BUMP- UPDATE
Countrywide and NACA Announce Groundbreaking Initiative to Help Borrowers Preserve Homeownership
https://www.naca.com/press/pressRelease20071024.jsp
http://ml-implode.com/staticnews/2007-10-31_CommentaryFacingaCountrywideForeclosure.html
NACA- needs to do more- the requirement are pretty out there-
To those of you who can meet these requirements you could be the proud new owner of a 5.375% 30 year fixed interest rate. If your current rate is 10.375% this is a monthly savings of $416 for every $100,000 and the rate is fixed for 30 years! For more information and eligibility visit www.NACA.com.
After the Q&A session, reviewing other NACA press releases and the "deal's" loan modification requirements it was apparent this fight is far from over. Current loan modification requirements are as follows:
* Existing loan with Countywide
* You cannot own other property, and the property to be refinanced must be owner-occupied. (makes sense)
* You must have a predatory interest rate or unaffordable loan terms. The interest rate for the current mortgage(s) must be 10% or greater or considered to be predatory, or the home must be in need of substantial repairs. NACA considers loans predatory that have a teaser rate, but become high rate once they reset. (10% will substantially reduce the # of eligible home owners)
* The property to be refinanced must be within a NACA region where the NACA Program is available.
* The property to be refinanced and all requested money for improvements cannot exceed NACA's maximum purchase price limits set for that region. (Although there are exceptions, this could exclude the entire state of CA)
* You cannot have multiple refinances where you are continually taking money out to pay for your living expenses. This does not include refinances to obtain lower rates or to pay for one-time expenses such as home repairs, medical expenses, or education.
* You must have had your current mortgage for at least 24 months.
* All properties to be refinanced must have thorough home inspections—a complete house inspection and termite inspection. If applicable, a septic inspection will also be required. (hmmm, do these potential repairs involve government subsidies?)
