Thursday, October 15, 2009

NACA: My Last Hope

Since I've been denied by my servicer when I tried applying for a modification on my own, I have now enlisted the aid of the Neighborhood Assistance Corporation of America (or NACA for short.)

NACA's CEO is Bruce Marks, and he is known for taking the fight directly to the bank CEO's and their make them realize how personal losing your home is and the costs to neighborhoods all across America that rampant foreclosures cause. He styles himself the "banking terrorist" because he will resort to rather interesting tactics to make his point. He will organize a group of homeowners and NACA representatives and dump a truckload of furniture on a bank CEO's lawn. He will organize protests outside the school where the CEO's kids attend. He is ruthless, and as far as I am concerned, the banks have it coming.

NACA has contracts with the major servicers, including IndyMac. I have a running appointment with one of the NACA counselors as I get my documentation together. I am hopeful that something can be done, even if the only thing that can be done right now is a forebearance to allow my husband and I to get back on our feet, and then do the restructure.

NACA works a little differently than HAMP or other modification programs. They start with figuring out how much of a house payment you can afford. There is no set interest rate that it has to be, or loan amount that it has to be. The only question is how much you can afford, after deducting all of your living expenses. Then NACA takes that number and says to the bank, find a way to get the payment down to that number. Whatever is done is a permanent change. No re-sets, no adjustments. The restructure is permanent.

If you're facing foreclosure, contact NACA as soon as possible. The sooner you start the process, the easier it will be for you. Go to

Saturday, October 3, 2009

Modification Denied: Can't Find Out Exact Reasons Why

I'm angry and this is going to be an angry post. I have reason to be angry and frustrated since it seems that there is nowhere I can turn to for help.

Well, IndyMac/OneWest, being the complete jerks that they are, denied my HAMP modification, and in their denial, the reasons were in so many words "you don't qualify" but no particulars as to why exactly I don't qualify. I've emailed Brandon Latman, the jerk who sent me the denial letter, to find out why, and no surprise, he hasn't emailed me back.

I also have tried to get an answer from loan resolutions as to why, but they can't or won't tell me. I am so sick of this bank. I am sick of all banks. They're nothing but leeches who loaned out money to folks they probably shouldn't have lent to in the first place, and now they're crying foul to the government who runs to give them help, no questions asked. But when a lowly homeowner needs help, there's all sorts of requirements and documentation you must provide before even being considered for help.

The answer to this crisis is a do over for homeowners. A nationwide loan modification program, regardless of bank or investor, where the investors and banks are forced to take the losses as we have had to eat our equity. Everyone's loan get's dropped to the value of their house, interest rate dropped to 2%, and extended out to a 40 year term. Everyone. I don't even care if the rich get to take part, too.

None of this stupid, "voluntary" crap. Of course the lenders and servicers are not willing to modify. Why should they, when they make a ton of money off foreclosure? Why should they take a loss on their balance sheet when if foreclosed on, they can show an asset valued at whatever the loan amount is? There's no incentive for them to do the right thing. The only way is to FORCE them.

Well, I am done ranting. I don't feel much better, but at least I got that off my chest!