NACA Save the Dream Tour Tips

[moosies]

I attended the Save The Dream Tour in Cleveland and I want to encourage anyone thinking of doing a loan mod to attend one if you're able. Here is the web address for details: www.NACA.com

There are misconceptions out there about who might qualify for these services.
If you are in foreclosure you should attend
If you have an auction date you need to contact them via their website immediately to stop the sale
If you are current but have a predatory interest rate you can't afford you should attend
If you are current but have experienced a significant loss of income you should attend


Be prepared! I can't stress this enough. Go to their website and go over the list of things the lenders want to see. Additional items I wish I had taken with me were a current utility bill and two months bank statements. Study the hardship letter examples here and include one in your paperwork.

Be patient! You will be waiting, and waiting, and waiting... Bring a book, some paperwork, etc. The wait is extensive - many spend 12 hours there. Pack some water and snacks and bring money for food. Do not bring children if possible, they will be bored beyond tears.


Arrival Time
Get there early. I arrived at 7:30 a.m. and was about the 200th person in line. There will be thousands of people there and I would encourage you to go the 1st day as it seems this is the least busy of the four. Word of mouth causes an increase in attendees every day. If you arrive after 3:00 p.m. you will get through orientation but will most probably not speak with a counselor. If so you will have to come back the next day, but will be given a voucher to get in ahead of the crowd.

Registration
I suggest you register at their website and submit as much info as you can. This makes the entire process much faster. Then when you get to the event just sign in and follow directions of NACA team.
A note - there is a blurb when registering at the NACA site that states you will need to pay $50 and do 5 volunteer days, etc. This is only if you are purchasing a home using NACA

Orientation
This is where the NACA process is explained to you and questions are answered. Try not to get too specific here - your lender is really the only one to answer your loan specific questions. The more questions asked here the less time you have to get in to see the NACA counselors.

NACA Counselor
The counselor from NACA fills out and updates all forms needed. An interview is conducted next. It is here that you actually get to explain what is going on financially and what you hope to accomplish. An account of your monthly expenses is drawn up. Then the Counselor will determine if you qualify for a restructure/loan mod. They draw up a suggested rate and payment amount, etc. Your file is then sent to the on-site servicers.

Meeting With The Servicer
Most of the major loan servicers will be in attendance. If yours is not there you will be given instructions on how to continue. Those whose servicers are there will be called individually to talk to a bank rep, go over your paperwork and review your circumstances. You will be assigned a NACA Negotiator at this time. If you run into problems with your servicer any time during the mod process you call him to help. You MAY be given the new terms of your loan at this time. You may also be asked for more information and your terms will be offered once that info is submitted.

What comes next is beyond my experience, but I will update once I have gone through the process.
There were testimonials from people all day long who stated their rates were lowered to 2-4%. Many many happy smiling tired faces. The process does work.

I hope this encourages some of you to go to the NACA Tour when it comes to your area. I am so glad I did!

[Evan Bedard]

Hi Moosies,

I too have went too two of the NACA tours(Washington DC and Connecticut) and I totally agree with you this is an experience of a lifetime! Never have I experienced anything like it.

[moosies]

Evan, It is quite hard to describe - emotions run so high during the event. Defeat, anxiety, and fear turn into hope, relief and joy.
People actually look different when leaving, like a burden that was holding their shoulders down was lifted. Of course they look exhausted and hungry too!

[SillyWorld]

Well that only goes to show the Banks can do it ASAP, not months and months and months...Jeez an Whiz

[Evan Bedard]

Moosies yes I was their helping out and I can not tell you how many struggling homeowners put a tear to my eye. I hope I can attend another soon I cant even begin to explain how much joy this event put to my heart, it is an experience I will remember for the rest of my life...

[hopefulj]

Moosies - I just want to second everything you said. I was at the Cleveland one on Sunday, was there from 9:30 in the morning until 11:30 at night, but left with a great 2% fixed interest restructure on my in-foreclosure Saxon mortgage -- I couldn't believe it.

It seems like people have trouble trying to get help from NACA with their loan mods outside of these events, things taking lots of time for whatever reason, but I have to say -- at these events, things totally get DONE.

You did a really wonderful job of describing the whole day, Moosies -- I would especially encourage people to bring, besides any and all financial documents you may have, *definitely* bring snacks - an entire day's worth actually, if you can. Also, bring a book, magazine, sketchpad, gameboy, whatever you need to keep you from getting too bored from sitting around for hours and hours and hours. It was seriously a *lot* of waiting around, but it was *totally* totally worth it.

If you can, definitely go. People drove for six hours to get to the one here, I heard - and I"m sure they were glad they did too.

I happened to be walking outside downtown here earlier today and saw the NACA tour bus heading out, and I smiled and gave them two big thumbs up - I hope they saw me!

[SillyWorld]

Yes you peeps are all new to NACA what about us old timers that been waiting and waiting for months..???

[kamartin1st]

I was also at the Naca event in Cleveland. I was there on Saturday, for about 4 hours. I went through the whole process but was told when I was at the table that I didn't qualify since I have a rental property. I'm currently behind on both mortgages.

My sister told me she has a friend that went to the event also, and was told if she was behind on the rental property, that she could work out a modification. She didn't have all of her paperwork, so she didn't finish, but is in the process of having her mortgage reduced on her primary residence by $800.

I'm trying to find out definitively, if possible. Does NACA work with people with more than 1 property, behind on payments or not?

I have scheduled a phone interview for Monday, just in case I'm able to proceed.

Thank you,

[hopefulj]

Originally Posted by kamartin1st

I'm trying to find out definitively, if possible. Does NACA work with people with more than 1 property, behind on payments or not?

From what they told us in the orientation stage when I was there, if you own more than one property, they can't (or wouldn't at the event, anyway) work with you, I'm not sure why. They were only taking people who were living in the one property that they own.

[dtap57]

moosies, did you get a lower rate at the Dream Tour event in Cleveland? I was thinking of going to the one in St. Louis next weekend.

[Evan Bedard]

Hi dtap57,

If theres a way you can make it I strongly suggest you do! This is an experience of a lifetime and also may change you life like others here in this thread

[dtap57]

Thanks Evan! I think we are going to the Dream Tour next Friday. I heard 5000 got there mortgages redone in Cleveland. Im hoping my FHA loan isn't a problem. Have you heard if FHA loans are any kind of problems? Thanks

[indeep1959]

Originally Posted by kamartin1st

I was also at the Naca event in Cleveland. I was there on Saturday, for about 4 hours. I went through the whole process but was told when I was at the table that I didn't qualify since I have a rental property. I'm currently behind on both mortgages.

My sister told me she has a friend that went to the event also, and was told if she was behind on the rental property, that she could work out a modification. She didn't have all of her paperwork, so she didn't finish, but is in the process of having her mortgage reduced on her primary residence by $800.

I'm trying to find out definitively, if possible. Does NACA work with people with more than 1 property, behind on payments or not?

I have scheduled a phone interview for Monday, just in case I'm able to proceed.

Thank you,

I too was turned down by NACA because I have a second home/rental property. However,they told me if I can show that a family member lives there and is paying the mortgage/rent then it would be ok and they could do something. FWIW.

So I just went straight to B of A and am working with them,though I could easily show that on my other property,but thought I'd try myself first.

[cycle87]

Hi there,
Yesterday I had a phone session with a NACA counselor, and she finally reviewed my all documentations and told me she submitted to my servicer, asked me to wait about 45 - 60 days for final loan modification.

And then I asked her if I can attend one of those "save the dream tour" event since I heard some people got their mortage restructed same day!

But she said since I'm in the system now, I won't get any help even though I go there... I'm just wondering if her saying is true.

I'm willing to fly over there, and get my load modified on the same day....
becuase I read lots of pending cases with NACA more than a couple of months before they got their loan modified.

Should I still try " save the dream tour"? or just sit and wait until NACA and Bofa work out.

any comments will be appreciated.

[dtap57]

Im not sure what you should do. I just signed up with NACA about a week ago and they are telling me i might do better to go to there Dream Tour since it is in home city of St. Louis. Im not sure what happens after you had your file submitted. I would think it should be possible to still go to the Dream Tour. I would call NACA again and ask if it is possible to go to the Dream Tour. Im definately hoping for help at this Dream Tour Friday.

[cycle87]

Thanks dtap57 for your input, please keep us updated after your talk with NACA. I don't think it's fair game if those people who submitted online wait another 2 or 3 months compared to getting their mortgages modified the same day. The NACA counselor that I talked over the phone also mentioned she goes to those tours every time to help events.

[dtap57]

I just luck out that there Dream Tour came into St. Louis at the same time i contacted them. I just hope they can help me since it will probaly take up most of a day. I had heard that 5000 mortgages out of 20,000 got modified in Cleveland on there last Tour stop. That gives me a 25% chance of getting my loan modified. I also don't know out the 20,000 didn't qualify our need more info to get there loans modified. So maybe my chances our a little higher than that. I will let you know what happens.

[SillyWorld]

One comming up near me in Balt in AUG, was thinking hard about going I will ask if I get through on Monday at NACA

[cycle87]

Hi SillyWorld,
What is Balt? are you saying Baltimore in MD? when is that?

One more update, when I talked to a NACA counselor today again over the phone, she also suggested not to go "save the dream" tour since I was already submitted, and she added it will be a just waste of time.
I still don't understand why I can not go there. Look at those people who are waiting months after submitting their documentations online.

[stlouis]

Would the Save the Dream tour help us? My wife is the only borrower listed on the 1st and the 2nd mortgage. The 1st is with CCO Mortgage. The 2nd is with Ditech. She has tried to get a modification with CCO for 2 1/2 months and all they keep saying is that it is under review. I called NACA and they indicated that they did not have an agreement in place with CCO so I don't know if it is worthwhile for her to sit around all day at the Save the Dream tour. She is 7 months pregnant and since I am not on the loan she would have to attend. Can NACA do anything with the 2nd? The woman that I spoke with at NACA didn't seem to know much.

[cycle87]

Hi stlouis,

If NACA doesn't have an agreement with your servicer, it may be difficult to get your loan restructured. That's my understanding.
Sorry i don't know much about this whole mess...

[SillyWorld]

Originally Posted by stlouis

Would the Save the Dream tour help us? My wife is the only borrower listed on the 1st and the 2nd mortgage. The 1st is with CCO Mortgage. The 2nd is with Ditech. She has tried to get a modification with CCO for 2 1/2 months and all they keep saying is that it is under review. I called NACA and they indicated that they did not have an agreement in place with CCO so I don't know if it is worthwhile for her to sit around all day at the Save the Dream tour. She is 7 months pregnant and since I am not on the loan she would have to attend. Can NACA do anything with the 2nd? The woman that I spoke with at NACA didn't seem to know much.

If they have no agreement it could be an issue..?? Sorry to hear that, but if you call and see what they say on the second

[cahomeowner]

for those of you that received a loan modfication through the NACA save the dream tour or through the phone.

I was interested to learn if/when you received your actual loan mod paperwork? when were you approved and when did you actually receive the paperwork? did it match what you were told?