NACA STD experience

[jasonsmith123]

I went to the NACA STD tour and it was not a great experience to say the least.

1. Felt like NACA was more interested in blowing up their own horn than helping people.
2. The counselor was useless and did not do much to help me. In fact, she decreased my expenses, even thought I gave her the justification for why they should be higher.
This caused a lot of frustration while talking to the bank.
3. They keep people waiting in line unnecessarily. even though they could save so much time by giving people information upfront and helping them.

[Evan Bedard]

Hi jasonsmith123,

1. Felt like NACA was more interested in blowing up their own horn than helping people.
2. The counselor was useless and did not do much to help me. In fact, she decreased my expenses, even thought I gave her the justification for why they should be higher.
This caused a lot of frustration while talking to the bank.
3. They keep people waiting in line unnecessarily. even though they could save so much time by giving people information upfront and helping them.

#3, are you referring to the bank or nACA?

[caldwellb02]

Evan - I'm guessing he was talking about NACA. If you haven't gone to an STD event, I would suggest you go.

I do think, however, that NACA does want to help. there is just alot of NACA "hornblowing" at the event. Believe me.

[Evan Bedard]

Ya I agree. I have actually been to two NACA events (Washington DC,Connecticut) myself and helped out there. People need to realize that not everyone is going to get the help they need right then and there..

[caldwellb02]

Should have known you had been to events. Sorry about that. When you sit from 7:30 a.m. to 8:30 p.m. in basically the same seat, then take another 2.5 hrs to see a counselor, you get tired of the NACA NACA NACA. I love it that NACA does the events and know their counselors and volunteers work their butts off, and I am still working with them to try to get some action; I just wish it wasn't so very very exhausting for the homeowners. And in the end most of us don't get mods anyway.

[Evan Bedard]

I totally understand, at the events I attended there had to be at least a few thousand homeowners and many of them had to wait till 10/11pm to talk to a counselor. Which NACA event did you attend by the way?

[caldwellb02]

I was at the San Francisco event. Grueling. Absolutely Grueling.

[vfxguy]

I did the NACA Los Angeles Convention center event. It was grueling to say the least. First let me praise the volunteers and even the staffers at the events for the hard work and long hours they are putting in. The staff is traveling from city to city and working long long LONG days with the endless sea of people.

The process is long and frustrating, even when you go knowing you are going to have to wait. The first thing I will say to anyone planning on attending the event in the future is you should expect to spend at LEAST a full day and more likely a day and a half in the process. So bring a book, bring food, bring water, bring an ipod, bring Valium. And if it is at all possible DO NOT BRING KIDS!! You cannot imagine the boredom level they have to deal with.

The system is set up to handle a massive number of people. It is NOT set up to do it quickly. If there were no lines, the total process would probably take about 2 hours tops from start to complete finish.

Before going to the event you would do well to get on the naca.com website and fill out the forms they ask for. (Also, be sure to read the whole site and learn more about them.) Be careful, the site is not well designed and it makes things difficult to stop and start again so if you are going to enter the data, make sure you have the time and information to enter EVERYTHING or when you get to the event you will have to start again. You cannot start entering data and then finish at the event. Also, make sure you come away from the online signup with your NACA ID#. If you don't get it from the website, have the site send you an email with a new password, that's how I finally got one.

REMEMBER TO PARTICIPATE WITH NACA YOU MUST ONLY OWN 1 PROPERTY AND YOU HAVE TO LIVE IN THAT PROPERTY. You should have seen the angry people that waited 2 1/2 hours to get into the workshop only to find out there that they did not qualify.

REMEMBER TO BRING ALL THE DOCUMENTATION YOU HAVE. Be sure to have:

• Paystubs or verification of income
• Hardship letter
• Mortgage statement
• Property Tax Bill
• Homeowners Insurance Bill
• Income/Expenses/Liability information

After a few hours of waiting you will attend a half hour long workshop. There you learn about the rules, you get a NACA pep talk about how they are helping keep families in their homes, they talk about what to expect out of the rest of the process, and answer a few questions.

After that, it's off to wait for a few more hours in line so that those people who did not log in to computers prior to the event can get a chance to sign up. (You are kept in groups of 100 throughout the entire process so you don't get to move forward if you have already did your work.) Make friends with the people around you. You are going to be spending the day with them.

We got screwed because during this phase the NACA personnel who were loading up the room brought the groups into the room in one order and then went to lunch. The NACA personnel that took over took the groups out of the room in a different order and 300 people got to cut in front of everyone else. (It felt like the game of Life...go back 3 spaces and wait 2 more hours.)

Next we were moved into the next room for another few hours of waiting. Now you are in the main hall where you can actually see the hundreds of counselors as they work with each person to get the data and get the needed documents submitted into the system. It is in this room where there is a central stage where people who managed to get the most incredible workout deals are brought up to sing NACA praises. I must say it was heartwarming to hear that some people were actually getting the help they deserved. (I would have been much happier if my saga ended the same way.)

At hour 12 it was now time for me to see my counselor. She was tired but generally helpful. You could tell that there was a severe case of burnout going since it was 10pm and we were just getting started. I am generally upset that after doing an extensive financial worksheet and including everything and being as accurate as I can, they only take certain information and include it. For instance, my month medical premiums were included. The fact that we have a high deductible plan that requires me to spend $5000 per family before insurance kicks in was not. There is $425/month that they leave out of the equation. There were many examples of this.

By the time we were done, the event was closed and I had to come back the next morning to meet with my Countrywide/BofA on-site rep. You do get to skip through all the previous steps and go straight to your loan servicer in the morning DO NOT LOSE YOUR PAPERWORK.

I came back the next morning and went to the BofA waiting area. The scuttlebutt around the line was that the wait was a couple of hours long. After a half hour, a representative came up and called the names of about 12 of us and took us away to another area. At this point we were told that since we were current on our payments (yes I guess everyone in the group was current) we did not have to wait in line anymore. He managed the team that took care of their 'special customers' that were doing a great job in remaining current. We get to skip the rest of the waiting and a 'special team' would be taking care of our forbearance/modifications in "5 to 7 working days". Smiles, applause, happy feelings all around. My defenses lowered, I forgot to get his name, email address, phone number, home address, etc.

If I had only known what was coming, I would have sat in the chair and waited my turn for a face-to-face workout plan.

But now I am tired of writing and I'll tell the rest of the story about dealing with BofA/Countrywide later.

A few extra points about the NACA event:

• Spend a few days in long lines or lose your house? Long lines are frustrating but worth it.
• It's hard to complain too much about the cost from NACA, it's free. (other than parking, food, etc.) NACA makes about $150 from each successful loan they package I'm told.
• If you need to submit forms to NACA after the event, you are screwed. PAY ATTENTION. There are 3 ways to submit:
  • Email system with your NACA number. DOES NOT WORK.
  • Online form submission of documents. DOES NOT WORK.
  • Fax info to them. This is the only possible chance of working but there is trouble here too. The fax system is completely overloaded so you can call repeatedly and not get through. Best idea if you have a fax machine at home is to fax in the middle of the night, the system answers more frequently then. Unfortunately it would never take a fax from my fax machine. I had to go to a printing store and repeatedly redial on their machine for 15 minutes til I got through. Get a fax receipt.
• Once you get back home, log onto the NACA site and go to: Home Save>Documentation Submission>Documents Received and confirm that the proper number of pages were received on the day that you faxed them.
• To call NACA on the phone, you are going to wait from 45 min to 1 1/2 hours. They will tempt you with the option to leave a message and they will 'call back within 24 hours'. I have done this 5 times and never had a return call. I don't recommend it.
• Keep on them. They are overworked. Squeaky wheel gets the grease.

[joleslaurent]

I went to NACA STD in Los Angeles and I was really excited and thought that I would get my loan modified. Then I went to WAMU/CHASE homeownership location in Santa Ana and one of the employees ART MOORE told me that it makes more sense for the bank to foreclose than modify my loan based on the NPV.

NACA never even mentioned about NPV.

[Moe Bedard]

vfxguy, you either work for NACA or should You may know more about the program than themselves.

[jrolfedrev]

It's been over 14 days now and still no news from NACA or BofA. I was part of the whole group who were set aside on the black curtain in Vegas STD and was told by BofA rep they cannot do our mod on the spot since our investor was private. THe rep told us we will received a letter or they will relay to NACA after 14 days or less than 30 days. I called BofA Mr Johnson and he told me I do not qualify since what I have was l already a low rate then I told him my prop tax was not included and I was still over 31% of my gross. He responded oh we included the tax in escrow. I said nobody told me about. He transferred me to escrow and he is right. BofA will pay for my December prop tax but they will add it into the loan. Urrgghh!!!

[nsane]

Hi vfxguy,
I was also with that group that was taken to the back of the room by the BofA rep named AUSTIN WILLIAMS. I am trying to find out if anyone got that "special" program he was telling us about- re-assess property taxes and re-appraise our homes for current value and then create a payment that is affordable to us based on these new figures LIES,LIES,LIES. One month later (not 10 days like he said) I did get a proposal but it is not at all what I thought it would be based on what he told us. I am hoping someone can help me locate this AUSTIN WILLIAMS so I can find out what happened to that "special" program. If anyone has received it please reply.

[jrolfedrev]

Yup, it's Austin Williams.....thanks for mentioning his name.

[nsane]

Hi Moe,
I need some help locating a negotiator with BofA, his name is AUSTIN WILLIAMS. I attended the NACA STD in LA 9/28/09. After 2 days of trying to get in to speak with a negotiator, 8 of us were taken to the back of the auditorium and told because we were still current on our loans we qualified for a special program where the bank was going to re-assess property taxes and re-appraise the current value of the home and formulate a payment affordable to us for the life of the loan based on these new values. We were told we would hear from them in 2 wks. Did not hear from anyone for a month and the proposal is not what was promised. I am desperate to find this AUSTIN WILLIAMS and ask him what happened to the program. We did ask him for his card or paperwork and he told us that since we were such a small group and he was in charge of it there would be no problems, but he could not give us anything in writing (first warning flag). It was all very sneaky in the back of the room with no NACA negotiator to witness any of it. I have gone to the BofA corporate and employee directory with no luck. How do I find this guy??????????

[caldwellb02]

The bank doesn't do a property tax reasssessment. And even if they did, it takes a long time because it has to go through your county recorder's office.

Banks CAN get it re-appraised, but even at that most counties want you to still go through their own process (mine wanted information about three comparable properties recently sold). I'm in CA and that's how it worked for me.

There is no guarantee that the property taxes will change until the county recorder says it will, and I have serious doubts about the bank modifying your loan on an assumption that the property taxes will be lowered.

Sorry for the potentially bad news here...

[pwrought]

Did you know that NACA get paid $250 for every person that they process in the STD. They do not care for the homeowner, but the money. I went to the STD Las Vegas and I can say it is a LIE. I did some volunteer work for NACA the same day to learn that they LIE LIE LIE. I received a proposal that day and never got any package from BOA. Decided to short sale my home because it is underwater and not worth the pain. I will probably rent for a little and then buy something better for less.
NACA PLEASE STOP TO LIE TO US. JUST TIRED OF SO MUCH LIES.

[nsane]

Originally Posted by caldwellb02

The bank doesn't do a property tax reasssessment. And even if they did, it takes a long time because it has to go through your county recorder's office.

Banks CAN get it re-appraised, but even at that most counties want you to still go through their own process (mine wanted information about three comparable properties recently sold). I'm in CA and that's how it worked for me.

There is no guarantee that the property taxes will change until the county recorder says it will, and I have serious doubts about the bank modifying your loan on an assumption that the property taxes will be lowered.

Sorry for the potentially bad news here...

Thank you for the response. I have been very proactive myself and already went through the re-assessment process with the county assessor and had my property taxes lowered prior to going to the NACA event, new assessment reflects a reduction of $211,000 for the current value of the house. I understand how ridiculous it sounds what was promised to our group(re-appraisal,re-assessment) but that is what we were told and that is why I am trying to find AUSTIN WILLIAMS or anyone who was also in that group that was promised this program. If you have any information or know how to access the BofA directory, please help.

[caldwellb02]

Got it. Didn't realize you realized!!!! I do not know this fellow, as I'm with Chase. I did attend the STD in San Francisco, though yours is the first I've heard of of people who are "current" being pulled out of the line.

Good luck with the search. Have you tried asking NACA?

[klauss54]

i love naca std los angeles walked out after 2 days 2 percent fixed life of loan

[caldwellb02]

klauss - I am left to wonder what it is about your situation that made it work?

Who is your servicer?
Who is your lender?
Were you in default and by how much?
Are you underwater in your home?

Anything else you can tell those of us who walked away with nothing that might help us make sense of this?

[klauss54]

formally countrywide now boa investor wells fargo last payment made on 9-2008 had been working with naca starting 1 2009 been turned down 10 times at least wrote congressman senators exectuive for boa and wells fargo barney frank etc anyone who would listen save the dream los angeles finally got my approval first payment due 1-2010

[caldwellb02]

wow. Thanks Klauss. Tenacity DOES pay off! Great job.