NACA FRAUD - Fact or fiction ?

[afishym]

THANKS2U

If you choose not to use NACA that is fine, but you really need to educate yourself before you get on here badmouthing NACA.

As a realtor, I have seen what this market has done to so many hardworking families, including myself. NACA has been the ONLY organization I have seen that has been in the forefront of the fight for homeowners. I attended a Save the Dream Event as well as marched the halls of Congress with NACA's founder, Bruce Marks to take the case of the people straight to our government.

If you had done your research, you would see the formula that NACA uses to determine an affordable mortgage was the foundation that the government used to come up with the MHAP. Not only does Bruce Marks gets results from most of the top lenders, he has garned the respect of top leaders including FDIC Chairman, Sheila Bair who also taken on his cause and has been an advocate for homeowners, and was at the NACA event.

As a result of NACA advocacy, many congressman have asked NACA to conduct "Save the Dream" events in their cities, hence this new tour that NACA is conducting.

Before you suggest impropriety you should do your homework, and not discourage people from using a really great organization that has saved a lot of homes, including mine! How are you, maybe you are the conspiracy! I am not saying that NACA is perfect, that mistakes won't happen along the way, a file won't get lost, a call might not be returned, but rest assured NO other organization is out here working on homeowners behalf, at NO cost to the homeowner, and delivering results that lenders won't make voluntarily.

Of course, with the implementation of MAHP, some who might not get the terms that others received, but overall I haven't seen anyone get a better modification on their or through a lawyer than what NACA has delivered. If some of us would pull back the overchecking, unnecessary phone calls, it may help NACA service the hundreds of thousands who are seeking their assistance in a more timely manner, but of course we have to be in control of things, and constantly call, start multiple mods and slow the process up even further. I waited 8 months on my mod, and of course, I was nervous, anxious and had every other emotion that all of us have during a stressful time, but try to remain calm, verify that NACA has your file, that it's been submitted, then let up with the need to no every detail of your case, every second of the day.

I will take NACA anyday over anything you might have to offer (although I haven't see you suggest another avenue to use). I personally know of many families that NACA helped, and I will continue to refer people to NACA any day or rather than trying to get a commission for a short sale like so many other agents are doing. I want nothing more than to see people be able to keep their homes, using any avenue they have to rather it's NACA, a lawyer, lender or other nonprofit agency.

2% fixed for remainder of loan and truly grateful to NACA and will continue to support them anyway I can!

sincerely!
Afishym

[afishym]

Also, for those of you waiting on NACA, be patient and keep the faith! No, NACA will not call you, weekly nor monthly, but when they have a solution, you will here from them, either by phone, email or both. Try the online chat, to touch base, and know when your lender says they can;'t talk to you because you are with NACA that is a good thing!!! It means they are working behind the scenes on your behalf.

ALso, I had a Fannie Mae backed loan so all the conspiracies about those not getting 2% mods in a myth!

The only loans that were hindered were FHA./VA backed loans and hopefully we should be seeing some of those mods coming through soon, as NACA has been working diligently on getting approval on those loans (see videos on their site), but because of government strictions those loans were eligible. With the enactment of new laws on August 15, we should hopefully see these loans restructured very soon.

[caldwell02]

If I get 2% for the life of my loans I WILL VOLUNTEER FOR NACA. That is a promise. It would be one of the best days of my life. I have been so stressed. So very stressed. This is just crazy. When the Exec team at Chase told me they wouldn't talk with me because of their contract with NACA, it really really threw me. I don't call and call NACA. I have had three phone appts set up. They kept two of them. And once I got a call at home from them - when I wasn't home. Once I did get up at 5:00 a.m. (I'm in CA) to get through to them. But I do not feel I have in any way harrassed them. Sigh. I'm just hoping I get my answers this week. I can wait. I have been waiting. But it's affecting my health and I just hate wondering if I'm missing something really huge that I should be doing.

By the way - What "online chat" are you talking about?

[Garry]

I would feel much more comfortable about NACA if someone can answer this simple question. Is NACA giving help to people that have a second mortgage that is not through BofA? If they are following through on the seconds that are not connected with BofA, then I can say all is good. If they are not following through, then I have to wonder who's best interest they are really looking out for. Forgive me for asking these questions, but I am new to this forum and have never heard of NACA. I understand that older members may find all of these questions and suspicions a little offensive. But they need to consider where new people are coming from also. We do have a right to be concerned over something we know nothing about, and we should be. I can not jump into anything blind. I also do not think we should have no choice but to use NACA, and that's what I see going on. I am not faulting this forum or NACA, I am faulting the bank.

[priscilla]

I went with my uncle to the NACA save the dream event in Washington Dc in July 2008. My solution has not come yet.BoA declined me in May of this year. Naca is still fighting to get me the help which I desperately need. They resubmitted me again in June. still waiting anxiuosly. But I will not bad mouth them although I have not received my solution yet. My uncle got his loan modified to 2% for the rest of his loan. It saves his family over $1000 a month. So I know that they do try for us. We just need to be proactive and keep the faith. It shall be well with all of us. At the end of the day, I am blaming BoA, the biggest thief in the banking industry.Well, maybe if they modify my loan, I may change my opinion about them.lol.

[caldwell02]

Garry - I'm working with Chase. Have no idea about BofA. This thread is for all of us re:NACA and not specific banks, so you may not get that specific answer. I respectfully you check out Naca.com, then start looking through the B of A threads.

As far as I can tell there is little evidence that the mods are really happening other than the info with afishym and NACA above. Even though I have questions, I think we may be seeing some improvements with NACA. We are pretty much all like you on these threads - some further in their mod nightmare than others, and all with different banks. There is alot for all of us to learn, and I don't know if your question is going to be resolved on this thread. Good luck to you.

[Garry]

Thanks for the help, I'll check it out.

[so-cal-gal]

I went with my uncle to the NACA save the dream event in Washington Dc in July 2008. My solution has not come yet.BoA declined me in May of this year. Naca is still fighting to get me the help which I desperately need. They resubmitted me again in June. still waiting anxiuosly. But I will not bad mouth them although I have not received my solution yet. My uncle got his loan modified to 2% for the rest of his loan. It saves his family over $1000 a month. So I know that they do try for us. We just need to be proactive and keep the faith. It shall be well with all of us. At the end of the day, I am blaming BoA, the biggest thief in the banking industry.Well, maybe if they modify my loan, I may change my opinion about them.lol.

Who you get within NACA is where it can also make a difference, of late.

Please note that 'of late' part. You see, NACA just hired a whole group of CW employees, active CW employees, mind you, and once trained, you want to guess where their new offices are?

Why right there in the same CW building. Yeah, separate area of cubicles from CW, but really?

I just want you guys to realize you need to be pro-active. I hope you don't get a former CW employee at NACA that is just there to do what CW/BofA wants, instead of what should be done in the best interest of each of us here.

[afishym]

Garry,

NACA tells you up front, they will only work on one mod, so if you have a second (doesn't matter who it is with), you will have to work on the second on your own. I have seen a few instances where if the second is with the same company, NACA was able to assist. But they tell you up front they can only deal with 1st mortgages, not seconds.

Also, you have to remember in this market, a lot of seconds are being written down by lenders because of declining homes values most people have no equity so the loan is essentially an unsecured loan and they have little power to foreclose.

I know of several people who after getting the 1st mod through NACA were able to get substantial reductions on their seconds as well as lower rates.

No one is saying you have to use NACA or else, they are just one of hundreds of approved HOPE counseling agenices, I am just saying they are one of the best I have seen. BOA lists on their website a number agencies to call for assistance, you may want to try one of those if you find NACA is not for you.

The only people I know personally that are still waiting from when we went year are those of had Wachovia (World Savings) and those with FHA/VA backed loans or those with the list of lenders NACA has posted on their website that refuse to work with them, but that has nothing to do with NACA not trying, and hopefully they will get good solutions from these lenders soon.

I even know of a person who got a mod from their lender which wasn't a NACA restructure, but they didn't want to wait on NACA because of the stress and of course this lender only offered it because they had been contacted by NACA, almost a year later NACA sent them a better restructure only weeks ago, and this person didn't even realize they were still under NACA's umbrella because they had taken the mod offered directly by their lender.

[caldwell02]

Hey all. When I talked with NACA in April, i am sorry to say they did NOT tell me they would only work on my first loan. I asked and asked and the woman assured me that what they were proposing was for both. I have been going on that assumption the whole time, till yesterday, when they revised my paperwork and it looks like only the first is in the pipeline. I can't believe this.

[jedebelen]

I have 80/20 both with Inymac under 1 investor, Deutch Bank. NACA submitted my proposal May 29, 2009 for some reason I got a letter from Indymac stating that starting Sept 1 I will be paying to Green Tree LLC for my 2nd mortgage... does that mean NACA will not help me with my 2nd mortgage , it seems so coincidental that they transferred my second loan after NACA's submission
Please shed light on this one..thank you!

[wattsm]

I'm not ready to jump on the NACA fraud bandwagon just yet. But I will say that ever since I signed up for NACA, I've been getting TONS of telemarketing calls. I used to get maybe 2 or 3 a week because I was on the "do not call" list, but over the last month I get probably 10 a day. Most of them are about mortgage refinancing or debt consolidation. Some of the calls come from something called "Countrywide" but since Countrywide no longer exists I have no idea who those people are. I do have suspicions that NACA has sold out my information, or at the least someone there sold my information on their own (without the consent or knowledge of the organization as a whole). Again, these are just suspicions, but the timing of all these calls suddenly is interesting. For now, I'll continue to sing the praises of NACA until they approve me for a low fixed rate (and if any NACA spies are reading these, you guys are the best!).

[SillyWorld]

I'm not ready to jump on the NACA fraud bandwagon just yet. But I will say that ever since I signed up for NACA, I've been getting TONS of telemarketing calls. I used to get maybe 2 or 3 a week because I was on the "do not call" list, but over the last month I get probably 10 a day. Most of them are about mortgage refinancing or debt consolidation. Some of the calls come from something called "Countrywide" but since Countrywide no longer exists I have no idea who those people are. I do have suspicions that NACA has sold out my information, or at the least someone there sold my information on their own (without the consent or knowledge of the organization as a whole). Again, these are just suspicions, but the timing of all these calls suddenly is interesting. For now, I'll continue to sing the praises of NACA until they approve me for a low fixed rate (and if any NACA spies are reading these, you guys are the best!).

I would assume your calls are if you been late on any mortgage payments, that shows in theCredit Buroughs, I never been late Yet, and never get any kind of calls at all, been with NACA since MAY

[zbasspro]

NACA............ I believe they USED to get people good loan mods, now I think it`s just a big PR campaign they are running. I bet they get a good amount of money for each mod, regardless of the terms. I just don`t see the 2%fixed for the life of the loan that we were seeing back in March anymore. I`ve been trying with them since Jan., even went to the save the dream event in St. Louis a few weeks ago, and I am being offered a forbearance for 4 months, and then all past due is to be paid, and back to my regular payment. I accepted, because I cannot rent for the lower forbearance amount for the next 4 months. I was told by my Neg. Joann J., and David L., that if I make these payments the bank in all likelihood will modify.

I signed and sent them on the 14th of this month, and today called Joann to see if they received, and she said yes. I asked her about the forbearance again, and she suggested I short sell, or rent out a room!!! I called NACA when I got the proposal, and asked about the $14,000 in past due amount that would be due Dec. 15th, she said "I`m not being judgmental, but your house should be you #1 priority, and you should have saved those payments". If I could have afforded those payments, they would have been made, not to mention the $5,000 in legal fees they added!!

In attending the save the dream event, and not to be judgmental myself, but listening to some of the comments, like "well what`s the worst can happen, we waste a day?", or "I can afford my loan, but if I can get it lowered why not?" just made me sick thinking about all of us here on the brink of being out on the streets, while NACA is signing up hundreds of thousands of people, when it seems they can`t handle the workload they currently had.

I guess I should be more grateful as they have postponed a couple sale dates, and I am not currently in foreclosure anymore, but I can`t help but think if I had just signed up for the MHA plan from the stat, this would ll be behind me now. Sorry for the rant.

[dthom]

Zbaspro

I am now worried about the past due payments also. They are past due because I did NOT have the money to pay them any payment, or even a full payment. I have told NACA that repeatedly in the past 7 months. My husband has always feared they would ask for that money. If that is in our proposal, I don't know if we will even accept at this point. It just makes me sick to think that after all this time, we could still lose the house. We have absolutely nowhere to go if we lose the house. With our son and his family now staying with us, there is no way we could rent anywhere. Landlords dont rent to combined families in one household.
Our mortgage insurer, Genworth called tonite while I was out, they want me to call. Told my husband they could help get NACA to move faster. Don't know what is now going on, but it is really starting to scare me.

Just wish this was over and done with. I just want to know if we can keep our home, or if all of this waiting and hoping was for nothing.

I too am wondering if we should have waited and went for MHA.

[zbasspro]

dthom,
I don`t remember your story, but I think you submitted way back when, like a few of us. I just have to keep the faith, accepting this forbearance is not like accepting a mod., so I`m not giving up my right to keep trying for one. My hope is that the bank will know that I am serious about keeping my home with the right solution, and that I am capable of making the lowered forbearance amount. I can`t believe I`m actually trusting them, but I have no other choice. If they don`t assure me of a mod towards the end of the 4 months, i`ll apply for the MHA. Hang in there, you`ll get something. A forbearance at least allows some breathing and negotiating room, I just have to live in today, and tomorrow will take care of itself.

[Garry]

I just have to live in today, and tomorrow will take care of itself.

Well put. If you truly need the MHA program, the banks are getting easier to deal with since you first started looking for help. They've stopped denying every person that calls. You have a better shot now, and it will only get better as time goes on.

[dthom]

Update on call from Genworth,(PMI people). I called today to see what they wanted. Well it seems they want me to apply for the MHA program. Told them I was with NACA, they said they knew that, but that they could get things done in 30 days or less. Said if I let them start MHA process it would not effect NACA. I only have 48 hrs to get a full packet to them for the MHA, tax papers ( 2 years), 4506T, pay stubs, bank statements, and some form for Freddie Mac,our investor, hardship letter,and expense documentation.

Have tried calling David L. all day can't get to him. Don't want to mess up the NACA process after all this time, but don't want to pass up a better deal if it is available.

Confused

[THANKS2U]

THANKS2U

If you choose not to use NACA that is fine, but you really need to educate yourself before you get on here badmouthing NACA.

As a realtor, I have seen what this market has done to so many hardworking families, including myself. NACA has been the ONLY organization I have seen that has been in the forefront of the fight for homeowners. I attended a Save the Dream Event as well as marched the halls of Congress with NACA's founder, Bruce Marks to take the case of the people straight to our government.

If you had done your research, you would see the formula that NACA uses to determine an affordable mortgage was the foundation that the government used to come up with the MHAP. Not only does Bruce Marks gets results from most of the top lenders, he has garned the respect of top leaders including FDIC Chairman, Sheila Bair who also taken on his cause and has been an advocate for homeowners, and was at the NACA event.

As a result of NACA advocacy, many congressman have asked NACA to conduct "Save the Dream" events in their cities, hence this new tour that NACA is conducting.

Before you suggest impropriety you should do your homework, and not discourage people from using a really great organization that has saved a lot of homes, including mine! How are you, maybe you are the conspiracy! I am not saying that NACA is perfect, that mistakes won't happen along the way, a file won't get lost, a call might not be returned, but rest assured NO other organization is out here working on homeowners behalf, at NO cost to the homeowner, and delivering results that lenders won't make voluntarily.

Of course, with the implementation of MAHP, some who might not get the terms that others received, but overall I haven't seen anyone get a better modification on their or through a lawyer than what NACA has delivered. If some of us would pull back the overchecking, unnecessary phone calls, it may help NACA service the hundreds of thousands who are seeking their assistance in a more timely manner, but of course we have to be in control of things, and constantly call, start multiple mods and slow the process up even further. I waited 8 months on my mod, and of course, I was nervous, anxious and had every other emotion that all of us have during a stressful time, but try to remain calm, verify that NACA has your file, that it's been submitted, then let up with the need to no every detail of your case, every second of the day.

I will take NACA anyday over anything you might have to offer (although I haven't see you suggest another avenue to use). I personally know of many families that NACA helped, and I will continue to refer people to NACA any day or rather than trying to get a commission for a short sale like so many other agents are doing. I want nothing more than to see people be able to keep their homes, using any avenue they have to rather it's NACA, a lawyer, lender or other nonprofit agency.

2% fixed for remainder of loan and truly grateful to NACA and will continue to support them anyway I can!

sincerely!
Afishym

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WOW ! Just saw this post : )

I would put it this way - When any money making restaurant first open up, they want business and so the food and service is GREAT !

Lots of customers flood the place, word of mouth gets around about how good the food and customer service is and how satisfied all the customers are and so it goes ..

But as time goes by, there are so many customers, that the food and service and employees start to go downhill -

They really do not care because there are so many people still coming and coming and literally BEGGING to be seated & served...

So there is no need to for NACA to Prove, let alone IMPROVE on their service and do the right thing !

The NACA Restaurant still does lots of advertising, still does the glamorous, we are the world, save the dream, oh we are so cool and politically correct, media spectacle marches...

NACA still has the contracts & still gets paid by our tax dollars

But, I still see Little Viable Help for 95+ % of the people with NACA..

Sadly, I have done my homework...

I will now Dare, no no wait.. I DOUBLE DARE, Bruce Marks to provide his companies current Report Cards, on EXACTLY how many people they are VIABLY HELPING !!!!

How many people exactly are getting the fixed 2 %

What percent of people / how many people are getting 3 % 4 % & 5 % and for HOW LONG - What are the terms

Where are the Report Cards for NACA, which the government is requiring from all other companies that have loan contracts with our government ?

We the people are paying their bills... They / NACA are our employees

WHERE ARE THE NACA REPORT CARDS ???/

NOWHERE, THAT IS WHERE

I do want to believe in the NACA save the dream team goals

So show me the truthful REPORT CARD proof that they are who they say they are..

The government should be making sure NACA is doing what they are paid to do, through our tax dollars -

HELPING US - ALL OF US & not just the 1 - 2 or 3 people - I see here on Loansafe, who claim to have gotten a viable 2 % fixed for life...

NACA SHOULD BE MADE TO HAVE THE SAME REPORT CARDS REQUIRED, AS ALL THE SERVICERS MUST NOW COMPLY WITH...

Once again, I want to belive in NACA....Their goals are admirable.

But as Jerry Maguire was told IN 1996 "SHOW ME THE MONEY" !!!

SHOW ME THE TRUTHFUL, NACA REPORT CARDS !!!

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[so-cal-gal]

THANKS2U, I fully concur.

Also, have you heard of where NACA just hired a group of employees away from CountryWide at a California location? Now there were similarly trained unemployed workers in the same area, but I've only heard of the batch of employees who were all ACTIVE CW employees.

Okay, now is the commute to work changed at all for them? No, not at all.

Are they working in the same location where CW had them working? YEP, the very same building. The only difference is they are now in a different cubicle area after offices were shifted around to make room for NACA to take over an area that they are subletting from CW.

Now isn't that COZY?

Why, the former CW employees should be able to chat over the water-cooler with the group from CW that they are now supposed to be fighting against to get that great deal for you. From the outside, if you knew all these people worked together before the NACA office shift, would you really detect any difference in how they work with each other AFTER the shift? Sure the duties are supposed to have changed but....

Somehow this is just a bit TOO cozy for me.

Do any of these 'NACA' employees view this as just a limited-term job where they hope to be able to return to the herd on the other side of the 'fence'? HMMMMM?

Where would YOUR alligance be in this job market? Would your be a tiny bit less likely to push for that 'better' deal for the client and keep from ruffling the feathers of those that would have the final 'say' of you ever being rehired by CW/BofA? Tell the truth, now. Also, do you think there is any chance some of the CW/BofA employees could have been 'encouraged' to take a NACA job?

Only that report card will be a barometer. But if they really wanted the appearance of propriety, they would not have hired from within CW for positions in NACA that were to attempt to be the quasi-adversaries of CW staff and work to get the best deal for each of US.

[THANKS2U]

THANKS2U, I fully concur.

Also, have you heard of where NACA just hired a group of employees away from CountryWide at a California location? Now there were similarly trained unemployed workers in the same area, but I've only heard of the batch of employees who were all ACTIVE CW employees.

Okay, now is the commute to work changed at all for them? No, not at all.

Are they working in the same location where CW had them working? YEP, the very same building. The only difference is they are now in a different cubicle area after offices were shifted around to make room for NACA to take over an area that they are subletting from CW.

Now isn't that COZY?

Why, the former CW employees should be able to chat over the water-cooler with the group from CW that they are now supposed to be fighting against to get that great deal for you. From the outside, if you knew all these people worked together before the NACA office shift, would you really detect any difference in how they work with each other AFTER the shift? Sure the duties are supposed to have changed but....

Somehow this is just a bit TOO cozy for me.

Do any of these 'NACA' employees view this as just a limited-term job where they hope to be able to return to the herd on the other side of the 'fence'? HMMMMM?

Where would YOUR alligance be in this job market? Would your be a tiny bit less likely to push for that 'better' deal for the client and keep from ruffling the feathers of those that would have the final 'say' of you ever being rehired by CW/BofA? Tell the truth, now. Also, do you think there is any chance some of the CW/BofA employees could have been 'encouraged' to take a NACA job?

Only that report card will be a barometer. But if they really wanted the appearance of propriety, they would not have hired from within CW for positions in NACA that were to attempt to be the quasi-adversaries of CW staff and work to get the best deal for each of US.

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Yoh Nilly... Slow down there So-Ca-Gal -

What the heck do you think you are doing by telling the factual truths of what is going on behind the scenes, with these corrupt, conniving, backstabbing, self serving criminals, who are pretending to help borrowers with full good faith due diligence, toward viable loan restructuring, modifications or Refinancing, but who are in actuality, just more predators waiting to bury and burn you..

It's what they live for !!! They thrive on abusing people !!!

You are 100 % correct -In my opinion the whole thing STINKS of Predatory Modification practices..

That is all Banking Institutions know how to do really well, is PREY UPON PEOPLE, to get the most money and see how much they can screw people over and they feel they have won something - It is a high for them to F people over, they get off on it ---

These Banks, servicers, Investors and many HUD approved agencies like NACA are hiring oan mod haters and other types of PREDATORS...

Predators do one thing really well, they prey on people, they enjoy and thrive a F---ing people over and unlike you or I , their predatory practices make them feel good about themselves, they feel powerful and screwing people over all day long, literally helps them to sleep at night, its what all banking predators do... They stalk about and seek to steal peoples hopes, homes, money, dreams and spirits...

Thier predacious Collusions must end

OUR government is we the people, paid for by we the people, they are our employees and all OUR government agencies should be puttng an immediate STOP to this type of manipulating, collusive abuse, whereby NACA or any HUD agency, is in any way shape or form, hiring people who do not have the borrowers best interest at heart.

It is a total criminal joke on us that Countrywide and or Bank of Ameirica employees are allowed to work for NACA or any other government funded homesaver agency ...

It is pure insanity and sickens me...

20/20 and other media should infiltrate NACA and B of A and get hidden camera documentations of the Defrauding Practices used to manipulate and destroy borrowers...

Thank you for your factual insights

Our voices must be heard and the Banking Institutions must be forced to provide restitution and remedies for in need borrowers...

Keep up the Great work and never give up !

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[so-cal-gal]

Obviously I'm with you on your astute comments, Thanks2U.

I believe I heard a 'for-the-media' spin on this hiring of the CW workers to supposedly 'tussle' with their former co-workers that went something like this:

The newly hired NACA workers from CW will KNOW how to best help get application packages pushed through the approval process at CW since they know the 'system' from working inside CW.

GAG ME. Does that make you want to croak or what?

There are sooo many unwritten presumptions that go into that rationalization.

1. Is there any true fully documented application approval SYSTEM that is actually FOLLOWED by all CW application processors? I seem to believe there is only an application denial SYSTEM. Or is it really the 'fly-by-the-seat-of-your-pants-&-ask-the-supervisor-as-a-last-resort' system that we all suspect that they really follow?

2. If there is such an application approval system, did anyone who really knows that system get hired by NACA?
Do we just have the blind leading the blind?

Now presuming # 1 & # 2 are okay:
3. Will any CW-NACA worker really make full use of said supposed knowledge?

[caldwell02]

NACA just told me to set up a whole new appt to RESUBMIT a new loan proposal. This was after the lendr - Chase - denied my request three wweeks ago. I spoke with NACA as late as yesterday and they were sending the info to a negotiator to keep pressing. Now today I get a call from Kevin Winn's office saying they want me to START ALL OVER AGAIN. How is this different than the Lenders??????

[labor omnia v!ncit sxi]

afishym,
I supposed I am qualified to bad mouth NACA then.
Thanks to them, I am now living in a motel still waiting to close on my house, 4 weeks after the initial closing date. Everyweek I am told that's it, it should be good now, only to be told 1 or 2 days before the extension expires that the bank needs this or that, or we continue to need more documents. How could they submit incomplete documents for a bank applications?? Its not like this is the first time doing it..

I could not get anymore extension from my apartment as it was leased out to other tenants already, and if NACA had not messed up big time in the first place, then I would not be in this mess.
4 weeks on, with still no word on when my closing date will be and already $2000 in the hole due to interest charges from the seller, a higher rental fee from the apartment complex before leaving and now day to day expense at the motel, ....

I knew what I was getting myself into when I signed up with NACA 1 1/2 years ago, I had used their services before 6 years ago. But what frustrates me is the continued lies whenever they screw up my file. They blame it on others but not themselves.

So a word of advise, if you are in a hurry to get a home, refinance, etc., check all other places first because even at the final stretch of a home run, you can still be scr*ed big time.

[judeenw]

Anyone who has questions about NACA should consider the small but intelligent investment of $200-$300 to have a good real estate attorney review NACA's site info, membership authorization, etc, and what other options you may have to help your individual situation.

If you are working with NACA and getting bad response times or bad customer service, your own due diligence and personal accountability for what you could be getting yourself into is necessary and your own responsibility -- it's your life. Don't expect something for nothing. The squeaky wheel gets the grease and if you're unhappy, complain, complain, complain and document, document, document until they do their job for you.

NACA, if it is legit, is the best option out there. At $20 for a membership fee and $50/mo for their services, you're way better off than paying some bank or modification program thousands of dollars for inadequate assistance and a tiny interest rate deduction (consider how long it will take you to recover those mortgage fees, mortgage insurance payments, etc., and the fact that you'll probably never recoup your equity losses (thanks to this mortgage crisis), at least in your own lifetime).

You can get rid of your PMI (mortgage insurance) when and if you do reach an equity level that will allow you to drop it. In fact, $50/mo is also wayyy better than paying too much for mortgage insurance that you get no benefit from. The lender is the one who benefits from this insurance at your expense to cover their own losses should you default. And, the $50 is paid to NACA for a limited time depending on the amount of your mortgage, for up to a maximum of ten years (at most totaling $6000, which is a bargain, considering the interest saved if they really can get your interest rate down where it's affordable -- and think about how much you'll otherwise pay to throw your mortgage insurance money into a black hole over who knows how many years from a bank that's not willing to give you a truly good interest rate).

If NACA can get your rate down significantly so that your payments are well within your means, and especially if you're way under water, consider their help (or another legitimate lender), get your payment down and make extra principle payments in order to pay your loan off in a much quicker period of time. This can help you save a ton of money in the long run, maybe even produce equity that you'll otherwise never see if your in dire enough straits and want to keep your home. Another possibility is to get your mortgage payment down, find a good investment and put that extra money to work to try and recover some of the equity you've lost. Be smart and really think about it -- the numbers have to work.

Maybe chapter 13 is a better solution that will allow you to simply walk away from your home with no recourse (even though for many people it's a moral issue that they can't accept). In reality, walking away from your home is not a bad or unethical, immoral thing. Look at the immorality and ethics issues of the lending institutions that have put you in this position and have ****ed the only wealth most people have from them. Don't forget that they have mortgage insurance to defer to if you do default. That said, the banks still don't want your house back because they don't really want to have to write off your house on their books in order to collect that mortgage insurance money. That causes *shareholder value* to decrease and heaven forbid the banks don't want that. They'd rather have your foreclosed on bad debt on their books.

It really does behoove all of these criminal lenders to work with you, even if they have to go down to 0% interest to help you keep your home. Even if lenders would agree to writing your principle down to current value they would still make out like bandits. So, if walking away sounds even a little enticing, but you're afraid of the social stigma of doing it, you still shouldn't feel guilty about it. Your friends, family and co-workers don't need to know if you walk away. Tell them you found some other way to deal with your problem. It's nobody's business but yours.

Don't speculate by reading opinions here of whether or not NACA is a scam. There is some serious crazy babbling going on here about NACA (I don't know whether they're legit either), probably from a lot of people in the home lending industry. They are brainwashed to believe what they say to defend the companies they work for and the mortgage industry as a whole.

Educate yourself, know what's out there. Again, get good advice and decide what's right for you. Do you walk away, use NACA, or try to work things out with your bank? At least NACA's basically free even if they do have horrible customer service and take forever to close your loan. But do your own work and don't expect anybody else out there to do it for you.

Education is your best bet so you don't get ****ed into something in haste and then get angry down the road because you got screwed. $200-$300 for a lawyer's opinion is a tiny investment when you're considering purchasing a home or modifying an existing loan that you're going to have for 30 years and pay hundreds of thousands of dollars of interest to before you own it.

[caldwell02]

jude - welcome but a bit late here sorry to say. we are of course getting educated, but if there is a fee with NACA that is definitely news to me.

I don't know but having this be your first post makes me pretty suspicious of you jude. Who are you? Are you a homeowner fighting for their home? Are you a lawyer? Are you a bankster?

You are responding here to a post that is months old. More info please if you expect to be listened to with anything other than a WTF? ear.

[pdsfoley]

Yeah I'm curious where you get the "fee" part from? I went with NACA and they worked wonders for me....I had a 2 yr fight going with Countrywide/BAC..NACA took 6 months but in the end...They helped us keep our home. No fees involved. I don't have a bad thing to say about them.

[judeenw]

I'm a homeowner in the same boat as everyone else, and I'm trying to get informed too. There are scams everywhere and there are too few legitimate options for us. Just giving a heads up on the ones I've found out about.

I could have written my rant about how legislation (google "cram down") should be enacted for these sleazy banksters to write down all of our loans to current home values because we're the ones who got screwed. The government needs to help us out of our problems because they are the ones who allowed this to happen to us. Mortgage lenders need to be regulated to the teeth from here on out. They stole from us once. They're stealing from us now and it's only a matter of time before they're going to need another bailout. They're still gambling with OUR (us taxpayers) money.

Frankly, I don't understand why people aren't angry at the right people, the ones we voted for who are running this show. If it weren't for them taking handouts from the lobbyists who invisibly stand behind our congress members, we would never have gotten into this mess in the first place.

[caldwell02]

Good grief Jude are you reading this forum at all????? The anger at politicians is rampant.

[skeeter55]

NACA is BS and so is HAMP and HOPE and the LENDERS along with the INVESTORS. Anybody dealing with big sums of money is doing it by some time of fraud and us little people end up paying for it one way or another.

[judeenw]

Yeah I'm curious where you get the "fee" part from? I went with NACA and they worked wonders for me....I had a 2 yr fight going with Countrywide/BAC..NACA took 6 months but in the end...They helped us keep our home. No fees involved. I don't have a bad thing to say about them.

NACA states on their website that they can impose a fee depending on the amount of your mortgage for up to ten years max. It's in the authorization agreement. The authorization agreement is a little scary because they continually state that nobody can sue them for any reason, no matter what, if you're unhappy with them. That's part of the deal too. What are all the NACA members going to do if it decides to change the rules mid-game? Anyone concerned should really be reading their legal information on the site before signing the dotted line or even going to a workshop. That's why I personally think it's a worthwhile investment to have a lawyer read through all the legal jargon before getting hooked into something like this. We're in the beginning stages of trying to get out of our mess and intend to see an attorney before getting involved with NACA or anything like it. What I really think is that everyone should just walk away from their homes. Wouldn't that send a message to the banks?!

[pdsfoley]

All I KNOW is NACA NEVER charged me a fee...They saved my home...

[judeenw]

All I KNOW is NACA NEVER charged me a fee...They saved my home...

Good. I'm really happy for you that NACA was able to help. That's the way it's supposed to be. It's the way government programs are supposed to work. The only way I found this site is because I googled "Is NACA a scam?" I read all of their legal b.s. and was a little leery of them. Your experience will definitely help me in my decision of whether to use them or not.

Thank you!

[judeenw]

I have 80/20 both with Inymac under 1 investor, Deutch Bank. NACA submitted my proposal May 29, 2009 for some reason I got a letter from Indymac stating that starting Sept 1 I will be paying to Green Tree LLC for my 2nd mortgage... does that mean NACA will not help me with my 2nd mortgage , it seems so coincidental that they transferred my second loan after NACA's submission
Please shed light on this one..thank you!

I doubt that the sale of your mortgage will change your contract with NACA. The original mortgage contract you were under should stay in effect. The new company has to abide by it. They can't just jerk the rug out from under you and say the contract you signed with them is voided. Contact (if you can get in touch with anyone, as it seems they're not the best at responding) your NACA representative and they can tell you.

[so-cal-gal]

I doubt that the sale of your mortgage will change your contract with NACA. The original mortgage contract you were under should stay in effect. The new company has to abide by it. They can't just jerk the rug out from under you and say the contract you signed with them is voided. Contact (if you can get in touch with anyone, as it seems they're not the best at responding) your NACA representative and they can tell you.

I hope you are right but it can depend on whether it was just the servicing that was moved to GreenTree or whether there is now a different investor.

[judeenw]

Good grief Jude are you reading this forum at all????? The anger at politicians is rampant.

All I know is that just getting angry with your politicians does no good, and is probably shortening your life. Getting involved with the right resources, blowing up your senators and representatives' phones and email are the only ways to get the politicians to change. Educating ourselves on what we're getting into before we get into it is all we can do, but posting complaints here won't do the trick. We must demand accountability from our politicians. I was angry about this on Friday and I wrote Senator Reid about it. I'm so angry because I can't understand why other people aren't angrier. Why aren't we all so angry that we DO something about it? Why didn't we revolt against the government when this crisis hit us?

George Bush and **** Cheney dropped a nuclear bomb on our heads when one day out of the clear blue sky they told us the economy had all but collapsed. And they did it just before Obama took office. Coincidence? They knew the truth for years about what the Federal Reserve (who is not a government entity, but a corporation -- google "what is the federal reserve") finally decided to tell us that we needed to bail out the entire financial industry. Just the day before our economy was booming and in great shape as far as we all thought.

I can't believe the people of this country went along with bailing out the banks who squeezed every bit of wealth we had in our homes from us. Where was the anger and outrage then? I sure didn't see or feel it. Nobody that I knew was concerned about it or even knew what the hell was going on until they started losing their homes. They still don't know what happened because they're too lazy to find out for themselves and take action to make sure it doesn't happen again (but it will, and in the not so distant future). It took me a long time to figure out what happened, but I researched it all. It was the Federal Reserve, Fannie Mae and Freddie Mac, Bush, Cheney, and our so untrustworthy Congress that got us here. We were lied to and we bought it hook, line and sinker.

We should have all known about this before it happened because things like have been happening to us since industrialization when shady corporations began taking over our world. FDR regulated the hell out of corporations and industries while he was in office, but (I don't want to anger anyone here) the Republicans hate regulation and decided to un-regulate everything over the many years since FDR, and this is now where we stand. I'm not saying Democrats didn't have their share of blame, but I don't get why Republicans believe that regulating bad actors is a bad thing.

Their philosophy is that corporations will do the right thing and regulate themselves. How logical does that sound? If I were devious, greedy and power hungry and I could do whatever I wanted to I surely wouldn't be regulating myself. I'd be doing what they are, being greedy and stealing as much from everybody as I could, too. I'd also be handing out money like it was water to every politician that I found I could influence. WE NEED TO REGULATE, REGULATE, REGULATE. All the talk we hear about transparency and oversight is just bogus b.s. Even the Democrats don't want regulation now because it's just not profitable enough to behoove them to do it.

I use a couple different quotes sometimes at the closing of my emails. Here they are:

America will never be destroyed from the outside.
If we falter and lose our freedoms, it will be because
we destroyed ourselves.
Abraham Lincoln

If the American people ever allow private banks to control
the issue of currency, first by inflation, then by deflation,
the banks and corporations that will grow up around them
will deprive the people of all property until their children
wake up homeless on the continent their fathers conquered.
Thomas Jefferson

What these great men of integrity had to say so long ago applies more today than it ever did (politicians today don't even know the meaning of integrity). The second quote speaks entirely about the Federal Reserve, which never existed in Jefferson's time. He was a rational man who understood human nature. He was giving us, the people, who in reality have allowed the government to take away many of our freedoms and rights, a revelation; a warning. It's almost creepy how he knew this would happen because he understood how little people really ever think for themselves or question authority, particularly the government.

Lincoln's quote speaks directly to "we the people" being informed, responsible and accountable for what goes on in our government. Because when we do lose the rest of our freedoms it will be our own fault. We weren't and haven't been willing to do the work required of a people who are supposed to be in charge of their government. The government IS NOT in charge of us, so why is it this way?

Anger is a great catalyst, but without action on all of our parts, nothing will ever change.

[judeenw]

I hope you are right but it can depend on whether it was just the servicing that was moved to GreenTree or whether there is now a different investor.

A contract is a contract and if the mortgage gets sold it has to stay in effect unless they can get you to sign a different contract. It moves wherever the instrument moves. That's why when you want to refinance or take equity out of your home you have to sign a new contract. The servicer or investor doesn't matter. It doesn't change the contract and can't change it without your consent. You would have to sign a new contract for anything to change.

[judeenw]

THANKS2U, I fully concur.

Also, have you heard of where NACA just hired a group of employees away from CountryWide at a California location? Now there were similarly trained unemployed workers in the same area, but I've only heard of the batch of employees who were all ACTIVE CW employees.

Okay, now is the commute to work changed at all for them? No, not at all.

Are they working in the same location where CW had them working? YEP, the very same building. The only difference is they are now in a different cubicle area after offices were shifted around to make room for NACA to take over an area that they are subletting from CW.

Now isn't that COZY?

Why, the former CW employees should be able to chat over the water-cooler with the group from CW that they are now supposed to be fighting against to get that great deal for you. From the outside, if you knew all these people worked together before the NACA office shift, would you really detect any difference in how they work with each other AFTER the shift? Sure the duties are supposed to have changed but....

Somehow this is just a bit TOO cozy for me.

Do any of these 'NACA' employees view this as just a limited-term job where they hope to be able to return to the herd on the other side of the 'fence'? HMMMMM?

Where would YOUR alligance be in this job market? Would your be a tiny bit less likely to push for that 'better' deal for the client and keep from ruffling the feathers of those that would have the final 'say' of you ever being rehired by CW/BofA? Tell the truth, now. Also, do you think there is any chance some of the CW/BofA employees could have been 'encouraged' to take a NACA job?

Only that report card will be a barometer. But if they really wanted the appearance of propriety, they would not have hired from within CW for positions in NACA that were to attempt to be the quasi-adversaries of CW staff and work to get the best deal for each of US.

What am I missing here? Is there some conspiracy by people that used to work for mortgage companies now going to work for NACA? Who cares if they used to work for the mortgage companies and decide to go back if and when the economy gets better (fat chance of that happening)? I don't get it. They're out of work and need jobs, and that's where their experience lies. Or is it that the shifty mortgage industry is infiltrating NACA with their spies?

NACA is partially funded by the mortgage industry. That's how NACA negotiates good deals for people. The mortgage industry has an obvious interest in keeping people from defaulting on their loans. NACA is funded partially by corporations, but mostly from money from the government. It's a non-profit organization, but non-profit doesn't mean that the people running the company aren't making huge salaries. There are trade-offs.

I'm just having a hard time with this particular conspiracy theory. Not buying it.

[judeenw]

jude - welcome but a bit late here sorry to say. we are of course getting educated, but if there is a fee with NACA that is definitely news to me.

I don't know but having this be your first post makes me pretty suspicious of you jude. Who are you? Are you a homeowner fighting for their home? Are you a lawyer? Are you a bankster?

You are responding here to a post that is months old. More info please if you expect to be listened to with anything other than a WTF? ear.

Go read NACA's authorization agreement for yourself. It talks about its membership and fees, but apparently from responses here they either don't charge the fees or they're somehow being absorbed from somewhere, like maybe in the mod payments. I don't know, but like I said, go read it for yourself.

Don't know what's up with the angry tone of your post, but I was offering people a different perspective on this stuff. I know nothing about NACA except that I know someone who just got a great deal through them within three months. I need help and googled "is NACA a scam" and ended up here. I'm not the bogeyman, dude.

[caldwell02]

Jude I'm angry so get over it. I have worked with NACA. I've been in this GD fight for over a year. I have never been charged a cent by NACA,and they are helping. I am glad they have my back.

New people who think they know what has been going on with the people on this forum just because they "found" it, and who get preachy like you I'm sorry to say, piss me off. I don't mean I don't agree with alot of what you say, but the way you say it is like it is new news. Get over yourself and off my back. I have enough crap on my back to last a lifetime.

You are NOT offering a different perspective by the way. It's been said. Over and over and over and over again. Some of us are fighting. Some are preaching. Which do you want to do?