NACA Save the Dream Event Starts in San Jose today!

**cahomeowner** · 06-17-2011, 07:12 AM

I heard on the news that they are now issuing tickets so you don't have to wait in line for 2 days. You are suppose to receive a text or phone call telling you when to return....hmm

If anyone is in the area I recommend you consider attending AND remember NACA restructures only work for certain lender/investors. If your lender participates in the OBAMA Hamp program then most likely you will placed on a trial play vs a permanent loan restructure. Research my thread below to see what IS working.

http://www.loansafe.org/forum/naca-g...lp-others.html

If you find success at the event please post your success at my thread above.

**rwnabuck** · 06-17-2011, 03:57 PM

I went to the one in Denver last weekend. For me, it was a waste of time. It was more political than anything else -- and NACA just wanted media coverage and to fight and win against the lenders. Probably hurt me more than helped. Maybe it will be different for others -- just my experience.

**cahomeowner** · 06-17-2011, 04:28 PM

NACA restructures only work in certain situations. were you offered a trial program of some sort? what is your specific situation?

**rwnabuck** · 06-17-2011, 04:51 PM

I wasn't offered any trial program -- so GMAC can have the house. We are done and tired of fighting to keep something which is about 300K underwater and heading lower.

**Ready2Run** · 06-17-2011, 05:50 PM

I went to the Making Homes Affordable workshops June of last year in SF. It was a waste of time and a good opportunity for the banks to get all your financial data. In the end one lender denied us and the other to this day has failed to even give us a response.

It might help some but for the large majority it seems like a waste of time and a really good "pre-judgement" discover session for the lenders.

**TomEason** · 06-17-2011, 11:25 PM

Although I do believe NACA, and its founder Bruce Marks, has an admirable mission, and do try to help borrowers with loan mods (they like to call them loan restructures), I've found that NACA, in reality, is woefully understaffed and unable to handle the capacity of borrowers seeking help. And, in spite of extensive media coverage, very few Save The Dream tour attendees get help at those events.

**cahomeowner** · 06-18-2011, 07:29 AM

NACA receives $$$ for every application they submit so regardless of whether they can actually restructure a loan or not. I can see why they hosts such big cattle calls. It's a huge money maker!! I went a couple of years ago and I was able to get a 2 percent permanent loan restructure that same day so I advocate their services however I know NACA only works in certain situations which is something NACA fails to tell you. It's important people do their research and loansafe is a perfect venue. It seems like NACA has really gone downhill these past 2 years so I am not sure what's going on.....I would not be surprised if people start throwing couches and holding protests in front of Bruce Marks house.

At the very least it gives people HOPE.

**mikedonovan85** · 06-18-2011, 10:35 PM

Originally Posted by cahomeowner

NACA receives $$$ for every application they submit so regardless of whether they can actually restructure a loan or not. I can see why they hosts such big cattle calls. It's a huge money maker!! I went a couple of years ago and I was able to get a 2 percent permanent loan restructure that same day so I advocate their services however I know NACA only works in certain situations which is something NACA fails to tell you. It's important people do their research and loansafe is a perfect venue. It seems like NACA has really gone downhill these past 2 years so I am not sure what's going on.....I would not be surprised if people start throwing couches and holding protests in front of Bruce Marks house.

At the very least it gives people HOPE.

i am still waiting after 160 days of a naca /wells trial. says in final review, not sure if this is right waiting so long after the trial of naca/wells

**cahomeowner** · 06-19-2011, 07:50 AM

did you go to one of the save the dream events? keep calling the lender and NACA...escalate, escalate, escalate

**mikedonovan85** · 06-19-2011, 01:01 PM

Originally Posted by mikedonovan85

i am still waiting after 160 days of a naca /wells trial. says in final review, not sure if this is right waiting so long after the trial of naca/wells

did go to the dream event. I have escalated in naca and wells seems to work on it. I heard they went to the investor and the investor said a repayment plan, but the negotiator says that wont work, i cant pay more with my budget. i am going to the san jose event today and going to tell them

1. trial finished long ago, show them the forebearance and payments made proof
2. they say they have underwriters in the tent, so i will ask to deal with them, i want a manager to work with to get a perm.

i have found out my investor is lehman brothers (they got TARP funds event though most of the co went broke, the loan part still exists with TARP money). the investor seems to not be granting the naca proposal. Im going to make a point of it at the naca event that they got TARP yet no perm. Naca said some investors they have agreement with and some are in the san jose tent.

Is that true, do they have Lehman brothers in contract or at the event.

what people are there at the events to escalate to. I know there are negotiators, but what is higher than that, is OCC or HAMP solutions there ?

am a little angry if its truely the investor who got TARP yet are being miserly. i saw on the internet, several short sales by the investor. they must be crazy, they will loose a couple of hundre on my house. i am over 60 days now, so mabe they do not understand this ?

**cahomeowner** · 06-20-2011, 08:05 AM

I suspect the banks that got TARP money are following the OBAMA HAMP program which explains why you were placed on a trial plan. There were a lot of complaints of people being placed on temporary HAMP programs and then being left in limbo after the trial ended. Recommended searching this forum to see if anyone has a loan with Lehman to see what has or hasn't worked for them. Keep us posted on your fight!

**mikedonovan85** · 06-23-2011, 01:49 PM

thanks ca. found out a lot more at the naca event.

turns out that with wells and bofa investor, i am a special case. i previously got a loan mod in 09 in which they extended the term to 40 years, presumably getting even more out of me. i did accept it.

now when wells asks the investor, a bofa private group, if they can modify they respond that they can only extend the term and they are not willing to lower the rate. only 30 years extending to 40 years can occur with a low rate. since im already at 40yrs, they say they will not do anything.

any advice anyone ?

I am with HAMP solutions and they have me working with OOP. I wonder if HAMP should work, will the private have no choice but to allow the 'within hamp guidelines' and give a lower rate. the term cannot be changed. i wonder if the HAMP route will allow the perm mod. would HAMP allow an override of the normal guidelines for in house ?

anyone know what to do. I feel like i should get my Senator and Obama onto this. What happens is that on 2nd mods, the investor doesnt know how to handle it, no guidelines are there and they seem to stick to only there 1st mod guidelines. I can get my senator to get invovled, i have a case number and ensure direct contact occurs with the private investor and OOP. I think if the investor knew i was over 60days and my budget and was to look at the bank accounts and also recent BPO pricing a good case could be made to save them money.

any ideas on what to do or who to escalate to in this case. im with OOP at present for HAMP, worried hamp may fail, but intend to go over all the numbers, etc...