the NACA office, assisting other homeowners or homebuyers, and providing your skills and knowledge to assist others. Contact your local office or NACA’s Membership Services department at 425-602-6222 to discuss how you can volunteer. Thank you for your continued involvement with NACA.