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NACA (Neighborhood Assistance Corporation of America) / We needed help lowering our mortgage and refinance, they did nothing!

1 Boston MA, United States Review updated:
Contact information:

Client #: 1805041. We went to Naca in Miami, hoping that they would help us refinance our mortgage at a much lower amount per month because at the current amount, no way we could afford it. We spend all day long, going from one person to the other, promises galore, they even promised our mortgage would be lowered to almost half, and after months of waiting, they did nothing!!! Spent many days filing forms on the internet and at the site in Miami. The are full of "bologna", worthless!!! They messed up our sheet with our yearly earnings, and gave us stupid advice. Please, nobody believe this company. We are still stuck! They are not capable of doing anything more than an average person on their own. This Naca is a waste!!! A lot of false hopes!!! Nobody should believe these people! Liars!!! Thanks for nothing, Naca!!!

Re
Jan 21, 2016
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Comments

  • Na
      25th of Jan, 2016
    +1 Votes

    Since founding the NACA Home Save Program in 2007, NACA has gotten mortgage modifications for more than a quarter million homeowners thanks to the legally binding agreements NACA has negotiated with all the major lenders as well as investors Fannie Mae and Freddie Mac. In spite of this, NACA has never claimed a 100% success rate. Even at the peak of the mortgage crisis, NACA has never stated a success rate beyond 80%, and there has never been an absolute guarantee of a modification.

    In your case however, you came to us with a mortgage that already had terms that would have been envied by 99% of homeowners. In spite of that, NACA still went to work for you to create and submitted a proposal for the modification of your mortgage as it is NACA’s policy to never turn away anyone with a legitimate hardship.

    As a point of reference, this was never a case of refinancing the mortgage. NACA does not do refinancing. Like every other Home Save member, this was an attempt to get a mortgage modification, which is a restructuring of the terms of the existing mortgage.

    In spite of the already exceptional terms on the mortgage, the bank did come back with a modification offer, which appears to be the only offer allowed by the investor on the mortgage. While the existing terms prevented the modification from being a long-term improvement, it did allow the mortgage to be brought current and give you the opportunity to keep your home and rebuild financially.

    Records indicate that you did indeed accept the modification offer.

    The fact is that you were never lied to or given any false hopes. You came to NACA with an incredibly difficult situation, and we still went to bat for you. While the terms you received were not those either you or NACA would have liked to see, you were offered and accepted an opportunity to save your home. While the road ahead for you may still be rough, it’s certainly better than the dead end you were facing.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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