NACA in Boston Save the Dream claims 80% Success Rate
Katina Fields, NACA’s communications and public affairs coordinator, said Save the Dream conferences so far have had about an 80 percent success rate, with 30-35 percent of attendees walking out with a same-day solution, and the others leaving with a contingent deal that is usually settled within weeks.
What sort of magic is this, when so many homeowners have been denied or are ready to throw in the towel on drawn-out modification attempts?
“We do aggressive advocacy. We hold the CEOs accountable,” Marks said. “And we do the job for them.”
NACA takes a load of work off the banks by counseling homeowners, forcing them to create an accurate, detailed budget — including expenses not included in the HAMP formula, Marks said — and helping them assemble all needed documents — and verifying at the last minute that everything is current. The banks can’t argue that paperwork is incomplete or they don’t remember receiving it. \
Despite his anti-bank actions and statements — or perhaps because of them — Marks has forged productive ties with major lenders. Bank of America alone had 90 representatives at the Boston event, each equipped to approve a modification plan on the spot.
Angeanette Dowles, a Bank of America vice president in the Home Retention Division who has worked many of these conferences, echoed Marks’s explanation of why the process works here.
“NACA does a good job of prepping the customer,” she said simply. The problem when customers seek modifications on their own, she said, is their documents often “trickle in over weeks,” making some portion of the information out of date at any given time.
This was the twenty-fourth Save the Dream event NACA has conducted across the United States in the past three years, and the first in New England. Organizers predicted it would be well-attended, though not in the kind of numbers they saw recently in Los Angeles, where 45,000 homeowners flooded the conference over five continuous days. “A few thousand” had registered in advance for the Boston event, a NACA staff member said.
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Bay State Banner - Distressed homeowners flock to NACA event
Dave notes it would be interesting to hear from those going to LA NACA event who were told they had an on spot modification and see what their results have been. From prior events those "solutions" often are not followed and not approved ultimately by the servicers.