Chase won't talk to me because of NACA

[caldwellb02]

Hi. The executive team member of Chase whom I have been working with for several months just told me today that she cannot work with me because I am working with Naca (NACA submitted to on April 24th - no word on a mod). She said she was just told this by her manager the other day.

This is new. I have spoken with NACA twice only but with her and her "colleagues" dozens of times since April. Do you have a sense of what has changed? Is this a good thing or a bad thing? Should I call back and demand to speak to a manager?

[Paul Molinaro Esq.]

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

Always a good idea to get both sides of the story... maybe a call to your reps at NACA to see what they know?

- Paul

[caldwellb02]

I don't have any rep at NACA. I have been working with them since April. They submitted on 4/24. I have never spoken to a negotiator. Yesterday I talked with Naca twice in one day and they said they were going to get me to a negotiator. Today a naca supervisor e-mailed me to say i HAVE TO START ALL OVER AGAIN and gave me an appointment with one of those initial HOmesave counselors on the 5th. Believe me I am stunned. I talked with you, Paul, last week, and you gave me some great info in that 1/2 hour, but that was before Naca started acting just like the lenders. If I don't start all over again with Naca, then maybe I can resubmit with Chase. I am now in default, so maybe something else will be forthcoming from Chase. I have another call into Kevin Winn for some clarification. At this point, I need NACA to show me some proof that I AGREED not to talk with Chase and agreed that they shouldn't talk with me, because Nothing I have says that. I thought all I agreed to was that if Chase gave me a proposal, I would run it through Naca, but quite frankly that was supposedly just for my benefit and there is no way I felt obliged to do it. My experience today in particular puts naca in the same barbeque pit that Chase is in, in my opinion. I hope to be proven wrong.

[Paul Molinaro Esq.]

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

One thing that people should know is... a borrower does not have to be in default to start trying to get help... the worst a lender can say before being late is "Hey, pal... you do not need help, because you have been paying and that, in itself, proves you can pay."

A lender usually does not care where the money comes from as long as it is getting paid... borrowed from the hated brother-in-law... from the sale of wife's engagement ring... as long as payments are made, the lender sees that as proof that a borrower can pay.

HOWEVER, some lenders will modify loans BEFORE going late, so it's worth a shot.

See, the way I look at it... the earlier one tries to get help, the more options there are... the fewest options for a potential client in my firm is when they call a week before the sale date... that is usually a bankruptcy or a cash for keys negotiation. Not many options there.

However, before being late... there's time to try it yourself... get help from a non-profit... research a law firm and interview a few and then save money up to pay that lawyer... figure out if you want to short sell or really keep the property... consider BK... consider walking away... maybe get a favorite uncle to buy the property.

There is no time like the present to get to work solving a problem on the horizon that is sure to be coming your way.

- Paul

[caldwellb02]

Paul - well I started with Chase on 1/4/09, and connected with NACA in April. I was continuing to work with Chase (dozens of people, hundreds of pages, and last contact was the Exec Team) till they stonewalled me. I've contacted an attorney, written my congressman and Senators, e-mailed Jamie Dimon, and submitted a complaint to the OCC. I have another call into NACA to Kevin Winn to find out what their agreement with the lenders is. I have a QWR in the works. I now am in default, after 8 months of squeaking by. I have been quite proactive. It's a mystery to me what I need to do to get some movement in my direction. In the meantime, I am also geting prepared to lose this house. I will not give up trying, but I'm trying to balance this because I'm literally making myself sick with this stress.I don't have any rich relatives.

[Paul Molinaro Esq.]

NO LEGAL ADVICE HERE - JUST GENERAL INFORMATION - ANY SIMILARITIES TO ANYONE'S ACTUAL SITUATION IS JUST ONE HECK OF A COINCIDENCE.

A general rule of negotiating is that until you actually hear the final "No" you're still sitting at the negotiating. In the loan modification arena, the bank has stood up from the table when they give you a "no" in writing... and they have walked away from the table when the house is sold. When they've stood up, it's pretty darn hard to get them to sit their butts back down, but it can happen.

- Paul

[caldwellb02]

Just got the No. My loan modification request was denied by Chase because: "Your hardship is not of a permanent nature."

Ridiculous. The only thing that is permanent is death. Any other hardship anyone can give MIGHT be temporary. Maybe they know I will win the lotto tonight? Better buy a ticket.

So now I am in default. We'll see. I don't think I'm done yet - just trying to figure out my next move.