NACA didn't help us.

[golfnmommy]

First time posting. Love this site.

My husband and I just got off the phone with NACA and learned the startling news that NACA is not using the president's Financial Stability Act to negotiate with Countrywide. Basically NACA would only be able to negotiate on our 1st mortgage, leaving us to fend for ourselves on our 2nd mortgage, despite the fact both mortgages are at Countrywide. However, it is our understanding that the Financial Stability Act allows our 2nd mortgage to be wiped out. (According to http://www.treas.gov/press/releases/...guidelines.pdf)

NACA's sole purpose is to make payments affordable according to your income vs. your expenses; unlike the Financial Stability Act which is contingent upon a Front-End Debt-to-Income ratio (ie. 31%).

NACA claims that their "restructuring" would be better long-term for us than the government's "modification" plan for our loan, but that doesn't seem to be so.

So, since NACA won't be implementing the Financial Stability Act, what third-party can we use to help us get Countrywide to modify our loan? We have been calling Countrywide since February of 2008 to no avail. Just like others who have posted Countrywide has told us misinformation (basically lies) during all this time.

I still have not read about any real success stories of people getting fair modifications by Countrywide. Is there anyone out there?

Countrywide has not been transparent thus far in negotiating, but with the Financial Stability Act things are laid out for all to see. The only problem is no one is enforcing these changes. Realistically, does anyone foresee Countrywide really doing modifications based on the Act? Can a change really take place?

[Moe Bedard]

CW is going to be implementing the program...............they are working to get the guidelines uploaded into their system at this time..........they will be updating the information through this link........
Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[hypertweeky]

Did you go thru the NACA process? we just got both of our predatory loans with countrywide fixed to 5%. I wonder why your situation is different?

[gray517]

Naca's proposals are based on an affordability budget not a percentage of your gross income, which actually can be a better payment to income ratio that what is provided in the new plan. The financial stabilty act does not wipeout your 2nd mortgage, the 2nd mortgage holder is given an incentive if they reduce the balance or eliminate the 2nd, if they are even participating in the plan. We are a Naca success story, at the time our Naca proposal was submitted to CW our proposed piti payment was 22% of gross, when our naca proposal was accepted and approved the piti was 27% of gross (hubby got more pay cuts after the proposal was submitted) that percentage resulted in a much lower payment than what the piti payment at 31% of gross would be under the new plan.

[Larry2630]

hi golfnmommy,

my husband and i just attended the naca workshop last sat, 03/21/09 and they clearly said that they will also negotiate 2nd mortgages. If your 1st & 2nd loan are with CW (just like ours), naca will treat that as 1 negotiation. If 1st is CW & 2nd is from other lender, it will be 2 negotiations. So no matter what, naca will take care of both mortgages.

[tandknix]

Originally Posted by golfnmommy

First time posting. Love this site.

My husband and I just got off the phone with NACA and learned the startling news that NACA is not using the president's Financial Stability Act to negotiate with Countrywide. Basically NACA would only be able to negotiate on our 1st mortgage, leaving us to fend for ourselves on our 2nd mortgage, despite the fact both mortgages are at Countrywide. However, it is our understanding that the Financial Stability Act allows our 2nd mortgage to be wiped out. (According to http://www.treas.gov/press/releases/...guidelines.pdf)

NACA's sole purpose is to make payments affordable according to your income vs. your expenses; unlike the Financial Stability Act which is contingent upon a Front-End Debt-to-Income ratio (ie. 31%).

NACA claims that their "restructuring" would be better long-term for us than the government's "modification" plan for our loan, but that doesn't seem to be so.

So, since NACA won't be implementing the Financial Stability Act, what third-party can we use to help us get Countrywide to modify our loan? We have been calling Countrywide since February of 2008 to no avail. Just like others who have posted Countrywide has told us misinformation (basically lies) during all this time.

I still have not read about any real success stories of people getting fair modifications by Countrywide. Is there anyone out there?

Countrywide has not been transparent thus far in negotiating, but with the Financial Stability Act things are laid out for all to see. The only problem is no one is enforcing these changes. Realistically, does anyone foresee Countrywide really doing modifications based on the Act? Can a change really take place?

I think you got the wrong information from someone.

[eastbay176]

golfnmommy, I feel you pain. I called CW and they denied me a loan modification and they said that they didn't know whether I could qualify for the Obama program because they didn't have the criteria requirements ready yet. I would truly benefit from this program if they would get rid of my 2nd (HELOC with another lender) since I only refinanced it to get it fixed for a longer period of time.

From the NACA meeting I went to, sometimes even though 2nd is with the same lender, they won't be able to negotiate because it is with a different investor then your 1st.

Like *** mentioned and from what I got from the CW phone rep, call back in April to check to see if we qualify for their Obama inspired program.

[Yanqui]

Originally Posted by golfnmommy

First time posting. Love this site.



I still have not read about any real success stories of people getting fair modifications by Countrywide. Is there anyone out there?

I'm still waiting to see what happens, but I believe this was fair when Countrywide modified my investment property.

CW received my certified mail packet with the signed mod on August 23, 08 my first payments began Oct. 08 they posted a foreclosure notice on the home the second week of Dec. 08 the tenant stopped paying rent. That's were I am at at this moment. It's in my thread-"Mod signed but now I have terrible credit and unemployed"

My mod was 4.75% from a 6.75% and extended the loan to forty years which knocked off a little over $600.00 from the payment.