CitiMortgage/NACA

[fubar8885]

I have two loans with CitiMortgage:
5 year arm for 200,000 at 7.875%
15 yr baloon for 50,000 at 11%

I have been working with NACA since March 26 and they submitted my file on April 10. Since the process was taking so long I decided to contact CitiMortgage using thee loan safe number. They've been very helpful in getting any questions I have to Ravita(the woman working on my file). She recently called with an offer to submit to the investor and she said she couldnt submit it without my approval. I told her i didnt feel comfortable agring to anything over the phone and to contact NACA. She said she didnt know to whom exactly she should send the message to she said. I called NACA and they said my file is still under review and the bank has not updated them yet. Is it possible that NACA has a different person or department that they work with in CITI and if so why wouldnt Ravita know this. Also when Ravita called she said that they only do primary loans and not 2nd mortgages. Does anyone know if NACA will try and just combine the 2 mortgages and give me one reduced rate or is it possible they dont touch the 2nd? I need both reduced to be able to continue to afford this mortgage in the long term. I have NO Equity and am considering walking away if i cant get a permanent reduction. My house is probably worth 200,000 at most so that only covers my first mortgage would that make CITI more likely to Settle the 2nd? Sorry I have so many questions but this has been a long process and i feel like I dont know what step to take next any advice would be very welcome.

[Evan Bedard]

Hi fubar8885 welcome and thank you for joining the forum.

Is it possible that NACA has a different person or department that they work with in CITI and if so why wouldnt Ravita know this. Also when Ravita called she said that they only do primary loans and not 2nd mortgages. Does anyone know if NACA will try and just combine the 2 mortgages and give me one reduced rate or is it possible they dont touch the 2nd? I need both reduced to be able to continue to afford this mortgage in the long term. I have NO Equity and am considering walking away if i cant get a permanent reduction. My house is probably worth 200,000 at most so that only covers my first mortgage would that make CITI more likely to Settle the 2nd? Sorry I have so many questions but this has been a long process and i feel like I dont know what step to take next any advice would be very welcome.

It is possible that NACA is working with someone else on your case, I have seen this before in the past..

As far as combining your mortgages I have not seen this happen and pretty sure Citi will not consider this an option.

But as far as settling your 2nd that is possible. You can request to settle for maybe 10-20% of what is owed on the loan.

[fubar8885]

Thanks for the reply. So which department would I contact to see about settling and how would I go about making the offer. Would I need to fax a letter to a different department or can I contact the exucative team and just ask them.

[Evan Bedard]

You can ask the exec team. They will more then likely request a settlement letter from you for how much you are willing to offer..

Contact them first and ask about settling and go from there.

[SillyWorld]

So MOE,

Can we still call the Executive number to get answers if we are dealing with NACA, as I was told to call Citi but they are dumbies they don't know if the sun shines

[CW California]

NACA will work toward modifying BOTH of your loans only when they are thru the same lender. That is the only time they do that. The Executive department will be separate from who ever handles the non-profits. Have you submitted thru NACA yet?

[SillyWorld]

Originally Posted by CW California

NACA will work toward modifying BOTH of your loans only when they are thru the same lender. That is the only time they do that. The Executive department will be separate from who ever handles the non-profits. Have you submitted thru NACA yet?

Yes I have 1st and 2nd from Citi...BUT 1st is FHA,,,Ahhhh Issues as they have an unknown investor...And I bet any money it is Citi too they will not admit it, and NACA said they are not sure who the investor is I tried since march, was told several different things and none were correct last was told Ginnie Mae...Hahah but its not, on all my orriginal docs from mortgage shows nothing but it being a standard FHA so it could have swapped hands many many times to the point nobody realy knows.. probly be my case have to wait 10 years for a MOD by then be BK and in a cardboard box...

[fubar8885]

Does anyone know how long the process with NACA takes. imy file was submitted to CITI april 10 and I called NACA for an update and they say that its still under review. Its been almost 4 months.

[CW California]

Originally Posted by fubar8885

Does anyone know how long the process with NACA takes. imy file was submitted to CITI april 10 and I called NACA for an update and they say that its still under review. Its been almost 4 months.

When was the last time you contacted NACA?

[fubar8885]

I contacted them yesterday but the last update was from the 17th of july I believe they opened the file on the 8th of july.

[SillyWorld]

I filed in MAY and they have me all ready to go, just waiting on Servicer and Investor to take the Bait...

[fubar8885]

What does NACA say when you call them? Do they tell you that your file is undr review?

[SillyWorld]

Status
You can determine your NACA status. This is important for you to determine where you are in the NACA process. If you have not completed the information and documentation necessary to submit your file to your lender/servicer, you should complete it and make an appointment with a NACA Mortgage Consultant. If your file is at your lender/servicer it may be necessary to advocate to get it accepted.

The following is where you are in the NACA process. If you believe your status is incorrect please send an email to Homesave@naca.com or if you do not receive a timely response call 1-888-302-6222.

Submit to Servicer - Restructure
Click here to view the submitted budget
Click here to view the solution letter submit to your servicer

[fubar8885]

yea thats been my status im trying to get CITI to respond to the package but idk who to contact to get them to hurry up and respond. I emailed them yesterday at the adress giveen here but other than that i just keep calling and checking in with NACA.

[SillyWorld]

Same here bud, just have to keep nagging maybe someday they will get it over so we need not nag any longer

[CW California]

Originally Posted by SillyWorld

Same here bud, just have to keep nagging maybe someday they will get it over so we need not nag any longer

Hello my old friend Silly and my new friend furball..,,lol
I wonder if you contacted the Executive response team and asked them specificly to provide you with a contact name and number who works on the non-profits such as NACA if you would have better luck?

[CW California]

Originally Posted by SillyWorld

Yes I have 1st and 2nd from Citi...BUT 1st is FHA,,,Ahhhh Issues as they have an unknown investor...And I bet any money it is Citi too they will not admit it, and NACA said they are not sure who the investor is I tried since march, was told several different things and none were correct last was told Ginnie Mae...Hahah but its not, on all my orriginal docs from mortgage shows nothing but it being a standard FHA so it could have swapped hands many many times to the point nobody realy knows.. probly be my case have to wait 10 years for a MOD by then be BK and in a cardboard box...

That's what they need to invent. A mod in a box.

[fubar8885]

Thats sounds like a good idea CW. Do you think they would have that information? Also you have done a loan mod with NACA i was wondering how long the total process took you?

[CW California]

Originally Posted by fubar8885

Thats sounds like a good idea CW. Do you think they would have that information? Also you have done a loan mod with NACA i was wondering how long the total process took you?

hey furball
Once I was submitted it took about 30 days but since you have two loans it will take longer but hopefully NACA will be able to resolve both or at least try to. Did NACA say what they were submitting to Citi? I would persist until I found out the department and got a number. They will not tell you much. Will probably tell you to call NACA but I would ask them to verify that my information was sent to them from NACA in hopes of getting the ball rolling.

[SillyWorld]

Originally Posted by CW California

hey furball
Once I was submitted it took about 30 days but since you have two loans it will take longer but hopefully NACA will be able to resolve both or at least try to. Did NACA say what they were submitting to Citi? I would persist until I found out the department and got a number. They will not tell you much. Will probably tell you to call NACA but I would ask them to verify that my information was sent to them from NACA in hopes of getting the ball rolling.

HYahah, and Good Luck I tried calling for at least 80hrs of my time got at least 30 different Reps different numbers and all knew nothing and most told me they never heard of NACA..LIES...Told NACA they looked at my file and said who they spoke to and I could never reach that person at Citi, so NACA is working on my case and they said feel free to call every 2 weeks or so for an update and I do and they have no new info, remember I have an FHA if yours is not then it should go smoother...

[lal5190]

Hi Silly -

Can you clarify why they did not tell you who the investor was? Have they mentioned CM Alt Remic?

[CW California]

Originally Posted by SillyWorld

HYahah, and Good Luck I tried calling for at least 80hrs of my time got at least 30 different Reps different numbers and all knew nothing and most told me they never heard of NACA..LIES...Told NACA they looked at my file and said who they spoke to and I could never reach that person at Citi, so NACA is working on my case and they said feel free to call every 2 weeks or so for an update and I do and they have no new info, remember I have an FHA if yours is not then it should go smoother...

When you called the Executive department you got 30 different reps?

[jack c]

great, all these posts are my story..naca has submitted my offer to citi 6/14/09..but still waiting to hear back from citi with an offer or counter-offer...in the meantime I'm in my 6th month of a forbearance with citi and paying half of the original mortgage of $1200.00 a month. I have a fannie mae loan single mortgage at 6.5% owe $132,000.on the original amount of $138,000 5yrs. old loan. so I'm also concerned about why citi is taking so long to respond, but we have to remember even tho the banks got that huge bail out, it just made them greedier. they still want to rip us off for as much as they can and still keep us paying as much as posiable.don't be fooled..people..theres 2 sides to this process, the bank and the mysterous invester, and us.you may want to get an appointment for a phone interview over the net with naca, you can schdule an appointment time and they will call you and you can talk with them then about what's going on, or use the exuctive team numbers and they will get you someone to see what's happening with citi..that's about it, i can't figure out any other ways to get at these people..for a bank they really are unaproachable..it's a shame..all we are trying to do is keep our homes for our children and grand children and the bankers in a job..you think they would be more concederate of our sitituation..thanks for lettting me share..keep the faith !! jack c..out.

[Bridget Ann]

Don't waste time with NACA. All the time and energy you are spending should just be used getting info from your lender. Clearly Naca is disorganized and not closely moitoring your file. I know a few people that had successful mods with Citi under Obama plan/Making Home Affordable Plan. Was pretty painless they say. I think Naca is too overwhelmed and they are hiring minimum wage employees b/c they are so busy.

[CW California]

That's the problem Bridget we are all sick of dealing directly with these idiot banks. Most people have come together on this site to share ideas with how to get decent mods. Most of us have been doing this for a year or better. Myself, I went thru a third party. Waste of time and money. Went on my own. Ridiculous merry go round with the lenders. Have you used NACA? Please don't discourage people to go that route. It could very well be the only way they can be successful. We all need to use many routes to get a decent mod to stay in our homes. I myself have used NACA and I just received a 2% life of the loan mod. We all need to read read read and be aware of what type of loans we have and what the various agencies are doing for each one. NACA is still hiring. If anyone is interested check out the job postings on their site! Bruce Marks is known to be a very demanding boss so my guess is those staff members are pretty well checked out. NACA just has growing pains right now but they are a dedicated organization made up of people just like you and me.