Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do: (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.

Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

NACA mortgage program?

  • Filter
  • Time
  • Show
Clear All
new posts

  • NACA mortgage program?

    I had a friend who still have super excellent credit of over 800+ FICO score, she applied for NACA (Neighborhood Assistance Corporation of America) for those first timer with:
    • no down payment,
    • no closing costs,
    • no fees,
    • no requirement for perfect credit,
    • and at a below-market interest rate.

    and while she closed earlier this year on a house, she's happy with the program and strongly recommended me to try that. I wonder if any of you have tried this program? I am waiting for response to my e-mail questions from NACA such as bankruptcy OK? if so, how long do I have to wait to apply and all that stuff.


  • #2
    I would give it a shot. NACA: No money down, interest rate buydown, (most) closing costs paid by the lender, NO PMI and a below market interest rate. Loan limit based on geographic area. The home MUST be owner occupied. NACA places a subordinate lien on the property to enforce this. If you need to sell, no problem, NACA will send a lein release to the closing attorney at time of sale,
    FHA require a down payment (3.5%), might not offer buydown, buyer pays some closing costs (origination fee!), PMI (1.5% of loan up front, annual PMI of 0.85%). Higher loan limit.
    Plus, NACA requires a pattern of savings (“payment shock”), uses alternative credit (utility bills, cell phone and others) and these bills must be paid on time.
    I attended my workshop in May. 2014. It took a while to get my stuff together and I was qualified on December 17. Still looking for a home because there hasn’t really been anything I like on the market (Warning: Real Estate agents take the BEST Pictures ) NACA has in house agents or you can bring your own. As far as the NACA agents go, your mileage may vary.
    IF I were to walk away today, I have 12 months of all bills paid on time, a better credit score, a nice pile of cash in the bank and a little more knowledge of the home purchase process. I was able to drop my natural gas bill by 2/3, and received 2 electric bills for $0 with a notice stating “deposit applied”. And I would get a higher interest rate, spend thousands of dollars more to pretty much get the same home.
    I have also been told that NACA has a less than 1% foreclosure rate. That is a product of “the ringer” you have to go through to get qualified.
    So it sounds to me like, even in the worst case scenario, you come out ahead.
    Yes, some things get confusing, the MCs, RE Agents and Underwriters are swamped and not as responsive as we think they should be. That is a testimony to the popularity of the NACA program. 5,000 people turned out in Detroit for the first workshops held there. With the HomeSave program, NACA has literally filled arenas with people needing help.

    So here is what I would do right now:
    1) Go to and sign up for a workshop. Don't be afraid to travel 50 or more miles if you have to.

    2) Start saving $. In a savings account. At least the difference between current rent and expected mortgage payment. If you think your mortgage will be lower, do this anyway until you meet with a mortgage counselor and they tell you otherwise. NACA wants to see a pattern of savings over time. Plus, this will benefit you because you can buy down the interest rate. On the 30 year loan, 1% of the loan amount cuts your rate by .25%

    Get your documents in order:
    3) 12 months of bills paid on time. Utilities, credit cards, student loans, pretty much everything.
    4) Paystubs and bank statements for 90 days.
    5) 12 months of rent checks. If you are paying electronically, STOP and start paying by check.
    6) If you are divorced, gather your divorce papers that prove you are divorced, alimony received, child support paid, etc.
    7) If you are paying child support, cancelled checks for 12 months.
    8) Gather all your Bankruptcy filings. They will want to see these (this is where a PACER account comes in handy).


    • #3
      And on the 16 month anniversary of my Ch, 13 discharge, I closed on a NACA mortgage. 30 year fixed at 2.5%


      Unconfigured Ad Widget