I'm Gail Simmons with my husband Hank and our children.
Q: Should I use NACA to help me get my loan modification approved?
ShareThisQuestion: Should I use NACA to help me get my loan modification approved?
Answer: First of all, the Neighborhood Assistance Corporation of America, aka, NACA, is a Boston-based, “non-profit advocacy, HUD certified counseling agency,” according to their website, https://www.naca.com/index_main.jsp.
The agency has been very active in trying to help homeowners apply for loan modifications by holding workshop events across the country to learn about their Home Save Program, followed up by a scheduled, individual, counseling session.
As far as their effectiveness, there seems to be a mixed bag of feedback by homeowners in need of a loan modification.
Many homeowners are having great results with the help of a workbook to complete a well organized loan modification package and use proven strategies to fight stall tactics and negotiate the best terms
I read a thread on a forum that was really an eye-opener about working with NACA. My impression is that you, the homeowner, are your best advocate for fighting an overwhelmed system for getting a good loan modification deal.
Source: http://www.loansafe.org/forum/naca-get-help-neighorbood-assistance-corporation-america/13700-boa-website-workout-approved-naca.html
One person in the thread made this comment:
“It took me 13 MONTHS of aggravating calls, bad information, poor customer service reps both from BOA and NACA, endless emails, endless phone calls, 3 crappy modifications, 2 auction dates and an endless flow of people who had no clue, but I kept fighting as hard as I could. I always did my best to stay pleasant but firm. I only screamed at a couple CS reps and finally I received a dream MOD of 2% fixed for 27 years remaining!
Moral of my story is that you REALLY have to fight with everything you have. Expectations are set way too high here…. 90 days is going to get you a crappy mod, all the complaining about NACA, BOA and anyone else is going to get you no help! You need to get it in your heads that if you truly want a good MOD you need to take this on as a priority and give it your full attention for as long as it takes! Make it a point to make phone calls, send emails and letters as much as possible. Stay in front of the people who can make a difference.
To get the truly great MOD’s you have to work harder than you ever thought and keep at it for as long as it takes! NACA has gotten many on here incredible MODS, but I am sure they did not come easy and I am sure they came with alot of bad information, screw ups and resubmittals.
It seems that lately many on here feel they can just submit there MOD request and then sit back and let NACA or BOA take it from there with maybe one phone call a week to check in! If you are one of these folks….The reality is you are probably going to get stuck with a bad offer or worse forgotten in the cracks!
Each of you need to sit back for a minute and take the bull by the horns and stop crying in your coffee that no one is helping you….HELP YOURSELF!”
In the same thread referenced above, I found another homeowner’s experience with NACA that may help you make a decision to work with them or not:
The homeowner said: “BOA Mod was no upfront money..1st payment Sept 1 4.875 till 2014 then 5.375. This dropped my payment by $250.
NACA Mod-3200 up front, 4.75 for one year then 5.25 permanently. Drops payment about $70.”
Help yourself is what I suggest you do using the right tools and strategies to fight with. You don’t need to hire an expensive attorney; you don’t need to hire a loan modification company that cannot guarantee you anything; and you don’t have to depend on any agency to negotiate for you.
Before completing and sending in a loan modification package, you may want to obtain some coaching to combat the stall tactics banks/servicers are using to cut to the front of the line of other applications and get approved faster
Click here to get proven help with your home loan modification
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