EMC MOD and CHAPTER 13

[Blackcandt]

I am going over my financials one last time with NACA this afternoon. Can anyone tell me what they are looking for as far as surplus goes? Also do they go by your gross pay or net pay and do they want a surplus with your current mortgage payment or will the new payments be considered?
Thanks for your help!

[Blackcandt]

Just got a letter today in the mail about EMC's request to lift automatic stay. It is an agreed order that we will continue to work on loan mod and if agreement is not reached within 90 days they will be granted relief from stay. I would like to know who's fault they think it is if it is not completed in 90 days because I have no control over it.

[Moe Bedard]

NACA workouts are individual to your situation..............so they will be looking at your personal financial information, credit report and documentation........you would need to be honest and accurate.


Affordability Budget:

NACA’s Home Save Program provides four long-term solutions. The NACA process considers the individual characteristics for each homeowner but provides a framework and standardization to provide for the most effective long-term solution. The Affordable Budget provides an analysis of your current financial situation. If completed accurately and completely, it will show the mortgage amount you can afford. The solutions are based on what you can afford based on a tight budget consisting of the following:

Net Income:
Less:
Required Liability Payments
Required Monthly Expenses
Allowance for Non-Recurring Expenses (usually $200)
Net Available Income for a Mortgage Payment (i.e. Principal, Interest, Taxes and Insurance)

Options:

NACA’s home save options are based on what you can afford based on our comprehensive Affordability Budget. They are provided in the order that is most appropriate for your situation. The most viable and appropriate solution for most homeowners is the Restructure. Servicers and investors are now more willing to restructure a loan given the collapse of the mortgage market and the significant loss they would incur with a foreclosure.

[Blackcandt]

Okay last phone session with naca is in a few hours.(I hope). I got a phone called back from an executive team rep that told me she sent two emails to expedite my file. I continue to call each week and this week I am told that my file is in processing and the system would not be updated until the package was mailed and my file is in loss mitigation in Tx so they have no way of telling me what is going on with it, like I said until the package is mailed... Are you kidding me? I specifically asked if my file had been signed to anyone and they said there was no way to know that either. Just thought I would update everyone.
Thanks

[donnac]

Hi How is everything going? Have you heard anything? I sent over the last of my paperwork so I am now waiting

[Evan Bedard]

Good luck everybody and we here at Loansafe wish you only the best!

Have a great weekend!

[Blackcandt]

Okay I just got back from the NACA Home save event. We drove 5 hours to attend it and find out our investor is Lasalle Bank and was told by the EMC rep that Lasalle doesnt participate in the MHA program. Also they do not go lower than a 6% modification. NACA sent the proposal any way. I thought Lasalle was bought by bank of america and they do participate in MHA, so does anyone know why we are being told this?

Thanks

[Blackcandt]

Just wanted to let everyone know that I called the direct number that I was given at the home save event and that I was told that the servicer has our file and is currently working on it. Which is a good thing. The rep at NACA said that there are notes in the system where they are working it and to call back in a few days to see if they have a decision.

[Blackcandt]

Okay new update again. I went ahead and called emc directly after calling NACA today. When I called I did not get directed straight to the bankruptcy dept as usual which I thought was strange. Then I was told that our file is in the final stage and has been sent to review. When I asked exactly what that means she told me that the attorney has to review it before the papers get fedex'd to me. I asked if this is for the MHA program and she said YES. So I am anxious to see what happens next. Any idea how long I should wait to call back?

[Blackcandt]

The rep for EMC told us that our investor is lasalle bank which doesnt participate in the NACA program or MHA program. She said the lowest they would go is 6% and extend our loan to 33 years. NACA proposed a payment based on our expenses of $960 a month. Which shocked us completely. We currently have no other debt other than our home but have six kids so our expenses are up there. Our net income was between 3-4k a month. The payment EMC quoted us was$1470 a month. Still a lot better than the $2300 we currently pay. We have 9.65 percent currently. I called the hope hotline last night and was told Lasalle bank was bought out by BofA and that they should be participating in MHA. Apparently they are correct because our MHA modification is in the final stage now. So now I wonder will we also be eligible for the NACA program. If so I will see which offer is best.

[Blackcandt]

okay this has to be the craziest process I have ever experienced in my life. I was told Monday my mod was in final review and waiting for attorneys stamp. Called today and was told attorneys dont have it. Then called back a second time and was told it is now being reviewed by the investor. Can anyone tell me if our investor wasnt participating in the MHA program would they even go as far as to send it to them anyway? I am so sick of all this worry. I am on hold now with NACA. Trying to see if anything is happening on their end of things.

[Blackcandt]

Okay if anyone can answer this question for me I would really appreciate the assistance. Does anyone know at want point in this process Chase pulls your credit report. I just checked and they pulled ours 08/2009.

Thanks

[Blackcandt]

Great News Today!!! We have been put on our 3 month trial payments. Our payments were lowered approx. $1,000 a month. Our Chapter 7 court date is this friday so this couldnt have come at a better time. This is all thanks to our rep at the executive offices. She is the one that got us put on the 3 month trial and without her our file was pretty much in limbo. Our payments will be Sept 1, Oct 1, and Nov 1st. Our documents are being overnighted to us and if we dont get them by friday then I am to call our rep back and she will see that we get them for sure. Thanks everyone for all the support on this forum. I know its not over yet but at least we have somewhere to start at this point.

[Shelly17]

Blackcandt-
Your able to file Ch 7 and still do the 3 month trial. Won't Chase kick it back once they find out you filed BK? I too will file BK but I was told I have to wait for my mod to be perm before I file BK. or Chase will make me start all over again. Just wondering.
Thanks!

[Blackcandt]

Actually you are still eligible for the MHA program even if you are in an active bankruptcy. Our modification was processed through EMC's bankruptcy dept. They do need a release signed by your attorney. Even once we receive our discharge it will not effect our mod. Here are the guidelines relating to the bankruptcy and MHAP.

Are borrowers in bankruptcy eligible?

A borrower actively involved in a bankruptcy proceeding is eligible at the servicer’s discretion; however, any modification under HAMP entered into while the borrower is in bankruptcy proceedings must be approved by the bankruptcy court before the borrower is allowed to exit the trial modification period and become permanent. Borrowers who have

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previously received a Chapter 7 bankruptcy discharge in a case involving the first lien mortgage, who did not reaffirm the mortgage debt under applicable law, are also eligible.

[Blackcandt]

Shelly17
That is probably true in your case since you haven't filed yet. All the modifications in Bankruptcy have to go through that dept. So they will probably make you start all over if you do file and they will make you go through the bankruptcy dept.

[Marie T]

Blackcandt - check NACA's website - seems to me that NACA has a relationship with Bank of America if I remember correcctly so ity may be helpful to enlist NACA's aid. That being said, I have not gotten anywhere using NACA but my loan is with WAMU, now CHASE.

[Blackcandt]

Thanks Marie T. I have tried NACA as well and so far no luck. I feel very hopeful after getting the news of the trial modification today. I feel like we have at least got something to work with now.

[Blackcandt]

Okay wanted to update everyone. I actually got a call from EMC today!! I was shocked. Wanted to go over our modification terms. Our new payment is $1268 and was $2223.00. Package fedex'd today. When asked if it was MHA mod I was told yes but never mentioned a trial modification at all. Said once judge ok's the modification it will be closed on within 2-3 days. So I guess I will have to wait and see what the package states. Ill keep you update. This is the same payment NACA was going for so I am wondering if they are behind this call some how. Who knows.

[Blackcandt]

Sorry everyone but have another update. I talked to our attorney and she states that we do not need court approval to do a loan modification since our chapter 7 hearing was last week. So now Emc is stating we may NOT need one after all and they are checking with their attorneys. Oh what a mess. The way I understand the guidelines is that during the trial period no court approval is necessary.

[Blackcandt]

Okay I guess this is a success story Im really not sure. I got all the details of what is actually going on. We are not being put on the MHA program. Because of the BKCY and our situation we are being put on a modification that Chase has put together. It is 3% for 5 years and then after that we either have to do another modification or refinance. We do not have to reaffirm the debt so that is good news. We can walk away if they wont work with us at the end of the 5 years. Our payment is still set at the 31%. We are thrilled with the payment. Our papers have been overnighted as of today and I verified that twice. So we are suppose to have them tomorrow.

[Marie T]

Hi Blackcandt- I guess that makes sense as CHASE owns EMC and they hav etold me (mine is WAMU) that if you don't qualify for the MHA program they can create a program for you. Congratulations - that does sound like a success story as you can have your credit rebulit in five years and then figure out what to do. I would be so happy to get our payment at 31%!!