Gail
Davis,#2Consumer Suggestion
Tue, January 31, 2006
History The Neighborhood Assistance Corporation of America (NACA) is a non-profit community advocacy and housing services organization. NACA's confrontational community organizing and revolutionary mortgage program have set the national standard for effective neighborhood stabilization programs that make homeownership a reality for working families. NACA began in 1988 in Boston as the Union Neighborhood Assistance Corporation (UNAC). NACA has been the driving force behind the research, exposure of, and battles against predatory lenders and discriminatory lending practices that destabilize communities and devastate families. In 1994, a four-and-a-half year advocacy campaign by NACA culminated with Fleet Bank committing $8.5 billion to community lending, paying hundreds of millions of dollars to settle lawsuits, and launching a revolutionary mortgage product with NACA. These victories enabled NACA to fulfill the dreams of thousands of people who had thought homeownership impossible. NACA continued its campaigns against predatory and discriminatory lenders. These campaigns led First Union, Barnett Bank, Riggs Bank and others to make major community lending commitments and participate in the NACA program. After a four-year campaign, Associates Financial, the country's largest finance company, also joined this long list. Other lenders such as Bank of America (previously NationsBank) and BankBoston saw NACA's product, process, and superior performance as an excellent opportunity to expand their market and serve working people. They created partnerships with NACA that give them access to customers they never would have reached.? NACA's current lending commitments will allow it to fund more than four billion dollars of mortgages for low and moderate-income individuals nationwide. With over 30 offices and ongoing expansion, NACA is providing access to homeownership throughout the country. NACA's homeownership program is being recognized as the national standard. NACA is a true leader in expanding homeownership opportunities and combating predatory lending practices. The no down payment loans pioneered by NACA have been adopted by many other lenders. At the same time, many institutions reformed their predatory practices after NACA's advocacy campaigns alerted the nation to the pernicious nature of their aggressive and often unlawful lending policies. NACA continues to research and confront predatory lending institutions and practices that target working people. In addition to predatory lending campaigns, NACA is pursuing issues of inflated banking fees, violations of privacy, and credit card scams.
M
M,#3Consumer Suggestion
Thu, July 28, 2005
I do feel for your situation and just have some general suggestions on the whole situation. First of all I would consider contacting an attorney. Since you are out of work you should be able to find local legal aid which could atleast look at the paperwork you have such as the deed from the mortgages. Unfortunatly though, if the loan does go into foreclosure it is not the mortgage company's fault. When you sign the loan documents you agree to make those payments every month on the 1st. Bad things do happen to good people but the payments not being made are not the responsiblity of the the mortgage company. I do understand that you have lost your job but I would consider looking in your local phone book for companies such as the housing authority or social services. Also contacting local chapters of charities such as Catholic Social Services, Red Cross, Salvation Army, the VFW if you or any family members have served in the armed forces could possibly get you help with other bills or the mortgage. I would also suggest calling your current mortgage company and finding out what alternatives they can offer you. Typically they can try to set up payment arrangements in house or prehaps refer you to more appropriate places to look for help on your particular mortgage. Just to give you some info on foreclosure....by law you need to recieve a letter stating that you would need to bring the mortgage current within so many days or you could go into foreclosure. That type of paperwork is typically sent certified because it is a legal document. Even if you were to go into foreclosure the house would not go to sale on the day the foreclosure process starts. Depending on your state foreclosure process can take months to years because of the legal processes it involves. That will possibly give you the time to get a new job or work on a new loan or try to contact any companies you can think of. Also, the only way that I have ever heard of a loan being able to be forclosed in is when the payments have not been paid. Again I would urge you to contact an attorney to discuss your situation because the clause you mentioned about them foreclosing for adding someone to the loan sounds strange. I hope your loan works out for you and that my suggestions have helped in even the slighest bit.