NACA’s Home Save Program is nationally recognized as the most effective solution for homeowners at risk of foreclosure or with an unaffordable mortgage. NACA provides real homeownership which is about stability without the fear of major increases in your mortgage payments. There are millions of homeowners at-risk of foreclosure not due to their personal circumstances but as a result of their mortgage payments dramatically increasing or an initial unaffordable payment that was only sustainable through borrowing. The mortgage crisis is having a devastating impact on families and neighborhoods. NACA is committed to fighting this devastation.
NACA has had a tremendous impact on lenders and servicers in providing the most effective solutions for at-risk homeowners. We have a legally binding agreement with Countrywide, the largest servicer, to provide such solutions. In many cases the interest rate has been reduced to 5% fixed and lower for the remaining term of the loan. NACA has been successful in achieving similar outcomes with other servicers and investors.
NACA has developed a streamlined process to best assist you including working with a dedicated NACA Mortgage Consultant. You need to complete the Homeowner Submission, attend a NACA Workshop and meet with your Mortgage Consultant. The NACA process may take some time, so if you have an auction date click Urgent Situation and we will work to postpone your auction. Since NACA cannot guarantee a particular outcome including stopping your auction, you need to have a Plan B to meet your needs if NACA cannot assist you. You should consider all options even while you are going through NACA’s Home Save program. If you are not getting a timely response, email NACA’s Home Save Department at HomeSave@naca.com. If you believe the lender or broker engaged in illegal or unethical activities, you should contact the Federal Trade Commission and state and federal banking regulators.
Eligibility Criteria
NACA considers homeownership fundamental to a stable community, effective schools, a solid tax base, good public services, and most importantly a stable family. NACA focuses on owner-occupants and cannot assist investors. The investment limitation is based on our mission of focusing on stabilizing neighborhoods and low- and moderate income people through owner-occupied housing. Thus NACA is open to all homeowners who meet the below two criteria.
- You must live in the property
- You cannot own other property
Home Save Steps:
You can complete the Home Save process by doing the following steps as quickly as possible. You can determine any missing information by reviewing your Task List. This is continually updated to reflect any missing documentation or information.
Stage One:
Complete the Homeowner Submission on our website at www.naca.com. There are ten steps you need to complete. This information is crucial for us to submit your file to the servicer for an appropriate long-term solution.
Stage Two:
Attend a NACA Workshop to learn about the process and options. This is not required if you live in a state where NACA currently does not have an office.
Stage Three:
Most importantly, meet with a NACA Mortgage Consultant who works with you throughout the process. This can be done by phone if NACA does not currently have an office in your state.
Stage Four:
The completed file is submitted to the servicer. This is through NACA’s paperless state of the art software system.
Stage Five:
If the servicer or investor does not accept the NACA Solution, you would need to aggressively advocate to achieve your desired solution. This requires you to involve people you know in contacting the various regulators, politicians, enforcement offices and others. NACA, where appropriate, would support you in these activities.
Stage Six:
NACA requires all participants in the NACA program to give back in whatever way you feel comfortable. You participation is crucial as NACA continues to fight for affordable homeownership and economic justice.
