Answer:As far as their effectiveness, there seems to be a mixed bag of feedback by homeowners in need of a loan modification.
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.
Read these comment threads from homeowners who have used NACA
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.
How you can force your loan servicer to get off the dime and approve your loan modification – especially if they have been jerking you around
- If you have not applied for a loan modification yet, get Mike Rockwood’s Loan Modification Kit in order to package your application correctly from the start. Get more details on here
- In your loan modification application, include a Qualified Written Request that requests a copy of the note. This is the note that is referred to in this video segment. If they cannot produce it, which is highly likely, you’ve got leverage against them to negotiate aggressively, ie, get a principal reduction along with better interest rate terms. This will likely an in-house modification deal, not a HAMP deal.
- Watch the Q&A Coaching Videos for more help:
# HowTo Package Your Loan Mod Application Kit
# HowTo Phone Negotiation Tips
# HowTo Complain & Motivate When Getting the Run Around
# HowTo Follow Up by Phone, Fax, Mail
# HowTo Use a Qualified Written Request
# HowTo Fight Rejection Tactics
# HowTo Stop a Foreclosure Sale In 1-Day
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