I've just listed two properties in Southern California.  Both sellers attempted to modify with NACA but their mod attempts failed.  Now, they would like to shortsale but I'm having such a difficult time getting the NACA code off their file in order to begin initiating their shortsale.  NACA has kept me on hold on 3 occassions for 45minutes to no avail.

 

Any luck anyone? Ideas?

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Comment by Trina Gonzales on June 3, 2011 at 7:30am

@ Mellyora;

 

Welcome to Shortsale superstars.  Actually NACA is an acronym for National Association for Community Assistance "or something like that".  They're a "non profit" that services homeowners who wish to save their homes.  In the news media they are praised for the work that they've done however I know of more failures with them than successes.  I have a couple of homeowners right now who went to them for assistance and have been in process for over 18 months to no avail. They've done just about as much as the homeowner could do on their own.  It is "free" to the homeowner but over the life of the loan, the lender/servicer pays NACA a percentage of the homeowners new interest rate.  That's how NACA makes money.  My issue is... once a homeowner decides to shortsale the property and have failed mod attempts, removing them from the NACA program is like pulling teeth. 

Just another stress that we realtors in the trenches can do without.  lol!

 

Comment by Mellyora Hargo on May 25, 2011 at 12:58pm

Hello Trina. I am in Southern Caly. I don't know too much about the short sale process with NACA but try searching on the MLS. Search as though you are searching for a house except leave all fields blank and go to the "agent remarks" section. It should be towards the bottom of the page. If it's not there you can add the field. Once you've found it then do this:

*naca*, *naca short sale*, *nacashortsale*

If this doesn't work then try one at a time but remember to keep the asteriks in front and behind the word. This will bring up any listing that has NACA in it and then you may be able to speak with an agent that has a negotiators number that can kick it in high gear for you. You can even click the field for just Actives or recent solds but my point is that you have to play with it. It always works for me.

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