Mortgage Trouble? Help Available

I recently completed course-work to become a “short sale and foreclosure resource” through the National Association of Realtors.  There are many options homeowners can try before it boils down to foreclosure, including:  forbearance, short sale, and deed in lieu of foreclosure.  The key is to communicate with your lender… they hate it when those they’ve loaned money to stop paying and stop talking.

It is NOT an easy process, so you might consider taking advantage of the help that’s available tomorrow.  Tuesday is the final day of the Nashville Save the Dream Tour by the Neighborhood Assistance Corporation of America.  Designed to help home owners lower their mortgage payment, this group will be there for you to guide you through the process,

NACA’s historic Save the Dream Tour has been an incredible success with hundreds of thousands participants in thirteen cities. Thousands of homeowners received same day solutions having their mortgage payments permanently reduced by over $500 and many by over $1,000 a month often with interest rates reduced to 3% or 2% and sometimes a principal reduction. NACA has legally binding agreements with all the major lenders / servicers to achieve this. All of NACA’s services are FREE.

Tomorrow (Tuesday, March 9th) at Opryland Hotel.  You’ll need to sign up in advance and bring:

a) Pay Stubs (most recent available 30 days)
b) Monthly Mortgage Statement (most recent available)
c) Property Tax Bill (most recent available)
d) Homeowners Insurance Bill (most recent available)

Again, here’s the link to sign up.

Good luck!

5 comments for “Mortgage Trouble? Help Available

  1. Ivy
    March 9, 2010 at 11:33 am

    Hey, when I tried to access the site via thisislavergne.com, it wanted a password and username. Might wanna look into it.

  2. March 9, 2010 at 12:27 pm

    I believe it's the registration form you're seeing to sign up for help. If not, go to http://www.naca.com to find class info.

  3. michaelinLV
    March 9, 2010 at 12:50 pm

    I'm not sure how much I like this program. Obviously there are two sides pulling in opposite directions here.

    On the one hand, you do have truly responsible people who lost their jobs through no fault of their own and can no longer afford thier mortgage. Dumping them on the streets and having another empty house on the market isn't good for anyone (not the banks, the residents, or the neighbors)…

    … on the other hand, how should this make someone feel who is employed and has been and will contiune to pay their mortgage on time?

    Let's say me and my neighbor both bought our homes for $150k in 2005. We both have paid our mortgages timley and now owe $130k. Let's say I work in healthcare and have a steady job. He worked in the mortgage busienss and lost his job because of the economic shift. Now he qualifies for a program that reduces his mortgage balance to $70k, while I still owe $130k. I don't qualify for a reduction just because I was "lucky" enough to have a job in a stable sector? Then when the economy rebounds and he has a new job making the same as me, I still owe $130k and he only owes $70k? And on top of that he get's an interest rate of 2% where I'm stuck at the 6% since I cannot refinance because I'm underwater? Not only is that not fair, it could encourage people to quit jobs they don't like (or get fired).

    I think a better solution is avialbale. For those who cannot afford their full payments, allow them to reduce those payments but add them back as a lien against the property when it sells. So if my payment is $1,000/m right now but I can only afford to pay $500/m, let me only pay $500 but add the rest on as a lien. If I do this for 20 months I would have a $10,000 lien that would be due when I sell my house. So if in 10 years I sell my house for $200,000 and only owe $50,000, instead of making $150k profit, I would only make $140k because the lien would need to be re-paid.

  4. March 9, 2010 at 4:29 pm

    While I COMPLETELY agree with you in theory (I'm one of the good troopers who pays month after month while I watch the housing values tumble all around me), I look at it like I do birthday money. Kinda.

    If I give someone $500 for their birthday and they blow it on a trip to Vegas when they SHOULD be using it toward paying their electric bill, I might get mad. Then again… meh. It's their money. They may be having a blast right now, but when they don't have heat when they get home they may regret their decision. Just like the people who go for these programs… you know their credit is being affected badly and they probably have more problems than I'd want to wave a stick at…

    Still. You may be on to something. I will probably write about your proposal on Loan Shak tomorrow. 🙂

  5. C
    March 10, 2010 at 1:39 pm

    my mom atttended the naca save the dream tour after religiously trying to work with her mortage company to lower her interest rate. she tried to get help before she got behind but the mortage company refused to help. then she got behind because her company had less work to do.

    naca helped save my mom's home. she was able to obtain a low, fixed rate on her home, therefore, she will be able to keep it.

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