Since I've been denied by my servicer when I tried applying for a modification on my own, I have now enlisted the aid of the Neighborhood Assistance Corporation of America (or NACA for short.)
NACA's CEO is Bruce Marks, and he is known for taking the fight directly to the bank CEO's and their families...to make them realize how personal losing your home is and the costs to neighborhoods all across America that rampant foreclosures cause. He styles himself the "banking terrorist" because he will resort to rather interesting tactics to make his point. He will organize a group of homeowners and NACA representatives and dump a truckload of furniture on a bank CEO's lawn. He will organize protests outside the school where the CEO's kids attend. He is ruthless, and as far as I am concerned, the banks have it coming.
NACA has contracts with the major servicers, including IndyMac. I have a running appointment with one of the NACA counselors as I get my documentation together. I am hopeful that something can be done, even if the only thing that can be done right now is a forebearance to allow my husband and I to get back on our feet, and then do the restructure.
NACA works a little differently than HAMP or other modification programs. They start with figuring out how much of a house payment you can afford. There is no set interest rate that it has to be, or loan amount that it has to be. The only question is how much you can afford, after deducting all of your living expenses. Then NACA takes that number and says to the bank, find a way to get the payment down to that number. Whatever is done is a permanent change. No re-sets, no adjustments. The restructure is permanent.
If you're facing foreclosure, contact NACA as soon as possible. The sooner you start the process, the easier it will be for you. Go to www.naca.com
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