topic Re: First Meeting w/ NACA. in Mortgage Loans

First Meeting w/ NACA.

Anonymous — Fri, 01 May 2009 22:07:14 GMT

Hello to all I have been browsing this site for quite sometime. I would like to congratulate those of you who really stick with NACA. In my first meeting w/ my counselor on Feb.. 20, 2009 she gave me and my fiance a task list. I completed the task list, she emailed me to see how far we had gotten with the list since it has been three months . Our lease is up on Oct. 31. So I was trying to pace myself, but since our first meeting my fiance has gotten behind on his car payments and now I'm wondering how far this will set us back. Also I am in school and will need to continue to do student loans, she asked for a payment schedule. Where do I get that from since they are in deferment? Please I need help should I just get ready to sign another lease?

Re: First Meeting w/ NACA.

Anonymous — Sat, 02 May 2009 01:51:42 GMT

MsTorn,

Have you communicated your car payment situation with your counselor?

In the case of the student loan, you can call the lender and let them know you need a letter stating your account is in deferrment until ____________date.

Re: First Meeting w/ NACA.

Anonymous — Sat, 02 May 2009 03:13:03 GMT

tturnage,

Thank you for responding. No, I have not I did email her to ask could he be taken off the NACA account she told me no that is the policy once you add someone on they can't be taken off. I will email her again to let her know what has taken place. We do have a followup with her in July, I was thinking maybe I should wait and address it then.

Re: First Meeting w/ NACA.

Anonymous — Tue, 18 Aug 2009 19:01:00 GMT

i have my first meeting sep24, wondering i have not files 2007 taxes would they look at this or just 2008 since so late in the year im a first time home buyer ???

Re: First Meeting w/ NACA.

BungalowMo — Wed, 19 Aug 2009 12:25:08 GMT

I have a Q? With no time to read that LONG NACA thread, I will quietly ask here.... what is NACA? It's not in the abbreviations post...I looked!

Thx....Mo

Re: First Meeting w/ NACA.

SonorityGenius — Wed, 19 Aug 2009 12:41:54 GMT

@BungalowMo wrote:
I have a Q? With no time to read that LONG NACA thread, I will quietly ask here.... what is NACA? It's not in the abbreviations post...I looked!

Thx....Mo

"The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market. "

From: Naca- About Us

Re: First Meeting w/ NACA.

BungalowMo — Wed, 19 Aug 2009 13:17:14 GMT

Ok...interesting...I live in a rural area, but I'm not sure my current mortgage would be considered "predatory" hmmm

I might have to read up on this....thanks!!

Re: First Meeting w/ NACA.

Anonymous — Wed, 19 Aug 2009 15:27:15 GMT

dgarc4,

They will need your 2007 taxes and the W2. They asked for filed returns to make sure you don't owe the IRS any money.

MsTorn,

Yes that is NACA's policy, you have to keep your fiance on the papaer work. You will have to start all aover if you wan to take him offbut, since this is only your second meeting you might else well do it now. You will have to wait at least 6 - 8 months for that late to be in the rear view mirror. Was he just late or did he get dinged with a 30 day late on his CR's?

Re: First Meeting w/ NACA.

Anonymous — Thu, 20 Aug 2009 13:24:05 GMT

gigi5

He got dinged 30 days on his credit report. His job has cut back on hours and days. I did not keep my appointment for July and NACA did call to reschedule me so I guess that was nice of them. However, I do have an appointment with them on Sept. 11th and I do plan on keeping that one. I have been approved for FHA without him on the loan. I just really want to go with NACA since so many of my co-workers and from reading the Naca thread have been able to close with them.

So gigi5, since he has that 30 day late, you are saying that I have to wait 6-8 months? I will ask my counselor when I get there can I start over, if not I guess it will be FHA. My lease is up on Oct. 31st and I did ask my manager if they offered 6mos. leases he told me he would have to check into that. I just do not want to sign another 12mos lease.

Re: First Meeting w/ NACA.

Anonymous — Thu, 20 Aug 2009 14:42:07 GMT

Ms Torn

Get him off the original paper work, You will have to start over with your budget. With a 30 day late so new you will wait at least 8 months.

Re: First Meeting w/ NACA.

Anonymous — Sun, 28 Mar 2010 17:54:18 GMT

Hello Everyone...I attend my first face to face meeting with NACA tomorrow. I'm nervous and excited! I have faxed over everything listed in the book they give you at the workshop and have hard copies to bring with me.

My credit is not great and I have a 3 collections on my credit report (1 being over 2 years old) and I have had two NSF in the last 2 months. Can anyone give me an idea of what to expect?

Thank you!!

Re: First Meeting w/ NACA.

Anonymous — Wed, 14 Apr 2010 00:56:16 GMT

Good Luck happyhome!

If you have has a NSF you will have to wait 3 additional months to get approved. So if it happened in March you will have to wait June to get NACA qualified. The 2 collections that are under 24 months old will have to be paid. Have all of your documents in hand, even the ones you faxed/uploaded. Prepare to go over your entire credit report and your budget. Expect to be there at least 1.5 hours, maybe 2. Hope this helps!

Re: First Meeting w/ NACA.

Anonymous — Tue, 27 Apr 2010 19:17:41 GMT

Thanks for the information...my meeting was canceled and rescheduled for tomorrow..Will let you know how everything goes!!

Re: First Meeting w/ NACA.

Anonymous — Mon, 08 Nov 2010 16:02:11 GMT

Any updates happyhome?

Re: First Meeting w/ NACA.

thisyear — Thu, 14 Jul 2011 00:48:46 GMT

Greetings,

I just was the post regarding waiting 8 months if there is a late on your report and wanted to get some advice.

We began the NACA process in May 2010. In June 2010, I lost my job as a teacher and so my husband became the main salary. In February 2011, my husband lost his job, yet I was hired for a new position but the job did not begin until July 2011. As a result of us both being unemployed, our financial situation was strained to say the least. Now that I am the one working, I am hoping that we can still move forward (my new salary equals what my husband was making so we balanced out in that area). We have our task list and our next meeting is August 16. My concern is that because of our unemployment situation, I was late on a car payment in April and June. Will a letter of explanation suffice, or will we have to wait another eight months? If so, we will start looking at the rent option immediately (we live with my MIL).

Thanks so much for any advice