Question About Save The Dream Promises

[I'mSickOfThis]

I have a question: if the servicer requires investor approval in order to modify or restructure your loan, how are the Save The Dream Tours able to approve so many people on the spot? Are they using different parameters? Is it the one on one contact?

[davephx]

NACA "on the spot approvals" doesn't mean that the servicer and investor have approved. They claim that but in reality is just the beginning for the long fight for most.

It would be nice to find out more what NACA's "binding agreements" really say since all too often its far from binding on the servicers/investors

[CW California]

Originally Posted by I'mSickOfThis

I have a question: if the servicer requires investor approval in order to modify or restructure your loan, how are the Save The Dream Tours able to approve so many people on the spot? Are they using different parameters? Is it the one on one contact?

My guess is that the on-the-spot approvals are given when the servicer knows what is permissable by the investor. There is also the issue of whether or not the servicer could be sued or liable to the investor if they did something not within the contract so I think THOSE wouldn't be approved.

[SillyWorld]

So you would think, say like NACA they get GOV support, why would they not just simply buy my LOAN, refinance me pay off all those Silly Investors and Servicers ?? Seems real stupid to me

[CW California]

Originally Posted by SillyWorld

So you would think, say like NACA they get GOV support, why would they not just simply buy my LOAN, refinance me pay off all those Silly Investors and Servicers ?? Seems real stupid to me

NACA would have to be able to place your loan with one of the investors. Last I checked you could buy a home thru NACA and get 4.75%. Don't know what it is now.

[sandyg]

Originally Posted by CW California

NACA would have to be able to place your loan with one of the investors. Last I checked you could buy a home thru NACA and get 4.75%. Don't know what it is now.

When I was at the Phoenix STD this weekend a NACA speaker during the Orientation process told our crowd that NACA gets $2500 from BOA for doing new loans. And according to Moe naca get $250 for each person they represent for a mod.

• Also, at STD my process was :
• Orientation
• Go to Counselor and update my budget
• Counselor submitted budget and new proposal to the servicer (BOA)
• Was told by BOA that my investor was Fannie (which I knew)
• I was called to the servicer BOA and they had an offer from Fannie for me
• Was told by BOA that Fannie did my analysis and was offering 3% for the life of the loan.
• The girl who did my Fannie analysis was on site at the STD. So BOA and Fannie emailed back and forth communicating any questions I had.
• And then I accepted the offer.
• Then a naca rep or negotiator came by and asked me some ?'s and finally said is this an affordable solution for you. I said yes

So in other words they have the power to do it all (mod's) on site in most cases if they have all of the info. Everyone naca, boa, and Fannie all had the same info. in front of them on their computers in order to make a decision.
Which was the same info. that naca already had from me since the day I began with them in Feb 2009. With the exception of some finacial updates.

[nativelasvegan]

Thank you Sandg. If there was access to a Fannie Mae rep at STD, they I am wondering why Fannie cannot place a person in-house in BOA in Simi Valley. If they were able to do this, when I was told I qualified for this program in July, the negotiator could have walked down the hall to the Fannie office and presented the specifics of my situation, obtained the necessary approval, and walked down the hall to the "documents" department. If these were new loans and the bank made a bunch of money from us, you can bet they would have a simple system in place to take our money as fast as they can. The procedure currently in place is terribly inefficient and I cannot help but think, on purpose.

[sandyg]

Originally Posted by nativelasvegan

Thank you Sandg. If there was access to a Fannie Mae rep at STD, they I am wondering why Fannie cannot place a person in-house in BOA in Simi Valley. If they were able to do this, when I was told I qualified for this program in July, the negotiator could have walked down the hall to the Fannie office and presented the specifics of my situation, obtained the necessary approval, and walked down the hall to the "documents" department. If these were new loans and the bank made a bunch of money from us, you can bet they would have a simple system in place to take our money as fast as they can. The procedure currently in place is terribly inefficient and I cannot help but think, on purpose.

I have been with naca since 2/09 and started working with BOA 12/08 for a mod. I think that it is possible that the STD's receive sooooo much publicity for the banks and for naca that some mod's are put off .... when they are close to an STD event in the homeowners area. No one got very far on my behalf until I walked into the Phoenix STD and then poof I have a restructure...go figure.

Go to the event in your area. make sure you take a rolling brief case or something to put your paperwork in. And I mean have anything that they could ask you for and more so that they can't say we need addtl. info . to submit your mod. Also, take snacks and water. The prices are outrageous at the vendors. And parking was $12 a day for me.

Isn't the LV STD this weekend?

[townie271]

I have decided since I cannot get to a Save the dream and i have been waiting with Naca for so long and not getting anywhere that starting Monday Oct 13th I will park myself at Bruce mark's office till he will see me, I have tried everything else in my power. If anyone in mass would like to meet me at his jamica Plain office on Monday please let me know. if people can sit for hours to get their modification and they won't come to us we need to go to them. Wish me luck!!

[Melanie702]

Originally Posted by sandyg

I have been with naca since 2/09 and started working with BOA 12/08 for a mod. I think that it is possible that the STD's receive sooooo much publicity for the banks and for naca that some mod's are put off .... when they are close to an STD event in the homeowners area. No one got very far on my behalf until I walked into the Phoenix STD and then poof I have a restructure...go figure.

Go to the event in your area. make sure you take a rolling brief case or something to put your paperwork in. And I mean have anything that they could ask you for and more so that they can't say we need addtl. info . to submit your mod. Also, take snacks and water. The prices are outrageous at the vendors. And parking was $12 a day for me.

Isn't the LV STD this weekend?

Hi there Sandy! I'm going to the STD in LV tomorrow. How come you went all 3 days? Is that something I will have to do too? I have a list of paperwork I'm taking with me. Can you tell me if I need anything else?

1. Mortgage statement
2. 3 months' bank statements
3. pay stubs for me
4. unemployment award letter for Paul (if that's what you call it)
5. tax statement
6. HOA bill

Anything else they ask for?

[townie271]

Sorry tuesday Oct 13th Monday is a Holiday in massachusetts. naca is in Las vegas starting tomorrow and not back in the office in zBoston till tuesday.

[sandyg]

Originally Posted by Melanie702

Hi there Sandy! I'm going to the STD in LV tomorrow. How come you went all 3 days? Is that something I will have to do too? I have a list of paperwork I'm taking with me. Can you tell me if I need anything else?

1. Mortgage statement
2. 3 months' bank statements
3. pay stubs for me
4. unemployment award letter for Paul (if that's what you call it)
5. tax statement
6. HOA bill

Anything else they ask for?

Take every current document that you listed above and:

• insurance bill

You may want to take these doc's below if you have a copy of them just because they will ask you to fill out new forms of the same thing before you see your counselor. So if you have them with you it is easier just to copy the info.

• hardship letter
• 4506-T
• Home Afforability Mod Prodram Affidavit
• your naca submitted budget

1. I went Sat. from 4-8ish sent home because counselors were backed up.
2. Went Sun 7:30-9ish sent home due to servicers backed up and no response offer from Fannie yet. STD said if you have an offer on the naca site don't bother coming back to STD the next day. Just accept or reject and call naca.
3. Got home on Sun. night and there was an offer on my naca acct.
4. Went to STD regardless of what they had told me on Mon about getting an offer from 11-2ish. I wanted to set down and have a live person explain to me the conditions and the new due date, etc.
5. Glad I did. That is when the servicer e-mailed my 2nd mtg investor to see if I could get a 1% on it. She also e-mailed Fannie to see if I could get a lower interest but they respponded no. Can't hurt to ask!!!! Also I saw the girl or servicer push the accept button for me for the restructure. No guessing and waiting.

Good luck if you go!!!!!!!!! I will be praying for you. Take a book or something to do during your waiting time.
Who's your investor Mel, I forgot?

[Garry]

I do not think Naca is more powerful than God, I do not think Naca is more powerful than the Gov, and I do not think Naca is more powerful than the bank. This will take more brainwashing.

[Melanie702]

Originally Posted by sandyg

Take every current document that you listed above and:

• insurance bill

You may want to take these doc's below if you have a copy of them just because they will ask you to fill out new forms of the same thing before you see your counselor. So if you have them with you it is easier just to copy the info.

• hardship letter
• 4506-T
• Home Afforability Mod Prodram Affidavit
• your naca submitted budget

1. I went Sat. from 4-8ish sent home because counselors were backed up.
2. Went Sun 7:30-9ish sent home due to servicers backed up and no response offer from Fannie yet. STD said if you have an offer on the naca site don't bother coming back to STD the next day. Just accept or reject and call naca.
3. Got home on Sun. night and there was an offer on my naca acct.
4. Went to STD regardless of what they had told me on Mon about getting an offer from 11-2ish. I wanted to set down and have a live person explain to me the conditions and the new due date, etc.
5. Glad I did. That is when the servicer e-mailed my 2nd mtg investor to see if I could get a 1% on it. She also e-mailed Fannie to see if I could get a lower interest but they respponded no. Can't hurt to ask!!!! Also I saw the girl or servicer push the accept button for me for the restructure. No guessing and waiting.

Good luck if you go!!!!!!!!! I will be praying for you. Take a book or something to do during your waiting time.
Who's your investor Mel, I forgot?

Sandy, thank you soooooooooooo much for getting back to me. I appreciate it so much. I am so happy for you! I made another thread for you, but didn't realize you had replied to me. I need to turn my notifications back on.

My investor is Ginnie Mae. Do you know if there were any Ginnie Mae folks there? Did you notice if anyone had any luck? Or anyone on unemployment? Where do you get the NACA submitted budget? Is it just something you write down on a regular piece of paper? Or is it something I have to print?

That is great that you went back and that must have been such a GREAT feeling to see them click on the accept button. I am going tomorrow and am getting everything ready now, including my paperwork, a packed lunch, yarn and a crochet hook. I love to crochet, but never have time, so it'll be cool .

Thanks for the luck. Will let you know what happens.

[Garry]

I do wish you luck Melanie, I know you've tried to do this yourself and have gotten nothing but run-around. It pisses me off that people have to get help to get help. I don't think anyone should expect a one day miracle cure as claimed, but if it happens I will be happy for you.

[Melanie702]

Originally Posted by Garry

I do wish you luck Melanie, I know you've tried to do this yourself and have gotten nothing but run-around. It pisses me off that people have to get help to get help. I don't think anyone should expect a one day miracle cure as claimed, but if it happens I will be happy for you.

Thank you Garry! I am thinking of you and hope you get those papers after your trial.

I don't expect anything at all tomorrow to be honest. The MOST I'm actually hoping for is a forbearance, to stall time. To give us time to get rid of some of this stupid credit card debt that is stopping us from getting the FHA-HAMP. Thank you, and will keep you posted.

[ama125]

Good luck Melanie! I'll pray for you...turning in for the night now!

[Melanie702]

Originally Posted by ama125

Good luck Melanie! I'll pray for you...turning in for the night now!

Thank you, ama, have a good night, ttyl

[klauss54]

has anyone received mod paperwork for approval at save the dream i was approved still waiting for paper to sign back

[pdsfoley]

Originally Posted by klauss54

has anyone received mod paperwork for approval at save the dream i was approved still waiting for paper to sign back

I was told that since they get thousands of mods at the STD events it takes awhile to get the paperwork out...My neg was emailed...SUPPOSEDLY I should get paperwork by next Wed. ::::COUGH::: I'll believe it when I see it...

[caldwellb02]

I'm going to the SF event. I don't have high hopes, but I'm going because I have been doing everything I can thus far so how could I skip this? I will go on Sunday for a while, to get to through the voucher bit, then back on Monday and tuesday if need be. I'll bring a brand new notebook and take lots of notes. If the unbelievable happens and I get an offer, I'll know why. If not, I'm ready for that but I won't have to wonder what if..... I'm not going with unrealistic expectations so think I'll be okay.

[pdsfoley]

Originally Posted by caldwellb02

I'm going to the SF event. I don't have high hopes, but I'm going because I have been doing everything I can thus far so how could I skip this? I will go on Sunday for a while, to get to through the voucher bit, then back on Monday and tuesday if need be. I'll bring a brand new notebook and take lots of notes. If the unbelievable happens and I get an offer, I'll know why. If not, I'm ready for that but I won't have to wonder what if..... I'm not going with unrealistic expectations so think I'll be okay.

GOOD LUCK Caldwell!!! When we went to the event in L.A., Since we were already submitted with NACA ...we didn't go through the orientation or anything like that...we went straight to the BAC/CW servicer line...we were in and out in about 3 hours...Hope it goes well for you!!

[CW California]

Originally Posted by caldwellb02

I'm going to the SF event. I don't have high hopes, but I'm going because I have been doing everything I can thus far so how could I skip this? I will go on Sunday for a while, to get to through the voucher bit, then back on Monday and tuesday if need be. I'll bring a brand new notebook and take lots of notes. If the unbelievable happens and I get an offer, I'll know why. If not, I'm ready for that but I won't have to wonder what if..... I'm not going with unrealistic expectations so think I'll be okay.

Good Luck with this Caldwell. We're pulling for you!

[klauss54]

im also holding my breath for the fed ex truck after std event i will believe it when i see in black and white

[whatdidigetinto]

Originally Posted by pdsfoley

GOOD LUCK Caldwell!!! When we went to the event in L.A., Since we were already submitted with NACA ...we didn't go through the orientation or anything like that...we went straight to the BAC/CW servicer line...we were in and out in about 3 hours...Hope it goes well for you!!

what time did you get there?how did you go straight to the servicer?did you bring your budget sheet?did they ask for anything?I have my budget sheet from when i was submitted in April and about a month ago i updated my finacials.Where there alot of other people that were alreadt submitted at the event?