Is NACA and Bank of America in bed together?

[carolinaskies]

I thought NACA was there to help homeowners who are struggling to keep their homes from foreclosure from Banks like Bank of America. We called today and was told by BOA that they have their own NACA department. So is Naca BEING FUNDED BY BOA? BOA turned down our 2nd loan review for a modification and NACA is resubmitting the information...i am so confused. Bank of America calls daily asking the same question"Can you verify the address and if we are still living here". They said since we are behind they intend on calling daily.

[LoanModHelpCenter.com]

NACA does have partnerships with some of the major servicers. This is always projected as being a good thing but because the are a non-profit organization..... Where does their funding come from? There is an obvious conflict of interest here. How are they able to have the self proclaimed best mortgage in America?

So yes I believe that it is not a benefit to work with NACA. I have heard too many stories about people being promised lofty results and then getting denied and losing their homes. Yes they have gotten modifications for some of their clients, but at what cost?

The reps. that keep contacting you are debt collectors. You will always know by the way they approach the call. Be aware that as they say, "any information you give them will be used to collect a debt" so be careful about what you say or tell them. If you don't know what to say or are afraid to answer the questions, then don't. Simply tell them that you are not prepared to answer these questions right now.

Where is your file at in the modification process?

[Cat Damiano]

Hi carolinaskies,


If you are able to get the approval for the NACA modification, the workout should include a fixed low interest rate. The program is a good program when it is able to be implemented through the servicer.


NACA has partnerships with BofA, Citigroup, Union and Management, and also works to stabilize neighborhoods.

You can read about the BofA partnership here;

https://www.nacalynx.com/nacaweb/abo...aspx?language=

[carolinaskies]

Where is your file at in the modification process?

our loan has been sold from First horizon to EMC, to mercantile, Wilshire and now BOA.We went to the NACA workshop met with a Wilshire rep who agreed to a 1900 a month mortgage verses 3500. As soon as we were about to mail in the check last april we were told STOP don't mail it your loan has been sold to BOA. The following month BOA tells us "oh please send in a payment for 3675.00. We of course let Naca know who did a budget and realize that even though we had a reduction of income and they suggested that we should take it. How? We bring home a total of 5000 a month net. Not counting utilities, 3 kids, car payments, etc...
This is the recent info from our Naca web file. This is our 2nd denial


10/14/11
ServicerBOA
LOOK BACK - Completed a full audit of the decline and the loan does not fit the parameters for a second review.
5/19/11 Servicer NACA and member please advised that due to the delinquency of this account we may need up front funds to propose a modification. Please have member submit a written letter detailing if he has up front funds available and the amount available. Also please send in complete 2010 tax return. Thank you Ashley Bryan
Also we are victims of predatory mortgage. The broker got us into a 359,000 home with 500 dollars down and my husband was the only one working bringing home 3000 a month. There was an audit done showing a lot of violations.

[carolinaskies]

so be careful about what you say or tell them. If you don't know what to say or are afraid to answer the questions, then don't. Simply tell them that you are not prepared to answer these questions right now.

Where is your file at in the modification process?[/QUOTE]

You said "be careful what you say" can you ellaborate more?

[LoanModHelpCenter.com]

Sure...... When the a debt collector calls you to collect a debt, one of the first things that they do is ask you a series of questions. It is self disclosure so that they can add it to their little file and some of that information goes into determining if you will be looked at for modification. Most homeowners start out thinking that their lender will actually help them or may be honest in that they might qualify for a loan modification. The problem with this is that you give them too much information. Homeowners fully disclose everything, not knowing that everything you say can and will be used against you to collect a debt first and foremost and can also affect a request for modification.

My best opinion is to go through the numbers here on loansafe and see if you would pass eligibility for modification first and foremost. The numbers may not even work. You might have too much income or too little for example. No one will be able to tell you 100% if you qualify but we can certainly say if you meet within all of the requirements for eligibility.

Post your numbers here in this thread or on the Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation .

We would be glad to give you our opinion.