I am posting this at the request of Glenn Janes, a fellow Scripps Ranch resident and past client, who asked to share his experience working with the Neighborhood Assistance Corporation of America (NACA) in securing a loan modification. He has also generously provided his email in case anyone reading this finds themself in a similar situation and has questions.
I am a resident of Scripps Ranch and we, like many of you, fell prey to a "predatory" loan (a predatory loan being any loan that does not have a fixed rate) at the peak of the real estate market. Thanks to the Neighborhood Assistance Corporation of America (NACA) working with our lender, Chase/EMC Mortgage, this Option ARM has been changed to a low interest (2.7 %) fixed rate loan. We no longer have to worry about rate changes and negative amortization. The low interest rate is fixed for the life of the loan (33 yrs). The service provided by NACA (visit naca.com) saved our home, and there is no cost for the service. Amazing! I encourage anyone with a predatory loan to contact this organization as soon as possible. Please feel free to contact me if you have questions about the experience with NACA. My email address is: [email protected].