Jamaica Plain, MA (PRWEB) July 14, 2009 — The Neighborhood Assistance Corporation of America (NACA) takes its Save the Dream Tour to various cities this summer to speed up mortgage relief for thousands.
“We offer unprecedented solutions for homeowners caught up in the current mortgage and economic crisis,” said NACA CEO Bruce Marks. “During the Save the Dream Events, borrowers can get mortgages restructured the same day. We have our staff, as well as lenders and servicers on site and in their home offices working to make this the most comprehensive mobile servicing operation in the country.”
The Save the Dream Tour comes at a perfect time for homeowners as the Obama administration calls mortgage servicers to the White House this month for not doing enough to modify home loans for Americans. NACA has been the exception in that it has secured legally binding agreements with all the major servicers to restructure loans to what homeowners can afford based on a documented affordability analysis. On the tour, thousands of borrowers receive modifications at once, thanks to NACA’s advocacy, state of the art underwriting capability and legal contracts it has with all the major lenders.
There have been 3 Save the Dream events so far. More than 25,000 homeowners from each event have participated and thousands of homeowners achieved affordable long-term resolutions. Most importantly thousands of homeowners received same day solutions with their interest rate permanently reduced to 4%, 3% and 2% and where necessary reduced the outstanding principal based on what the homeowner can afford. All of NACA’s services are free. Click the link here to view a documentary video of the events. NACA’S CEO Bruce Marks was named Bostonian of the Year for 2007 because of his work in getting the major lenders and servicers to modify home loans for borrowers who come through NACA.
Simeon Lewis of Chicago is one of the thousands already helped by NACA. “My home was all but lost until NACA stepped in and reduced my adjustable interest rate from 8.625% to 2% fixed. I’m saving nearly $600 a month.” The tour kicks off in Cleveland at the Wolstein Center July 17-20, 2009. Chicago’s McCormick Place is next July 24-27th and from there it’s off to the Chaifetz Arena in St. Louis from July 31st through August 3rd and Atlanta begins August 7th through August 10th. Additional cities will be added. Homeowners are expected to travel long distances to attend these extraordinary Save the Dream events. NACA will have over 500 staff and volunteers including over 250 counselors providing counseling from 9:00 a.m. to 8:00 p.m. all four days of each event. Every homeowner with an unaffordable mortgage should take advantage of this extraordinary opportunity.
About the Neighborhood Assistance Corporation of America (www.naca.com):
Founded in 1988, NACA is a national non-profit community advocacy and homeownership organization headquartered in Boston. Through its 38 offices nationwide and two call centers, NACA has set the national standard in restructuring thousands of mortgages to what the homeowners can afford as well as providing the best mortgage in America for homebuyers.
News of NACA’s program and advocacy has been featured in national and local media. The Boston Globe chose Bruce Marks, founder and CEO of the Neighborhood Assistance Corporation of America (NACA), as its 2007 Bostonian of the Year. There is tremendous recognition for the effectiveness of NACA’s advocacy and for providing real, affordable homeownership solutions for working people.
{ 13 comments… read them below or add one }
I read the article that you wrote in reference to NACA helping people with their mortgages. I attended the “Save the Dream” tour in Columbia, SC this past March. I was one of the thousands that sat in the coliseum for 16 hours & all I have received is lip service. There are 15 people in my church that NACA is supposedly working with, and none of us has received any assistance. NACA doesn’t respond to faxes, emails or phone messages. 4 months later and I have not received any help and NACA will not return my phone calls. I have only received 1 telephone call from NACA in 4 months.
In the article it stated that people can “walk out the same day with a new mortgage”. This is simple not true, irregardless of what Bruce Marks of NACA is saying.
I am most concerned because NACA is taking the “Save the Dream” tour to eight more states starting this week. They haven’t completed the backlog from Columbia, SC. Why would they take on more clients? A representative from NACA told me that each NACA negotiator has 5000 clients. This has become a hopeless and frustrating experience.
It appears that while NACA has helped a few people, they are giving false hope to many others.
Do you think this is worth investigating? Please email me if you need additional information.
Thanking you for your consideration
No I don’t think this is worth investigating. You leave out a lot of very important information. FIRST, if you did not bring all of your documentation with you, then you could not receive an immediate response to begin with. SECONDLY, if the bank/company that services your loan was not at the event, you knew you would not get a same day response also. THIRDLY, you need to submit all missing documents in a TIMELY fashion…well before 30 days expires. LASTLY, there are some servicers that have been fighting NACA’s efforts. YOU need to be an advocate for yourself too. You were given a booklet that explained who to call and what to do, to help get your proposal accepted; doesn’t sound like you did any of those things. You need to be more proactive in your own case. You can not solely blame NACA…you need to do some work too.
We attended the Save the Dream Event in Cleveland yesterday and watched as MANY people walked out with same day solutions. Unfortunately for us, our lender (US BANK…one of the few that are fighting AGAINST NACA) was not in attendance. However, after submitting a missing document last night, I am confident that we will get our proposal accepted, if not through US BANK, then through our investor, who happens to be Fannie Mae. (FHA loan)
I wish you good luck in your endeavor but giving up is not going to help you or encourage others. Stay with it, advocate for yourself and stay on top of everything.
Sarah Masterson, I also have my loan with US bank and was wondering how your situation was working out, we went to the event in St. Louis about two weeks after yours, any new news?
Sarah Masterson, I also have US bank and was wondering if you heard anything yet? We did the Naca thing in St. Louis about 2 weeks after you did.
Thanks
Rob
Ok, how about his story being worth “investigating”. Let’s talk about NACA. I went to their offices 2 1/2 months ago WITH ALL REQUIRED DOCUMENTATION and gave them every single thing they required, first day. We were told it takes 6-8 weeks to get the new loan closed and not to cal NACA, only to email. They would call us, we were told. After 1 1/2 months and not a PEEP from them or the lender we called many times and finally got someone on the phone who said call back in two weeks. We called back at the two month mark, and were told by a message they no longer had people to answer the phones, to leave a message. Weeks later, no call back. No responses to emails. Two missed mortgage payments, a threatening lender, and nobody to communicate with. The bank acts like they know nothing about it, though NACA said the one time we talked to them that they submitted everything to the bank. Bottom line: DO NOT USE NACA. They have horrible / non-existent communications, so you don’t know what is going on, and I have yet to talk to one human being in person who was actually helped by them. All I see is a well orchestrated PR campaign via the internet, and a bunch of “success stories” on internet web pages. Spend the money, hire an attorney, which is who I will be meeting with tomorrow.
Rob,
I am a reporter with the St. Louis Beacon: http://www.stlbeacon.org.
I have been covering the NACA event in St. Louis and am interested in hearing from homeowners who attended. Feel free to contact me at mdelachleonard@stlbeacon.org
Mary Delach Leonard
Hi Mary,
Please go to http://www.loansafe.org/forum and you can ask there also. Plenty of homeowners to speak to.
I attended the event in Atlanta and I thought it was very well organized and MOST people I talked with did get their loan restructured that same day. I’m sure coming prepared made a difference and it helped if your lender was there. I was very happy with my results. I don’t think its fair to discourage other homeowners from at least giving NACA a try. There were some people who they couldn’t help but the MAJORITY were helped. It’s a long process going through the event but it’s worth it.
NACA is taking on too much and the result is people are getting bad assistance/no assistance. After we went through the entire application with them in April we never heard from them again. In fact, I think the Minneapolis office must have closed. No one else around the country will return our calls. We finally had to re-submit everything again with Wells Fargo. They put us off until we finally had our state attorney general contact them and then they just simply refused to help us. Thanks for nothing NACA! Why do they continue to carry out these campaigns and get more people asking for their assistance if they can’t deal with what they have going on right now.
I went to the NACA event in Las Vegas, NV on Oct 8,9,10. You can’t let all the naysayers bother you. I was already going on 5 months behind. I got immediately helped by my servicer. The point is, if you have one of the larger lenders/servicers you will get help at these events. It doesn’t cost you anything but a weekend and maybe a hotel room. Try this free solution first before you waste money on a modification company that supposedly has an attorney. I already had a loan modification about 7 months ago and it was crap. I paid $1800 and only took the crappy deal that the bank gave me because i knew nothing better was coming from this mod company. I spent a total of 30 hours at the NACA event and saved an additional $500 /mo from my original modification . They are great!
I have a few friends that attended the Naca event in Las Vegas,NV. They were very pleased with the out come. Is their anyone who has been to previous Naca event and have already paid their new monthly mortgage?
I attended the Save the Dream Tour in Ohio. Yeah that was almost 8 months ago. After meeting the criteria and jumping through hoop after hoop reaching the final stage of the process, American Home Mortgage Servicing Incorporated has told me that It will change directions and start over requiring even more undue stress in my life. My spouse died of cancer and my family has been trying to adjust. This NACA program may work for some but when the people who were told the solution was complete and then the Mortgage company decides to deny you when you clearly meet the criteria what do you do. I am not at all satisfied and this has been a very hard time for my family. Not One Person has tried to help me. Thank You.
Lillie Peterson; What is your NACA ID