subject: Hire An Attorney Or Use Naca For A Loan Modification [print this page] California loan modification and attorney Robert G. Scurrah and the fine employees at CDA Law Center, based in Mission Viejo California, have helped several thousand homeowners achieve home loan modifications over the past three years. CDA Law Centers ethical and honest legal advice and work product have earned them an A rating with the Better Business Bureau, despite 3 years working in the contentious loan modification space. They often have clients seeking help after working with NACA, who was unable to help them resolve their mortgage situation.
Most of these clients come to CDA after spending days in line and going through a lot of headaches at a NACA event. Unfortunately, NACA is not able to achieve modifications for many people based upon conversations with clients of CDA Law Center. One of the most common misconceptions about NACA is that it is free. Consumers put up with the cattle like atmosphere and the lack of understanding their homeowner/counselors have about most modification programs, because they believe it is a free service, and do not read the fine print which you can review here: http://www.naca.com/about_naca/nacaMembership.jsp . NACA may be a good alternative for many people who cannot afford to hire a legitimate loan modification attorney, as it is a reasonable alternative for those without means.
In order to have NACA submit your documents to your lender, you first must become a Member. By becoming a Member, you need to agree to the following:
Membership Overview
NACA Membership gives you access to the Best Mortgage Program in America and helps you become active in the fight for economic justice in our communities. To learn more about NACA you can attend a free NACA Workshop. Remember that while NACA services are free you will need to participate in support of NACAs mission.
To become a Member:
Read and approve the Membership Agreement.
Read and approve the Authorization.
Pay the annual dues ($20 per household for 2011)
You will need to either fax your signed Membership Agreement and Authorization or bring them together with your annual Membership dues and $10 per credit report to your first counseling sessions at your local office. We prefer check or money order.
Post-purchase assistance
NACA provides you with an unprecedented post-purchase program, which includes continued assistance and counseling from NACA, the opportunity for active involvement in your neighborhood, and the ability to impact national issues.
There are two major components to NACAs Post Purchase Program. First, the Membership Assistance Program provides comprehensive individual assistance to protect you from foreclosure. NACA provides comprehensive financial counseling, payment agreements, and financial assistance for as long as you have a mortgage through NACA.
Second, the Neighborhood Stabilization Committees (NSCs) helps you keep your neighborhood safe from drugs, violence, predatory lenders and other destabilizing influences, and facilitate the continued involvement of NACA homeowners in their communities and in nationwide activities. NACA is continuing to develop other post-purchase programs for its members to improve their access to equal credit opportunities and economic justice.
The Homeowner Member dues of $50 a month for between five and ten years, depending on the mortgage amount as stated below, provides you with access to NACAs unprecedented and comprehensive post-purchase program Membership Assistance Program (MAP). The Homeowner Membership dues funds MAP and once you have completed payments you become a lifetime NACA Member. The Homeowner Membership dues costs much less than mortgage insurance, while providing you substantially more of a benefit.
(1) based on a $100,000, $200,000 and $300,000 no down payment mortgage for buyers with very good credit. (2)The MI cost is .91% of the loan amount per year (if MI was required on the NACA product, it would be greater than 1.00% per year). MI must be paid until the mortgage balance is reduced to 78% of the original loan amount, which typically takes approximately 12 years.
Many clients ask CDA how NACA is different from hiring an attorney? At CDA, they have helped and attained modifications for many former NACA clients who were denied for a modification using NACA services. The main reason for this is that although NACA has relationships with lenders, they do not advocate for consumers in the sense of preparing a financial package to make sure the financials work within program guidelines. Instead, they submit financials as is, even if they do not meet program guidelines, resulting in a denial for people who would otherwise qualify for the modification with a little attention to detail in preparing the financials. CDA finds that most packages require quite a bit of preparation to make the numbers work within program guidelines. CDA Law Centers experienced underwriters and attorneys however, will first do a free evaluation to determine if you meet the financial criteria necessary for a modification. If you meet those guidelines, only then would we be willing to take on your case for modification. CDA law Center can be reached at 877-499-4435 or on the web at cdalawcenter website.
