THE Huffington Post 2011 commented this about Neighborhood Assistance Corporation of America (NACA) : “The Save-The-Dream Tour has already helped thousands in need with reductions in interest rates to 3% or 2%”. So, I called around and looked online for more info, surprisingly I did not see too much updated info. I would imagine if this was really successful it would be all over the net. Would you not want to help others get the help that you have been going after? I have always recommended this non-profit organization and still believe that they are a legitimate organization, but sometimes it takes more than two to tango in this case. Borrowers have to qualify, lenders or investors have to be willing and you have to be very persistent and have the luxury of time and patience to do this.
I had a personal interview with an acquaintance about her experience going thru NACA. Here are her words when I first ask her, how was it? Her first comments were : “ Worst thing that I have ever been thru in my life”. Here is her NACA experience.
Jan 26, 2012 - 6.AM I am already in line before the door opened at 9 AM. When we were allowed to go in the convention center we then had to wait to get thru different sections of the floor, each required information that we had to complete and submit. I actually went from table to table and had to wait an average of 2 hours each time before I could complete each task. I went thru about 4 sections to finally go back to the guy that I started with. Guess what time that is, its about 8:30 pm and this guy told me to come back 9:00 AM next day. I was still pretty patient and very hopeful.
Jan 27, 2012 – I went in around 8:00 AM and again went thru about two sections before I actually talked to BOA representative. It was 2:30 PM and the BOA rep told me that my actual owner of the loan was an investor and this investor is not participating with NACA. BOA also assured me that this particular investor does not modify rates down to 2%! This time I am very upset to the point of a break down. I have spoken to BOA prior to this process and my property is going into a Default process.
I had to wait another hour after BOA telling me I just wasted two full days with hardly any sleep because NACA wanted to document what I went thru and accomplished.
The least I did was to observe the entire process requested by Mr. Ken Go in order for me to share this terrible experience with all of you.
I can only comment on what BOA did for their clients because of where I was situated, I noticed about maybe 10 or so borrowers who got modified down to a 2% rate. I did hear that there is one borrower that had a 170K balance reduction from their loan balance. I gathered that a lot of people still went home empty like us and are very frustrated with all these false hopes.
What I can say is that I gave it a try with all my might and prayers and I am still hopeful but now I have to bring myself to accepting short selling my property to avoid any type of tax liability before year end and then Hope to re-establish to buy another home in the future.
I hope this helps you out and best wishes to your readers.
Here is another comment made by a blogger online about NACA.
I met with a lender rep in Houston on 6/9/11. On 6/26, I emailed 6 documents to him which were listed on my Task List. I sent 4 more email over the last 2 1/2 weeks asking him to confirm that he received my paperwork and asking what I need to do to move forward. I left a voicemail for him asking the same questions. To date, I have received no response at all.
I reviewed my account on NACA’s website & it states that I have not completed the items on my Task List. But, I have sent the requested items 2 1/2 weeks ago and FOUR more times since.
In 2009, I was working with another lender rep and had the same problems. She would not respond to my repeated emails or calls for weeks. By the time she finally did respond, she would tell me I needed to update my file again before she could continue. The same circle continued for months. I had intended to take advance of the $8,000 tax break, but because she gave me the run around for months, I was unable to purchase a home before the tax break expired on Nov 30.
Therefore, NACA caused me to lose $8,000. I would have saved more money just going with a regular mortgage company.
I have paid NACA membership fees several times and paid for NACA to pull my credit reports several times but so far have received nothing in return except the run around. After reviewing the BBB website, it appears I am not the only person having these problems with NACA.
NACA makes a lot of promises but fails to deliver.
I tried to check online for comments about NACA and here is what Kevin Kelton a LA County Liberal Examiner wrote:
“However, people attending the NACA event should bring plenty of caution along with their paperwork. Though NACA’s services are free to the public, it earns $500 from the lender for each modification it facilitates, making it a volume business. Which means people attending a NACA event can end up feeling like cattle being herded through the process”.
Loan modification is not only about believing or deserving, its going to take more. Thanks so much for your really interesting experience, I am sure a lot of my readers will be very informed and appreciative of your efforts to share this information with us.
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Please call Ken Go of 1st Innovative Finance Group at 562-508-7048 or write your inquiries, comments or referrals to This e-mail address is being protected from spambots. You need JavaScript enabled to view it
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