It looks like the Mortgage problem hasn't quite bottomed out yet. For those close to foreclosure, make sure to do your due diligence if you decide to use a company to stall a foreclosure date. Always remember, if something sounds too good to be true ... it probably is. Free Money ... Free Loans ... Free Anything ... should automatically raise a red flag. Be Careful and be Smart. Companies to be wary of will be listed and updated as they are forwarded referencing this topic.
Loans - Make sure you know what type of Loan you are getting, and more importantly, know what the interest rate will be and is it an adjustable rate or a fixed rate. Many people in the past have opted for adjustable rate loans for mortgages, which is an adjustable rate mortgage (ARM). It seems to be a good idea to accept this type of loan in the beginning because you have some time before it is adjusted. When the time comes for the adjustment, that is when people get into trouble. The rate is adjusted upwards and can cause a severe increase in monthly payments towards the loan. A few hundred dollars more a month can cause a person to default on payments. After defaulting, some people look for another way to get money to pay their mortgage which is another loan ... not a good idea.
A loan is a type of debt.
A loan predetermines the redistribution of financial funds over a certain period of time, between the borrower and the lender. At first the borrower receives a certain amount of money from the lender. The borrowed sum is usually but not always paid back in regular installments, to the lender. As a rule, the service is offered at a cost, which is called an interest on the debt. Under the terms of the loan, a borrower may be subject to certain restrictions - loan covenants.
Loans are offered by all the financial institutions, like banks and financial services companies. They distinguish between secured and unsecured loans. A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan.
Unsecured loans are monetary loans which are not secured against the assets of the borrower. These may be available from financial institutions under many different pretences and marketing packages: credit card debts; personal loans; bank overdrafts; credit facilities or lines of credit; and corporate bonds. The interest rates offered for these different forms of loan may vary. These may or may not be regulated by law.
With today's economy, companies make money by providing additional loans to those who cannot afford their mortgage payments. It is a way of stalling the inevitable and getting whatever money they can from the desperate homeowner. So, Beware and below are a few companies to be wary of:
Loans - Make sure you know what type of Loan you are getting, and more importantly, know what the interest rate will be and is it an adjustable rate or a fixed rate. Many people in the past have opted for adjustable rate loans for mortgages, which is an adjustable rate mortgage (ARM). It seems to be a good idea to accept this type of loan in the beginning because you have some time before it is adjusted. When the time comes for the adjustment, that is when people get into trouble. The rate is adjusted upwards and can cause a severe increase in monthly payments towards the loan. A few hundred dollars more a month can cause a person to default on payments. After defaulting, some people look for another way to get money to pay their mortgage which is another loan ... not a good idea.
A loan is a type of debt.
A loan predetermines the redistribution of financial funds over a certain period of time, between the borrower and the lender. At first the borrower receives a certain amount of money from the lender. The borrowed sum is usually but not always paid back in regular installments, to the lender. As a rule, the service is offered at a cost, which is called an interest on the debt. Under the terms of the loan, a borrower may be subject to certain restrictions - loan covenants.
Loans are offered by all the financial institutions, like banks and financial services companies. They distinguish between secured and unsecured loans. A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan.
Unsecured loans are monetary loans which are not secured against the assets of the borrower. These may be available from financial institutions under many different pretences and marketing packages: credit card debts; personal loans; bank overdrafts; credit facilities or lines of credit; and corporate bonds. The interest rates offered for these different forms of loan may vary. These may or may not be regulated by law.
With today's economy, companies make money by providing additional loans to those who cannot afford their mortgage payments. It is a way of stalling the inevitable and getting whatever money they can from the desperate homeowner. So, Beware and below are a few companies to be wary of:
WARNING: Beware NACA dot cm
NACA Complaints & Reviews @
http://naca.pissedconsumer.com/
Complaint:
Apparently, CEO ?? is good at deceiving people. He claims his organization is non-profit and that it is going to reform the industry and save America from the evil "predatory lenders". Offering one product only, and garnering what he calls "lenders who caved in to his constant pressure" and are now willing to lend money below normal rates (which is untrue).
Apparently, CEO ?? is good at deceiving people. He claims his organization is non-profit and that it is going to reform the industry and save America from the evil "predatory lenders". Offering one product only, and garnering what he calls "lenders who caved in to his constant pressure" and are now willing to lend money below normal rates (which is untrue).
Further, nowhere on the site can you find out in what states (if any) this company or ?? is licensed.
IMHO, it's a huge scam and msn is parading an article (from Reuters) as if it's some kind of news report and NOT an advertisement. It's a completely free ad in my opinion, but more importantly it's entirely misleading. ?? and co. are no doubt using this as a scam to fool the public. If it's not, please show me I'm wrong about this.
NACA needs to be shut down, based solely on non-compliance and moral terpitude in deliberately misleading the public.
http://articles.moneycentral.msn.com/News/1BillionToBailOutHomeowners.aspx
http://www.mortgagegrapevine.com/thread/?thread=390608
Complaint:
As a real estate broker, I can tell you that I have had nothing but problems with NACA. Luckily, I haven't had to deal with NACA in at least five years. I won't get into specifics, but their business practices were (as of five years ago) a bit shady.
IMHO, it's a huge scam and msn is parading an article (from Reuters) as if it's some kind of news report and NOT an advertisement. It's a completely free ad in my opinion, but more importantly it's entirely misleading. ?? and co. are no doubt using this as a scam to fool the public. If it's not, please show me I'm wrong about this.
NACA needs to be shut down, based solely on non-compliance and moral terpitude in deliberately misleading the public.
http://articles.moneycentral.msn.com/News/1BillionToBailOutHomeowners.aspx
http://www.mortgagegrapevine.com/thread/?thread=390608
Complaint:
Web Reference: http://www.bowenboston.com/
NACA- wasted almost a year of our time ~ link with comments ...
http://naca.pissedconsumer.com/naca-wasted-almost-a-year-of-our-time-20091006158663.html
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Former inmate at a Texas prison says ~ (says it all right there)
This is a Program I am using for free. I learned of it thru a Paralegal I am still involved with thru the Mortgaga Audit I did back in Febuary. The program is not knew but not known by many.
I am about 60% thru the process and will further update as I go. I attended a 4 hour workshop last saturday which is what all have to do in order to use their Services.
I advise all that might be in trouble with their Mortgage or are looking to Purchase a Home, to look at what NaCa offers. I am told this is a Obama set-up for Mortgage program. At the workshop I attended to here in Texas, I was sold on it.. below it the two header I want all to know.. Update as I go .. I also worked with GreenZap and are Markers of Internet Fraud also. I have swamp land in Florida for interested buyers ... and I don't trust banks.
At-risk Homeowners (Too good to be True)
NACA is nationally recognized in permanently reducing interest rates to an affordable payment for thousands of owner-occupant homeowners. All services are free. (?)
Home Buyers
Purchase through NACA's Best in America Mortgage with no down payment, no closing costs, without perfect credit and the best interest rate: 4.875% (Fixed 30 Year). Everyone gets the same terms.
http://www.economicpopulist.org/content/naca-save-dream-mortgage-help-tour
