| Going through NACA process . . .
*** - are you out there? I'm well into the process with NACA - first with BofA, second with CITI. We just went critical (as opposed to just panicky) with my husband's job loss last week. Thankfully, he will be receiving EDD (unemployment) which will replace almost 1/2 of his income - better than nothing, but won't pay all of the bills.
I spent 2 hrs on the phone with BofA yesterday - trying to get someone there to tell me exactly what they modified my loan to last year. Apparently they have no idea. My "step-rate" loan was initially at 4.5% and then in June '09 it was supposed to "step-up" to 4.5%. Not much of a step, right? There is nothing in the documentation about when it flips from IO to amortizing, and nothing about when (if it ever does) step to any other rate. The IO period was over before I received the mod, so there is really nothing to revert to, as far as that goes, and no expiration date on the contract. I have had four other mortgage/banking people read this mod agreement and everyone walks away saying "Huh?" When I executed the documents I was told that it was a 2-year step, then everything goes back like it was under the original Note - but that is not what the mod says and I have talked to 5 or 6 people at Countrywide, now BofA, and they don't know either. So confused . . .
My second is with CITI and I've called, called , called, mailed, mailed, mailed (fax is broken & can't afford another or I would fax,fax,fax). I called the number for Citi here, and I was told that I wasn't eligible for another look at a mod until October (got a slight mod last year - but under different circumstances - no job loss).
Am I shooting myself in the foot by getting NACA involved here - are they going illuminate the fact that I have a perfectly ambiguous contract with BofA? I can probably fake the 4.5% IO payment for the foreseeable future - but will have to let the unsecureds & a few payments to CITI go. Will NACA be able to do anything with CITI, when CITI already told me that prior to October, anything I send in will simply be "ignored" (Aubry at CITI told me that).
We need help, but it is not helpful if the BofA loan all of a sudden goes to ARM stepping and amortizing - that will pretty much leave us only BK as an option. Do we keep our head down and not call attention to ourselves and our ambiguous loan mod?
Thanks for any experience/illumination you are able to share.
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