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  • Mary K. Lenahan, J.D., Realtor

NACA Save the Dream Event at Los Angeles Convention Center Feb.16-20, 2012


Pasadena, CA Home in Historic Highlands Neighborhood

Pasadena, CA Home in Historic Highlands Neighborhood

Neighborhood Assistance Corporation of America (NACA) is a non-profit HUD Certified Mortgage Counseling Agency which represents itself to be the largest and most effective advocate for homeowners in the country.   NACA’s Save the Dream Event is a multi-day loan modification event that tours the country.    Most major servicers and  lenders such as Bank of America, CitiMortgage, Wells Fargo, and Chase participate in NACA’s Save the Dream events.

In addition to loan modifications, NACA offers future home buyers mortgages at incredible terms such as no down payment, no closing costs, and low  interest rates, even if your credit is not perfect.

NACA’s Los Angeles California Save the Dream Event  is scheduled as follows:

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.

For VIP treatment and counselling on your loan modification, be a NACA volunteer.  NACA relies upon hundreds of volunteers each day  to help at the events.

By volunteering, not only do you help  many others get help with their mortgage problems, but you also receive “VIP” status to speak to a NACA  Counselor on your mortgage issue.

For more information on volunteering see attached NACA Los Angeles Save the Dream Flyer  and attend the Volunteer meeting on Wednesday, February 15, 2012 at 6pm at the LA Convention Center.    Contact information:  Lucia Gutierrez at lgutierrez@naca.com and Linda Moten, lmoten@naca.com.

For NACA’s Save the Dream tour schedule go to NACA.com.

NACA is Back: Loan Modifications Jan 26-30, 2012 in Ontario CA


Mr. Bruce Marks, NACA Founder and CEO

Mr. Bruce Marks, NACA Founder and CEO

NACA:  Neighborhood Assistance Corporation of America

NACA’s Save the Dream Event is back in Southern California and will be at the Ontario Convention Center for 5 days: January 26 to the 30th.

NACA is a non-profit HUD Certified Mortgage Counseling Agency which represents itself to be the largest and most effective advocate for homeowners in the country.   NACA’s Save the Dream Event is a multi-day loan modification event that tours the country.    Most major servicers and  lenders such as Bank of America, CitiMortgage, Wells Fargo, and Chase participate in NACA’s Save the Dream events.

According to Mr. Bruce Marks, NACA’s founder and CEO, its loan modification success rate is 55% at the Save the Dream Event and up to 80% once unfinished loan modifications are finalized after the event.  Judging from the numerous testimonials on its website, NACA is indeed one of the few effective resources to obtain loan modifications.

NACA Save the Dream at Ontario Convention Center

NACA Save the Dream at Ontario Convention Center

In addition to loan modifications, NACA offers future home buyers mortgages at incredible terms such as no down payment, no closing costs, and low  interest rates, even if your credit is not perfect.  Both NACA’s mortgage assistance services and loan modification services are FREE.

Sound too good to be true?  Find out for yourself at NACA’s Ontario Press Conference Wednesday January 24th, noon at the Ontario Convention Center.  Can’t make the press conference?    Check out the numerous video taped testimonials by homeowners at NACA.com.    If you are struggling to make your house payments or to qualify for a mortgage,  you cannot afford to miss NACA’s Save the Dream Event.

NACA’s Ontario California Save the Dream Event  is scheduled as follows:

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.

For VIP front-of-the-line treatment on your loan modification, be a NACA volunteer.  NACA relies upon hundreds of volunteers each day  to help at the events.  NACA asks that persons utilizing its free services to consider paying it forward by volunteering 8 hours of your time to help at an event prior to utilizing its services.  By volunteering, not only do you help  many others get help with their mortgage problems, but you also receive “VIP” status to speak to a NACA  Counselor on your mortgage issue.

To Volunteer at the upcoming NACA  Ontario Save The Dream event, attend the NACA Ontario Volunteer Meeting on Wednesday January 25, 2012 at 6 p.m. at the Ontario Convention Center.  See  memo from NACA’s Volunteer Coordinator, Linda Moten re: volunteering at NACA’s Ontario CA Save the Dream Event.

If you can’t volunteer at the conference you can help out by speaking out and defending NACA from HUD’s recent attempts to defund NACA.   Why would HUD want to defund one of the only successful programs that helps American Homeowners?  Demand an answer from HUD!

NACA: An Effective Advocate for American Homeowners: Loan Modification Assistance


The Neighborhood Assistance Corporation of American (“NACA”)  is a non-profit HUD Certified organization which claims to be effective in obtaining loan modifications for American homeowners.  NACA has contracts with most major lenders including Bank of America, Chase (includes EMC and Washington Mutual), Citigroup, Wells Fargo, GMAC, HSBC, and Indy Mac/OneWest who participate in NACA’s multi-day loan modification events called Save the Dream which they take on the road and travel with them from city to city.  See NACA.com for Save the Dream Event schedule.

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.

Class Action Against Bank of America for Abusive Loan Modification Consolidated with over 20 Other Actions


Bank of America Center, Financial District San Francisco

Bank of America Center, Financial District San Francisco

In a potentially wide-ranging lawsuit, two Seattle-area homeowners have filed a class-action suit against Bank of America claiming the bank has failed to work with owners facing foreclosure.     Read More by Levi Pulkkinen, SeattlePI.comstaff
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The Seattle lawsuit was filed in May 2010 by the Seattle law firm Hagens Berman Sobol Shapiro.   The case title is Kahlo v. Bank of America NA et al, U.S. District Court, Western District of Washington, No. 10-00488.
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On October 29, 2010, this action was transferred to Massachusetts District Court and consolidated with over 20 other  actions against BofA  and now bears the case number 1:10-cv-11876-RWZ.   The lead case number is 1:10-md-02193-RWZ and is assigned to Judge Rya W. Zobel.  The consolidated class action is limited to loan modifications under the HAMP (Home Affordable Modification Plan) which involves a 3 month loan modification trial period.    You can view briefs filed by parties in this action on-line for a nominal fee by simply registering for a Pacer Account.   PACER (Public Access to Court Electronic Records)   View the index of  documents filed in the case select the documents you want to view all for a very small fee.   Pacer is updated daily.
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There is also an action by 15 individual plaintiffs against Bank of America pending in Southern Texas District Court for loan modification abuse.  The case is entitled Harryman et. al. v. BAC Home Loans Servicing L.P. and Bank of America, N.A. , and bears the case number of 6:10-cv-00051. A copy of the Complaint in that action on 6-29-10 is attached.
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“I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property – until their children wake-up homeless on the continent their fathers conquered.”
Thomas Jefferson, 1802
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Possible Sources for Help against Abusive Loan Modification
If you have been a victim of loan modification abuse you may want to file a complaint with the Comptroller of Currency and see if the Bank voluntarily refrains from foreclosing.
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The Comptroller of Currency is a US federal agency  whose purpose is to regulate and supervise national banks  and the federal branches and agencies of foreign banks within the U.S.  I am told there is a complaint form on its website:  occ.treas.gov.
You can also contact this agency by:
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Comptroller of Currency
Consumer Assistance Group
1301 McKinney St. #3450
Houston, TX 77010
FAX:  713 336-4301
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Other Resources:
File a complaint with the Office of the California Attorney General
800.952.5225
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Los Angeles County Dept. of Consumer Affairs
800.973.3370
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Los Angeles Neighborhood Housing Services provides free foreclosure prevention assistance.
888.89-lanhs
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For Free Loan Modification Help
See Neighborhood Assistance Corp of American  at NACA.com
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