notice of intent to accelerate ?

[mcintoshj]

First let me start by saying any and all help provided by this forum is a god send.

My story: I have been working with CW for 4 months now trying to get my loan modified. First I was told that I was pre-qualified for the CW home owners retention program. I went through a HUD counselor and we contacted CW a month after this process started. Wouldnt you love it the CW rep advised me to stop making my mortgage payment (I have an ARM the increased to 9%) so that CW would see that the rate increase caused our hardship. I was also told that any and all payments, late fee's etc would just be tacked on to the end of my loan. Needless to say here I sit 4 months later after calling CW once a week to get a status, now 4 months behind on my mortgage. I found out 1 week ago that I was not approved and that my file would be sent back to a negotiator to see if there is another way to work this out. Was also informed that the presidents new plan would take effect on Apr 1st and I might qualify for help through that initiative. I am affraid to fall even farther behind at this point and have no idea where to turn. Below is a copy of my hardship letter that will give you an idea on how I got to this point. Thank you so much for listening.

I am writing this letter to explain a set of unfortunate circumstances that has caused me to fall behind on our mortgage. I have done everything in our power to make ends meet but have fallen short and would like you to consider working with us to modify our loan. Our number one priority is to keep our home and we would be most grateful for the opportunity to do that.

There are two main reasons that have caused us to be delinquent in our payments. Shortly after taking out this loan my employment was transferred out of state. We put our house on the market right before the housing market crashed. My wife had recently left her position as a teacher to make the move to South Carolina and to stay at home with our new born daughter. The house stayed on the market for 6 months as the value of our home steadily decreased. In order to stay competitive in the market I was going to have to take about a 100K loss on the home to sell it. We were in no position to take such a loss. I was fortunate enough to get a transfer back to Florida and we took our home off the market and moved back in. Shortly after our return my wife became ill with Lymes disease and most recently a herniated disk in her lower back which kept her out off work. Despite my wife being unable to work due to health reasons I was able to stay current on the mortgage until our rate increased by 2%.

Our situation has got better as my wife is on the road to recovery and has picked up some work as a substitute teacher at her old school and very possibly will become full time in the very near future. I am confident that a loan modification would benefit us both. We have no intention on leaving our house as it has become a home for our family. Our goal is to stay in our home for a very long time and we look forward to getting back on track with your help. I can’t thank you enough for your understanding and consideration in this matter.

[Moe Bedard]

Hello and welcome to the forum. I am glad you found us!

It sounds like you have had quite a rough road, but your remain hopeful and that is very important.

You're letter looks great!

Sometimes there are mistakes made either by the homeowner or by the mortgage servicer that could cause you to be denied. So, this is actually common. You have to determine if it was a mistake or just a denial. I am assuming the new negotiator will tell you.

Have a new look at your paperwork you submitted and see if it looks right and the numbers jive.

You seem like the perfect candidate if all you need is a few points shaved off the rate to save your home. So, keep up the good fight!

[mcintoshj]

How do I find out who my negotiator is? I cant ever seem to get a straight answer. Should I start the process with naca?

[mcintoshj]

Like most everyone else on this site I have been fighting CW on a modification for four months now. Through the help of this site I have moved on to NACA and have an appointment on the 27th of this month. While I am waiting for the NACA process to play out I dont want to stop my interactions with CW as frustrating as it is. Does anyone have any good email addresses for CW that I could get? I hear them talked about in this forum but cant seem to find them. Thank you for the help.

[Dan Bailey]

mcintoshj,
Evelyn is correct....if you are dealing with NACA, contacting CW on your own behalf will "muddy the waters" get different entries on their database and delay the situation even more.

[mcintoshj]

So here is my next question, I am currently 4 months behind but am in a position now where I can make my Mortgage payment this month. Do I go ahead and make it or do I stick it away? Thanks.

[Txnwoman]

Well I havent made payment since July 08 and my foreclosure is set for May 5. They (CW) have not ask for any type of payment really until today when they called me to let me know that I was behind on my payments (DUH!!) and they wanted to make payment arrangements. I told them (CW retention dept/collection) that I was currently working with Acorn Housing. They noted on their account and that was it. Im kinda using the money I have saved up to hopefully pay off or at least pay down some unwanted debt while I have the chance until they start with a modification. The way I read its a long process.

[FLgata]

Originally Posted by mcintoshj

So here is my next question, I am currently 4 months behind but am in a position now where I can make my Mortgage payment this month. Do I go ahead and make it or do I stick it away? Thanks.

That would have to be your decision. From what I understand, when you are behind, partial payments are put aside in an "escrow account" and will not be credited to your account until the full delinquent amount is paid. When I started my process with the NACA, the gentleman asked me not to make payments since CW was not asking for them. This was not a hard decision for me because I knew in my heart that if the NACA's proposal was refused, I would be walking away from my property. Because of that, I wanted to bank as much money as possible. One thing to remember is, if/when your modification or restructured loan is approved, the missed payments will be tacked onto your principle, therefore affecting your new payment. You could call the NACA and ask them what they think would be best for you.

[mcintoshj]

This is my third time posting and just cant sleep, seems like I have more questions everyday. I was denied a Mod by CW 3 weeks ago. I am four months behind but my financial situation has improved. I have given up on CW and have my first phone appt with NACA on the 27th. Once NACA steps in does it slow or stop the forclosure process. How long do I have before I need to worry about finding a place to live. I have 3 young children to worry about and this is killing me.

[FLgata]

Originally Posted by mcintoshj

This is my third time posting and just cant sleep, seems like I have more questions everyday. I was denied a Mod by CW 3 weeks ago. I am four months behind but my financial situation has improved. I have given up on CW and have my first phone appt with NACA on the 27th. Once NACA steps in does it slow or stop the forclosure process. How long do I have before I need to worry about finding a place to live. I have 3 young children to worry about and this is killing me.

Good Morning Mcintosh,

I understand your stress, but feel so much more comfortable knowing that you involved the NACA. Trust me, you are in good hands now.

Each State is different, but I stopped making mortgage payments in October 2008. In December 2008, I received a Notice of Intent to Accelerate, but nothing thereafter. If you receive a sale/auction date, please let the NACA know. They will work to stop/postpone it while in negotiations with CW.

[tandknix]

Originally Posted by mcintoshj

This is my third time posting and just cant sleep, seems like I have more questions everyday. I was denied a Mod by CW 3 weeks ago. I am four months behind but my financial situation has improved. I have given up on CW and have my first phone appt with NACA on the 27th. Once NACA steps in does it slow or stop the forclosure process. How long do I have before I need to worry about finding a place to live. I have 3 young children to worry about and this is killing me.

We didn't make any payments between August 2008-January 2008. We got a sale date on our home, but immediately informed NACA and they had it postponed since we were actively working with them.

[mcintoshj]

2 days ago I recieved a notice of intent to accelerate from BofA. Naca was to submit my file today to the lender. I have read a lot here about not contacting BofA while Naca is involved, my couselor today told me to go ahead and contact them and reply to anything they send me. I also had one couselor tell me to contact Naca every two weeks once my file was submitted. The counselor today told me to contact Naca in 45 days to recieve an update. What is everyone's take on contacting BofA? Should I be sweating the intent to accelerate or sit back and let Naca do what they do? How long does it take Naca to update the status on there web site so I know my file was submitted? Thanks to everyone on this site.

[jdubu2]

Hey all I have received 4 notice to Accelerate, it is really a formality to say your behind and now you are officially notified. we have had 2 of them come and dates go without anything. CW said they are sent every 45 days once you are 30 days late. I would not worry about it....we are 2 months behind, and still waiting for a forbearance since 1/09... yeah they are idiots! I am just saving the money so I can pay it in full, cuz like someone else said they just put it in a partial payment status so they can continue to collect interest and fees.. CW and Bof A are crooks!!!!

[FLgata]

Good Morning Mcintosh,

If the NACA has already submitted your proposal, you may want to contact the BOA/CW Advocacy Group. This is the department that deals with the non-profit organizations. Just give them your NACA ID#, so they can "flag" you in the computer as being represented by the NACA. After doing so, you will have to contact the NACA for any updates on your pending modification. The number to the Advocacy Group is:
877-327-9225

Good luck and please keep us posted on your progress.

[mcintoshj]

Thanks for the input. I saw on some other threads the folks had been emailing Barbra from BofA, so I decided to give it a try. Got a call the next day from someone in her office and said she would assign a Naca negotiator to my file. Maybe just maybe we are getting somewhere now.

[rozuki]

i emailed Barbara DeSoer, Prez of BofA, this week. Got a call back from her office the next day. Now the website finally has my workout information posted! I have a negotiator and am in active processing! Coincidence?

[Evan Bedard]

Wow it looks like this Barbara is really on top of things!!

[cobra]

Rozuki;

No coincidence at all. You are rockin now!!!

Hang tough,

Cobra

[mcintoshj]

I emailed Barbra and got an immediate response, My account has now been updated on the bank of america site, all collection activity has stopped and I my file is open and being reviewed. Continue to keep my fingers crossed but I have definately made progress because of the help from everyone on this site. Thank you so much.

[merev]

My file was just submitted yesterday to BoA. Do you think it is too early to contact Barbara? I know there are a lot of people waiting for responses...I am just so nervous having a sale date.