My friend and co-worker, Aaron, is like many Americans feeling this economic crunch. He is one of the first of my friends that spoke the praises of NACA. He and his wife attended a NACA event in the fall. They were so pleased with the results from that session.
While at the NACA event they reached an agreement with their lender to have their mortgage in forbearance for four months, and after that their mortgage payment would be somewhere between $875 – $1,700 a month. An exact amount could not be reached that day since only one of lenders for their mortgages were in attendance for the NACA event. This was a blessing for Aaron since their mortgage payment was originally $2,800 a month.
Aaron and his wife had their third child in July 2009. Both Aaron and his wife work full-time. His wife was on maternity leave over the summer and returned to work in the fall. Aaron’s wife was informed on her second day back to work that due to budget cuts her position was eliminated. Just like that their income was cut in half. The NACA event was held the month after the job loss- all seemed to be looking better due to NACA’s intervention.
Aaron was pleased over the past few months not having to pay a mortgage. His family seemed to be getting caught up with bills. The bank made an offer to Aaron for a mortgage payment, and Aaron denied the offer since it was higher than what he was told at the NACA event. Aaron has waited to hear the counter offer for months now. The four month forbearance is coming to an end in February. Aaron’s wife had tried for weeks to reach someone at NACA to find out what the new mortgage payment now is so that they can be ready to start paying their mortgage next month.
As a last resort Aaron’s wife called their home lender directly. The lender refused to speak with her since she and Aaron are working with NACA. His wife then continually tried to contact NACA with no results. Aaron and his wife went to their lender in person and begged for some answers. The lender stated that they are not supposed to speak with them due to NACA, but to give them updates they would share the communications that have taken place between the lender and NACA. Aaron and his wife learned that the bank had sent two different mortgage payment offers to NACA, both were rejected by NACA.
Aaron and his wife were taken back. The two of them had no idea that there were offers made by their lender and that NACA had declined them. NACA did not communicate any of this information to them, and now there is no longer a reduced mortgage payment on the table. Aaron and his wife need to pay their original mortgage payment. There is no way with one income they can afford this large of payment.
Aaron sold one car due to him only working. His wife cannot find full-time employment. They worked so hard to buy their home and cannot stand the thought of losing their home. They know they need to cut their ties with NACA to work with their bank in a more streamlined way. Today Aaron sent in a formal letter to NACA and his lender stating that he will no longer be working with NACA. Aaron is hoping that by the end of the week he can work directly with his lender. If the mortgage payment is not lowered to under $900 a month, Aaron and his wife will not be able to pay. Aaron came to work today after missing work the last three days dealing with his housing situation. Aaron is tore up and at a loss of what to do next. Aaron is reaching out to friends across the country checking on job opportunities and home rentals. Aaron is even looking for job transfer options within our company. Aaron and his wife feel that if they need to move out of their home that they will go ahead and move out of state.
Since this fall Aaron like me has heard the sad stories of homeowners reaching out to NACA for help with no positive outcome. At work Aaron would say how lucky he is that everything worked out so well with NACA on that first visit. Today Aaron is hanging his head in shame, frustration, disappointment, and aggravation over the possibility of losing his home.
Brian sold one car due to him only working. His wife cannot find full time employment. They are at a loss of what to do. They worked so hard to purchase their home and cannot stand the thought of losing their home.
