NACA Holds Massive Loan Modification Event In Washington
July 22nd, 2008
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I spent part of yesterday at the “Save The Dream,” an effort by the Neighborhood Assistance Corporation of America (NACA). Held at a major hotel in downtown Washington, there were more than 100 tables with computers and counselors helping homeowners with toxic loans who faced foreclosure.
There were perhaps 1,000 people at the hotel on a Monday morning, a work day. Huge numbers of NACA people in yellow, blue and white t-shirts were there to help them in a well-organized event.
You could look at the line of people snaking outside the hotel onto K Street and wonder: How is it possible for NACA to get mortgage modifications when lenders have said for years that such modifications were not possible.
In some cases interest rates are being dropped to 5 percent. How is this possible? It’s cheaper and better for loan owners to take a small loss rather than the bigger losses that would arise with foreclosures.
The good news for FHA mortgage borrowers is that they have a lot of protection in place.
“If you have an FHA-insured loan and your lender is not responsive,” says HUD, “your lender has to follow FHA servicing guidelines and regulations for FHA-insured loans. If your lender is not cooperative, contact FHA’s National Servicing Center at toll free (888) 297-8685 or via email hsg-lossmit@hud.gov.”
If you have an FHA loan and times are tough, take a look at what HUD has to say. This is good information and can help FHA borrowers avoid foreclosure. For specifics, see:
http://portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL#3d
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This entry was posted on Tuesday, July 22nd, 2008 at 3:54 am and is filed under . You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
Listen to FHA Loan Pros columnist Peter Miller on American Public Radio:
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April 26th, 2009 at 6:47 am
Some more tips would help in a lot of ways. Any more information and experiences is appreciated.