Bruce Marks with President Obama

NACA Founder and CEO Bruce Marks while taking a break from the Richmond Event talks to President Obama at his campaign kick off rally in Richmond,VA regarding the issues that struggling homeowners with government backed loans are facing and how his administration needs to work harder on fixing FHA.

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24 Comments

  1. Posted May 9, 2012 at 11:45 am | Permalink

    Dear sir, 5/9/12
    We applied for a modifacation on our house in March. We were just told FHA would not lower our payments where we could afford them. They lowered the payments from 979.00 to 710.68. Wells Fargo is our lender. Naca said they tried and tried, but FHA would not move. Bruce Marks sent me an e mail and told me to get my FHA case # and call them. I need this case number, before i can call them. Please e mail
    this # asap. Thank you so much!
    William and Carolyn Bibbes

    • Posted May 9, 2012 at 12:29 pm | Permalink

      Hello WILLIAM J BIBBES,

      Please send a message, including your NACA ID nubmer to FHA@NACA.COM and we will search for your FHA Case number. You can also find the case number in the upper left-hand corner of the HUD-1 form that is a part of the original closing documents on your loan.

  2. peterbalraj
    Posted May 14, 2012 at 7:34 pm | Permalink

    I bought my house through NACA in 2007 and have been faithfully paying my mortgage through all financial difficulties. I am now finding it very difficult to make my payments as I lost my job. PLEASE PLEASE help me refinance and bring down my interest rate so I can afford the payments.

    Thank you
    Peter Balraj

    • Posted May 15, 2012 at 8:46 am | Permalink

      Hello peterbalraj,

      Your file is being referred to our Member Assistance Program for help.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  3. Stacey. R
    Posted May 16, 2012 at 8:45 pm | Permalink

    i applied through NACA for the loan modification from Suntrust. from the beginning Suntrust gave me the run around saying the they didnt receive my review inorder to start my process even though it was stated that they did get it. i called suntrust litigation dept. spoke with a man stating it was received, while my person of contact who work for suntrust saying it wasnt. the whole while i felt this whole charade was to let me think i was getting it yet i never was i only was being put off time after time to buy time so that Suntrust can loan shark my property. i have contact this woman numerous of times for any updates on the prosess. she stated there was none she would let me know. when she finally did give info it was only to tell me within probably a few or lesser weeks of my property going into Forclosure that i didnt get the loan modification because i don’t have sufficient income.i truly believe this whole thing of them being at the Naca events are in deceit

    • Posted May 17, 2012 at 5:34 pm | Permalink

      Hello Stacey. R,

      Please be aware that any contact you have directly with your servicer has nothing to do with your NACA file, including the phone conversations you refer to. Our contract with Suntrust requires that all communication regarding your NACA proposal must be made through your NACA file.

      You were speaking with someone from a different department that has nothing to do with your NACA file in at least some of the calls. This is why there was so much confusion. The banks are so huge and disorganized that they are a case of “left hand not knowing what the right hand is doing” and the very reason why we have the requirement that all communication regarding the NACA proposal must be done through the file, in addition to making sure we have complete records of the modification process.

      Please continue to check your NACA file online for updates and remember that any direct communication is separate from the NACA effortand not related to your NACA file.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  4. Gail martin
    Posted May 17, 2012 at 11:47 am | Permalink

    I have been working with Naca since July 2010 I had Litton loan who ignore all the paper work finally they sold my loan to ocwen in nov 2011 they just said the servicer does not do modification can I please get some help

    • Posted May 17, 2012 at 6:34 pm | Permalink

      Hello Gail martin,

      Just as a point of reference, your loan was not sold from Litton to Ocwen, the two companies merged and kept the Ocwen name after the merger.

      The problem in seeking a modification on your particular loan is that the investor on the loan (not Ocwen) is one of the extremely rare ones that simply does not allow modifications on the mortgages they fund. Many people do not understand that 92% of the time, the bank or mortgage company they make their payment to did not lend you its own money. There is a separate entity (investor) who put up the money for your mortgage. The bank or mortgage company (servicer) essentially mangaes the loan for a fee. The investor sets specific guidelines for modification on the mortgages they fund and gives the servicer permission to modify the loans within those guidelines.

      While NACA has successfully negotiated direct agreements with servicers covering 90% of the mortgages in the country and all the major investors like Fannie Mae, Freddie Mac and FHA, there are a few out there who simply refuse to budge. While we continue to advocate to make the NACA standard the national standard for ALL servicers and investors, there is still that rare occurrence where a small, greedy, stubborn investor will not step up and do the right thing. Unforunately this is what has happened in your case.

      This is one of those extraordinary cases where you will likely have to seek legal counsel to save your home. We truly regret that you are in such a difficult situation and wish you the best in your continued efforts to save your home.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  5. Posted May 19, 2012 at 1:17 am | Permalink

    Heya i’m for the first time here. I found this board and I find It really useful & it helped me out a lot. I hope to give something back and help others like you helped me.

  6. Nc office
    Posted May 25, 2012 at 4:00 pm | Permalink

    We were told that our account was in Underwriting. This was over 1 month ago. We have called and called and called. The counselor will not reply to our calls or emails. We are concerned because all of our private info was given to this organization. We are currently on hold with NACA and the volunteer is trying to get the counselor to come to the phone. It has now been 30 minutes of being on hold. Please help!

    • Posted May 29, 2012 at 11:53 am | Permalink

      Hello Nc office,

      Please send me your name and NACA ID number at the e-mail address below so I may review your file and properly advise you.

      Thanks!

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  7. Weanlinny
    Posted June 8, 2012 at 7:30 pm | Permalink

    Valuable info. Lucky me I found your site by accident, I bookmarked it.

  8. Leah Guevara
    Posted June 25, 2012 at 4:36 pm | Permalink

    Please send me Forensic info. NACA no longer does it. Can you give me who else might do it? In a previous blog you had it but, I did not copy the info thinking I could come back here and get it, but it is gone.
    Also Bank of America keeps putting me off and requesting the same info give-repeatedly. I am getting mail from many different names within the BA organization. Where does the buck stop. I fax all my info to NACA so that I have proof that I am sending info requested. BA acts like they are not getting it and asks for it again. I have called your lines made appointments with NACA counselors. I am well past the 45 days since I filled 3/24/12 with NACA. What has to happen for results. I’m thinking I need to go the forensic route. My loan was bought from Countrywide by Bank America, but I don’t know who my actual lender is. Help.

    • Posted June 25, 2012 at 4:45 pm | Permalink

      Hello Leah Guevara,

      The organization we previously worked with regarding forensic audits is the Consumer Mortgage Audit Center (CMAC). They can be found on the web at http://www.truthinaudits.com. Previously, NACA had received a grant which paid for forensic audits for NACA members. That grant money ran out some time ago and was not renewed, meaning you will have to pay for an audit yourself.

      Also, please be aware that any contact you receive directly from your servicer has nothing to do with your NACA file. Our contract with them requires that all communication regarding your NACA proposal, including document requests, must be made through your NACA file.

      If they have asked you directly for documents, the request is coming from a different department that has nothing to do with your NACA file. By sending them documents directly, you will create a separate file that is not associated with your NACA proposal and that NACA cannot help you with.

      Thank you!

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  9. L Tilliman-ATL Office
    Posted June 29, 2012 at 8:21 am | Permalink

    Hello,

    I am writing to you hoping you can help me. I am under contract to purchase a new home and have been so since April 23, 2012. However, due to delays, none of which are on my end or the seller’s, I have yet to close on the home. It has been 65 days since I signed the contract and the builder is steadily getting impatient, of which I cannot blame him. I was told on Monday that all the lender conditions had been addressed and I would get the clear to close on Wednesday in order to close by Friday. Well, Wednesday (evening, I might add), I received an email asking if I was on maternity leave. I specified that I was but that my employer would be more than willing to provide documentation that I am still an active full time employee, expecting to return to work on X/X/2012 and that my salary will go unchanged. I also informed her that I legally cannot be denied this loan per FHA. I have called HUD and have not only been informed of my rights but also given the information to file a formal complaint as well as the number for legal counsel if I am denied the loan. I was told this particular bank had been involved in lawsuits in the past for denying women and had to pay out settlements to them.

    I have constantly reached out to the person at NACA who I have been dealing with to obtain the actual ‘conditions’ from the lender regarding this, but have yet to receive any response from her. So, I am reaching out to you again out of desperation. I sincerely hope you can help in following up on this matter. Time is of the essence as we have already asked the seller for several extensions.

    Thank you in advance and I hope to hear from you soon!!!

  10. L Tilliman-ATL Office
    Posted June 29, 2012 at 12:38 pm | Permalink

    Please note that I heard back today and will close on my home this afternoon!!!

  11. Luci Ryan
    Posted October 17, 2012 at 8:39 am | Permalink

    I applied to NACA’s Philadelphia office as a home buyer in August 2012. Highly excited after the meeting, I followed the directives, submitted all of the requested documents, have more than adequate funds available, excellent crredit score and history, no shock payment, and nothing from my counselor. I assumed that giving this process due diligence and having everything in place I would not face any challenges. My lease expires February 2013, I have viewed a home that I like, but have yet to be qualified. My counselor never returns calls or responds to emails. I submit documents both fax and email repeatedly which oftentimes never reach my file. I examine my file to make certain that every item and request has been adhered to. At this point, all requirements are in place but I have yet to be qualified. I am also concerned that all of my personal information is contained in NACA’s electronic file and could possibly be comprised. At this juncture I assumed I would have moved forward but there appears to be a barrier. Is NACA in need of more counselors, managers, or underwriters? I am really disappointed and reluctant to tell others about NACA’s program because of my experience. Is there anything at all that you are able to do in order to expedite my challenge? I’d appreciate any assistance whatsoever. Thank you for your time and I shall await your reply.

    • Posted October 17, 2012 at 10:09 am | Permalink

      Hello Lucy Ryan,

      I have contacted both your MC and the Philadelphia Office Manager with a request that they reach out to you right away. As for your information, NACA’s computer system is one of the most secure of any non-governmental organization in the entire country. In over 24 years there has never been as single case of identity theft or information being compromised.

      Please keep me updated on your progress.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  12. Ss
    Posted October 29, 2012 at 8:47 am | Permalink

    I was recently refused a modification by Wells Fargo because I have a FHA government loan. I went back with the info on the SR Number 2012-4788446 and they still would not budge. I was told by Wells Fargo they never do 2% loans and/or
    principle reductions period. They also said they only do one modification per loan, is this true….I know people that have had up to three in the past several years. If you call FHA they will tell you the servicer/Wells Fargo is not following their guidelines and to file a complaint. The sad thing is we need help immediately. Mr Marks keeps saying the government is at fault I would say he should double check his facts……please show me documentation that says FHA/VA government loans cannot receive help especially 2% interest and/or principle reduction. It is the banks being greedy and only wanting to modify their loans only! HELP!

    • Posted October 30, 2012 at 3:53 pm | Permalink

      Hello Ss,

      FHA is indeed one of the toughest and most restrictive investors going. Much of what you were told by Wells Fargo was true. FHA does not go below the current market rate on modifications, unlike Fannie Mae, Freddie Mac or many private investors. Neither do they do principal forgiveness, occasionally just what they refer to as a “partial claim” in which a part of the balance is set to the back of the loan in a non-interest bearing balloon payment. They will only do one modification within a 12 month period and a maximum of two during the life of the loan, so I can state for a fact that when you write “I know people that have had up to three in the past several years” that none of them have FHA loans. Nor will FHA do anything whatsoever to modify a loan that is more than 12 months past due.

      NACA has been openly critical of HUD Secretary Shaun Donovan for his failure to modify FHA regulations, which either he or the President could do with just the stroke of a pen. As such, we have seen many cases where homeowners have been denied a modification on an FHA loan when they would have received one under exactly the same circumstances if the loan were Fannie Mae or Freddie Mac. I’m afraid I have to suggest that it is you who should double-check the facts before assessing blame on Wells Fargo, Bruce Marks or anyone else. As with every file, if you have been declined, the next move is to find out why, try again and continue doing so until they say yes.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  13. Cynthia McDonald
    Posted November 19, 2012 at 8:56 pm | Permalink

    I sent a letter to Representative Matsui office last year; I received a “Dear Jane” form letter, sympathizing with my mortgage situation, and reiterating the knowledge of millions of home owners being under water and in trouble with their mortgages. The letter also stated as “my Representative, Ms. Matsui, cares about her constiuents and will fight for what is best for her district. Here I am a year later and I am still waiting for something more than “lip service” from both my Representative and my President. My servicer, Chase bank, participated in the “bail out” and in recent months have been in the news for their inethical business practice; they recently settled a multi-million(hundreds) law suit letigated by investors. The same investors that large Financial institutions like Chase, Wells Fargo, BofA bundled up bad mortgages and sold to. Now, lets summarize: Big Banks got the Bailouts; investors(millionaires) sued and got millions and where are the under water homeowners in all this: still struggling and looking for comparable results..disgusting. I have been trying to get a modification for nearly four years. I managed to stay current on my mortgage, until the last few times I applied for a modification through Chase and each time I applied Chase paid my homeowners insurance and property taxes(even though I am not required to have an Escrow account for I put $70000 down on my home). Each time they denied me, sometime right after paying the taxes and insurance; sometime before paying. But each time they added the escrow amount to my mortgage. Now not only am I struggling to pay my mortgage, but add an addition $700 in escrow each month! This should be illegal! It is blatant padding of my Mortgage! I could not afford to pay my mortgage with the additional escrow, so I paid only the mortgage each month-while the escrow balance became arreages.-had to file Chap 13 to stop the foreclosure. I will not give up or in to Chase and their greed! Perhaps now that I am working with NACA, maybe they can advocate for the “little” people-along with our State Representatives!

  14. ss
    Posted January 22, 2014 at 10:01 pm | Permalink

    Dear NACA,
    I support what you all do in helping homeowners to receive more affordable home loans in prevention of foreclosures – so thank you. I attended one of your seminars a few years ago in Atlanta, GA and due to having SunTrust Mortgage and a FHA Loan – I was not one of those homeowners who left happy about my loan getting reduced. I recall a counselor informing me that of all the banks that they work with that SunTrust Mortgage is one of the most hardest to deal with in getting them to budge in lowering rates. Why is this? I really don’t understand. I realize that they were named as apart of the Mortgage Debt Settlement Act; however I just don’t understand why they have so much power to continue causing homeowners to lose their homes.
    Please help me to have better clarity as to what is the problem. Thanks!

    • Posted January 23, 2014 at 10:21 am | Permalink

      Hello ss,

      Fortunately, I was able to locate your file by your email address and review it after seeing your message. While I cannot go into detail here for privacy reasons, I can say that regardless of who the servicer (SunTrust) or investor (FHA) is, the biggest obstacle preventing a modification was the fact that you were current on the loan at the time the modification proposal was submitted.

      The sad fact is that it is much harder if not impossible to get a modification when the mortgage is current. The bank cannot see that you are sacrificing elsewhere to do the right thing and meet your obligations. All they can see is that you are making the mortgage payment on time every month. It becomes a case of “actions speak louder than words”. You may apply for a modification, but the fact that you pay your mortgage every month tells them that you do not have a problem paying because you ARE paying.

      I have seen many cases where people actually borrow money from another source to make the mortgage payment. When people borrow money to make an unaffordable mortgage payment, they make TWO huge mistakes: First, by making the payment, they again tell the bank that they can make the payment without problem, because they ARE making the payment. Second, by borrowing money for the payment, they are only transferring debt from one source to another. Any consumer or financial advisor will tell you that is a guaranteed path to disaster. You now have two debts you can’t pay back instead of one.

      That being said, NACA will never tell you to not make your mortgage payment if you can afford to. Responsible home ownership is the foundation of NACA’s mission. But many people who can’t afford the payment make a mistake by draining their 401-K, credit cards, etc. to make the payment. Eventually it will only make the problem worse since you make it harder to get a modification and you are also depleting your retirement or creating another huge debt you can’t afford.

      Many servicers and/or investors do have a “gray area” called Imminent Default. Basically, you must prove that you are about to go past due on the mortgage and cannot do anything about it, and one of the “Four D’s” must also be a factor: Death, Divorce, Disability or Disaster. Reduced income through unemployment or business decline will not qualify. Most investors, including FHA, do require that the mortgage be at least two months late or qualify under Imminent Default.

      In some cases, the lender can grant a three month forbearance if you can show genuine hardship but are still current. This allows the loan to technically become delinquent and thus become eligible for modification when it would not otherwise. The only way to find out if this can be done for you or any individual is to try, which is why a proposal was submitted in your case even though the loan was current.

      At the time of the proposal, SunTrust had not signed an agreement with NACA, and they have yet to do so. They do however communicate with NACA through the special secure web portal we have for the servicers that work with us. They do now attend sporadic American Dream Tour events in the Southeast. We also now have an agreement with FHA although they do not attend most of our events.

      Whether either will be in attendance at our upcoming Atlanta event has yet to be determined. However, with the changes that have occurred in the time that has passed since your proposal was submitted, it may be well worth your while to try again. You may do the entire process by phone, fax and internet if you do not want to wait for the Atlanta event next month.

      By the way, just to clarify, SunTrust was not a part of the National Mortgage Settlement, though they did reach a $160 million settlement with the Federal Reserve and Justice Department in a similar action. That $160 million is to be used for borrower assistance or remediation by December 31st 2015. Any funds not used by then will be paid to the Justice Department as a fine. This is just one of the reasons that this may be an opportune time to try again.

      I have several questions I would like to pose that I cannot ask in this public forum, so please email me at the address below so we can arrange a time for a phone conversation that will allow me to provide you with more accurate and specific advice.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

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