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Originally Posted by AndyAZ  Please help me get going in the right direction.
Just a quick run down. I have a 80/20 mortgage the first is a 5yr Interest Only Payment Option ARM (Payment options are 30yr, 15yr, Interest Only...No Negative equity option) set to adjust next March (2010) and the second is a 15yr Balloon. To be honest I never received/signed a final copy of my loan. We only received a copy of the "Estimated" loan. So I'm not exactly sure what we really have. Due to the market my home is 65k+ upside down. Also just to be upfront my wife and I have excellent credit and qualified for a standard 30yr fixed loan but our "Loan Guy" pitched us on the 80/20 interest only route and we stupidly took the bait. To be honest we had no clue about all the different types of loans and put our faith in the "Loan Guy" that came recommended by a family member in the Real Estate business. What else can I say lesson learned the very, very hard way. My financial future could very well be destroyed for years to come.
Right now I am current on my payments and have never missed or been late. When all the foreclosure stuff started happening in the news I seen Countrywides name everywhere so I checked and sure enough I was one of the many that had a "Toxic" loan. As a result I contacted Countrywide about a Modification. They in turn told me that I was current and that they couldn't help me unless I was behind on my payments.
I think my next step is to contact NACA but I'm unsure about a few things.
1. How do I obtain a real copy of my loan docs?
2. Does NACA charge for their services?
3. How do I begin the Loan Mod process through NACA?
I have hundreds of questions but I think these are a good start.
Thanks!!!
Andy |
Hi Andy
To get started with NACA, go to NACA. com and click on the homesave menu. It is not necessary to go to the workshop. You can sign on as a member and complete the ten steps. Write out your hardship letter before going online so all you have to do is type it in. Once you type it in and submit that step it disapears so don't keep typing it and sending it like me. lol. The last step is sending them the documents they request. If you look under member services you can print out your own personal fax cover sheet to send your documents with. This will put your documents directly into your electronic file. Once you have sent up the documents go on line and schedule 2-3 telephone counseling appointments. 2or 3 incase they miss one. On your first appointment they will review all the information that you input and sent up and let you know what else they need. Good Luck!