NACA Durren Duarte - As for why it’s taking so long, the lender/servicers are overwhelmed. When you send lenders thousands of proposals, they get backed up, and it takes them longer to respond. Also, many of the lender/servicers who promised to be in their offices working on cases from the event Sunday, July 20th, did not show up. They were there Saturday, but most didn’t come Sunday. That was disheartening, but that’s another reason for the delay. Plus some of the lender/servicers require more documentation from the homeowners and that’s taking a little time.
In other words, it’s just not that easy. The volume, the complexity and the paperwork involved are overcoming even the best intentions. Also, some folks are just too far gone financially to get their loans restructured.
I was at that NACA event for two days and was astounded by the number of NACA workers and volunteers who had come in from across the country to take part. NACA even has historic agreements with Countrywide and other large lenders to restructure these loans quickly, if NACA does all the legwork. Still, it wasn’t enough.