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dthom · 01-26-2009, 07:46 PM

Just wanted to start a new thread on our experience with NACA. We are really hopeful at this point. Just spoke with NACA tonite and the offer they submitted to CW is awesome. They asked for a major principal reduction,and 3% interest rate. that would lower our payment just over $600 per month. Finally a payment we can afford even with husband on unemployment right now. When we spoke with counselor on Friday he said we would need something like this because of now having to pay for our presriptions,and with husband being a diabetic his insulin alone will cost $300 per month, not to mention other meds he takes for that as well as other health issues.
I know this is a negotiating process, and CW and our investor which I understand is Freddie Mac will probably bulk at this as I know they don't like to do reduction, but hopefully something can be done. Rep on Friday thought that we had a stated income mortgage as the numbers did not make sense even when he looked at what my husbands income had been, and what mine is now. When I told him that that was news to us, as we had provided tons of income documentation, he didn't seem surprised.
We have been advised to ask for a one month deferral of our payment, if we are unable to come up with it for Feb due to the unemployment, since we have not missed any payments yet and that would keep us in good standing and give them at NACA time to negotiate. But to get it in writing if they agree. Since I don't trust CW at all, that is a given. Don't know if they will agree, but if they don't we will do whatever it takes to get the payment in before the 15th of the month so it doen't show delinquent, and I will call them constantly in retention. Got some good advice from counselor regarding tactics lenders use to get you to accept their offer and not wait for NACA.

Will keep posted. This will not be a short process, 60 to 120 days they said. But we will pray that this works out so we can stay in our home. If not for LoanSafe I would not even of known about NACA. Thanks, at least we have some hope now.

01-26-2009, 07:46 PM	#1 (permalink)
dthom Senior Member Join Date: Oct 2008 Location: St.Clair Shores,Michigan Posts: 702 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	NACA Offer Just wanted to start a new thread on our experience with NACA. We are really hopeful at this point. Just spoke with NACA tonite and the offer they submitted to CW is awesome. They asked for a major principal reduction,and 3% interest rate. that would lower our payment just over $600 per month. Finally a payment we can afford even with husband on unemployment right now. When we spoke with counselor on Friday he said we would need something like this because of now having to pay for our presriptions,and with husband being a diabetic his insulin alone will cost $300 per month, not to mention other meds he takes for that as well as other health issues. I know this is a negotiating process, and CW and our investor which I understand is Freddie Mac will probably bulk at this as I know they don't like to do reduction, but hopefully something can be done. Rep on Friday thought that we had a stated income mortgage as the numbers did not make sense even when he looked at what my husbands income had been, and what mine is now. When I told him that that was news to us, as we had provided tons of income documentation, he didn't seem surprised. We have been advised to ask for a one month deferral of our payment, if we are unable to come up with it for Feb due to the unemployment, since we have not missed any payments yet and that would keep us in good standing and give them at NACA time to negotiate. But to get it in writing if they agree. Since I don't trust CW at all, that is a given. Don't know if they will agree, but if they don't we will do whatever it takes to get the payment in before the 15th of the month so it doen't show delinquent, and I will call them constantly in retention. Got some good advice from counselor regarding tactics lenders use to get you to accept their offer and not wait for NACA. Will keep posted. This will not be a short process, 60 to 120 days they said. But we will pray that this works out so we can stay in our home. If not for LoanSafe I would not even of known about NACA. Thanks, at least we have some hope now.