DOES NACA ACTUALLY HELP HOMEOWNERS MODIFY THEIR LOAN OR IS IT A SCAM?

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Real Estate Agent with RMX REALTY

DOES NACA ACTUALLY HELP HOMEOWNERS MODIFY THEIR LOAN OR IS IT A SCAM?

 

NACA, otherwise known as Neighborhood Assistance Corporation of America, is a non-profit organization serving to help homeowners keep their home by assistance them with modifying their mortgage loans. Established in 1988, they do workshop tours throughout the country to educate and work with homeowners to lower their monthly payments. They claimed to have assisted thousands of homeowners lower their monthly payments over $1000 per month. NACA's Save the Dream Tour has attracted thousands of homeowners who flocked out to their conventions. Their services are 'free'. I say that loosely because I heard that they charge a $20 membership fee plus $50 per month while they work with the loan file.

Below is a list of upcoming venues where the Save the Dream Tour is being held.

Los Angeles, CA Jan 20-30 L.A. Sports Arena

Phoenix, AZ Feb 3-7 Phoenix Convention Center


I have spoken with several people and read reviews on-line where there are mixed feelings about NACA. There have been some positive results while there are many negative feedbacks. One of the reasons for the low rating is due to the extremely long delays and very difficult to contact the counselors at NACA. Some people have recommended that it would be best for homeowners to handle the loan modification file themselves and work directly with the bank.

NACA counselors are just the middle person and due to their overwhelming responses may not be as proficient in handling your case.  The many excuses heard online and throughout is that the counselors do not stay on top of the case as diligently as possible and thus can result in homeowners losing their home due to foreclosure. This lack of response is one of the major drawbacks. However, there are cases where homeowners were able to get their loans modified down to 3% interest rate.

Due to the high turn out at these events, many homeowners who 'hope' to get their file review must wait in long lines early in the morning. By long lines, I heard that it can day an entire day to get through. It would be beneficial for those seeking help if the outcome would be a success. There is no guarantee that would occur but it may be worth the trial to test it out...or is it a waste of time?

Anyone know or has had any experience with NACA? What is your take on this program?

 

 

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DAVID DEE
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Specializing in: (SAN GABRIEL VALLEY) San Gabriel, Rosemead, Alhambra, Monterey Park, Arcadia, Temple City, El Monte, Hacienda Heights, Rowland Heights, Walnut, West Covina and

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Copyright © 2011 by DAVID DEE. All Rights Reserved. "DOES NACA ACTUALLY HELP HOMEOWNERS MODIFY THEIR LOAN OR IS IT A SCAM?

 

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Rainmaker
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Jon Quist
REALTY EXECUTIVES TUCSON ELITE - Tucson, AZ
Tucson's BUYERS ONLY Realtor since 1996

I admit I have not heard of this program. Now I'll know to keep a look out for it, to see if it works or is a scam.

Usually these places that charge money for something you can do yourself for free ARE INDEED scams.

Jan 25, 2011 07:31 PM #1
Rainmaker
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Dan Edward Phillips
Dan Edward Phillips, Humboldt and Del Norte Counties, CA - Eureka, CA
Humboldt and Del Norte Counties, CA

Good Morning David, thanks for the 'heads up' on this program, I will be watching for it.

Jan 25, 2011 08:56 PM #2
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David Dee

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