Have B of A 1st and B of A HELOC and 2nd Home - OK to use NACA???

[WCFAMILY]

Any guidance / recommendations / advice on how to handle about 2 years of un-paid property taxes while preparing to deal w/ Countrywide due to both of us w/ major reduction in salaries in 2006 & 2008? We have not contacted lenders as yet, and we are creating our financial spreadsheets and hardship letters.

[HopingtoFind]

Hi wsfamily,

I am surprised your lender has not escrowed your taxes yet... I wouldn't do anything about up-paid property taxes they will simply open an escrow account for the shortage and for future taxes if they approve your mod.

[MollyM]

They most likely will give your account a "corporate advance" & pay those taxes themselves. They will not allow the taxes to be unpaid & a levy put on your home. Unfortuantly- this will increase your payments- AND they get to charge you additional fee's for doing this.

[HopingtoFind]

mollyM... I am not sure which additional fees you're talking about, I have seen them as you say do a "corporate advance" & pay your taxes and then increase your payments but there are no fees associated with that... If you were charged fees you should dispute them. You're protected by RESPA and there are certain rules that servicers have to go by when escrowing your taxes and insurance.

[WCFAMILY]

Hi.
1. Can we use NACA to begin to assist us w/ a loan mod for our primary residence, even if we have another rental home thru WFB and Nat'l. City?
The good news on the rental home, is we just got a mod completed and in-place thru Wachovia-WFB with a loan principal reduction of $83K, six years of low step-up / int / payments, followed by a 40 year fixed beginning in 2016. THIS ONLY HAPPENED because we were 7 months behind in payments with a notice of default on file, etc.

We have semi-recovered from lay-offs and huge reduced incomes during the last two years, but w/ our new debt-to-income ratios (from combined $7500/mo dn to $5500/mo), we won't be able to afford this home at all soon.
Most importantly, we have never been able to pay Property taxes form 2006 thru present. We owe +/- $20K!!!)


Our question is this:
Can we use NACA on our primary residence only???????

Primary Residence Details:

Purchased $525K in Oct., 2006...now valued at only $335K
(upside down by $190K !!!)

• B of A - 1st mortgage (one of those 2006 Countrywide typical neg amort / very toxic Opt Arm for $415K, which will "explode" in July, 2011).
• B of A HELOC -2nd $85K, we and are received temp help ago, we got a temporary HELOC (26 month) reduction good until 4/2011.
• Property taxes would, at the current val. be $500 /mo.
• We would need NACA to help get a Mod to include a 5 to ten year interest only / reduced principal / include back and future PTaxes into a 31% income payment.
• The Ptaxes would / most likely be a major concern. Hopefully they would be reduced to fair market value ...or close. This would be a huge help!!
• CAN NACA OR MYSELF MAKE THIS WORK???
• Please HELP!!!

Thanks to all.

[Moe Bedard]

You would not be able to use NACA if you own any other properties.

But you can try going through BofA for the Making Home Affordable modification to see if you qualify, as long as this is the primary residence.

Contact
Bank of America
Home Ownership Retention Team
1-800-936-6362

[WCFAMILY]

I can't thank you enough ***. You just saved us a lot of time.
So PLAN "B" must now be put underway:
I have spent a lot of time on a very accurate spreadsheet with all expenses, debt to income, etc. which Wachovia / Wells Fargo used to provide the successful mod on our other home last month.
Since then, I sent all our latest financials to our original loan broker, and (like many other brokers who do mods now).
She said we would qualify under the Obama plan...and that she would "assist" us for no fee and submit / negotiate everything to B of A, although I would not be a real high priority to help because of all the others she is helping who are actually paying her for the mods. I respect this trait about her, as she is very honest and open, and she is not afraid to "give it to me straight" w/ no false promises, etc.
She also has her "first person" experience w/ CWide and B of A, which reall will help (HOPEFULLY)
I will keep you posted.
Take Care and keep up the wonderful service.
We are truly thankfull!
WCFAMILY.