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  • May 2011
    M T W T F S S
    « Apr   Jun »
  • Mary K. Lenahan, J.D., Realtor

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Loan Modifications – NACA’s Save the Dream Tour – Who Qualifies – What to Bring

Altadena, CA Home, Janes Village Neighborhood

Altadena, CA Home, Janes Village Neighborhood

Successful loan modification stories are too few and far between.   If you are a distressed homeowner, however, you will most likely want to look into all possible options, notwithstanding the numerous horror stories.

The Neighborhood Assistance Corporation of America (NACA) offers one of those options.  NACA is a non-profit HUD Certified organization which represents itself to be the largest and most powerful and effective advocate for homeowners in the country.  One of NACA’s programs is a loan modification program called “HomeSave Program” which is a part of NACA’s large multi-day loan modification tour called “Save the Dream.”

According to Mr. Bruce Marks, the founder and CEO of NACA,  HomeSave Program’s success rate is 55% to 80%.

NACA’s Home Save the Dream events are attended by all the major servicers, lenders and investors such as Bank of America, CitiMortgage, Wells Fargo, and Chase.   These lenders and servicers travel to each NACA Save the Dream event to participate in the multi-day loan modification event .

At the Save the Dream events  homeowners receive impressive  comprehensive counseling and support all free of charge.  There is no minimum or maximum income requirement.   Homeowners receive information on how to fill out forms, draft  budgets, and document their income and expenses.

Home owners then hold a telephonic counseling session with a NACA HomeSave Counselor who reviews the homeowner’s income, expenses, credit report and other documents to determine an “affordable mortgage payment” for the homeowner.   The counseling helps the homeowner put together a well documented file to support the requested modified monthly mortgage payment.

Once the counselor helps the homeowner determine a workable solution and the homeowners’ supporting documents are reviewed, the homeowner then meets with the Loan Servicer across the hall to negotiate a mortgage modification.

Who Qualifies for NACA’s HomeSafe Services?   Anyone who  has an unaffordable mortgage, owns and lives in their own home, and does not own another property.

What Documents Should You bring to a  NACA Save the Dream event?

1.  Verification of Income –

  • If employed:  pay stubs for past 30 days,
  • If Unemployed:  documentation on source(s) of financial support
  • If self-employed:  6 months bank statements
  • Documentation on any other source of funds, such as child support or rental income.

2.   Two most recent income tax returns

3.  Mortgage Statements  (1st mortgage and any other mortgages on property)

4.  Property Tax Statement reflecting annual tax amount

5.  Property Insurance Statement reflecting amount of premium

6.  Time, patience, and gratitude.

A calculator is also a helpful item to bring.  You will need to know your monthly debts and expenses (i.e. monthly food, car payment(s), electrical costs, etc) so it will be extremely helpful if you prepare a draft of your monthly expenses ahead of time and bring this information with you.  Some people pack snacks and lunch.  Some people volunteer and go to the front of the line.

Go to NACA.com for more information and for the schedule of their Save the Dream tour.  If you attend, please let us know your results!

See 60 Minute story on NACA’s Save-The-Dream Event.

If you want to know how to go to the front of the line, see NACA L.A. Loan Modification Save the Dream Event:  How to Avoid Waiting in Long Lines

For further information on volunteering at a Save the Dream Event, contact Ruth Saldana at rsaldana@naca.com.   Go to NACA.com for schedule of Save the Dream Tour schedule.


9 Responses

  1. […] . For Free Loan Modification Help See Neighborhood Assistance Corp of American  at NACA.com See NAC’As Save the Dream Event in Los Angeles June 2-6th 2011. For information and resources on bankruptcy and short sales contact: Mary K. Lenahan, JD, […]

  2. […] more information see prior blog entry:  NACA’s LA Save the Dream Event .    NACA’s web site is […]

  3. […] organization which seems to be able to buck the power of the banks and help homeowners get reasonab… is the Neighborhood Assistance Corporation of America […]

  4. […] Namaste – to see who qualifies for NACA Assistance and what to bring, see Loan Modifications Are Happening in L.A. Again […]

  5. […] See blog:  Loan Modifications – NACA’s Save the Dream Tour – Who Qualifies – What to Br… […]

  6. […] To learn about the NACA loan modification services and find out what you should bring, see Loan Modifications – NACA’s Save the Dream Tour – Who Qualifies – What to Br…. […]

  7. […] To learn about the NACA loan modification services and find out what you should bring, see Loan Modifications – NACA’s Save the Dream Tour – Who Qualifies – What to Bring. […]

  8. We unfortunately bought rental properties and they’re not doing well. I can not continue to pay the mortgages on these rentals and my home mortgage. I am self employed and my earnings are now almost one-half of what it was from 10 years ago.

    I’m stuck: I can’t sell the rental properties because they are worth less than I paid, and I can’t qualify for this Save the Dream Program because we own rental properties!! Where is a program for people like us?


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