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  • Mary K. Lenahan, J.D., Realtor

NACA in LA: Thursday April 11, 2013 to Monday April 15, 2013 – LA Convention Center


NACA in LA - April 11, 2013 to April 15, 2013

NACA In LA April 2103

 

Los Angeles Convention Center, 1201 South Figueroa St

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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.

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.

CitiMortgage Loan Modification Abuse? Class Action Filed


Class Action Against CitiMortgage for Loan Modification Fraud

Class Action Against CitiMortgage for Loan Modification Fraud

I volunteer at the Public Counsel Bankruptcy Self Help Desk in Los Angeles a few times per month.  During that time I have spoken to people who were forced into Bankruptcy by their Mortgage Lenders who, simply stated, defrauded the homeowners on loan modifications.

I learned from other attorneys who work at the Public Counsel Bankruptcy Self Help Desk that their stories are not uncommon.

The story goes like this:  The lender gives the homeowner a “temporary” or “trial” loan modification.  The homeowner performs 100% during this trial period; never late on a single payment.  At the end of the 2 year trial period, however, the lender tells the homeowner that the homeowner doesn’t qualify for a permanent loan modification!!??

It gets worse.  “We [the Lender] want the $25,000 in the deferred payments NOW!  No re-payment plan is available.   It’s Pay Now or We [the Lender/Servicer/Purported Note Holder(s)/Whoever] Will Foreclose!

Apparently facts exist that may show CitiMortgage indulges or indulged in abusive loan modification behavior and a class action(s) against CitiMortgage is presently being pursued by the law firm, Milberg, LLP.

For more information see: http://cases.milberg.com/citimortgage/

Resources for Mortgage Modification are listed in Class Action Against Bank of America for Abusive Loan Modification Consolidated with over 20 Other Action

Related post:  http://wfhmcaught.blogspot.com/2011/03/why-is-iowas-attorney-general-helping.htmlhttp://wfhmcaught.blogspot.com/2011/03/why-is-iowas-attorney-general-helping.html

 

City of Los Angeles: Tenants in a Foreclosed Property Cannot Be Evicted Until New Owner Purchases


City of L.A. Mayor Antonio Villaraigosa signed into law in December 2008 an ordinance prohibiting the eviction of tenants in a foreclosed property, until the property is sold to a new owner. 

This is a win-win solution.  The bank will not suffer losses from vandalism caused by empty residences.  The tenants maintain the property and have an opportunity to shop around for alternative living arrangements.   If the property is an investment property, the new owner will have the benefit of a pre-existing tenant should the tenants decided to stay.

Renters who are being evicted may wish to call the city’s Housing Department at (866) 577-RENT.

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