First time posting. Love this site.
My husband and I just got off the phone with NACA and learned the startling news that NACA is not using the president's Financial Stability Act to negotiate with Countrywide. Basically NACA would only be able to negotiate on our 1st mortgage, leaving us to fend for ourselves on our 2nd mortgage, despite the fact both mortgages are at Countrywide. However, it is our understanding that the Financial Stability Act allows our 2nd mortgage to be wiped out. (According to
http://www.treas.gov/press/releases/...guidelines.pdf)
NACA's sole purpose is to make payments affordable according to your income vs. your expenses; unlike the Financial Stability Act which is contingent upon a Front-End Debt-to-Income ratio (ie. 31%).
NACA claims that their "restructuring" would be better long-term for us than the government's "modification" plan for our loan, but that doesn't seem to be so.
So, since NACA won't be implementing the Financial Stability Act, what third-party can we use to help us get Countrywide to modify our loan? We have been calling Countrywide since February of 2008 to no avail. Just like others who have posted Countrywide has told us misinformation (basically lies) during all this time.
I still have not read about any real success stories of people getting fair modifications by Countrywide. Is there anyone out there?
Countrywide has not been transparent thus far in negotiating, but with the Financial Stability Act things are laid out for all to see. The only problem is no one is enforcing these changes. Realistically, does anyone foresee Countrywide really doing modifications based on the Act? Can a change really take place?