Wow. When I first heard about this whole â€œSave the Dreamâ€ thing, I thought it sounded absolutely fabulous.
I was there for 15 hours and a NACA housing counselor had reviewed my financial documents, then met with a representative from Bank of America, who agreed to modify my loan, taking the interest rate down from 7.375 to 3.375 and cutting my payments by more than $700 a month.
The Bank of America representative couldnâ€™t give me a written agreement, but it was a direct contact with my lender, and I watched as the representative wrote her name down along with her phone number and the promised interest rateâ€¦ right on my NACA workbook.
Fast Forward to March 23rd, 5 months later when I received a letter from B of A that specified a denial. Not only am I getting foreclosure papers I am getting a statement of $9000.00 for late fees and left over money from loan modification trial payments. Not only was I current on my house now since I made trial payments I now have bad credit for not paying the full amount monthly! NACA never told me any of this nonsense.
NACAâ€™s CEO is Bruce Marks, and heâ€™s known for his outrageous acts in defiance of banks. I read about the guy and frankly, had to like him. For a while, he was delivering old, crummy furniture to the front lawns of bank executives on weekends. Pretty cool, right? Now Iâ€™m not so sure.
When Bruce was asked for numbers on how many St. Louis homeowners have received loan modifications and how many are in some sort of pending status, all he would say is that â€œitâ€™s a rolling numberâ€. Itâ€™s apparently a number that rolls. Bruce went on to say that that the focus would be on completing pending cases before the tour would resume in Los Angeles in late September. The â€œvast majorityâ€ will be completed by the end of this week, he told the St. Louis Beacon.
Were they? I donâ€™t know. I canâ€™t find any published numbers anywhere. I sure hope â€œthe vast majorityâ€ of the 40,000 people that attended the NACA â€œSave the Dreamâ€ eventâ€¦ had their dream saved.
But Iâ€™m skeptical. Because when you consider that, according to the administrationâ€™s report cards that were published on August 9th, Bank of America only modified 4% of its eligible loans. Bank of America is the countryâ€™s largest mortgage holder, so it seems hard to imagine that the â€œvast majorityâ€ of 40,000 homeowners could save a dream out of that 4%. Maybe Iâ€™m not getting the math right.
At least NACA provides their housing counselor services FREE! Thatâ€™s right, they donâ€™t charge any of those distasteful up front fees everyone is so concerned about. Nope, NACA gets their money the old fashioned wayâ€¦ from the taxpayersâ€¦ well, from the government who gets their money from the taxpayers. In fact, NACA recently got $16 million in government funding to provide housing counselors to distressed homeowners. But thatâ€™s not considered an up front fee, I suppose. So, you seeâ€¦ thatâ€™s free right there.
Oh, and one more thingâ€¦ just for fun I looked up NACA on the Better Business Bureau Website and guess what? You guessed itâ€¦ an â€˜Fâ€™. Uh oh. So, maybe they are doing some loan modifications after all. Go figure.
Please note the only thing NACA is missing is the most important people (the underwriters).
Iâ€™m angry at both the bank and the organization â€” B of A and NACA. Is the idea of â€™scamâ€™ in my mind? Yes. And thatâ€™s a quick turnaround for me. But, it was a very difficult 60-minute call I had with the bank â€” to see what I thought was a gift, of sorts, a break, just kind of disintegrate.â€
I recommend you do your research before going to one of these conventions. If you have a PMI do through them since they don't want you to foreclose on your home. The banks do since PMI will pay them the amount remaining.
After being promised a solution within 2 hours, then 48 hours...I got no answer after 7 days as of tomorrow. It was an amazingly well facilitated and impressive processing and info collecting effort but I didn't meet anyone who had received an answer fm their lendor.
It would be hard to believe it is a scam, but our family needs results at this point...I guess we'll see.
They made 20 year deal with BOA for 6Billion and a
10 year deal with Citibank for 3 Billion
They get 1$ from every taxpayer also....
so for all of the cult members who thinks NACA is an amazing thing, take a look at those numbers and you tell me....who is the LOAN SHARK now?
They wear tshirts at events that say beware of loan sharks....
funny font you think?
I am calling the BBB monday to let them know---making fees off of new loans and satisfying the old "and probably fraudulent) loan, they can generate more fees from the banks on the funds they already have earmarked for them.
How can they call any one predators????
They are really making people look like fools....when is the greed going to stop???
Do a legitimate forensic audit on any loan before you modify....Dont you deserve to know who owns your note atleast?
check this out:
Of course they think we are predators...against the very leaders that our homeowners or putting their fith into...and their money.
Be careful, FREE things are usually too good to be true.....especially when they are making 85 MILLION per event...okay, maybe 50 MILLION......who's watching that hen house???
Stand up people!!! Share the knowledge and God Bless you and your family...
Boynton Beach, FL
I live in Summerlin, a very nice suburb, just outside Las Vegas Nevada, after relocating for job related reasons to the area. Somebody at work mentioned the NACA program, and I though like many, it sounded too good to be true and probably was a scam, etc, etc..How wrong I was!! Before being qualified, NACA asks for all your documentation supporting two years of Income, rent payments and other expenses and then you sit through several hours long counseling sessions where you prepare a complete budget and come up with a payment figure for a mortgage. Then, and only then, they give you a “NACA Qualified” status and assign you a realtor and a qualification letter that explains in detail, how much mortgage you can afford and a maximum price for the house. Old fashion, character based lending, the way it used to be, instead of those “no docs” loans that caused so much damage to the economy. But my story does not end here; The Bank of America “First Look” REO program is for REAL. We found a very nice REO in a great community in Summerlin (No dilapidated homes, etc) and placed an offer under the exact conditions of the program: Full price, no down payment, 10 points paid by the lender, and we got it!, and for those who are not familiar with the Las Vegas market, REO properties are bought in minutes and multiple offers are common. B of A honors their pledge to assign these properties to NACA owner occupied members and they sold it to us: no tricks, no buts, just as advertised. And the bank even did some of the repairs requested by the inspection. The home was pretty much in move in condition. Before anybody goes out screaming socialism or some other nonsense, let me explain why this program exists at all: B of A and many other large lenders went bankrupt due to poor lending practices during the last decade. You and I, the taxpayers, bailed them out. The federal government among some of the demands requested banks to change lending practices like investment properties and no docs, and give priority to owner occupied full doc buyers like NACA. It makes all the sense in the world: Investors and liars are the first to abandon a property when any, even the slightest problem arise. Homeowners on the other hand will keep their homes for as long as they can unless a major event like long time unemployment or sickness strikes, and even then, will do all they can to save it. Again, good old fashion lending practices that yield the low default figures for the NACA program. I closed on my new home about 6 months ago, and as I started this post, I went from “too good to be true” to NACA believer. I will be praising their program and their lending philosophy anytime they ask me to for their monthly seminars here in Las Vegas. To all the staff in the Las Vegas office my sincere gratitude for their efforts in bringing back common sense and the true meaning of home ownership.
Perhaps the only thing worse that their customer service is the way their employees are treated. They routinely hire ex-cons with little to no loss mitigation experience. Sadly, these are the employees that tend to stick around. Talented and competent employees often jump ship because of how they are treated. Bruce screams incessantly at employees. However, those that do not work directly for Bruce are not immune to the ingrained â€œtreat all employees like dirtâ€ culture that is standard at NACA. Frances Epps and Erick Exum see to it that employees are â€˜kept in line.â€™ In addition to the horrible way employees are treated, they are not even paid adequately (or sometimes at all). NACA is notorious for systematically underpaying employees often turning their employees into the members in need of their services.
It seems to me that rather than â€œSaving the Dreamâ€ NACAâ€™s practices are doing no more than perpetuating a nightmare.
If you have had problems with NACA, I suggest you call Bruce Marks personally. Since he is so 'concerned' about his members he shouldn't mind a few phone call right?
Bruce Marx's Personal Cell Number: 617) 835-4477
I represent sellers of a home in Silver Spring, MD, which is being purchased by approved NACA buyers. They have been pre-qualified by NACA since last December and are the perfect NACA clients. And yet, this seemingly simple transaction has been thwarted and delayed due to NACA's intolerable red tape. The entire process has been marred by what we have come to perceive as incompetence: layers and layers of requests and requirements, submission and resubmission of documents, inspections and re-inspections, unanswered calls and emails. My clients,the sellers, together with their two year old daughter, are now sleeping on the floor of their home waiting for this NACA nightmare to end. The buyers have long ago given notice to their landlord and are living in a family member's basement. Both the buyers and the sellers in this case did everything right and yet they are being held hostage by the endless bureaucracy that they have encountered. We were scheduled to close on 6/23/10, a conservative 60 days after the ratification of our contract. We have had two delays and are now being told that settlement may take place on or before 7/15/10. Everything has been submitted, a bank commitment letter has been received and yet we wait. Will there be a third unexplained delay? In the meantime, my client's next settlement is obviously also held up and in jeopardy.
I doubt that this is the kind of service you want your organization to be identified with. Please help.
I have been dealing with NACA for 9 months and there is still no closing in site. Every month I was promised by my NACA mortgate specialist that we would close, just to end up signing a new addendum every month and them asking for more bank statements and pay stubs. I was very naive and believed in a program that could not deliver. The NACA mortgage specialist in St. Paul, were very unprofessional and did not communicate with me as they should. I also got them the documents that they requested the same day or day after... so it was NACA that was so slow. I have solid work experience and solid income. It should have been easy.
Just a week ago, the seller and myself cancelled the NACA contract. It took me about 1 hour to get re-qualified with a REAL mortgage broker. We are expected to close in less than a month.
Maybe NACA is legit, I do not know... I had very bad experience with them and was promised things that did not happen.
The problem comes in when the seller of the property that you are trying to purchase is getting upset because they are still paying the mortgage on the home and they are also being promised fantasy closing dates.
It's a joke, unless you have over a year to wait to close. Good Luck.
Would not recommend this program.
Fast forward several years and homes have reentered our price range. Naca in the meantime had changed. The lofty goal of "saving the dreams" of many homeowners has COMPLETELY OVERBURDENED THE ORGANIZATION. Same offices, same staff and promises to literally hundreds of thousands of individuals desperate to save their homes equals disaster! NACA cannot keep up with its inventory. That is what we have been living!
We have handed in all required documents in October of 2009, as always IMMEDIATELY, we had sacrificed and saved over 60.000 dollars, we have excellent credit and we haven't been able to receive a commitment letter. It is now almost April 2010. YOU CANNOT REACH ANYONE AT NACA (answering machine loops) AND YOU RECEIVE NO RESPONSES TO NUMEROUS EMAILS!!!! In short, their is no advocacy and a program that does not deliver is not a program, it's a farce! Many states have their own first time home buyer assistance programs (in New York, for example, there is Sonyma). Look into that.
I would not pay attention to any post before 2010 because it was in 2009 that NACA overburdened itself and rendered itself unreliable and thusly irrelevant.
Ill take you through a step by step of the process
1. Pre Qualify
- you cant have any outstanding debts on your credit report
- you cant have any overdrafts within the last 3 months on your bank account
- your total debt has to be less than 40% of your income for 1 year
2 find a house
- this is self explanatory
- Contract must be sent to NACA for processing which takes at least 3 days
- Home inspection must be done by a naca qualified inspector
- Whatever repairs the inspector recomends must be included into the loan without going over your limit
you can find your own contractor but they have to be approved by naca in order to make the repairs
4. Loan application
- once sent in you'll get a response within 3 days but it could take weeks to recieve the conditions
- loan wont be approved until conditions are met. Some conditions could be to show your paying bills on time, to show your not increasing debt or to show you have steady income even though you did all this to start the naca process
- once proof that these conditions are met they will take 4 business days to process and send back maybe longer. In some cases they may reject them and ask you to send them more proof
- once conditions are met you will be cleared to close but willl still have to wait another 3 days for the bank to send over the closing documents
- They force you to close at the NACA office which may be a problem if the seller is located out of state
- you close and get the keys and everything is done.....so you think
- you must wait at least a week after closing to get cleared for the repairs
- you have to pay NACA 50$ a month for the next 5 years
As of right now the bank they use is severly backed up and according to the mortgage consultant no one has closed on time since august
They were the organization that marched on the lobby of Bear Stearns when JP Morgan & the Government helped bail them out:
no money down -------------they took about 15000 + 23000 on top of my mortgage
live on your home for 10 years--------------lied as long as you have their mortgage you have to live in their home or you will get 25 000 fine and they will foreclosed on your home
every month you pay 50 membership--------------to help you in case you have problems but you be lucky if they answer the phone. My BIG ADVICE TO ALL THOSE THAT PURCHASED A HOME FROM THEM DON'T NEED TO TAKE MY WORLD FOR IT, HERE'S WHAT YOU DO GO TO YOUR HOME DEED DEPARTMENT ON YOUR TOWN AND GET A COPY OF WHAT EVER THE PAPER WORK YOU CAN FIND IN YOUR HOME, AND PLEASE i would like to know what you think about the NACA after you get your surprise. and i will keep all in my prayers that you don't find the same surprises i found out when others in my home town give me this advice I want everybody to help spread the word, Please have your document checked before something happens to you. Please protect what is yours you work had to get where you are to let NACA take what belongs to you. PLEASE FIND REPUTABLE AGENTS PLEASE DO GET YOUR LAWYER ASK QUESTIONS DON'T LET WHAT HAPPEN TO ME TO HAPPEN TO YOU TOO BECAUSE IT WILL COST YOU A LOT'S HEADACHE AND MONEY. NACA IS A VERY VERY VERY BAD ORGANIZATION THAT MAKES FALSES PREMISSES AND THEY DON'T FOLLOW THROUGH.
Please fill the below application form and get back if interested and
you will be glad of knowing a loan lender like Mr. Lucas Morgan
11)Next of Kin:
12)Loan Amount Needed:
14)Purpose of Loan:
As soon as you fill the form above, I will send you my loan Terms And
Conditions Asap in order for us to proceed.
I will be looking forward to hear from you so as to proceed.
I will be looking forward to hear from you so as to proceed.
You can see this in the naca web page.
Other questions contact me at firstname.lastname@example.org
I work as an assistant to a previous NACA rep that now is a real estate agent. It takes our clients that use naca about a year to close. Most of them have to suffer until the closing date; but they still send us a lot of people because NACA is the only hope they have to ever buying a home. Many are always willing to give references. NACA is for those that are willing to pay the price in hard work and perseverance as well to repair their credit.
Some of our sellers don't like NACA because of the unpunctuality but they still deal with them because despite the loooooooong time they take, NACA is a sure thing for those that persists and do all the dreading things they ask for (lots of documentations and paper work.) Some seller send us people because they know that we can help them pass the NACA challenge and also willing to give references.
For us as a very small real estate office using NACA, we are unable to make a decent profit since naca has a lot of limitations. It takes a lot of work to be qualified by NACA. Most people don't want to do the work or don't have the time to get their file and all together. Anyhow, buying a home is not easy, even if you have a lot of money and can buy cash. We call most of our clients frequently, help them in every thing including cleaning their credit; we take them by the hand.
As for now we are restructuring in order to be able to help people and make some profit. But we will offer more alternatives to NACA for our clients. Also, most people that use naca is because of imperfect credit or they want no down, no closing cost and a very low interest rate. That is the very good part of the deal. Most people are very skeptical until they move into their new home or see their friends into one. They often say, if they can, I can. If you ask around you will find someone who bought with naca no far from you.
I do think that NACA does not take care of its employees. They are overworked and sacrifice their family time. They have a high turnover. The paid may be average considering the large hours they give.
Good luck in buying a home. If I could be of any help contact me at email@example.com
I purchased a three family home and I have a 2.375 interest rate. NACA has been a blessing to me and I'm willing to work with people who are determined to get past all the red tape to become a NACA home owner.
Home Save Program - All services are completely free!!! If you know of any one who is feeling threatened of foreclosure in any way. From, they are current now, but are un-sure if they will be able to afford their payment when their interest rate adjusts. To, they lost their job a year ago and are 10 months behind on their payments. NACA will negotiate and advocate on their behalf with their current lender to have that lender reduce the borrowers payment to a payment they can afford. This program is not interest rate driven. It is affordable payment driven. The lenders/servicers are finally figuring out, they are much better off reducing someone's payment to an affordable payment and making a fair amount of interest, then they are foreclosing on them and losing 10's of thousands of dollars. We have contracts with over 90% of the major lenders/servicers out there.
You are going to read forward about some people complaining about NACA. Please remember, we are not their lenders/servicers. We can not force their lender/servicers to restructure or modify their borrower's mortgages. All we can do is continue to applying pressure and keep advocating on the borrower's behalf. We do tell everyone to continue to advocate on their own behalf by contacting their lender/servicer's CEO. We also recommend they contact their local Congressman and Senator.
I truly wish we could provide everyone a sucess story. Believe me there are plenty of good ones. But, once again, we can not make the borrower's lender/servicer restructure or modify everyone's mortgage to an affordable payment.
PLEASE DO NOT USE THIS COMPANY!!! UNLESS YOU WANT TO BE SO STRESSED OUT THAT YOU CAN NOT WORK, SLEEP OR EAT!!!
But I fear my income may be too high for assistance if they look at gross. Does anyone know what is too much income?
I have clients who's homes are under water AND who's credit score has been tanked AND they have a very small income or worst yet looking at their unemployment being stopped just shortly or their home is already on the sheriff sale lists.
These people are the ones who have a few dings on their credit through unforseen circumstances like becoming suddenly ill, losing their jobs, or the mortgage they though was a great mortgage turned out to be a predatory loan and suddenly they were over their heads.
NACA was set up to help those people; people who couldn't or didn't know how to fight for themselves. NACA is not in the business of refinancing mortgages. I have seen cases where the mortgage holders (these banks) will not work with the mortgagee because they are current on their mortgage and have a significant amount of income even though they have way too much debt. It is not NACA's fault if those banks don't want to work something out with you.
Though your situation is not perfect it seems as if you have a few more options than some others who are in dire situations. Not saying your situation isn't worst than others yourself, just that it could be way worse. Some options I would look at would be to talk with a Financial Counselor and have them help you to reduce your debt in a timely fashion and create a budget for your household that specifies where every single dime goes of your income and where changes can be made.
NACA educates their clients on Finances and understanding how to stay financially fit for a lifetime not just today and you receive your mortgage and the following month after moving into your home you can't pay the mortgage. (It happens!)
Most folks don't understand the reason NACA came to be and their mission; NACA will not just give loans to give them...they do try to help all those persons who come to them for a home loan modification, though some just can't be helped.
Wizard I hope everything with your family goes well and you never have the need for NACA as that would mean something tragic has happened in your family...but to that I am confident to know that NACA would be there for oyu as well as situations can change on a daily basis. So don't hesitate to come back to NACA should your situation change.
You may contact me at anytime with questions.
Your Trusted Advocate,
Real Estate Professional
Your Trusted Advocate; Expert Customer Service, Proven Results!
In the event of Miami Beach for several reasons we could not obtain a loan modification but despite this we got the opportunity to feel supported by NACA Through his advisers to pursue a plan of action, alternatives and insist. the loan restructuring which got in the current events in West Palm Beach last Sunday, August 29, 2010. Our monthly payment was reduced by $ 1,061.00 thanks to qualify for a program available according to our situation.
It is important to the peace that can give to have on your side someone with knowledge of programs and consumer rights as we have and especially if that assistance does not cost you more than the effort to invest time to attend these events and That has a name: NACA. A through me experience in this process of modification I was able to telephone or personal interview with directors and staff of NACA and one of the things that most impressed me was the availability of listening to my concerns in this process whenever I need it, it certainly took me to wait many hours in the event or many days to wait for my appointment with any phone or shift counselor.
I donâ€™t know Mr. Bruce Marks, but I hope to have the opportunity to thank you personally for myself and my family the wonderful idea of being the founder of NACA and bring help and hope to many distressed homeowners and education for new buyers. I know God will give him and the directors of NACA wisdom to learn from the experiences and mistakes as well as negative comments from some unhappy former ex-employee or any of those former mortgage broker who no longer make a fortune by exploiting the pocket less affluent.
NACA Forward, forward Bruce. Thanks for the help. May God bless you.
Contact your State's Attorney General's office. I suspect they will know exactly how to advise you.
Best of luck,
Broker / Owner & Certified HAFA Specialist
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
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