NACA loan modification frenzie

I really don’t know what to say about this.

Why can’t this be done over the internet and by phone/fax?

Why are people spending what little money they have on travel?

How can people make rational decisions in this environment?

Desperate homeowners line up for mortgage modification marathon

Homeowners line up in the rain before dawn today outside the Palm Beach County Convention Center in West Palm Beach in hopes of saving their homes. The Neighborhood Assistance Corporation of America is making its second whirlwind stop in West Palm Beach to try and save the homes of struggling borrowers.
Lannis Waters/Palm Beach Post

Homeowners line up in the rain before dawn today outside the Palm Beach County Convention Center in West Palm Beach in hopes of saving their homes. The Neighborhood Assistance Corporation of America is making its second whirlwind stop in West Palm Beach to try and save the homes of struggling borrowers.By Kimberly Miller
Palm Beach Post Staff Writer

Updated: 9:17 p.m. Friday, Aug. 27, 2010
Posted: 6:52 a.m. Friday, Aug. 27, 2010

WEST PALM BEACH ­- The Palm Beach County Convention Center filled again Friday with tales of mortgage woe.

Before dawn, with a plump white moon overhead, a line of desperate home­owners trailed around the outside of the building. They slept in beach chairs or on blankets on the ground, refugees from a bad economy, bad loans, or bad decisions.

They stayed even as the rain poured down on them.

Because for most of the people in the queue, the Neighborhood Assistance Corp. of America is the end of the line. The last chance to save their homes.

The nonprofit will be here through Tuesday helping people get lower monthly payments through loan modifications.

At least 1,000 people arrived before the doors opened.

“If the banks won’t come to you, you go to them,” said Detroit resident Brian Kelley, 44, as he blinked rainwater from his eyes.

Kelley, a Ford Motor Co. employee whose salary has been cut nearly in half, flew into Fort Lauderdale on Thursday, got a ride to the Tri-Rail station, and took the train into West Palm Beach.

He had a cooler with sandwiches and water, anticipating a long day.

“Desperate times take desperate measures,” Kelley said.

He’s not the only desperate one.

More than 50,000 people are expected to attend the five-day, around-the-clock event, said Bruce Marks, the CEO of the Boston-based NACA. Considering many people come in pairs, that could mean as many as 25,000 home loans will be worked on by the army of NACA counselors, who wear yellow T-shirts bearing the NACA slogan: “Loan Sharks Beware.”

During the group’s visit to West Palm Beach in February, NACA reviewed 24,000 loans, modifying, at least temporarily, 16,097.

NACA brings hundreds of bank representatives to its “Save the Dream Tour” events. Borrowers first meet with a NACA counselor to settle on an affordable mortgage payment, typically something that is 31 percent or less than their gross salary.

They are threaded through waiting stations, filling in rows of seats like a line for a roller coaster.

Finally, the borrower speaks face-to-face with the bank representative.

The typical successful result is a new fixed interest rate as low as 2 percent. Some people also receive principal reductions on their loans.

Marks said he doesn’t use the federal Making Home Affordable program, which allows lenders to extend a loan to 40 years and award a modification with a five-year expiration date.

Instead, he said he negotiates deals with banks that work with him because “it makes good business sense.”

“We get the job done, and we get it done in one shot,” said Marks, whose group has received $41.5 million in federal aid from the National Foreclosure Mitigation Counseling Program.

NACA also gets a $500 payment for every permanent modification that results in three successful mortgage payments, Marks said.

Marks has harsh words for banks, such as Chase, that refuse his advances.

In a cavernous convention center ballroom, hundreds of people sat Friday waiting to see a counselor. Marks had the microphone.

“We are suing Chase,” Marks said to uproarious applause from the crowd. “We want to make Chase the example of don’t mess with NACA and don’t mess with homeowners.”

Chase, which has two permanent customer service centers in Palm Beach County, is conducting a similar loan modification event in Orlando this week.

By 10:30 Friday morning, new arrivals to the NACA event were being directed to park at CityPlace, because the 1,100-spot convention center lot was full.

“I would encourage everyone to be patient because NACA is really doing a great job,” said West Palm Beach resident Jean Kercius, 38, who was pulled to a podium in the center of the convention center floor to announce his successful loan modification.

Kercius, who recently lost his job as a nursing assistant, got a fixed 2 percent interest rate and a principal reduction that cut his monthly payment from $1,333 to $716.

“I am overwhelmed and overjoyed,” he said.

But not everyone finds financial salvation with NACA.

Dennis Jacobs, 65, came from San Diego for the event and to visit his parents in Boca Raton.

A dentist, Jacobs sold his practice a few years ago, and is having trouble paying his mortgage. He’s not late on his payments, however, which makes him a lower priority. He didn’t get a loan modification, but didn’t leave angry either.

“I think it’s very helpful for people to see how all folks are affected by the real estate crash and downturn in the economy,” he said.

Seven hours after he arrived, Detroit resident Brian Kelley also left empty-handed.

He blamed a breakdown in communication between the owner of his loan and his servicer for the failure.

“I’m not disappointed,” Kelley said. “It was very educational. I got a lot out of it.

“The fight goes on.”

~kimberly_miller@pbpost.com

Another

case, 5A

Did it work?

If you go

Today’s event is being held at the Palm Beach County Convention Center at 650 Okeechobee Blvd., West Palm Beach . Main convention center phone is (561) 366-3000 . The West Palm Beach event runs 24 hours a day through Tuesday.

To get NACA assistance:

* You cannot own another property.
* You must live in your property.

The Neighborhood Assistance Corporation of America asks that you agree to participate in at least five activities a year in support of the group’s mission. NACA is waiving its membership fee and cost to pull credit reports for people seeking a mortgage modification.

Items needed:

* 30 days of consecutive paycheck stubs (If self-employed, you also need six months of bank statements and a year-to-date profit and loss statement.)
* Signed hardship letter.
* Most recent mortgage statement.
* Property tax information.
* Homeowners insurance bill.

For more information: visit NACA.com

Why do people have to agree to participate in NACA activities to get the loan modifications they deserve?

What a circus.



7 Responses to “NACA loan modification frenzie”

  1. You do not have to participate with NACA activities for them to advocate for a loan modification. In order to have the success rate in securing home loan modifications for the thousands of homeowners we have, we do need assistance from our members. Our job is to assist all homeowners who are needing our services.
    Here is a bit more information about NACA:
    The Neighborhood Assistance Corporation of America (NACA) is a non-profit advocacy HUD certified community and home ownership counseling agency. NACA’s confrontational community organizing and revolutionary mortgage product have set the national standard for effective neighborhood stabilization programs. Our services are FREE. NACA has agreements with most all of the major Servicers in the country and relationships with the smaller Servicers. These agreements also extend to the major investors such as Fannie Mae and Freddie Mac.
    Our Counseling Center will walk the homeowner through their budget and determine what the affordable mortgage payment is. Once the homeowners file is complete with documents, proposed payment, the package will be sent to their Lender/Servicer. Once the servicer reviews the proposal and sent an offer back to NACA, we will then go over the offer with the homeowner if it is requested. If the offer is not acceptable to the homeowner, NACA will advocate for them for a better offer within the guidelines of our agreements. NACA’s success rate is the best in the country and worth a try! Please go to http://www.naca.com to start the process or call 888-404-6222 to speak to a NACA Representative.

    Also our goal is to have a method for our members to interact, share stories while providing NACA the ability to improve our Customer Service via your feedback.
    We have launched The Official NACA Public Forum https://forums.naca.com/forum

    Our forum is being monitored by NACA Staff and you will receive prompt assistance and direction per your request.
    Keep in mind that the forum is NOT a replacement for NACA Counseling. If you need to schedule an appointment to speak with a counselor, please do so through the main site: https://www.naca.com/ and logging into your Web File or call 888-404-6222 to speak to a NACA Representative.
    Please also keep in mind as these forums are public in nature, DO NOT POST your NACA ID, password, email address, Social Security Number or Tax ID in this forum. Please also keep our forums free and clear of any profanity, racism, rude language, and inflammatory comments.
    Thank you, and enjoy our NACA Public Forum https://forums.naca.com/forum

  2. Due to thousands of requests and a great need to help struggling homeowners in California, NACA kicks-off the First Save-The-Dream Event of 2011 in Los Angeles Jan.20th – 30th . The Save-The-Dream Tour will make their second stop in Phoenix from Feb 4th – 7th. All Services are Free. To register for this event please visit http://www.naca.com and click on the city on which you will be attending. For more information, you can also visit our NACA public forum at forums.naca.com/forum.

  3. Needing to make a correction on the dates for the Phoenix event which will be the 3rd -7th, an extra day.

  4. We are coming back to Florida!!!!
    Due to thousands of requests and a great need to help struggling homeowners in Florida, NACA bring the Save-The-Dream Event of 2011 in Miami, Feb.25th – 28th . The Save-The-Dream Tour will make their second stop in Atlanta, GA from March 3rd – 7th. All of our services are FREE.
    To register for this event please visit http://www.naca.com and click on the city on which you will be attending. For more information, you can also visit our NACA public forum at https://forums.naca.com/forum.

  5. NACA’s Save The Dream Tour Offers Same Day Solutions for Homeowners with Unaffordable Mortgages

    All NACA Services are FREE

    CONTACT:
    Darren Duarte 617 947 2632 dduarte@naca.com

    Ricardo Herrera 704 962 1605 rherrera@naca.com

    Who: Homeowners from North Carolina and other states who have an unaffordable mortgage.

    What: 4 day FREE mortgage modification event. NACA’s Save the Dream (of Homeownership) Tour was just highlighted on 60 Minutes. The National News Magazine highlighted how NACA’s Foreclosure Prevention Event gets more than half of its attendee’s lower mortgage payments the same day, on the spot. (click here to view 60 Minutes).

    The event runs Thursday, May 12th -Sunday May 15, 2011. Doors open 8 am to 8 pm.

    Raleigh Convention Center
    Exhibit Halls B & C 500 Salisbury Street, Raleigh, NC

    WHY: NACA’S Save the Dream events are incredible with thousands of people having their mortgage payment permanently reduced by over $500 and many by over a $1,000 a month often with interest rates reduced by 3% or 2% and sometimes a principal reduction. Many receive a permanent restructure the same day.

    There will be hundreds of NACA counselors ready to determine an affordable mortgage payment for the borrower and hundreds of staff from all the major lenders to process and approve these solutions. NACA has legally binding contracts with all of the major lender/servicers, including Fannie Mae and Freddie Mac to make mortgages affordable. And all NACA services are FREE. The program is open to owner/occupants and non-investors.

    For more information and to register please visit http://www.naca.com or call 888-499-6222.
    For any other questions, please go to our NACA forum at http://forums.naca.com/forum/

    ABOUT NACA:

    NACA is the nation’s leading homeownership and largest HUD certified non-profit counseling organization. NACA’S CEO Bruce Marks was named Bostonian of the Year for 2007 because of his work in getting the major lenders and servicers to modify home loans for borrowers who come through NACA. See Bostonian of the Year. The program is FREE and open to owner/occupants and non-investors. At risk-homeowners can sign up at http://www.naca.com or call 888-499-6222.

  6. i found dealing with Naca to be horrific. I never got my modification and my credit was destroyed when prior to Naca modification attempt was pristine. Naca messed me up completely and bank put me in forclosure day 65 of modification and Naca never assisted except to file initial documents, omitting 1 item i could never get added to my file. I never had a NACa advocate as they had promised.

  7. Terrie,

    Have you posted your concerns on the NACA Forum? NACA staff members monitor the forum daily and work on resolving the questions and issues members post there. http://forums.naca.com/forum