San Jose Real Estate * REALTOR ® * Richard Gonzalez

Project Homeowner

I’m sure by now you must have heard some news about a foreclosure prevention event going on in downtown San Jose this week but do these guys really help where most people have run into decline after decline to a modification request. I can’t really say that NACA will save your home from foreclosure but what I can tell you is what I have seen in my own experience with Project Homeowner.

Project Homeowner

A few years ago the Department of Real Estate and CHASE got together to create a traveling foreclosure prevention roadshow very similar to what you now see on a regular basis at events like the NACA one in San Jose.

• What has changed from few years ago is the investors willingness to participate in such events by allowing the borrower to modify.
• What hasn’t changed are the general guidelines of most investors and that is “Does this modification help the homeowner?”.

Project homeowner was revolutionary because it was able to bring the big lenders to the table (CHASE, Wells Fargo, Bank of America, etc…) and a few years ago lenders did not have staff on the ground to accommodate this need.

What NACA brings to the table

One of the reasons NACA has had much success nation wide is because of the media attention and I would imagine the lenders looking for an opportunity to create positive public relations impact with it’s homeowners.

Some things never change

The bottom line is this;

• If the lender owns the note(your loan) then your chances of a modification increase greatly. If an outside investor owns the note the bank must ask for investor for approval in order to modify your loan.
• Either way this scenario has not changed from past years and can dramatically increase your chances of a successful modification.

It doesn’t hurt to try

I received a call from a client over the weekend asking me if they should try to modify though NACA and may answer was “absolutely yes”. The great thing about this event is that most of the big lenders have staff to help escalate your situation to a level where the decision makers can help you get to your goal.

NACA Foreclosure Prevention infomration:

https://www.naca.com/index_main.jsp

NACA is a non profit funded by the federal government currently at the Cow Palace in Daily City through Tuesday. Yet another option for those who are looking for help.