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raejean · 06-10-2009, 07:32 AM

Dear Michigan Tsunami,
I too am upside down, self employed, and had to start over with Naca, however I live in Colorado. Just a quick note- It is bad all over, not just Michigan. I am 40k upside down so to me the state you are is kind of irrelevant (sp?). Anyway Naca submitted my file 2/18. I got an offer on 3.18 but it was just an email saying I had been approved for 5% fixed. I too needed a principal reduction so I had to then wait for my docs because Naca was supposed to have submitted mine for 3% fixed. Since I didnt know if maybe they had done a principal reduction so I waited to see what the actual figures were and what the monthly payment was. Well I got the docs and there was no principal reduction and it was 5% fixed which actually raised my payment since I am in an interest only option ARM and have only been able to afford the minimum payment. So the deal ended up being no deal. After researching I found out that they offered 5% because NACA sent in my self employment income incorrectly, making it look like I made more than I do, and then to top it off they didnt put my car payment in the figures so it looked like I had over 3k left at the end of the month for a house payment!!! Not!!! So I too, had to start over. That is the part that is most frustrating to me now....having to start over when they submitted my info wrong! But it is what it is. So as of May 1 Naca re-submitted my docs (I declined the first offer). It seems to me they (Naca) should be able to just go back to the table and re-negotiate and tell them they screwed up and gave them the wrong finanicials for me, but apparently it doesnt work that way. So here I sit and wait. As of March I had never had a late payment, but when they sent the first offer it said not to make the April and May payments and first payment would be due in June. So like a dummy I didnt make those payments thinking Naca would just re-negotiate, but I was wrong. So, just a few things .....I personally have realized (dont like it, but realize) that a principal reduction is not going to happen, I did have to re-submit everything and start over, and I am currently waiting again and am now behind 2 months (since I spent the may and june mortgage payments trying to catch up on other bills). Again, I personally believe that if you want to stay in your home it is worth the fight and if I get to stay the market will eventually turn around, values will begin to rise, and the upside down will eventually be right side up. So I am giving it one last try but I have decided I am not making any more payments (and that is a personal decision I struggled with but have made finally) If they grant my 3% fixed I'll stay upside down or not, if they dont then I will have a little bit of money (from not making my payments) to go find something else. If you do have to start over make sure if you are self employed that they report your income off of your business bank accounts. That is how they screwed mine up the first time as they used my personal bank account info. They need you to use your business accounts and circle your business expenses and explain they personal items that are left. Also, I got the email address on here of Barbara Desoer president of B of A loans or something and I emailed her. I then got a phone call from B of A within an hour. That office is supposably trying to get the ball rolling with my lender but we'll see. I figure it was worth a shot. So hang in there, decide if you want to keep the home, and if so try again. I wish you and all the rest of us luck- we need it! But I do have confidence that since Naca got me the first offer, even though it was wrong, they should be able to pull it off again so there is hope!

06-10-2009, 07:32 AM	#54 (permalink)
raejean Senior Member Join Date: May 2008 Location: Colorado Posts: 61 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Naca dropped the ball!! Dear Michigan Tsunami, I too am upside down, self employed, and had to start over with Naca, however I live in Colorado. Just a quick note- It is bad all over, not just Michigan. I am 40k upside down so to me the state you are is kind of irrelevant (sp?). Anyway Naca submitted my file 2/18. I got an offer on 3.18 but it was just an email saying I had been approved for 5% fixed. I too needed a principal reduction so I had to then wait for my docs because Naca was supposed to have submitted mine for 3% fixed. Since I didnt know if maybe they had done a principal reduction so I waited to see what the actual figures were and what the monthly payment was. Well I got the docs and there was no principal reduction and it was 5% fixed which actually raised my payment since I am in an interest only option ARM and have only been able to afford the minimum payment. So the deal ended up being no deal. After researching I found out that they offered 5% because NACA sent in my self employment income incorrectly, making it look like I made more than I do, and then to top it off they didnt put my car payment in the figures so it looked like I had over 3k left at the end of the month for a house payment!!! Not!!! So I too, had to start over. That is the part that is most frustrating to me now....having to start over when they submitted my info wrong! But it is what it is. So as of May 1 Naca re-submitted my docs (I declined the first offer). It seems to me they (Naca) should be able to just go back to the table and re-negotiate and tell them they screwed up and gave them the wrong finanicials for me, but apparently it doesnt work that way. So here I sit and wait. As of March I had never had a late payment, but when they sent the first offer it said not to make the April and May payments and first payment would be due in June. So like a dummy I didnt make those payments thinking Naca would just re-negotiate, but I was wrong. So, just a few things .....I personally have realized (dont like it, but realize) that a principal reduction is not going to happen, I did have to re-submit everything and start over, and I am currently waiting again and am now behind 2 months (since I spent the may and june mortgage payments trying to catch up on other bills). Again, I personally believe that if you want to stay in your home it is worth the fight and if I get to stay the market will eventually turn around, values will begin to rise, and the upside down will eventually be right side up. So I am giving it one last try but I have decided I am not making any more payments (and that is a personal decision I struggled with but have made finally) If they grant my 3% fixed I'll stay upside down or not, if they dont then I will have a little bit of money (from not making my payments) to go find something else. If you do have to start over make sure if you are self employed that they report your income off of your business bank accounts. That is how they screwed mine up the first time as they used my personal bank account info. They need you to use your business accounts and circle your business expenses and explain they personal items that are left. Also, I got the email address on here of Barbara Desoer president of B of A loans or something and I emailed her. I then got a phone call from B of A within an hour. That office is supposably trying to get the ball rolling with my lender but we'll see. I figure it was worth a shot. So hang in there, decide if you want to keep the home, and if so try again. I wish you and all the rest of us luck- we need it! But I do have confidence that since Naca got me the first offer, even though it was wrong, they should be able to pull it off again so there is hope!