The Black Informant | African American Commentary, News and Community Building

My mother and i would like some more information on how to get started.

i would like to know more.

Just click on the link within the post to visit the site.

Good Program but VERY poor customer service. They have a revolving door of credit counselors and non-responsive staff members. Use the compliant form to get better results.

OH—MY—GOODNESS!!!

I did not want to say it because I thought we were the only ones that noticed. My wife and I could talk all night on this one.

ALL NIGHT!!

I’m working with a mortgage counselor now and the delays are killing me. No follow up, constantly put on hold. You feel like you have to endure it because it is a good program and you want to save money. This is discouraging and frustrating when you have deadlines to meet. I hate to lose a good deal because NACA can’t prioritize.

naca is the best program in america we have a 4.25 fixed rate yes it took almost a year but a mtg is thirty years and while we did have a delay it afforded us the opportunity to save more money please use this program there are quick close programs you can close in thirty days but you will pay a down payment you will pay a higher interest rate you will also pay primary mortgage insurance so makeyour choice we are paying abotu 410.00 less than we would have been paying otherwise. and yes the service level is in the trashcan and the reason is becuase it is such a good program and you haev thousands of people in one particular office with maybe 5 counselors

NACA in DC is AWFUL!!

They have the best interest rate in the DC area but they treat you like you’re a nasty beggar with your hand out.

It’s not just the delays, non-responses and inept employees. It’s also that they don’t recognize that you are making the biggest purchase of your life and that you’d like to be treated like a decent human being.

After months of working with them they approved me for an amount that couldn’t finance a cardboard box. I did everything they asked me to do and still they refused to look at me and my finances individually. They simply don’t work with you. They are disrespectful and discourteous.

we were in the same situation we were approved for 100K originally so what we did was we showed them we could afford two hundred k by saving the difference off a 100k mortgage and a 200k mortgage we did that for 90 days and they double the approval amount. dont give up men lie women lie but numbers dont if your numbers are right they can’t deny they are in business to make money also if you are not approved your counselor doesn’t make any money it doesn’t play in their favor to decline you

NACA, with all of its “good” provisions is indeed a Joke! In the event of any problems, the home buyer is left out in the cold and NACA uses its money to hire the best in lawyers to supress your efforts. Stay away from NACA like a plague…

As a licensed realtor in Atlanta, GA, I send all my clients that are buying under $252,000 through NACA. It is a wonderful program….I agree, that NACA personnel need to learn better customer service skills… I will leave it at that basic comment… My suggestion to everyone is to look at the bigger picture….ignore the nonsense and get all your paperwork in so you can get approved and not have to deal with the craziness. I am in no way implying that you allow anyone to mistreat you. Most of the NACA folks are completely overwhelmed… http://www.joinnaca.com If you have questions, please do not hesitate to contact me.

Marvette Critney 404 396 4519

Ok, ok, I agre that customer service could definitely improve, but I have to keep in mind that I’ve taken note of the type of work load they have, and no way would I take that on in a thousand years! Especially Curtis Luke in Atlanta. He has a real passion for his work.

Try not to knock NACA until you try it.

I know for a fact that NACA is legitimate because I was recently approved and last week I officially got under contract with my dream home for 200k!!!! The reason you don’t hear about this program through advertizing is because they want to save you money, so all of that is by word of mouth via clients, and believe me, the word travels fast! Read below if you want to know my story…..

They have a buyer’s seminar so that you become informed as to how it works and who qualifies, and how it can change people’s lives. For example, you cannot currently own a home, but rather looking to buy a home. Perhaps a current renter, moving out of relative’s house, etc. Or you can do re-finance if you have a really high interest rate! They save your bum if you’re on the verge of forclosure, for example, due to preditory interest. You have to be prepared for it to take a while to complete the process, especially if you have major credit issues… But if you have good credit, it takes less time.

Ok, here’s how it worked for me. I’m not even employed currently because of medical issues, but it still turned out alright. They had to base everything on my fiance’s income, and mainly his credit. This worked out for the better tho because my credit is shot from my previous marriage. Basically all I had to do in this case was to write explanations for my terrible credit which popped up on my credit reports, and they sent that to the underwriters who make the decision for loan approval with Bank of America. My fiance’s credit is much better and didn’t have to give any explanations for his credit. Since we are currently living off of only his income it sounds like a problem, and he’s not exactly wealthy, so we had to turn in a realistic budget plan. We were approved for a mortgage which would not excede $1200/month. That’s how NACA does it. It’s what you pay monthly. Not what the total amount of the loan is. There are no closing costs, remember that…. So when making an offer on a home, you can ask that the seller pays “x’ amount towards what would have been closing costs, but in actuality, it goes towards “BUYING THE INTEREST RATE DOWN”!!!! When you do the math, you save alot more money than if you were to make a down payment.

So we asked for our home to be $200k and the seller to pay $11k in closing costs (buying the interest down). We’re putting $20k in ourselves to make it a 30 year fixed interest rate of only 1.375%!!!!!!!!! Yeah, that’s right…. To top it off, we’ll only be paying $978/month for a 4 bed/ 3 bath home in Atlanta!

Don’t believe me? Well, I’m moving in this home in a couple of weeks…. You can play with the naca mortgage calculator if you want to and even go to a seminar. It might change your life…..

How will I know for sure that my interest rate will stay fixed at the same % I start out with for the entire 30 years that I am paying for the house. Is there anyone out there that can testify that they’ve been in their NACA home for several years without any payment increase? Also, how significant is the fact that NACA will have a lien on your mortgage….What risks to the homebuyer are involved with this? Please Help!!! Thank you!!!

I am very discouraged by the NACA program. They find any reason to delay to mortgage process. The customer service is awful and the staff is very unprofessional. Great product they offer but very, very poor process and customer service. My disgust with the NACA program is almost unbearable.

The key to working with NACA is to listen and follow their instruction carefully. Follow all of the guidelines, bring in the documentation requested, pay down what you can and save as much as possible. I attended their seminar and my sister bought a house through them. If she could do it, anybody can. It just takes patience and perservance. Just because something is a challenge doesn’t mean you won’t benefit from it. Yes, the staff is overwhelmed but is owning your own AFFORDABLE home worth passing up over some poor customer service? I think not!!

NACA is NOT worth it. We did everything our counselor in Kansas City asked and more. We were qualified for our monthly payment. We saved the difference between our rent plus more the entire time we were in the program, stopped using credit cards and securely afforded it. We were given the go-ahead, searched for and found a house, put a contract in, inspected it and are three weeks from closing. We went through bank application (approval for Bank of A laon) and the SAME underwriter who qualified us for our payment refused to approve us even though nothing about our situation had changed. She said she would only qualify us for half of that and gave NO REASON WHY. Our mortgage consultant (if you can honestly call him that) began giving rediculouly unsound financial advice so we could “get around the computer system because it wasn’t understanding finances” (what does that mean?) During our phone conversation on how to fix the problem, I pointed out how it was his job to forsee and prevent these problems and he HUNG UP ON ME. We are taking our business elsewhere and we intend to share with the world how NOBODY deserves this treatment. You are worth more than the dirt that NACA thinks you are. They act as if they’re doing you a favor, when in reality, they’re wasting your time. Quit making excuses that the staff are overwhelmed and realize you are worth decent customer service AND a smart home loan. There are more fish in the sea.

THE NACA HEADQUATERS NEEDS TO RE-VAMP THIER TRAINING PROGRAM AND HAVE AN ORIENTATION FOR THE WORKERS IN THE ATLANTA OFFICE. TERRIBLE CUSTOMER SERVICE WITH NO FOLLOW UP…

I don’t know what has happened to the NACA personel, but they are not up to the task. I was referred to NACA by some co workers in 2000. I decided to try the program in 2007. I have been saving my shock money for over a year now. I have over $11k in the bank. I was saving my shock money prior to joining NACA, so it was no big deal. I have submitted all of my documents in a imely manner. I show up for my appointments early. But the counselor I was working with has been treating me like she is doing me a favor. They do not follow up. I have been waiting almost 3 months for her to submit my paperwork for the approval process!! All i get is excuse after excuse. I have called Mary at the national NACA headquarters 4 times and asked her to call me back. Did I get a call back? Heck no! Instead I got a call from another counselor stating she was my new counselor.

Right off the back it has been more of the same. Poor customer service, horrible attitude, and excuses. I can imagine any office could be worse than the Atlanta office. If I conducted business like they do, I would not have a job. They are the worse group of people I have ever worked with in my life. There is no excuse for them to treat people like they do. NONE!! If they are overwhelmed, hire more people or learn how to multitask and use your time better. Right now, I can not recommend NACA to anyone. I can honestly say NACA has done absolutely nothing for me!! I was saving prior to working with NACA. All they have done is take my money and run my credit. I say fire everyone except Curtis. He is the only one that seems to be about business. I wish he was my counselor.

I am so glad I found this site, now I don’t feel like I was the only person being neglected by NACA and yeah Mr. Curtis Luke. I have heard a few positive things about him on this site however I beg to differ. My husband and I have been working with NACA since June 2007. We paid off both our vehicles, saved our shock money, etc, etc. We meet diligently with our counselor at least every 3-4 months. We submitted all of our loan documents on the beginning of June, well as of mid-August we are still in the same spot we were in June with Curtis not responding to emails/phone calls, always asking me for pay stubs and bank statements. To make a long story short, we ditched NACA and was approved for a FHA loan within 4 business days. NACA seems like a dream program but don’t believe the hype and the letters that are posted all around the counselor’s office!!!

i applied for a naca mortgage i make 85k annually and had 30k in reserve i was looking for a loan for 200k after 6 months of run around with all my documents intact i finally went to fha and was approved the same day ps my creit score was 700 naca is a dream but one that will never happen i still hear the excuses

I tried going through NACA (Atlanta) in early 2006. I had all of my paperwork ready and had no credit issues. I actually started working with them in the Fall 2005 because I wanted to make sure I gave myself enough time to get everything straight. When I was ready to put a bid on a house, they just dragged their feet and all they had to do was verify my employment status at that point. I finally took my realtor’s advice and contacted a mortgage broker she worked with. I faxed him over the same documents that I had sent NACA and he approved me and locked in my rate within an hour!! I got an FHA loan at 5.5% fixed. My total out of pocket expense was around $2000. My mortgage pymt is $1085 PITI on a $150K house. That’s not bad at all. I am paying PMI because FHA requires it, but it’s quite low. NACA makes you pay some fee to fund their company so it ends up being the same thing. The program sounds good, but for the life of me, I can’t figure out why they are so disorganized.
P.S. I dealt with both the Atlanta office and Tampa. And I also knew someone else who was dealing with them in Tampa and it was such a mess that the person had to finally give up and look for a regular mortgage broker (2004).

I’ve been in mortgage business over 20 years, and the mortgae industry is tough now – I was thinking about going on board with them – any personnel out there with stories??

NACA is the best program for all homebuyers… however, the process can be horrible, customer service doesn’t exist. People are idiots, lazy…should I say more. As a top Realtor in Atlanta, Metro whom sends clients to the NACA program… in the end… it is well worth the torture… I just had a closing on 9/22/08. My client purchased a 5 bedroom home… granite… a walk-in closet that is the size of a small bedroom… sitting room and fireplace in the master bedroom…. the home was $215,000… the seller gave $50k towards buying down her rate… my client’s total monthly payment including taxes and insurance is $975 a month fixed for 30 years… at 24 years of age…she has already purchased her dream home… was it worth the pain and drama of dealing with NACA… I’d say yes….

Been in the program since Nov 2007. Closing tomorrow @ 5.5 interest. Don’t go to NACA if you’re looking for customer service. You can get that at Red Lobster. What you will get from NACA is a house! Curtis in Atlanta? While yes, he can be all over the place when you’re working with him, listen to what he man says. Sorry, can’t speak for the other offices.

My husband and I are new members (we guess we’re members). We went to the workshop, we got incorrect information and proceeded to follow instructions and gather material (based upon this information). Went to our first meeting with our counselor. We repeated this incorrect information and was quickly escorted from her office. She said we don’t handle that. No suggestions, no look over our paperwork nor the material on budget and such we had put online. We weren’t in the office over 5 min. We drove over 3 hrs to atten. I called and talked with a representative she also have this incorrect information. We’ve just been trying to see what we should do. Still want to continue, if only I can reach someone who knows what they are doing. This was in the office in Charlotte. 3/2009

Im going on two years with NACA, my credit floats between 680 and 720. Ive made well over 6 figures for the past couple of years with 25K in reserve. Ive had the bad experience with the three Ive had especially Curtis Luke in Atlanta. my first counselor, Tracy Warren, didnt do anything and then found another job, at which time I was transferred to another counselor, who did nothing and then transfeered me to Curtis Luke without my knowledge. Approaching two years I think Im the oldest client of NACA without a mortgage. If I didnt have the money to buy down my APR to next to nothing I would ahve been walked away. But, since real eastate is still cheap, and Im not in a rush, not that I can be with NACA, I will try to wait it out until at least the end of the year.

Can anybody tell me if the service of NACA is good in South Carolina. I will attend my first workshop on April 4th 2009. Please respond if you have any info. Thanks a bunch!

I noticed the inconsitency with this organization that no one is well informed…constantly being shuffled. I chatted with the interactive rep and she was clueless??? Considering I told her I was interested in purchasing a property and helps me and when I realized I was getting no where with the woman, she proceeded to tell me she only knows about “helping people who are in the stages of foreclosures.” Bare in mind I was interacting with this individual for 20 minutes. In addition, I called and the samething no one had an answer I was transferred to an inbox where you could not leave a message…I will continue to see if this program is as good as the provided information states.

I am glad that I found this site as well. NACA may have the best deals around, but unfortunately, as many have already mentioned, THE CUSTOMER SERVICE IS HORRIBLE AND UNACCEPTABLE!

It is amazing the lack of professionalism in one place. No one will return telephone calls or e-mails(including corporate), they make up excuses after excuses, they talk down to you, and even lie to you and try to deny it later on.

Regardless if you are buying food or buying a home, there is NO ACCEPTABLE REASON to down-grade people and risk destroying someone’s life and/or dreams.

Atlanta Location Member
(Still trying to purchase a hone since Dec 2008)

We Would like to schedule a phone interview for , May 13th , 2009 , at 2:00 pm . We have send your Charlotte, NC office , all of our financial information . Our phone number is 803-951-0330 . We also have sent Wells Fargo our information and have spoken to them several times . Thank You for your assistance.

It seems like the experience is particularly bad in Atlanta. I know 4 people who have gone through the NACA program with nothing but praises, and I’m in Charlotte. For the last two, their process from seminar, to meeting with the mortgage counselor, getting approved, finding a house, putting in an offer and closing was less than 8 weeks. I guess I’m glad to be in NC.

i would like to speake with someone from your company, because i am having a problem with my mortage company i live in orangrburg, sc.here is my phone number. 803 531-2311 – home 803 860-0118 cell number .i will be looking to here from you, thank -you ms. annie owens.

(WARNING THIS IS GOING TO BE LONG) I started working with the NACA Atlanta office when they seemingly first got started in 2001. I say that because they were in a small office and a handful of people attended the workshop, nothing like the masses you see today. Back then they were very attentive, they also didn’t have 1000 people to serve a day. From 2001 to the present I have been through every financial hardship anyone could ever imagine… However, because I went to my NACA counseling sessions not once but twice, I knew what I had to do even if I didnt have the resources to do it right away. I changed my way of thinking about money, spending, paying bills and with a lot of hard work and some real well timed blessings, I am finally ready to buy! Come on! This is the best time to buy a home so the Heaven’s looked out for a sister. Everything in its own time!! I thank NACA whole-heartedly for who they changed me into. It feels good to have money in the bank, it feels GREAT to know that the phone ringing is not a bill collector. AND THEY NEVER CHARGED ME ONE RED DIME!It wasn’t because anyone constantly and consistently sat down with me and counseled me, it was because I read the material they gave me, I always check the website for new information and did ALOT of research on my own about financial matters, credit scoring, went to different seminars (like HUD) to get more information. I helped myself… that said.. the Atlanta office “has” become horrible with customer service, unorganized, unresponsive and everything they’ve been accused of here BUT… they are over worked, its non-profit (so definitely underpaid) seeing way to many clients a day, one person doing intake, answering phones and now with the Home Save program in full swing its past ridiculous.

I saw someone come in, frustrated, because he had been calling and calling and could not get a satisfactory response. The receptionist was putting people on hold quicker than God could get the news, taking money for credit reports, making files, copies, her hands were moving as fast as they could, the lobby was full and that was at 5:00 PM…. He just put his stuff down, rolled up his sleeves, went back there, and asked “whats the greeting?” started answering phones, taking messages and answering questions based on his own general knowledge. One of the requirements for being a member of NACA is to volunteer 5 times a year, while we are complaining, we should be inserting ourselves into the Atlanta office (or whatever office) even if its for an hour on your lunch break. Take a vacation day and volunteer. Just imagine, your face in the place, how could you be ignored? You wouldn’t have to worry about anyone returning your calls or emails. EVERYONE does deserve to be treated with dignity and I do not take anyone off the hook for their awful bedside manner. However for a second, please put yourself in their shoes. I’m the nicest person I know (yup its true lol) I work for a bank, in the legal division and some days; my goodness, in an 8 hour period (NACA counselors work more) you deal with all kinds of personalities, situations, people cussing you out, not bringing the correct paperwork, you have 50 clients that day and 200 emails that morning, everyone screaming “whats going on with my case?”… you don’t take lunch just to play catch up. Then you have to attend the workshop on Saturday’s, host the buyer workshop on Thursday’s, deal with the underwriters who are pains in the “bleep” sometimes. The poor counselor catches it for a decision the underwriter or the bank makes. For those who tried to go through NACA end 2008 and even now 2009 are you watching the news? Do you know that Bank of America is still trying to honor its commitment to NACA but they took bailout money. Have you seen their stock price lately? Bank applications are being scrutized harsher than in 2007 but who gets the blame NACA counselors who are really the middle men/women! Why do you think theirs such a turn over of counselors?

To me those who have 700-900 credit scores with mad money in the bank though you are welcome at NACA umm “why??” I would go to BOA directly, state I want the same deal as NACA members or close to it, or do an FHA (whose terms are GREAT these days)and keep it moving. The state (GA)is giving 14,000 to anyone who moves into a HUD home, Dekalb, Fulton and the City of Atlanta, are giving money away as well for people who purchase HUD homes, some properties and agents will be able assist youwith filing for the 8,000 first time homebuyers credit to assist with downpayments. Incentives are being given to buyers who bring their scores up to 620… do your research. I’m hopefully in the final stages of a long journey and its almost effortless. I have an aggressive sellers agent that is NACA friendly, I chose a mortgage well under what I approved for and its a new construction… what they call a perfect storm. Could things go wrong, sure, could it be delayed of course but again working for a bank and keeping my eye on the news lets me know that it may not be smooth sailing. Everything is not for everyone. For some its FHA, some traditional, some like me who will be paying 4 dollars less than my 795 rent with a 1.5% fixed will be patient and wait on NACA!! I will never slam them for being human!! I’m understanding of their situation. If you ever worked in social services or ever volunteered for anything you would know its somewhere between Heaven because of the help you give and Hell because of the people you can’t assist and trying to do something with absolutely nothing. They (all of them) aren’t even allowed to purchase business cards they are on such tight restrictions now. I wish you all well on your NACA journey if you have the stomach to take it .

I work for a builder in the Atlanta market and NACA is an awesome program. You honestly have to know someone inside of NACA, preferably an agent who works DIRECTLY for NACA (not an outside agent who is NACA certified) for the process to go smoothly, and that is just like anything else. I believe it’s worth it. Every customer we have sold a home to who has utilized NACA has closed successfully, and the transaction was very smooth. They have payments that are unbelievably low because NACA allows the interest rate to be bought down to practically nothing!!!!!!

NACA is a SCAM
I’ve been a NACA member since 1999. I lost my job in October 2008.
I called NACA right away because my unemployment did not kick in
until a after a month later. NACA is suppose to help you with your
mortgage if it is 30 days late. However, I was told when I called to
take 3 months to look for a job. Did not make sense to me. After 3 months you a automatically in foreclosure. So after a month later I called NACA back I got my case workers’s Director who said he should not have told me that. Well they took me though all these changes to be approved for a month payment. They first had me call Salvation Army and other charities for help with the payment. Then if no success I had to go to PLC meeting.
Pier Lending Committee. for approval. I was approved through them.
I hand carried all documents requested of them to the D.C. office
so my case worker could not say I did not fax them to him. Which he tried to do a couple of times. All the documents was placed in the
system so they could not deny they did not get them.
Then the Director told me to send proof paying my mortgage for Janauary. I did that and she said she would release the payment.
My case worker said the payment was realeased on Feburary 26th.
I called the bank and they said they did not receive a payment from NACA. After that, my phone calls, emails and voice messages, were ignored by the director and my case worker. I was constantly calling them about the payment and at one point my home phone number would not go through when I dialed either of their extensions. I would automatically say GOOD BYE. I have to call form my cell phone. It seemed as though my phone number was blocked from their extension. I waited a 2 months before I called back and finally got the director on the phone. When I told her who I was she told me to hold on acting like she was goint go check to see what happened with the payment. She never came back to the phone after holding for 20 mins I was cut off. I called right back and got her voice mail. I left a message and a return phone number and have not heard from her at all. It is now June 2009 and the payment has not been made. There is no problem becoming a member of NACA you can get into a home. However, when you need their help you can forget it. All they want is your monthly 50.00 payments for 10 years. When I joined NACA the 50.00 payments were only for 5 years. That money is suppose to got into a fund to help you when you need help with your mortgage payments. It will never happen. I am still waiting for them to make the payment after they told me they did in Feburary. The bank says they are being dishonest and the payment has not been made. Right now they continue to dodge me. Also I phoned and left Bruce Marks CEO. a message and he never returned my call. Along with cc: him a copy of the emails I sent to my case worker’s director. I believe they are following orders from the top. Bruce Marks. This is coming from the headquarter office in North Carolina.
I like to know where the 6,000.00 dollars I contributed to the fund went? Beware of NACA they say no closing cost. However, you will be paying for 10 years. I have yet to hear from someone who says NACA paid their mortgage or kept them from being forclosed. I only needed that one month payment and did not get it. Along with that my credit is messed up and late charges were constantly accruing. After it was approved. They have taken 6k of my money and I want it back.This organization represents helping people but does not follow through when you need the help. This is America you get something for nothing. They are getting it from you one way or another. I truly believe in Universal Law and that does not go unpaid.
https://www.naca.com/press/globe20071230.jsp

Beware of NACA. Ihave been going through the home buying process with them for a total of 7 months with no results. I know at least 3 of my white friends that have came into the program and where approved within 6-8 weeks. My credit was excellent my monthly salary is over 5,000.00 per month with a good rental history unlike theirs.
NACA is racist you will have a very hard time getting a loan if you are black but illegal aliens and anglo’s will not

Hey! Anyone have experiences with NACA and remodification loans in California? Would love to have your feedback. Thanks in advance, Victoria

Can anyone tell me about the NACA program in Philadelphia PA?

NACA is not racist. I know a ton of black and brown people who’ve gotten homes through the program, myself included. My process was pretty painless. I do think it has a lot to do with what poeple and office you work with. The level of competency and efficiency will vary, the same as it will with any business that has multiple locations.

I worked with 2 NACA offices, getting approved in DC after 1 meeting with my counselor before deciding I wanted to relocate. After moving and living in Atlanta for a year, I called and had my paperwork transferred so I could bypass the seminar. Again, I was approved after one meeting. The more organized you are, the better. Curtis Luke was my counselor and he was overworked, but diligent. My agent was independent but had previously been employed by NACA so he knew the people and the process well. I’ve been in my home for 2 years now. NACA is a great program and I’m thrilled to have purchased through them.

I am also looking forward to hear something about the loan modification procedure in North California, I’m facing foreclosure already and I can’t get in touch with anyone at my nearest office!!
I suubmit my packet thru them on 10/17/09.

has anyone in arizona had any good or bad results with naca

Has anyone has success with a loan mod with Emigrant Mortgage Company Inc? I reside in NJ but the bank is based out of NY. I am not having any luck with the lender contacting NACA and my package was sent in on 12/13/09. The lender states they never recieved the packet. Help

NACA IS PAYED FOR BY THE GOVERMENT, ANYTHING THAT THE GOVERMENT PAYS FOR ,WILL NOT WORK AS WELL AS YOU MIGHT THING.I BEEN TRYING TO WORK WITH NACA WAY BACK IN JULY OF 2009,LITTLE DO WE KNOW, THE PEOPLE ON THE OTHER END OF THE LINE,COULD GIVE A SHIT ABOUT WHAT YOUR NEED ARE,ONLY BECAUSE I BEEN THERE DID THAT,THE PHONE CALLS THE FAXS SENTED,EVERYTHING THEY NEEDED THEY GOT,FROM THIS DATE, I HAVE FAXED TO NACA12 TIMES OR MORE AND STILL THEY HAVEN BEEN ABLE TO TELL ME WHERE MY FAXS ARE 12 TIME PEOPLE.IF IT SOUND TO GOOD TO BE TRUE WELL YOU KNOW THE REST…..

NACA works. Long process but great outcome. you have to do the follow up. we filed on 10/09 and done at 02/2010 with bank of america. Sucessful case. a lot of stress waiting.

If anyone has questions about NACA, wouldn’t it be common sense to investment a small amount of money to have a real estate attorney look over NACA’s Membership and Authorization agreement? Purchasing a home or modifying terms on an existing mortgage is a big deal and worth this small investment to know what you’re dealing with. I have read NACA’s agreement and have my own questions about its legitimacy, mostly because of their recurring language about the fact that as a member one has no legal recourse if something goes bad with NACA. Know the laws and know what you’re dealing with. Due diligence is every borrower’s responsibility. Do as much research as it takes, and if NACA truly is legitimate, take whatever b.s. they hand you and deal with the time it takes because as another commenter said, you’re getting into a 30-year commitment, so if NACA can make your dream happen, it’s worth whatever crap you have to deal with. For G0d’s sake, it’s practically free; a $20 membership fee and $50 bucks a month over a limited period of time, depending on the amount you borrow (up to a maximum of 10 years). You can’t get mortgage insurance for that — mortgage insurance isn’t there for you, it’s for the banks — why should anyone have to pay that? It makes no sense. They don’t charge fees or anything else beyond that, so yeah, I agree with the person who said to basically buck up and deal if what you want is the best deal out there. Anyone complaining about the time it takes to deal with NACA and their rude, unhelpful employees doesn’t see the big picture. If you get bad service, remember, the squeaky wheel gets the grease. Be pushy, make complaints and do whatever work you should do. Don’t expect something for nothing, which is what I keep seeing people doing here. Again, be smart and spend 200 – 300 bucks to a good lawyer to tell you what he/she thinks. Speculating on whether it’s a scam or not is silly. Getting real info that could change your life for the better (or not) is priceless.

Northern CA people –
Yes, I have been TRYING to get modified through NACA since October 2009.
The bank supposedly sent us paperwork in December, but we never got anything.
Then we were told we were approved, so we accepted.
Now the bank seems to have changed their mind and we are rejected.
However, we keep getting mailings from our bank offering us modification. Maybe NACA posts things on your account to make you think they are doing something. As far as I can tell the bank has no idea we are working with NACA, which makes me think they have never really contacted the bank.
Now that we have defaulted on the advice of NACA and the bank rep at their event, our credit is screwed and we will probably lose our home.
I wish I had NEVER heard of NACA.

I’m working on an article about NACA’s membrship agreement and “participation pledge,” which require 5 volunteer activities a year from its members. They state that activities may include protests and acts of civil disobedience. Does anyone have experience either participating in a NACA protest or being asked to to do so? Plese email me: naca.story@gmail.com

NACA Nonprofit Program,

About three month ago a friend told me to contact NACA in order to get help on our fight to modify our B of A predatory and unaffordable mortgage. My experience working with the NACA team has been disappointing and concerning.
This morning I spent 1 hour speaking with Kelly Greene on why our file was denied by B of A for the reasons of “financial”. The conversation was focused on my house whole spending and how much I spend on my Kids, Church and Dog instead of the B of A loan mortgage and the fact the loan was predatory and unaffordable.
In the past three month not one NACA representative including Kelly Greene reviewed and discussed with us the Loan Interest, Principle, Property Tax, and Home Insurance amount and compared it to our current income after taxes and identified if our mortgage is predatory and unaffordable.
The sad part of it all is the help we and suffering Americans are seeking for can easily be identified if simple consideration is afforded to hard working taxpaying citizens like my wife and me. Banks predatory and unaffordable mortgages can be identified by reviewing the total monthly payment amount of (Principle, Interest, Property Tax, and Home Insurance) meets the percentage criteria set to the total income after taxes. (initial debt to Income ratio)
Form the discussion with Kelly Greene, I feel that she and most of NACA team is focused on personal spending vs. holding the Banks accountable to do right by all suffering Americans like my family. I was more discouraged and convinced that NACA cannot correctly represent Americans like me against Banks. We are victims of the Banks predatory practices during the 2005-2006-2007- 2008 times. Now our government is spending our hard earned tax money to support a Nonprofit organization like NACA only to waste our money and destroy the hopes of hard working Americans like myself.
Thank you NACA

Hello Sir, I would like to help you out; I order to help you I will need your naca id#. you can send it to groseboro@naca.com

a $20 membership fee and $50 bucks a month over a limited period of time, depending on the amount you borrow (up to a maximum of 10 years). You can’t get mortgage insurance for that — mortgage insurance isn’t there for you, it’s for the banks — why should anyone have to pay that? It makes no sense

TO THE NACA EMPLOYEES!

Please explain the above comment by Judeen. So we should be paying NACA for a total of 70.00 a month for min of 10 yrs..sounds too much and thought it is a FREE SERVICE. Sounds tricky..Also, how soon or what is the maximum or minimum to settle modification..Why other comments are forever..How’s true?

TO WHOM IT MAY CONCERN:
Does anyone knows other company that does MODIFICATION well and fast?

I am attending a seminar this Saturday. Is it worth it or just a waste of time?

I work for one of the servicers who attends the Save the Dream events meeting with borrowers seeking loan modifications. My advice to all homeowners seeking help and attention in a loan modification is to escalate your circumstances through your actual bank. NACA and the banks are overwhelmed by the amount of people in this country who need help.

All banks have specific departments that deal specifically with escalated complaints regarding assistance. Write a letter to your senator, the CEO of you lender, your congressmen and even your local paper. Once your file is escalated, it is treated with a higher priority than if you try to seek help on your own with your lender or even through NACA.

Where NACA can become problematic as well, is that they serve as a middleman. So, if your servicer is backed up and is waiting for a response from NACA, that can lead to increased wait time on the part of the borrowers.

I cannot stress escalating your issue enough. In my experience with my own company, that is where I have seen the fastest and most attentive service given to borrowers.

Good luck everyone.

Isn’t like the sub prime mortgage mess….is this the next bubble to fall.

I joined NACA in late January of this year and began the program. I was very optimistic at the start. As the months went on, I began to realize my mortgage consultant was not trained in customer service or competant enough to give us the service we expected and deserved. As of today, I am still waiting to close. I have called and emailed with no responses. I have been told ‘their (NACA) hands are tied and we’re waiting on the bank to respond.’ There were many times where my husband and I had given our mortgage consultant documents only to find out weeks later the paperwork was still sitting on her desk and she hadn’t gotten around to uploading them. At this point, I am more than frustrated. Tomorrow I will lose my earnest deposit due to NACA’s inability to close within the 45-day extension they required of us! I asked my mortgage consultant if she was going to pay my earnest monies and got the same ‘i don’t know’ or ‘i don’t care’ response I have received throughout the five months process! I have heard so many excuses I am sick! Also, ‘no down payment, no closing costs, and no credit check’ are lies! My credit has been checked twice at my expense! We are required to pay one months morgage up front, one years home insurance up front, and one years flood insurance up front! Furthermore, I have asked my mortgage consultant to contact a regional manager and have been told she is not responding to her IMs and my mortgage consultant does not have access to a telephone number for the regional director! In this technology driven society, do not tell me you can’t contact your manager for assistance! It’s Ludicrious Bullshit! FYI I have attemped to call their (NACA) complaint hotline 1-888-222-0300 or 1-888-404-6222 and each time get a recorded message with options. Unfortunately for me each number hangs up on you after 2-5 minutes! NACA attempts to fight ‘predatory lending,’ but in alot of ways NACA is just the same as all other lenders; they(NACA) have more people telling you ‘i don’t know!’
BUYER BEWARE!

0ur goal is to have a method for our members to interact, share stories while providing NACA the ability to improve our Customer Service via your feedback.

We have launched The Official NACA Public Forum https://forums.naca.com/forum

Our forum is being monitored by NACA Staff and you will receive prompt assistance and direction per your request.

Keep in mind that the forum is NOT a replacement for NACA Counseling. If you need to schedule an appointment to speak with a counselor, please do so through the main site: https://www.naca.com/ and logging into your Web File or call 888-404-6222 to speak to a NACA Representative.

Please also keep in mind as these forums are public in nature, DO NOT POST your NACA ID, password, email address, Social Security Number or Tax ID in this forum. Please also keep our forums free and clear of any profanity, racism, rude language, and inflammatory comments.

Thank you, and enjoy our NACA Public Forum https://forums.naca.com/forum

Ricardo Herrera
Online Operations | NACA

This link to the forums does not work.. it just spins and never opens a page. A high school kid can create a forum on line. NACA cannot. How am I to trust them with my life savings?

okay, link works in IE, but not firefox. too bad NACA can’t create a website & forum that is cross browser compatible.. or at least works in the most used browser out there.

We were just told by NACA today ater a year of prepping and a year of loosing out on homes offers, due to our affiliation with NACA that our local office cannot underwrite loans for 3-12 weeks due to “inner office restructuring.” WE ARE 30 DAYS OUT FROM CLOSING I AM FURIOUS. We have opened escrow, paid for inspections and are about to loose it all. I thought we had seen it all in this wacky Vegas market plagued with foreclosures and short sales as our only options, but this takes the cake. My local news will be hearing from me in the morning!

Whatever happened to the good old days where you paid your bills on time. Saved money for a down payment and got a loan. This instance society where everyone feel they should be a home owner is insane. The reality is if you need a special program to help with down payments, credit counseling, etc then you can’t afford a house. A house requires up keep. You need thousands of dollars set aside. Right now my moms house needs a roof, siding and windows. Guess what she has the money saved up. She’s not pulling equity out or using credit cards. Also this is a woman laid off 6 years ago and never recovered from the $30,000 pay cut she took. So yeah these are hard times for people that over extended themselves. Pay your bills then save. That’s the American dream.

Why people think that the government or anyone owes them something or help?

We are one of those families that right out of college saved one of our salaries for 3 years to purchase our first home. We bought a foreclosure property by the beach 17 years ago (a real dump at the time that cost us a fortune coming from Texas and Arizona).

We sold our first home and moved up a bigger home recently. We purchased our second home again with some savings right before the housing bubble blew up. Now our home is more than $200,000 less/under than the purchased prized and we are stuck with a house and decision for at least 10 years.

My husband and I took nearly 20,000 dollars out of saving recently to refinance and now we are left with almost not buffer because our decision to move to a bigger home.

Yes, we got an interest only loan to purchase the house and thought that we must act now and do anything possible to refinance the property so; we will not lose our home in few years from now.

Never once I thought that I needed the government help. I doubt that we would have qualified because we will be consider part of the “rich” people that democrats constantly critized. Instead we are just a normal family that works hard and save for the next emergency and kids plans. In California a two income family is not consider rich. A one income family is not considered rich in California either.

Today I heard that the government might forget some the principal of Fannie Mae loans…I could not believe what I read. So, let’s penalized those people like us that understand that we need to pay our debt and reward those that knew from the beginning that they could not pay their mortgages long term.

I know that we all want to someday own our own home but owning a home is not an American right. We lived in apartments for some years and were renters at times. It takes savings, planning to purchased and up keep a home.

I feel bad for the people losing their homes today. But, I also feel bad for us that drained our savings to meet our obligations and other people are using our good tax money to get out of their responsibilities

What make those people getting government help more special than us? What make those people qualified to get government help?

I think that if the government is going to intervene then do it for everybody or butt out and let everyone live and learn. This economic situation is actually a good wake up call for all us.

I still remember when we purchased our first home that it appear that nearly 70% of that specific beach city was for sell because every other house was empty. The owners most of them two professional income couples walked away from their homes back in the early 90’s. Yes, during the time that President Clinton closed nearly all the Military bases in California and many Engineers working for the Aerospace Industry were out of their jobs.

Interest way of rewarding responsibilities today. I do not remember those people getting help or bail outs back then…by President Bill Clinton or hs current goverment.

Silly us for using our last savings to refinance…maybe if we write to Barbara Boxer or the other Lady Senator she/they will help us and forget our loan and/or loss. Oh, never mind I need to wake up…we are consider the “rich” people by the Democrats and this current goverment. Let’s reward the rest of the people that do not comply and/or plan for good and bad times.

@Marie you did what everybody else did. Brought a home that you couldn’t afford (the 2nd time). You all did it the right way the 1st time. Interest only. Something for nothing. This is not a Democrat or Republican issue. It is an over stretching ourselves issues. Consumers were greedy and didn’t read the fine print and now they are getting burned. I say let the banks fall…..

The truth of the matter is that the lending institutions failed the American People, Our consumer protection laws were broken when banks were allowed to give loans to anyone, not even requiring a social security number.
I believe that NACA is on a sign the waiver of liability tour releasing the lender from any wrong doing regarding the loan that was offered without the traditional underwriting standards that would have prevented this Fiasco.
Where were the Attorney General’s then? Where are they now? I guess since it’s an election year everyone is jumping on the wagon.

We are all going to pay a price never seen before, so before you judge those poor suckers who got more loan then they can afford you might want to check the Federal Deficit and Mr. Bernanke’s latest speech. WE ARE all in debt to the point of unsustainable national debt. If your counting on Social Security or Government Health care you better make contingency plans.

NACA IS A SCAM THEY WILL NOT HELP YOU JUST PROLONG THE PROCESS AND YOU CAN NOT CALL YOU BE ON HOLD FOR HOURS AND THE PHONR WILL HANG UP THEY ARE MAKING MILLIONS OFF POOR PROPLE

We went to a Naca convention and couldn’t close that day but now we are closing after 1 year and the terms are good. YOu just gotta be patient and wait like everybody else, Naca is soo busy that’s why it’s hard to connect with.

Yes, I agree with many of the people in here. I don’t understand why NACA takes in more clients than it can handle. Is it just to get more funding or is it’s goal to truly help those in need of help?

NACA requests for documents over and over, yet these documents just sits there and don’t go anywhere. They prolong the process for homes to be foreclosed. I began with NACA being current on my loan and now my loan is in default.

NACA is proactive in public and conducting all those homesave events but had not done much for us who are already participated in the program to get a final modification.

To response to Anon Myous, I advocate my case and even esculate my case to the president of Bank of America. But she said because I work with NACA, she can’t work with me directly. Many things that NACA does are not rational.

Marie is an asshole! and epitomizes the negative rhetoric of the rich that plagues this country causing social injustice to thrive. The rich get richer and the poor get poorer. God Bless America.

Yes Yes Yes, NACA did the same thing to me, long hold times then the phone hangs up…no one could ever answer my questions,,,they stated that my file was submitted, but my servicer still havent got a naca file….I did it all myself, i called my servicer every single day until i got an answer back….i finally got my modification yesterday….please people dont sit on your hands and expect naca to do anything for you…

If you want GREAT custumer service, no closing cost and low down payment.
Renovated homes starting from 250k.
Call me at: (718) 809 2362
(In NYC only)

Ricardo. How about getting NACA to pay their appraisers??? I have been waiting for 1.5 years for appraisals completed in 2009. I send my monthly e-mail and make phone calls and leave lots of messages but they never return calls or emails. The checks in the mail is all I get. Im tired of asking or begging for money that belongs to me. They even closed on most of these loans. You want to help someone, help me. All I want is what is due to me for work that I performed. I even spoke with Carmen Orta who was the regional operations director and she promised me help. Nothing has happened. The manager, Shari Proctor, is a joke. She never returns calls or emails. Im begging here. I need my money. Times are tight. Again, you want to help, contact me and help me. atlanticcoastal@bellsouth.net or 904-230-0602. Joe Lograsso, Atlantic Coastal Appraisers, Inc.

SadinCA: I feel your pain. I went to a NACA seminar and spent 3 days sitting, sleeping and waiting for a chance to meet my lender face to face and work out a modification. As per NACA, i stopped paying and waited for the outcome. When my bank finally sent me the approval I was delighted. Unfortunately after making the 1st payment, I received a letter from the lender that they were rejecting the modification. It’s been 6months and I’m sill in limbo. I’m so beind the eight ball. I’ve made several attempts to speak with a NACA rep, but they haven’t kept a phone consult and I can no longer walk around with a phone attached to my ear listening to how many callers are ahead of me, just to get disconnected or told that they will make a note and look into the issue. I worked so hard to obtain my home and now I fear every day that I’m goin to lose it. NACA was a waste of time and energy. I’m currently working with the lender directly in an effort to clean up the mess that NACA created for me. Thanks NACA

SadinCA: I feel your pain. I went to a NACA seminar and spent 3 days sitting, sleeping and waiting for a chance to meet my lender face to face and work out a modification. As per NACA, i stopped paying and waited for the outcome. When my bank finally sent me the approval I was delighted. Unfortunately after making the 1st payment, I received a letter from the lender that they were rejecting the modification. It’s been 6months and I’m sill in limbo. I’m so beind the eight ball. I’ve made several attempts to speak with a NACA rep, but they haven’t kept a phone consult and I can no longer walk around with a phone attached to my ear listening to how many callers are ahead of me, just to get disconnected or told that they will make a note and look into the issue. I worked so hard to obtain my home and now I fear every day that I’m goin to lose it. NACA was a waste of time and energy. I’m currently working with the lender directly in an effort to clean up the mess that NACA created for me. Thanks NACA

MY problem is diffeernt ! Citizens bank since nov 2010 has delayed excused on getting a Loan Modification in place so i can meet the payments easier ! WE are both on SSI me and my wife and are way below low income only get $1060 per month !
Called again today spoke with rep i have spoke with before HE tells me that the MIss Hogan is waiting for a letter of authorization from my Dead mother !!! WTF is this i said U know she is dead i sent copies of death certificate the will and Deed to you weeks ago !
WHERE do i turn to now ? HELP me get these jokers moving because i know the game they are playing they want to foreclose on my home for a pittance of missed payments $950

Balance on the 10 K loan is $8100 I’m not giving up a home worth $160,000 for that amount

Over my Daed body is the only way they take my house ! I will kick them off my porch if they try to serve me papers ! I will not let the gov’t screw me over anymore !

WHO do i call now who will get me action ?

E mail me please billyzeke@gmail.com

Regards
Bill F.

With whom are you following up? The counselors will not return calls or answer emails. If you work, it is not feasible to consistently go to their office to sit and wait to see the counselor. I think if an agency is going to offer a service they should give what they offer or stoop claiming to have something to offer.

Erika, I wish it were as simple as you say. I live in Charlotte, NC. I have done everything they and the book asked for—-sometimes many times over. I have had EVERYTHING they originally asked for in since September 2010. It is the end of Feburary and I still have not closed. Last week three weeks ago the information went to the bank. The counselor had failed to get the information for the Patriot Act from me and to notice the W-2s for this year that I had faxed a week prior. She sent those to the bank, then, the bank decided the information from the apprasier was not sufficient. Then, we run into a holiday—the bank is closed. If I had not had a Realtor outside of NACA who is NACA certified and on the case, I would still be sending in bank statements and paystubs. I want to say a word to people who keep claiming this process is free. Everything is not about money. I have paid with my health. I truly feel as if my spirit has left me. As I sit here typing this my heart is beating so hard I can feel it in my throat. The doctor keeps sending me home saying it is stress. NACA required that I move here from Atlanta and establish work here if I wanted to buy here. If they had told me it would take this long, I would have gotten an efficency or something; however, I was told it would depend on how quickly I submitted the information. I moved in August with a job working with the same company I was with in Atlanta—did not miss a beat. What a sucker I was to believe that it all depended on how quickly I accomplished everything. They required I get a divorce since I was seperated. I did that in record time. Still, here I sit on an air mattress in my daughter’s basement. If you have no stake in the outcome, you are young and strong, you possess the patience of Job, and if you have a Realtor that can reach the counselor (because you will not be able to), then OK, NACA is great. Hope this helps somebody. Oh, another thing. Prepaids are part of closing costs and mine will be right around 2,000. total. You are responsible for part of your closing cost, which is not a problem, but they should not say “no closing costs.”

reading thru mostly all the negative comments about Naca I would like to remind people that this program is based on volunteer help from all the people who now own their homes thru Naca. If more people vounteer like they suppose to the process may go a lot faster. One or two people in a office can’t take phone calls, check faxes, e-mails, sit with clients, the amount of people that learned of naca since the housing market crisis has increased naca workload 100x and they do not have the proper staff to respond to everyone right away people making positive comments, head to your local office and lend a helping hand At one time naca mostly did purchases, so be patient, they are doing the best they can
Lynnette
Chicago

I have complete all of the paper work and got the required deposit. I have been waiting on my cousnelor to sent my paper work to the under writer. How long does it take to go through the under writer . Its been 3weeks.

I have complete all of the paper work and got the required deposit. I have been waiting on my cousnelor to sent my paper work to the under writer. How long does it take to go through the under writer . Its been 3weeks.

Why u have to pay a fee to naca of $795.00 one time fee for npv text….

OK Nca may be bad but there is help out there in your own city or town serach for YOUR local housing assoc. Information program !
They will get YOU set up with HEMAP for FREE HEMAP is the Home Equity Mortage Assistance Program gov’t agency That pays off YOUR back money and house taxes for the year under a loan for 12 years or less only cost you $25 a month THEN YOU continue YOUR monthly payments on YOUR mortage at reduced rate !

OK Nca may be bad but there is help out there in your own city or town serach for YOUR local housing assoc. Information program !
They will get YOU set up with HEMAP for FREE HEMAP is the Home Equity Mortage Assistance Program gov’t agency That pays off YOUR back money and house taxes for the year under a loan for 12 years or less only cost you $25 a month THEN YOU continue YOUR monthly payments on YOUR mortage at reduced rate !

My house went on foreclosure and I’m being evicted. Can NACA help or am I too late?

 After reading quite a few on here….I would have to say that if something is as good as it claims to be then there is definitely a catch.  My husband and I live in the Charlotte area and have been in this process for 11 months.  You can have a great business idea but how you market it will determine the success.  Unfortunately NACA has a great idea but bad marketing (meaning counselors, underwriters, HAND Dept. etc…) Usually when something is bad, from the beginning the warning signs will be there.  We always ignore the warning signs because we are soooo hopeful and have that gleam in our eyes of reaching that goal.  From the beginning NACA tells you that its process is long, drawn out, and repetitive by making us go to that 4 hour seminar from HELL!  Then the next step, meet with a counselor.  This is where you get treated like a puppet on the string.  Bring this document, bring that document and so on…If you are in Charlotte and do go through NACA…pray you do not get Glenda Miller for a counselor.  If you do, ask for an immediate change! LAZY, INCOMPETENT, and INFURIATING! Tell me why would you request documents from members only to have them not be sent to the underwriter.  Then a week later when I come in the office thats when she opens her e-mail to see what I have sent her.  So basically if I don’t check on you, you just won’t do your job.  In addition to that, she tells me she deleted the e-mail and I should send it again. WHO DOES THAT!!!! We have now gone through the bidding process and if we lose our deposit because she failed to send over yet again important documents to the underwriter, somebody in purchasing or the HAND DEPT is writing us a check or the news will get involved in this matter.  

With all that being said…..at the end it is all about who you deal with at NACA.  Not everyone is bad but I would not wish Glenda on my worst enemy.  As far as their 5 times a year volunteering policy, they can have that! Every time  I go in that office and have to wait 3 hours to be seen is my volunteering time.

Iv been a NACA member since June of 2010. I am one of those people that did everything that was asked of me. Clear up credit, fax in updated documents, etc. I do believe that NACA has a great program, but as most of you said the customer service is terrible. I work with the Chicago office and I am now on my 4th counselor and its now June 2011. For months I would be faxing things in and trying to get updates with no follow up or response from my counselor. After sending lots of emails and trying to call my counselor with no luck, I asked to speak to the office manager. Turns out my counselor was fired and they didn’t tell me. The same thing happened two more times. I would do my part and then I would get assigned a new counselor without any notification because my counselors got fired. So I spent months wasting my time trying to get a hold of my counselor that didn’t even work there anymore. So after that happened to me 3 times, I am now with my 4th counselor. I have a meeting with him in 5 days so Im praying he will be able to get be approved quickly. I have already found my dream home and I want to get approved quickly before someone else tries to get the home. I will now be checking and following up on a weekly basis, get things in writing, etc. If I don’t get the service I feel I deserve I will have no choice but to start filing complaints. Iv spent over $200 in membership fees, credit reports, and faxing and nothing has gotten done at all. 4 counselors already and I haven’t even been sent to underwriting. Im optimistic but its not fair that they drag their members through this program the way that they do. Please help NACA.

i wish i read the bad experiences first seems  like iam one of them too i start the process about 30 days ago then i keep getting thing email and by mail that bank is trying to contact me i call the bank now they do not want to talk to me i call naca stay in the phone for over 2.30 hours not response after my ear is sleep for waiting so long i still did not get any where send email to naca , phone calls not getting any where i wonder who is monitoring this company or the extremm mass of complain do we need to get the congress and senate or the president involve to hear all the complains from all of us ? is very ovius that naca is not doing what they suppost to do help home owner now our own banks don want to talk how can i get out naca to be able to talk to my bank again please let me know or help me thank you

wooooo you hit it on dot what is going on with this country why everyone is taking advantage of us, we all are working people try to make it, and have the ultimate American  dream , Please help us    god Bless America

Marie–I take my hat off to you—-your letter is supported by a Million of People out here!!!

I am currently a NACA member and have experienced the exact same behavior.  I continue to fax in updated documents and yet my counselor continues to ask for more items week after week.  It is so frustrating and taxing, because I rely on the counselor to have a certain level of experience.  This simply means, that I expect my counselor to anticipate what documents he/she will request from me and that ALL documents be requested at one time.  Asking for a piece of a document here and there only prolongs the process.  I can’t help but to think and feel that as quickly as I move to ensure the updated documents are faxed in; my counselor isn’t moving with intense urgency as I do.

Sincerely,
Chicago, IL  

 So, what happened?  Is it really possible that 15 million people from
all over the country… all of a sudden and from out of nowhere… all
became “irresponsible” at around the same time and all ran out and
bought homes they couldn’t afford?  Is that even possible?  All 15
million got irresponsible essentially at once?

Come on… that’s just silly, right?  Did someone put something in the water?

And what about the banks?  Was it just coincidental that every major
bank in this country also became insolvent just as the foreclosure
crisis began?  And if it was bad loans that caused the banks to fail,
shouldn’t they be worse off now, as the foreclosures have increased? 
But they’re not, are they?  No, I guess they’re not.

You see, it wasn’t irresponsible borrowers that caused the crisis, in
fact truth be told, irresponsible borrowers hardly mattered at all, as
far as our financial crisis is concerned.

What happened, in simple terms, is that beginning in 2003, Wall
Street discovered that it could buy something called a Credit Default
Swap (a credit derivative, in banker parlance), not just on a triple-A
rated corporate bond, but also on a triple-A rated mortgage-backed security. 
And that meant that certain investors on The Street could now bet
against the mortgage-backed bonds that were starting to sell like
hotcakes.  The Credit Default Swap swapped the risk of the bond
defaulting… in other words, it paid off if the bond it was essentially
insuring, went bad.

The cost of a Credit Default Swap
that would insure a $100 million bond was about $2 million a year for
10 years, according to Michael Lewis in his book, “The Big Short.” 
That’s 50 to 1, which is even better than the roulette wheel in Las
Vegas.  But it’s even better when you know the bond you’re betting
against is going to default, right?  I’ll say it is.

So, as Wall Street continued to pump air into the housing bubble,
they didn’t just want regular old sub-prime loans, they wanted really
bad sub-prime loans… they had gotten really good at the securitization
game and by 2005 anything could be turned into a triple-A rated
mortgage-backed security, which could then be bet against by someone who
bought the other side of that bond, or the credit default swap (CDS).

As more and more Americans are coming to understand every day, things
got fairly out of control from there and banks even loaded up their own
balance sheets with the complex derivatives, called CDOs and CDOs
squared… along with synthetic CDOs and those squared too.  And since
American real estate was simply never going down, in the eyes of many
Wall Street bankers, they borrowed against their holdings, just like a
homeowner in the late 1990s might have taken out a second mortgage to
invest the money in the stock market, only bankers call it “leverage.” 
And for the ones that knew that thinking was goofy-tunes, they could go
short, betting on the housing market’s demise, as counter-parties
holding CDSs.

Everything was going according to plan until in July 10, 2007,
Standard & Poors and Moody’s held a press conference in London at
which they announced that they would be downgrading the ratings on 1,032
bond offerings backed by sub-prime mortgages… less than 1% of the bonds
backed by sub-prime loans that had been issued at that time.  But
investors panicked.  If these bonds were now being downgraded, what
about all the others that they had feasted on the last few years?

Investors dumped bonds overnight and at fire sale prices, as everyone
started wondering whether the insurers that had issued the CDSs would
be able to pay their bills.  Banks stopped trusting each other, because
no one knew who had what on their balance sheet.  New accounting rules,
FAS 157 and 159, adopted in the fall of 2006 and often called the
“mark-to-market” rules were forcing banks to write down their assets to
market price each quarter.

And as the market for the CDOs et al, dried up, their value went
straight off a cliff, like at the end of the movie, “Thelma and Louise.”

The credit markets, within just a few weeks, were frozen solid like
an Alaskan lake in the dead of winter, and Fed Chair Ben Bernanke turned
on the sirens and ran for the fire hoses and started pumping liquidity
into the system to avert a total collapse.  (It’s interesting that just
two weeks before this happened, the Fed’s meeting had seen none of this
coming.)

On August 10, 2011, PBS News Hour’s,
Jeffrey Brown interviewed two “experts” in global finance, Laurence
Meyer, a former Federal Reserve Board Governor, and Glenn Hubbard, who
was at the time, Chairman of the President’s Council of Economic
Advisers.  It had been two days since the Federal Reserve and EU Central
Banks had pumped $326 billion into the global financial system, and PBS
was asking why.

JEFFREY BROWN: All
together, central banks have pumped some $326 billion into the global
financial system in the past 48 hours.  Why don’t you explain what the
Fed, other central bankers are doing? What does it even mean to pump
extra cash into the financial system? Where does that money come from,
and where does it go?

LAURENCE MEYER: Well, it creates deposits at the Federal Reserve by lending, by lending to these primary dealers, for example.

JEFFREY BROWN: Primary dealers meaning…

LAURENCE MEYER: Large banks and broker-dealers.

Doesn’t that exchange make you wonder why Lawrence Meyer didn’t just
say that the $326 billion was being pumped into large banks and Wall
Street broker-dealers, instead of saying “it creates deposits at the
Federal Reserve by lending to primary dealers?”

JEFFREY BROWN: So that, what, so they can lend to each other? What is the problem that they’re trying to fix?

LAURENCE MEYER: So
they can lend to each other, and so that they can, more generally, so
that the lending can take place between banks and other institutions who
lend to each other in the money market. And what happened was that that
got disrupted because of a very abrupt re-pricing of risk in the
economy. They became less willing to lend to each other.

You see… banks wouldn’t lend to each other because no one knew who
was solvent and who had leveraged themselves across a bridge too far. 
And “disrupted because of a very abrupt re-pricing of risk in the economy.” Abrupt re-pricing of risk is just another way of saying that bond ratings were lowered overnight.

JEFFREY BROWN: Mr.
Hubbard, explain more about this idea risk and re-pricing of risk. I
think it sounds simple, but it’s at the heart of what we keep talking
about in all of this. Explain it a little more for us.

GLENN HUBBARD: Well,
exactly. I think many economists believe that risks had not been
accurately priced in recent times, that risk premium — that is, the
spread you would get for bearing risk — were very, very low by
historical standards.
What we’ve seen is a
pricing where the risky assets would now require much higher rates of
return. We saw this in this market for so-called subprime mortgages, but
it’s really filtered throughout markets for risky debt into
higher-grade mortgages and into the leveraged loan market.

Did you read that last sentence carefully?  We saw it in so-called
sub-prime mortgages, but it has really filtered throughout markets into
high-grade mortgages and leveraged loans?  Hmmm… I guess “irresponsible
sub-prime borrowers buying homes they couldn’t afford” didn’t cause the
crisis after all… what do you know about that?”

That’s right… back then as the crisis began, no one was talking about
irresponsible sub-prime borrowers, they were talking about the bond
markets… or, the credit markets… you see money had stopped a-flowin’.

Banks started hoarding cash, the secondary mortgage market closed its
doors, and the chances of getting a mortgage of any kind went from 100%
to essentially zero.  Predictably, as homes sat on the market longer
and longer… home prices started to fall fast.  The bubble had actually
popped a year before during the summer of 2006, by which time Greenspan
had raised interest rates 17 times in a row.  But now, with credit
tighter than Rush Limbaugh’s cycling shorts, there would be some that
simply wouldn’t get out alive.

The foreclosure crisis had begun in earnest.

It was the fall of 2007 when Bernanke started talking about sub-prime
loans being the cause of the foreclosure crisis, and had he been even
close to right, we’d have been through with it by now.  And perhaps, had
2008 not been an election year, with an unpopular Republican president
and two Democratic party candidates fighting it out to the bitter end…
perhaps under different circumstances we might have handled things
differently… better, maybe.

(NOTE: JUST BELOW IS A
LINK TO A PAPER BY PHILIP SWAGEL…Chief Economist at Treasury during the
last two years of the Bush Administration.  He wrote it for Brookings
about six months after his job had ended.  It’s fascinating… to me,
anyway.  So, I thought I’d share.)

Spring 2009 Philip Swagel Paper

But the 2008 presidential race was on, and the Dems were not of a
mind to do anything that might help ole’ Dubya look good.  So, when Bear
Stearns went down in the Spring of that year, and Paulson contacted
Speaker Pelosi, he was told not to sow his face on Capitol Hill unless
he could guarantee there was a crisis at the door.  And so… that’s what
he did… waited until there was a crisis at the door… remember?

Paulson and Bernanke jumping in a car and putting the siren on all
the way to Congress where they proceeded to tell everyone that the sky
was falling and it was falling fast?  You remember that day, right?  I
think just about everyone does… it was a few days before TARP’s $700
billion was approved after failing to pass the first time out.  We were
in bailout mode.

But it wasn’t homeowners we were bailing out… it wasn’t Main Street
either.  No, it was the banks that we were going to rescue, or so we
thought.  We didn’t have the political grit to stop foreclosures, which
had already fueled a free fall in home prices, because that would have
meant bailing out “irresponsible borrowers.”

We were going to bail out the “irresponsible bankers” instead.

And many in the American middle class turned their backs on those who
were now at risk of foreclosure, saying that they deserved their fates,
as unemployment rose into double digits and home prices sank by the
same.  We can’t reward their bad decisions, was the way most of this
country talked about homeowners in financial distress, as we proceeded
to do precisely that for our inconceivably irresponsible bankers.

And now here we sit.  In homes we may never be able to sell, watching
each quarter as their value declines, many still saying that we can’t
bail out irresponsible homeowners, but nowhere near as loudly as we once
said those same words.  Soon, that cry will have become a whisper, as
trillions more are drained from our collective middle class wealth.

Here we are a full three years later, and our government is the only
lender to speak of, and with a nationalized… yes, they’ve been
nationalized… Fannie and Freddie set to lower their lending limits and
FHA just flat out broke.  The average credit score for a Fannie loan for
the last two years topping 763, and we might care if we weren’t so far
underwater it just doesn’t matter.  Besides, even if we weren’t, who
would buy now, with prices falling and picking up speed and plenty more
foreclosures ahead?

Today, the foreclosure crisis has spread from coast-t-coast.  What
was once a sunbelt state problem is now something seen in almost every
state in the union.  I recently watched Mr. Case, of Case Schiller fame
be asked a question on television:

“Foreclosures in Minneapolis are up 26% year over year… what’s causing that?”  The show’s host wanted to know.

Mr. Case replied, “I’m not sure, I’d have to study that.”

I walked calmly to my bathroom to throw up.  “Study this, moron,” I said under my breath.

So, a lot of people wonder where we’ll go from here. We’re
back to a presidential election year, during which we’ll debate
Barack’s birth certificate, Obama-Care, immigration, and the funding of
Planned Parenthood and NPR.  And Obama will campaign among us once
again, telling us with a smile that prosperity is right around the
corner If we just stay the course.

The foreclosure crisis will hardly be mentioned, and those affected
by it will remain at home, silent, ashamed and afraid to come outside
except perhaps to vote, or pretend that everything’s going to be just
fine.

Parents will pace the floors of homes they can’t stand the thought of
losing.  Mothers-to-be will cry gripped by the fear of not knowing for
sure where they’ll live if the bank doesn’t approve their loan
modification.  And children will go through another year afraid, unsure
of what’s happening around them, unable to fully understand why it
doesn’t feel safe like it used to feel, and wanting to spend more time
with parents who have no choice but to work 60 hour weeks and longer as
they try everything to save their family home.

And fathers will sit at dining room tables wondering if their life
insurance policies will pay off after suicide… and some will take their
own lives… as the campaign rages on, with the rallies and the cheering…
the confetti and the promises soon to be broken against the realities of
American politics.  And nothing will happen, nothing will change… and
it will be 2013 when we once again start wondering when the free fall in
home prices will stop.

By then… by the
winter months of 2013, millions more homes will have received
foreclosure notices, millions more homeowners will have mysteriously
emerged from nowhere to become part of the “irresponsible borrower
class.”

And millions more homes will have been taken back by the bank, only
to sit as REOs in the shadow inventory, like old movie props,
deteriorating for no reason except that we simply can’t bail out those
irresponsible homeowners who we see as being so different from the rest
of us… until it becomes us in financial trouble… and then we tell no
one, choosing to suffer in silence in order to hold onto our dignity.

They made bad decisions, but we didn’t.  They bought too much house,
not us.  They probably have a jet ski and a flat screen… quick take a
peek in their garage.  They made their bed, now they must lie in it. 
Hah!

We, on the other hand, just need a little help to get through this. 
We’ve never missed a payment before… we had perfect credit… you see,
what happened was…

And sometime in the next couple of years, we’ll all come to realize
that “it” isn’t coming back, and if “it” ever does, it’ll be thirty
years before it does… too late for most of us to care.  And we’ll settle
into to whatever the fallen economy has left for us.  And we’ll try to
blame someone else for what’s happened.  But we will have seen the
enemy… and it was us.

And all because of the “irresponsible borrowers” that never were.

Mandelman out.

~~~

Go ahead… SUBSCRIBE to Mandelman Matters…

… and stay up to date with what matters.

So, what happened?  Is it really possible that 15 million people from
all over the country… all of a sudden and from out of nowhere… all
became “irresponsible” at around the same time and all ran out and
bought homes they couldn’t afford?  Is that even possible?  All 15
million got irresponsible essentially at once?

Come on… that’s just silly, right?  Did someone put something in the water?

And what about the banks?  Was it just coincidental that every major
bank in this country also became insolvent just as the foreclosure
crisis began?  And if it was bad loans that caused the banks to fail,
shouldn’t they be worse off now, as the foreclosures have increased? 
But they’re not, are they?  No, I guess they’re not.

You see, it wasn’t irresponsible borrowers that caused the crisis, in
fact truth be told, irresponsible borrowers hardly mattered at all, as
far as our financial crisis is concerned.

What happened, in simple terms, is that beginning in 2003, Wall
Street discovered that it could buy something called a Credit Default
Swap (a credit derivative, in banker parlance), not just on a triple-A
rated corporate bond, but also on a triple-A rated mortgage-backed security. 
And that meant that certain investors on The Street could now bet
against the mortgage-backed bonds that were starting to sell like
hotcakes.  The Credit Default Swap swapped the risk of the bond
defaulting… in other words, it paid off if the bond it was essentially
insuring, went bad.

The cost of a Credit Default Swap
that would insure a $100 million bond was about $2 million a year for
10 years, according to Michael Lewis in his book, “The Big Short.” 
That’s 50 to 1, which is even better than the roulette wheel in Las
Vegas.  But it’s even better when you know the bond you’re betting
against is going to default, right?  I’ll say it is.

So, as Wall Street continued to pump air into the housing bubble,
they didn’t just want regular old sub-prime loans, they wanted really
bad sub-prime loans… they had gotten really good at the securitization
game and by 2005 anything could be turned into a triple-A rated
mortgage-backed security, which could then be bet against by someone who
bought the other side of that bond, or the credit default swap (CDS).

As more and more Americans are coming to understand every day, things
got fairly out of control from there and banks even loaded up their own
balance sheets with the complex derivatives, called CDOs and CDOs
squared… along with synthetic CDOs and those squared too.  And since
American real estate was simply never going down, in the eyes of many
Wall Street bankers, they borrowed against their holdings, just like a
homeowner in the late 1990s might have taken out a second mortgage to
invest the money in the stock market, only bankers call it “leverage.” 
And for the ones that knew that thinking was goofy-tunes, they could go
short, betting on the housing market’s demise, as counter-parties
holding CDSs.

Everything was going according to plan until in July 10, 2007,
Standard & Poors and Moody’s held a press conference in London at
which they announced that they would be downgrading the ratings on 1,032
bond offerings backed by sub-prime mortgages… less than 1% of the bonds
backed by sub-prime loans that had been issued at that time.  But
investors panicked.  If these bonds were now being downgraded, what
about all the others that they had feasted on the last few years?

Investors dumped bonds overnight and at fire sale prices, as everyone
started wondering whether the insurers that had issued the CDSs would
be able to pay their bills.  Banks stopped trusting each other, because
no one knew who had what on their balance sheet.  New accounting rules,
FAS 157 and 159, adopted in the fall of 2006 and often called the
“mark-to-market” rules were forcing banks to write down their assets to
market price each quarter.

And as the market for the CDOs et al, dried up, their value went
straight off a cliff, like at the end of the movie, “Thelma and Louise.”

The credit markets, within just a few weeks, were frozen solid like
an Alaskan lake in the dead of winter, and Fed Chair Ben Bernanke turned
on the sirens and ran for the fire hoses and started pumping liquidity
into the system to avert a total collapse.  (It’s interesting that just
two weeks before this happened, the Fed’s meeting had seen none of this
coming.)

On August 10, 2011, PBS News Hour’s,
Jeffrey Brown interviewed two “experts” in global finance, Laurence
Meyer, a former Federal Reserve Board Governor, and Glenn Hubbard, who
was at the time, Chairman of the President’s Council of Economic
Advisers.  It had been two days since the Federal Reserve and EU Central
Banks had pumped $326 billion into the global financial system, and PBS
was asking why.

JEFFREY BROWN: All
together, central banks have pumped some $326 billion into the global
financial system in the past 48 hours.  Why don’t you explain what the
Fed, other central bankers are doing? What does it even mean to pump
extra cash into the financial system? Where does that money come from,
and where does it go?

LAURENCE MEYER: Well, it creates deposits at the Federal Reserve by lending, by lending to these primary dealers, for example.

JEFFREY BROWN: Primary dealers meaning…

LAURENCE MEYER: Large banks and broker-dealers.

Doesn’t that exchange make you wonder why Lawrence Meyer didn’t just
say that the $326 billion was being pumped into large banks and Wall
Street broker-dealers, instead of saying “it creates deposits at the
Federal Reserve by lending to primary dealers?”

JEFFREY BROWN: So that, what, so they can lend to each other? What is the problem that they’re trying to fix?

LAURENCE MEYER: So
they can lend to each other, and so that they can, more generally, so
that the lending can take place between banks and other institutions who
lend to each other in the money market. And what happened was that that
got disrupted because of a very abrupt re-pricing of risk in the
economy. They became less willing to lend to each other.

You see… banks wouldn’t lend to each other because no one knew who
was solvent and who had leveraged themselves across a bridge too far. 
And “disrupted because of a very abrupt re-pricing of risk in the economy.” Abrupt re-pricing of risk is just another way of saying that bond ratings were lowered overnight.

JEFFREY BROWN: Mr.
Hubbard, explain more about this idea risk and re-pricing of risk. I
think it sounds simple, but it’s at the heart of what we keep talking
about in all of this. Explain it a little more for us.

GLENN HUBBARD: Well,
exactly. I think many economists believe that risks had not been
accurately priced in recent times, that risk premium — that is, the
spread you would get for bearing risk — were very, very low by
historical standards.
What we’ve seen is a
pricing where the risky assets would now require much higher rates of
return. We saw this in this market for so-called subprime mortgages, but
it’s really filtered throughout markets for risky debt into
higher-grade mortgages and into the leveraged loan market.

Did you read that last sentence carefully?  We saw it in so-called
sub-prime mortgages, but it has really filtered throughout markets into
high-grade mortgages and leveraged loans?  Hmmm… I guess “irresponsible
sub-prime borrowers buying homes they couldn’t afford” didn’t cause the
crisis after all… what do you know about that?”

That’s right… back then as the crisis began, no one was talking about
irresponsible sub-prime borrowers, they were talking about the bond
markets… or, the credit markets… you see money had stopped a-flowin’.

Banks started hoarding cash, the secondary mortgage market closed its
doors, and the chances of getting a mortgage of any kind went from 100%
to essentially zero.  Predictably, as homes sat on the market longer
and longer… home prices started to fall fast.  The bubble had actually
popped a year before during the summer of 2006, by which time Greenspan
had raised interest rates 17 times in a row.  But now, with credit
tighter than Rush Limbaugh’s cycling shorts, there would be some that
simply wouldn’t get out alive.

The foreclosure crisis had begun in earnest.

It was the fall of 2007 when Bernanke started talking about sub-prime
loans being the cause of the foreclosure crisis, and had he been even
close to right, we’d have been through with it by now.  And perhaps, had
2008 not been an election year, with an unpopular Republican president
and two Democratic party candidates fighting it out to the bitter end…
perhaps under different circumstances we might have handled things
differently… better, maybe.

(NOTE: JUST BELOW IS A
LINK TO A PAPER BY PHILIP SWAGEL…Chief Economist at Treasury during the
last two years of the Bush Administration.  He wrote it for Brookings
about six months after his job had ended.  It’s fascinating… to me,
anyway.  So, I thought I’d share.)

Spring 2009 Philip Swagel Paper

But the 2008 presidential race was on, and the Dems were not of a
mind to do anything that might help ole’ Dubya look good.  So, when Bear
Stearns went down in the Spring of that year, and Paulson contacted
Speaker Pelosi, he was told not to sow his face on Capitol Hill unless
he could guarantee there was a crisis at the door.  And so… that’s what
he did… waited until there was a crisis at the door… remember?

Paulson and Bernanke jumping in a car and putting the siren on all
the way to Congress where they proceeded to tell everyone that the sky
was falling and it was falling fast?  You remember that day, right?  I
think just about everyone does… it was a few days before TARP’s $700
billion was approved after failing to pass the first time out.  We were
in bailout mode.

But it wasn’t homeowners we were bailing out… it wasn’t Main Street
either.  No, it was the banks that we were going to rescue, or so we
thought.  We didn’t have the political grit to stop foreclosures, which
had already fueled a free fall in home prices, because that would have
meant bailing out “irresponsible borrowers.”

We were going to bail out the “irresponsible bankers” instead.

And many in the American middle class turned their backs on those who
were now at risk of foreclosure, saying that they deserved their fates,
as unemployment rose into double digits and home prices sank by the
same.  We can’t reward their bad decisions, was the way most of this
country talked about homeowners in financial distress, as we proceeded
to do precisely that for our inconceivably irresponsible bankers.

And now here we sit.  In homes we may never be able to sell, watching
each quarter as their value declines, many still saying that we can’t
bail out irresponsible homeowners, but nowhere near as loudly as we once
said those same words.  Soon, that cry will have become a whisper, as
trillions more are drained from our collective middle class wealth.

Here we are a full three years later, and our government is the only
lender to speak of, and with a nationalized… yes, they’ve been
nationalized… Fannie and Freddie set to lower their lending limits and
FHA just flat out broke.  The average credit score for a Fannie loan for
the last two years topping 763, and we might care if we weren’t so far
underwater it just doesn’t matter.  Besides, even if we weren’t, who
would buy now, with prices falling and picking up speed and plenty more
foreclosures ahead?

Today, the foreclosure crisis has spread from coast-t-coast.  What
was once a sunbelt state problem is now something seen in almost every
state in the union.  I recently watched Mr. Case, of Case Schiller fame
be asked a question on television:

“Foreclosures in Minneapolis are up 26% year over year… what’s causing that?”  The show’s host wanted to know.

Mr. Case replied, “I’m not sure, I’d have to study that.”

I walked calmly to my bathroom to throw up.  “Study this, moron,” I said under my breath.

So, a lot of people wonder where we’ll go from here. We’re
back to a presidential election year, during which we’ll debate
Barack’s birth certificate, Obama-Care, immigration, and the funding of
Planned Parenthood and NPR.  And Obama will campaign among us once
again, telling us with a smile that prosperity is right around the
corner If we just stay the course.

The foreclosure crisis will hardly be mentioned, and those affected
by it will remain at home, silent, ashamed and afraid to come outside
except perhaps to vote, or pretend that everything’s going to be just
fine.

Parents will pace the floors of homes they can’t stand the thought of
losing.  Mothers-to-be will cry gripped by the fear of not knowing for
sure where they’ll live if the bank doesn’t approve their loan
modification.  And children will go through another year afraid, unsure
of what’s happening around them, unable to fully understand why it
doesn’t feel safe like it used to feel, and wanting to spend more time
with parents who have no choice but to work 60 hour weeks and longer as
they try everything to save their family home.

And fathers will sit at dining room tables wondering if their life
insurance policies will pay off after suicide… and some will take their
own lives… as the campaign rages on, with the rallies and the cheering…
the confetti and the promises soon to be broken against the realities of
American politics.  And nothing will happen, nothing will change… and
it will be 2013 when we once again start wondering when the free fall in
home prices will stop.

By then… by the
winter months of 2013, millions more homes will have received
foreclosure notices, millions more homeowners will have mysteriously
emerged from nowhere to become part of the “irresponsible borrower
class.”

And millions more homes will have been taken back by the bank, only
to sit as REOs in the shadow inventory, like old movie props,
deteriorating for no reason except that we simply can’t bail out those
irresponsible homeowners who we see as being so different from the rest
of us… until it becomes us in financial trouble… and then we tell no
one, choosing to suffer in silence in order to hold onto our dignity.

They made bad decisions, but we didn’t.  They bought too much house,
not us.  They probably have a jet ski and a flat screen… quick take a
peek in their garage.  They made their bed, now they must lie in it. 
Hah!

We, on the other hand, just need a little help to get through this. 
We’ve never missed a payment before… we had perfect credit… you see,
what happened was…

And sometime in the next couple of years, we’ll all come to realize
that “it” isn’t coming back, and if “it” ever does, it’ll be thirty
years before it does… too late for most of us to care.  And we’ll settle
into to whatever the fallen economy has left for us.  And we’ll try to
blame someone else for what’s happened.  But we will have seen the
enemy… and it was us.

And all because of the “irresponsible borrowers” that never were.

Mandelman out.

~~~

Go ahead… SUBSCRIBE to Mandelman Matters…

… and stay up to date with what matters.

I
am a current member trying to get assistance and this is the proposal that was
presented to me via my membership email. I was approved for 4 months at a lower
payment; however, after the 4 months end, NACA wants to charge mean huge
BALLOON PAYMENT due on month 5. The BALLOON PAYMENT is 2.18% of my current
monthly mortgage payment. Also, I would have to submit updated documents before
the Balloon payment to be review for permanent workout solution. I thought NACA
was there to help the homeowner, instead it seems that they want to rob

Have you tried terminating yourself from NACA?

This mess came under the Bush Administration also TARP in 2008. People think TARP was under the Obama administration but he didn’t take office until January 2009.

AMEN

Did you ever think that it’s the people working for NACA that is at fault and not “the government.” Just like Katrina, Bush hired incompetent people (Brownie) to run FEMA.

I just severed my ties with NACA. They put me in default and at risk of being foreclosed on. I am getting back on track with Wells Fargo. I woke up before it was too late. THANK GOD!

Well I can tell you that the office in KC, MO sucks too.  There are underwriters that are impossible..they tell you to do something and you will get the loan.  You do it…and they back out and say oh there is more hoops that you need to jump through.  And to be honest with you, I think they only loan to a certain nationality.  Really SAD.  They are ruining the American dream of owning their own home.  I hope that someday when they need something that there is someone there to help them.

0ur goal is to have a method for our members to interact, share stories while providing NACA the ability to improve our Customer Service via your feedback. We have launched The Official NACA Public Forum http://forums.naca.com Our forum is being monitored by NACA Staff and you will receive prompt assistance and direction per your request.Keep in mind that the forum is NOT a replacement for NACA Counseling. If you need to schedule an appointment to speak with a counselor, please do so through the main site: https://www.naca.com/ and logging into your Web File or call 888-404-6222 to speak to a NACA Representative.Please also keep in mind as these forums are public in nature, DO NOT POST your NACA ID, password, email address, Social Security Number or Tax ID in this forum. Please also keep our forums free and clear of any profanity, racism, rude language, and inflammatory comments.Thank you, and enjoy our NACA Public Forum https://forums.naca.com/forum Ricardo HerreraOnline Operations | NACA 0ur goal is to have a method for our members to interact, share stories while providing NACA the ability to improve our Customer Service via your feedback. We have launched The Official NACA Public Forum https://forums.naca.com/forum Our forum is being monitored by NACA Staff and you will receive prompt assistance and direction per your request.Keep in mind that the forum is NOT a replacement for NACA Counseling. If you need to schedule an appointment to speak with a counselor, please do so through the main site: https://www.naca.com/ and logging into your Web File or call 888-404-6222 to speak to a NACA Representative.Please also keep in mind as these forums are public in nature, DO NOT POST your NACA ID, password, email address, Social Security Number or Tax ID in this forum. Please also keep our forums free and clear of any profanity, racism, rude language, and inflammatory comments.Thank you, and enjoy our NACA Public Forum https://forums.naca.com/forum Ricardo HerreraOnline Operations | NACA

At least you have a counselor! I got a 6-month forbearance and have submitted all the paperwork to make the modification permanent. My bank rejected the documents as “blurry” — the naca rep had no problem reading them — and now I’ve been left hanging. No one answers the phones at naca, it’s not possible to make a phone appt through the webfile, and no one has responded even though I’ve sent an email to every naca address I’ve got.

I can honestly say NACA is real.  I went through the program successfully in Washington DC..  I must admit that the workers don’t answer the phones but my counselor always responded to my emails.  I did everything that was required.  I started in Oct, 2010,did payment shock for 3 months, got NACA certified to start looking, Took few months to win a bid and close on a short sale within 2 months of doing the contract.  We all know short sales can take forever (NACA or Not) but my contract offer was approved quickly for a short sale.  I  am happy with my purchase.  If I had went with FHA loan I would have been paying 400 plus on the same property.  Got 2.9 interest rate and 8000 from buyer  In addition I was able to do upgrades through the NACA REHAB program.  I got my kitchen completley upgraded.  My home is beautiful in affluent neighborhood and NACA does not require you live in a low income homes.  I dont know about life with NACA if you cannot pay your mortgage, but getting a mortgageg was fairly easy for me.

I meant 400 more than what I currently pay.  I wish my morttgage was 400. lol

Well every one isn’t so fortunate to have gone to college and get a good job. Yes I went to college after high school and graduated however I wasn’t born with a silver spoon in my mouth and my parents could not afford to send me to school. I have over 100K in student loans although I have a master degree now. I was not educated about credit and made mistakes. I am correcting that now by getting more educated about credit and budgeting. So please don’t go there stating the government shouldn’t have programs. I am not using the program for them to give me money but to educate me on how to do it. Keep in mind because your world is perfect, this is the REAL world. It’s far from perfect. I am pretty sure everything isn’t so GOOD for you with your front.
Keep in mind because your world is perfect, this is the REAL world. It’s far from perfect. I am pretty sure everything isn’t so GOOD for you with your front.

What is the name of you counselor?

nice

“illegal aliens” will always have a harder time than any American.  It’s a shame that a few African Americans have the same mentality as those who oppressed them for centuries.  You better pray. Pray hard.

“Illegal aliens” would have a much easier time in their country if they were to challenge their own government.

Cheryl thank you for educating the uneducated in the arena of the Wall Street bait and switch.. folks if you haven’t already check out the documentary Inside Johttp  http://www.youtube.com/watch?v=QNgS-Fg6udcb