Naca - save the dream tour

[Holdingontohope]

I'm wondering if anyone has attended one of these events? If so, what was it like, what was your outcome, what do they use for their affordability equation?

I'm thinking of attending, but the closest location is 350 miles away...so it would be a long trip...well worth it though if we got a loan restructure!

Just wanting to get some feedback if you've gone through this already.

Thanks!

[mgallant]

When we first found out about NACA we also thought of taking a trip to one of these tours just to see what it was all about. Never did and kind of glad we did not. My thoughts were that there would be so many people attending that we probably would get lost in the shuffle. We have an office about an hour from us that we ended up visiting and starting the process at. Good Luck though and keep us all updated.

[rozuki]

It will probably be a madhouse!

If there is a local office near you, you can make an appointment to go there. But you don't have to drive 350 miles to submit an application at a Save the Dream event, you can do everything online.

I know they have done a massive hiring in the last few months, so things have gotten hectic at NACA. You will have to follow up with them, so prepare to be pro-active and keep in contact with them after you submit your application.

Good Luck!

~Rozuki - NACA successful mod April '09!

[wattsm]

The thing I don't understand is that somehow they are able to get loan modifications for some people submitted and approved the same day as the event, yet when you're dealing with them over the phone it seems to take weeks and many different counselors.

The phone counselor I was talking to yesterday said that she and a bunch of people in her office were leaving today to go to Cleveland to start the Save the Dream tour. I hope that doesn't mean that they'll be shortstaffed at the call centers for a few weeks.

[CW California]

I would like to volunteer for the LA one. Anybody else want to?

[Irish Gal]

Originally Posted by CW California

I would like to volunteer for the LA one. Anybody else want to?

Do you speak Spanish? I went to the L.A. one about a yr ago and it was all in Spanish! I was told I could attend the Spanish speaking one, so I went. I met a nice, English speaking agent there that I spent the whole time talking about real estate, politics, whatever. After the event, it was a madhouse of people rushing tables, etc. I couldn't wait to leave after I did what I had to do. But, I believe in NACA and what Bruce Marks does. Great non-profit.

[afishym]

It was my experience at the Save the Dream event in DC that the lenders (actual underwriters) were present at the event and that's how they are able to offer you a modification right on the spot. Additionally, NACA has developed their own program to input your information which determines what they will ask for, and what the the lenders have agreed to accept from NACA so that speeds it up as well. Since it's all done right there with you sitting there, if the program kicks back any info or the numbers don't come up to right, they can clear up the problem there on the spot, instead of multiple phone appts. or emails to NACA. Sometimes they can't get a answer to everyone because of the turnout (which can run into the wee hours of the night and the lenders go home), but it was a very pleasant experience, I was so impressed with the organization of the entire event especially given the number of people that attended (which is DC I believe was over 20,000 in five days).

Also, go on NACA's website and look at the videos at the bottom of the screen, great information and testimonials from past participants on those videos. Newest one was posted 7/7/09 from a NBC news station in Ohio about the upcoming event, very informative.

[Cassietw]

The whole tour is supposed to go on through September I believe. With a short break in between. I am afraid all the new trainees are going to be left with the phones. A NACA rep I spoke to said they will be in Alabama, Chicago, St. Louis...then Las Vegas in Aug and Los Angeles in September...(if my memory serves me right) ......If I don't have my mod by then, I might just show up at the Los Angeles event so I can find a CW/BofA representative there to stalk!

[wattsm]

sounds like very bad timing to be in the early stages of the modification process. I have another phone appointment tomorrow morning; maybe they'll be able to tell me if they expect delays with so many NACA staffers out of the office.

[CW California]

Originally Posted by Irish Gal

Do you speak Spanish? I went to the L.A. one about a yr ago and it was all in Spanish! I was told I could attend the Spanish speaking one, so I went. I met a nice, English speaking agent there that I spent the whole time talking about real estate, politics, whatever. After the event, it was a madhouse of people rushing tables, etc. I couldn't wait to leave after I did what I had to do. But, I believe in NACA and what Bruce Marks does. Great non-profit.

There was already a save the dream in LA? Hey Irish BofA accepted 2% NACA, life of loan.......

I don't know how they do it but I like it.

[cycle87]

quick question to everyone here who's been to those tours.

Can I still go there to get my loan modified on the same day even after submitting all the documentations online on NACA?

I can't wait a couple of months until my servicer approves

Thanks for any input

[chow1]

i know me too im was submitted already but i think i dont have that much time left. does anybody know if we can go to one of these events and just speak with a bank rep or underwriter for bofa to see if we get approved or not? i mean i cant see why not.........anybody?

[cycle87]

chow1,
I just booked a flight to Atlanta,GA for the tour.( I live in Delaware)
Still I don't understand why some counselors in NACA are telling me that it would be a waste of time only because I'm in their system and I was submitted already.
I'll keep you updated after I get back from the tour.

[chow1]

cycle, keep us updated we got to use everything in our power to save our home and if it takes flying 2000 miles across the country then its worth it. have you tried talking to a executive at naca about this?i mean if were willing to travel far to save our home why cant we?

[cycle87]

I called NACA again today to get more information about the tour since I wanted to make sure my flight to Georgia is not useless. Luckily I happened to talk with some counselor who seems to know well about the tour and stuff.

He told me that if I was submitted, then "save the dream" tour is likely to be a good chance to expedite the process. He also told me that it usually takes more than 60 days these day to the final decision, and the reason is that to my surprise, the servicers never look at your files during the first 30 days at all due to HUGE baklog.

Anyway, I hope I could get my loan modified from this trip to Atlanta, I have 3 kids, I got laid off December and my savings are almost gone. I should get any kind of modification, I want to save my home. I started calling BofA from March right after Goverment announced it, but until recently they lied and kept telling me that I'm not qualified for HAMP because I'm still current on my mortgage.

Anyone here goes to Atlanta? we can meet and have some beer over our victory!

[bittersweetme]

Hey all, I just signed up for the New York save the dream stop! I am very excited, not that I think anything will happen before then or that day. but , It is worth a shot, and I can get there much easier take the train (for free since I work for the railroad) walk a little and get informed ! I love knowledge.... Hope to meet some of you there!

[chow1]

cycle,thats great news i wish you guys the best of luck overthere,im in LA i might wait for it to come here or ill go to the phoenix AZ one. I dont wanna waist my time either im gonna call tommorrow too just to play it safe.

[pdsfoley]

CW I'll go to the one in L.A.!!!

[CW California]

Originally Posted by pdsfoley

CW I'll go to the one in L.A.!!!

hey pds
how's it going. Get your mod yet?

[pdsfoley]

HI CW no mod yet.........talked to David a couple of days ago...(hes great) its just still on hold........I just try not to stress as much (try)........It'll come...I'm keeping the faith!!!! But I do want to go to the L.A. tour for NACA...It doesn't show a location yet...

[CW California]

Originally Posted by pdsfoley

HI CW no mod yet.........talked to David a couple of days ago...(hes great) its just still on hold........I just try not to stress as much (try)........It'll come...I'm keeping the faith!!!! But I do want to go to the L.A. tour for NACA...It doesn't show a location yet...

I wondered the same thing. Staples center would be cool.

[cycle87]

another update!
Very frustrated and sad!

I had a phone conversation with NACA counselor today, and what he said is that since my current income is too small($2,000 from part time, and my current monthly mortage payment is $1,600 for the 1st one), I wouldn't get any loan modification at the "save the dream" tour, he also added that my lender won't accept an offer of 31% limit of my income which is around $700, instead most likely they will allow me to have a 6 months forbearance, so that I can have more time to generate more income to be able to get my loan restructured later time.
This is very bad and sad news to me, no one in NACA didn't tell me about this before I booked a flight to Atlanta. I don't know what to do at this moment.

I'm so desperate now... right after I got laid off last December, I withdrew my HELOC to max. and I was using that money and some of my saving to pay monthly mortgage until now. l don't know how long I can survive with my current emergency fund.

The counselor mentioned that if I do not bring some extra income(at least $1500-$2,000 on top of my current income of $2,000) at the "tour", the tour will be a waste of time and money.

Then what's use of this whole MHA stuff if it can't help such a low income people like me after layoff.
In order to get your loan modified, you should make money more than certain limit?
What the heck of this help in the world?

I should get drunk tonight and just forget this whole mess for now.

[chow1]

cycle, im sorry to here that,i cant see how they submitted you if its gonna be a waist of there time.maybe you can bring a relative and says they live with you so it can improve your income for housing?i thought naca was suppose to find out how much you can afford then ask the lender to drop the rate to that amount.well dont give up keep trying its not impossible...

[dtap57]

cycle, i am also sorry to hear your news. I just don't understand why they can't help people more that lost there jobs. Hang in there!

[zbasspro]

Hello,
I just wanted to post on this thread, as I attended the St. Louis event yesterday. I was told that since I had already completed everything, that I would bypass a lot and go straight to meeting with the lenders. That was not really the case. Many people came from the Chicago event that did not get completed there. I dot there @7:30 am and the event started @ 9:00. There were probably 500 people in front of me already, then they allowed everyone from Chicago to go to the front of the line. It was very orderly, and I was sure I would walk away with a solution, as both my lender (BOA), and my investor (Fannie Mae) were both present. Well, I finally sat down with the lender @ 4:00pm, NACA went back through and came up with affordability payment, and the BOA officer says "we`ll need to get investor approval for that", so I said "well they are at the next table right?", "you can get a yes or no now correct". Not the case, he said it will have to be submitted and will take 16-20 days!

Now, why are the investors even present if they aren`t there to outline, approve the guidelines? I have been sent an approval on 7/17 for 5.5% for 40 years fixed, but I still can`t afford that, and it wasn`t even sent to NACA. I was none too happy, and a staff member could tell, and wanted to talk to me. He said "they`ll approve it". I asked him what makes it any different now than when it was submitted back in JANUARY! He said "well, since you came here they will approve it." I said yeah right, and he asked me if I wanted to bet him, and I said sure. The only thing positive was he gave me a paper with a different NACA phone # to contact him. Don`t know that it`ll be any less waiting than the other one if he`s handing out 10,000 copies at each event. Sorry for the rant, but if you have any questions, please post, and I will answer them.