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.