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This evening I had the experience to attend NACA event in West Palm Beach, FL. As a former mortgage industry veteran of 25 plus years, here are some tips to those who plan to attend one of these.

1) They are not going to advocate AND follow up with your lender after your documents are sent. You have to follow through with the lender anyway, suggested every other day.

2) "The Federal Government does not back them in some instances." Quote/unquote from one of the orientation presenters.

3) You have to ask NACA to be the negotiator, don't assume.

4) I would have been at this location literally ALL night before I could

speak with a couselor. I went at 8:30 pm and left at 11pm after they

seated about 200 of us. This was only the first herd of people...and I

mean...thousands of people go to this event. They told us to be prepared to be there all night.

5) They barely mentioned that the lenders all went home...none of them were present. They would be there next day at 9am, don't leave the event or you will lose your place!

6. I am awaiting an answer from Bank of America on my own modification submitted a few months ago...A NACA rep stated, "the other day BofA had 25 reps here and they went home early because they only had 2 or 3 clients." I can't even get resolution out of BofA personally on my own modification...called them today and they have no answer...almost at three months wait! How could this be???

7. NACA uses this token statement, "you may get same day solution." I think the statistics on this claim shows it to be misleading to the public. Those not mortgage finance savvy would not understand. Isn't this just as bad as lenders giving misleading loans?

8. The disclosure is unbelievable...ultimately they are catching folks in the line of fire or deals that don't fit in the modification route to obtain other financing under a whole other venue. So beware...you will possibly be pulled in some way or another or lost in the shuffle.

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Anonymous
#419208

at RENEE.... why do you keep saying its free??? i am just starting out the process...i have to pay a $20 membership fee to get started and if approved and everything goes well it will be $50 a month for bout 10 yrs which is $6000 for naca....so where is the free part??

Anonymous
#197434

I have gone through *** with NACA and Bank of America for over a year and half.unreturned phone calls and emails, a website that didn't do what it claimed it could.

I was led to beleive in December that I was approved for a modification trial period where i would have to pay my new reduced loan with escrow for 3 months and once I did that, i would be ffully apprroved off my new loan amount and rate reduction. I did this and paid my monthly "modified loan" in the trial period. Then i was told tto keep paying while it is in review. then i got a letter from BofA although i was never able to speak with them because somehow everytime I called Bank of America, i was told that they could not speak to me and that i had to go to my NACA representative, almost as if NACA sent some document without my knowledge making them my sole representative.

Now, here i am, a year and a half later after morre than 150 emails and faxes and even more phone calls... and NACA has now informed me that Bank of America has denied my forebearance and modification. So I called BofA today and guess what???!! They will speak to me now because since i have been denied, NACA has pulled their a$$es out and so I am free to speak to MY mortgage company about MY account.

Yes, denied. And now going into foreclosre. After submitting budgets, income tax returns and a host of other documents to NACA, I got kaka'd on.

Had i not lost my job i would not be in this predicament, but I am...

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Anonymous
#197433

I have gone through *** with NACA and Bank of America for over a year and half.unreturned phone calls and emails, a website that didn't do what it claimed it could.

I was led to beleive in December that I was approved for a modification trial period where i would have to pay my new reduced loan with escrow for 3 months and once I did that, i would be ffully apprroved off my new loan amount and rate reduction. I did this and paid my monthly "modified loan" in the trial period. Then i was told tto keep paying while it is in review. then i got a letter from BofA although i was never able to speak with them because somehow everytime I called Bank of America, i was told that they could not speak to me and that i had to go to my NACA representative, almost as if NACA sent some document without my knowledge making them my sole representative.

Now, here i am, a year and a half later after morre than 150 emails and faxes and even more phone calls... and NACA has now informed me that Bank of America has denied my forebearance and modification. So I called BofA today and guess what???!! They will speak to me now because since i have been denied, NACA has pulled their a$$es out and so I am free to speak to MY mortgage company about MY account.

Yes, denied. And now going into foreclosre. After submitting budgets, income tax returns and a host of other documents to NACA, I got kaka'd on.

Had i not lost my job i would not be in this predicament, but I am...

Show more
Anonymous
#187908

On a daily basis millions of homeowners are looking for a better way to reach an affordable payment.Naca happens to offer that service free of charge to thousands of people.

Beleieve or not majority of the people that attend the event have affordable mortgages. Their payments are affordable if they would consider a LIFESTYLE ADJUSTMENT! I have always had a problem with listening to people that form opinions about another person or an company that is willing to help us. Once again let me mention that it is FREE!

You could have paid an attorney 2000.00 or more. Guess what you still wouldn't have had any results but since the service is FREE! , you can complain.

Truthfully if the company is an big joke, Why would you allow them to assist you with a modification?It's only your house that you worked so hard to get!

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