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Posted at 6:36 AM ET, 07/23/2010

Scores line up for loan help in D.C.

By Mike McPhate

More than 160 homeowners lined up in downtown Washington before dawn Friday in hopes of obtaining better terms on their home loans with help from the housing advocacy group Neighborhood Assistance Corporation of America.

Distressed mortgage-holders clutching financial documents had begun queuing up outside the Washington Convention Center at 8 a.m. Thursday for a chance to sit with one of hundreds of NACA counselors on a “Save the Dream Tour.” The free D.C. event opens at 9 a.m. Friday and runs 24 hours a day for the next seven days, ending July 30.

The Boston housing advocacy group, which works with homeowners to prepare budgets and submit proposals to their lenders for lower mortgage payments, has binding contracts with all of the major lenders.

Homeowners sweating on the sidewalk in stifling heat before the event opened were surrounded by portable fans, coolers, camping chairs – and suitcases. Many of the attendees flew into the District from as far away as Connecticut, Massachusetts, Florida and California in order to seek help.

Those in line had harsh words for their banks. Nadia Morales and her husband traveled from Miami, taking their places near the front of the line Thursday at about 8:30 a.m. Morales said the couple had filed paperwork for a loan modification with CitiGroup eight times, with no response.

“They lie,” Morales said of the bankers. If things go as expected inside the convention center, she added, she and her husband hope to have a new deal within a month.

Many in line described the neighborhood assistance group in almost hallowed terms.

“The only option I have is NACA,” said Anteneh Dhaba, 41, a mechanic from Silver Spring.

Where does he place his odds of getting new terms on his loan? “50-50,” he said. He reconsidered a moment then added, with a big laugh. “Well, if it’s going to be in the newspaper, I’ll say 100 percent!”

-- Mike McPhate

By Mike McPhate  | July 23, 2010; 6:36 AM ET
Categories:  DC  
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Comments

Sad. How many of the people in line should have never owned a home in the first place? Sure mortgage brokers, banks, and real estate agents were unscrupulous. Home buyers also have culpability in this mess also. I have no sympathy for the banks. I also don't have any more for a vast majority of greedy buyers. Most thought of their home as an "investment." They were entitled to double digit annual appreciation. They could refinance to buy that boat or Escalade. Makes me sick.

Posted by: jabreal00 | July 23, 2010 7:26 AM | Report abuse

You ever wonder how these people hear about these offers? Its like a secret underground club of FREE BENEFITS. Unemployment, welfare, state aid, local aid, whatever happened to saving until you could actually AFFORD a home. Saving 20 years is too much to ask the youth. We as a country are in big trouble. The ME FIRST AND ALWAYS generagtion is here.

Posted by: espnfan | July 23, 2010 7:45 AM | Report abuse

Losers. It amazes me that these people actually wanted hundreds of thousands in DEBT when they had dinky jobs, if any, to begin with. I am angry at the banks because now the responsible people are bearing the brunt of the mess they enabled these losers to create. "Let's buy a home! Let's be morons! Who cares. It's just money."

Posted by: FiatBooks | July 23, 2010 7:46 AM | Report abuse

Wow! These comments are really brutal and unfair. And, I think uninformed. We purchased a house that was well within our means and watched our entire asset base go down the drain with the housing market. After repeated attempts to refinance under the government-backed Fannie Mae program so that we could start re-building our equity, we were told that our bank wouldn't refinance because we were so upside down. We have excellent credit and have good income, yet the banks won't work with us because they don't have to. They know that we will continue to make our payments on time. If NACA can get us refinancing at a lower rate, I'll be in line with the rest of the so called "morons". I'm sure that some of the folks standing in line have similar issues. We just want a chance to rebuild what the market stripped from us through no fault of our own.

Posted by: duncan5533 | July 23, 2010 9:12 AM | Report abuse

is it just me or are folks just plain angry and hateful towards others...many folks bought more house than they can afford and many just cant afford the 20per downpayment now required...have you ever bought during a down period...terms are great...buy during an upswing and terms are not so great...folks complain how us govt agency help overseas folks..now they trying to help american folks...for once lets support those in need..our own..the good book says he who is without sin cast the first stone...are you one who is optimistic or one who is pessimistic??

Posted by: wmnatzakanian | July 23, 2010 11:43 AM | Report abuse

It amazes me that these deadbeats with no common sense (i.e. make 20k a year but thought they could own a half-million dollar house) can't afford to pay their mortgage, but manage to come to DC to beg for help. Shameless. I say, re-institute debtors prison. Make them work off their stupidity.

Posted by: Aimhigh2000 | July 23, 2010 12:41 PM | Report abuse

To the commenters: jabreal00, espnfan and FiatBooks ...Life has a way of throwing the unexpected at you. You may be on a mountain top today, but in the valley tomorrow. Try to use wisdom and show compassion.

Posted by: john24 | July 23, 2010 12:50 PM | Report abuse

It amazes me how judgemental people can be towards others. John24 said it best. There may be people out there that should not have bought a house in the first place, however, I highly doubt that there is a person alive that has not made a premature decision and regretted it later.

Posted by: opinion34 | July 23, 2010 1:28 PM | Report abuse

Spare me the soapbox. I don't relish in anyone being in financial distress. I hope some will be able to refinance. I make over 6 figures. I have sterling credit. I have a years worth of savings in the bank. Guess what, I still rent. I thought prices were ridiculously inflated during the boom years. I was just out of grad school and didn't buy into the hype. Many people I knew (good people) bought. However, their notion of buying was perverted by the euphoria of the moment. Most bought as an investment rather than a place to live and raise a family. If one is going to be living and staying 10+ years and raising children, whether the equity has been wiped out is irrelevant as long as they can still make the payments on the house.

The bottom line is people gambled with their home purchases banking on a perpetual appreciating asset. Many lost their shirts. If they sold and made $100K profit I am sure they wouldn't be complaining. No sympathy here from me.

Posted by: jabreal00 | July 23, 2010 4:16 PM | Report abuse

jabreal00 you hit the nail right on the head! I know several people in the exact same siituation as you. If only we had more as sensible as you...

I too saw forsaw this whole scenario unfolding a years ago while working for NACA. We had lots of people who did not qualify for a mortgage based on throughly RESPONSIBLE criteria established by the program and decided to take their business elsewhere.

Well low and behold X years later these same people who frowned at the glacial pace of responsbility are begging (literally) for relief. And of course these people receive said relief at the expense of taxpayers like myself who still can't even afford a home on a decent salary and exercising responsible spending habits. Bruce Marks knew this before he decided to wage his war of "shame" on the banks. No offense but this guy is nothing more than a poverty pimp, quickly ascending to the ranks of Jesse Jackson and Al Sharpton.

To the folks who are in trouble due to an extraordinary loss I do sympathize. To all others, tough. Why should taxpayers subsidize losses because some homeowner feels "entitled" to a mortgage adjustment due to equity loss?
Now tell me how the fudge is that fair?

Let me also share this. This housing crisis and its real effects on the long term economy have yet to materialize. One thing I always wondered about was how are these people going to properly prepare for retirement if they could barely afford a house? Student loans, kids?

In about 30 years (or less) housing values will be in virtual freefall. Millions of homeowners who neglected retirement to continue paying on hyper-inflated properties will be trying to dump them in droves at fire sale prices. The only problem is the all of the potential buyers will have bad credit due the fall out from the upcoming student loan meltdown.

Posted by: creamit20 | July 23, 2010 9:29 PM | Report abuse

shut up-none of you know what you are talking about=you people probably don't even own a home at least they had the guts to go for what they needed for their familyyou idiots act like it's the homeowners fault-look around dumb asses-they are just trying to recoup a little if any thing-what do you hae high ass rentJUST SHUT THE HELL UP!

Posted by: fosterash14 | July 23, 2010 11:20 PM | Report abuse

AND THE ONE WHO KNOWS WHERE WE WILL BE IN 30 YEARS-WOW YOU CAN MAKE MANY CHANGES AND SEE THE FUTURE-YOU KNOW THE ANSWER

Posted by: fosterash14 | July 23, 2010 11:23 PM | Report abuse

AND THE ONE WHO KNOWS WHERE WE WILL BE IN 30 YEARS-WOW YOU CAN MAKE MANY CHANGES AND SEE THE FUTURE-YOU KNOW THE ANSWER

Posted by: fosterash14 | July 23, 2010 11:25 PM | Report abuse

I think many of you are misinformed and un-aware of the economic reality that exists today.

Granted there are many whom do take advantage of our open and willing system, but these are not normal circumstances, so many folks in these lines are not the ones to direct your frustration at.

I for one am someone that made a higher than average salary consistently for over 12 years, only to be let go and rehired @ 40% of my previous salery. I've never had any asistance in my carrier, saved more than most and certainly more than double the national avaerage. Yet still I have to admit my ends are no longer meeting.

Be careful throwing stones they have a way of coming back round....

Posted by: docrock100 | July 24, 2010 8:55 PM | Report abuse

I think many of you are misinformed and un-aware of the economic reality that exists today.

Granted there are many whom do take advantage of our open and willing system, but these are not normal circumstances, so many folks in these lines are not the ones to direct your frustration at.

I for one am someone that made a higher than average salary consistently for over 12 years, only to be let go and rehired @ 40% of my previous salery. I've never had any asistance in my carrier, saved more than most and certainly more than double the national avaerage. Yet still I have to admit my ends are no longer meeting.

Be careful throwing stones they have a way of coming back round....

Posted by: docrock100 | July 24, 2010 8:55 PM | Report abuse

Our goal is to have a method for our members to interact, share stories while providing NACA the ability to improve our Customer Service via your feedback.

We have launched The Official NACA Public Forum https://forums.naca.com/forum

Our forum is being monitored by NACA Staff and you will receive prompt assistance and direction per your request.

Keep in mind that the forum is NOT a replacement for NACA Counseling. If you need to schedule an appointment to speak with a counselor, please do so through the main site: https://www.naca.com/ and logging into your Web File or call 888-404-6222 to speak to a NACA Representative.

Please also keep in mind as these forums are public in nature, DO NOT POST your NACA ID, password, email address, Social Security Number or Tax ID in this forum. Please also keep our forums free and clear of any profanity, racism, rude language, and inflammatory comments.

Thank you, and enjoy our NACA Public Forum https://forums.naca.com/forum

Posted by: ftunjano | July 30, 2010 7:41 PM | Report abuse

Our goal is to have a method for our members to interact, share stories while providing NACA the ability to improve our Customer Service via your feedback.

We have launched The Official NACA Public Forum https://forums.naca.com/forum

Our forum is being monitored by NACA Staff and you will receive prompt assistance and direction per your request.

Keep in mind that the forum is NOT a replacement for NACA Counseling. If you need to schedule an appointment to speak with a counselor, please do so through the main site: https://www.naca.com/ and logging into your Web File or call 888-404-6222 to speak to a NACA Representative.

Please also keep in mind as these forums are public in nature, DO NOT POST your NACA ID, password, email address, Social Security Number or Tax ID in this forum. Please also keep our forums free and clear of any profanity, racism, rude language, and inflammatory comments.

Thank you, and enjoy our NACA Public Forum https://forums.naca.com/forum

Ricardo Herrera
Online Operations | NACA

Posted by: rherrera1 | July 30, 2010 8:37 PM | Report abuse

The comments to this entry are closed.

 
 
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