BONY owned Ctywd w/High FICO @ 62% m.i.

[Pants]

Man very frustrating. We have a BONY owned Ctyw mtg with a high FICO and never missed a payment. They signed us up at 62% of our monthly income 4 years ago.

Home retention can't help because we're on time. We don't qualify for any programs under a BONY owned mtg.

I can go down the street and buy this floor plan for $45,000 less.

Does anyone have an 800# for BONY?

I might as well be asking a brick wall for a modified mtg.

[chrisb]

pants,

try using naca.com, click on homesave
they are a non-profit hud approved counseling agency and they work to restructure your mortgage payment to what is affordable for you. The investor on my loan is BONY too. NACA restructured my mortgage from 6.25% ARM 30-YEAR to 2% fixed for the life of the loan, and the best part it is FREE! I also was current, up until last month, so dont let that stop you! It is probably going to be the best thing you ever did, you wont regret it! From what i've heard, and from my experience, BONY is really easy to work with.

[Pants]

BONY is really easy. It's Cywd / BoA that is unflexable.

[Pants]

How did the mod effect your FICO? Does the mod even show on your credit report?

[chrisb]

i received the approval email, but i have not received the documents to sign, to have my modification finalized. as of now my credit score is 793, it has not been affected yet ( i have a credit score monitoring service). No changes to my credit. Thankfully if you are current when you start NACA, and then fall behind, they will not report you to the credit bureaus.

[CW California]

pants, once the modification is done that change is reported on your credit. I don't think anyboy knows how many points, if any, the reported mod is going to be just yet. I'm in the same place as you. Current but struggling with my credit intact. I googled it and found it shouldn't be too bad. Careful not to sign any modifications thru the lender unless they are NACA or the Making HOme Affordable plan. I've heard that if you sign up for a trial period which is not a MHA plan that the lender will report you 30,60 and 90 during the trial period. It was reported on here and is in the servicing documentation that if you are current going into the trial period of MHA that the servicer is required to report you current. We'll all see.

[Pants]

I'm keeping track here for me and for whoever it might help.

NACA online form was filled out today.

Just an update I've been trying to get Ctywd to refi or modify for 6 months.

Last week we tried 2 times, 1st time with positive $ at the end of the month, 2nd time with a negative $ amount. It didn't matter, no both times.

Right now our 80/20 is 56%+ of our monthly income. We have a high FICO and are on time with payments.

If Ctywd wouldn't have helped kill the global economy we could be refi'n right now with no problem. But even with a high FICO we are grouped in with the subprime.

My theory is that they're not modfying us because we are on time. If you say so we have to start missing payments to get modified it triggers an interesting focused response from the modifyers.

We would walk away from this house if nothing is done. We could move down the street and get the same floor plan for 1/2 of what we payed. We would of course go buy cars at 0% financing before we took the ding.

Ctywd got us into this mess and they are going to pay. They modify or they get the house.

[CW California]

It's good you filled out the NACA. If you haven't already done so fax your docs and set up an appointment. A lot of people have been successful with them. Keep us all updated!

[Pants]

Originally Posted by CW California

It's good you filled out the NACA. If you haven't already done so fax your docs and set up an appointment. A lot of people have been successful with them. Keep us all updated!

We have a phone call set up for Thurs night.

It didn't request us to send doc's yet. I'll get 'em ready.

[FLgata]

Good Morning Pants,

If I were you, I would try to fax the following items before your scheduled phone appointment:


Documents:

Submit documents into your electronic file. The required documents are the following:

• Pay Stubs or Verification of Income (most recent 30 days)
• Mortgage Statement (most recent available monthly)
• Property Tax Bill
• Homeowners Insurance Bill

Just scroll over the "Home Save" tab at the top of their web page, then scroll over "Documentation Submission", to chose your method of submission.

Good Luck! I am also an NACA success story.

[CW California]

Pants
the documents submission is the tenth step. Easy to do quickly too at Kinko's. Get them up there so they can look at them during your appointment. They go right into an electronic file. To fax them print out your personal fax page from NACA. It's got your number and so forth on it.

[Pants]

I'll do that that guys. Anything to speed this up.

[Pants]

Originally Posted by FLgata

Good Morning Pants,

If I were you, I would try to fax the following items before your scheduled phone appointment:


Documents:

Submit documents into your electronic file. The required documents are the following:

• Pay Stubs or Verification of Income (most recent 30 days)
• Mortgage Statement (most recent available monthly)
• Property Tax Bill
• Homeowners Insurance Bill

Just scroll over the "Home Save" tab at the top of their web page, then scroll over "Documentation Submission", to chose your method of submission.

Good Luck! I am also an NACA success story.

Briefly tell me how your mtg was modified or refi'd.

[FLgata]

Hi Pants,

My loan was an ARM at 9.5%. It was due to increase to a 10.625% this past January. I tried to deal with CW on my own (started before increase and before going into default). They would not assist me. After I missed my second mortgage payment, they offered to freeze my interest rate at 9.5% for five years. I told them to stick it where the sun doesn't shine. I needed a permanent fix to my mortgage problem. Because of this wonderful forum and supportive members, I became aware of the NACA. I did the online submission and phone couseling appointments. The NACA submitted a proposal to CW for a restructured loan at 3.9%. I received an approval email on March 19th, stating that my loan would be restructured at 2% fixed for the life of the loan. HAPPY! HAPPY! JOY! JOY! I could have never have done this without the help of LoanSafe and the NACA.

You can read my full saga in the success section of the forum:
The Beginning, My Story....CW/NACA SUCCESS!!

[Pants]

After receiving an email right before Labor day from Naca that they were trying to act fast, nothing yet.

We're going to go ahead an take the initiative. Yesterday Naca said give BoA a call and see what they say. So yesterday Barbara and the 2 advocates were contacted and a rep calls back and says BoA can't talk to us because we're with Naca. The circle of insanity.

Naca sent a link to the forensic audit people WWW.truthinaudits.com. I thought this was free thru Naca. Is it?

The whole thing's insane.

[CW California]

Originally Posted by Pants

After receiving an email right before Labor day from Naca that they were trying to act fast, nothing yet.

We're going to go ahead an take the initiative. Yesterday Naca said give BoA a call and see what they say. So yesterday Barbara and the 2 advocates were contacted and a rep calls back and says BoA can't talk to us because we're with Naca. The circle of insanity.

Naca sent a link to the forensic audit people WWW.truthinaudits.com. I thought this was free thru Naca. Is it?

The whole thing's insane.

Pants
Try calling the customer advocacy dept. at 866-806-2434 and find out who is handling your file.

[Pants]

Ok thanks to everyone giving information to get everyone informed.

We are finally communicating with BoA and Naca in the same day.

To anyone reading this: YOU HAVE TO TAKE THE INITIATIVE AND MAKE IT HAPPEN YOURSELF, NOW, Don't wait.

We're closer to finishing this with a real answer so we can respond or get on with our lives the way it is.

BoA said no today because based on our GROSS INCOME we're at 24%. If you look at our NET we're at 40%. If you figure in the 20mtg we're at 50%, but as I understand it there's no way to figure the 20mtg in with the 80mtg.

Is it true they go by GROSS and not your NET income?

COMMUNICATION TIP: BoA intially responded today with "based on our contract with Naca we can not give any info". So we said ok I understand, I need for you to email me a copy of the contract between BoA and Naca where it states this. That's what got a phone call back with the BoA decision. So we found out in less than 24hrs.

Now we're on to the next step of over coming the NET vs GROSS. On the Naca website it clearly states based on NET, not GROSS. It's fixin' to get interesting.

Never at any time did we become beligerent.

[bittersweetme]

[QUOTE=Pants;124228]

Is it true they go by GROSS and not your NET income?

MHA goes by gross... I guess NACA goes by net

[Tartbird]

[QUOTE=bittersweetme;124245]

Originally Posted by Pants

Is it true they go by GROSS and not your NET income?

MHA goes by gross... I guess NACA goes by net

Hmmmm... that should help streamline the process. Jeesh!

[Pants]

[QUOTE=Tartbird;124249]

Originally Posted by bittersweetme

Hmmmm... that should help streamline the process. Jeesh!

NACA clearly states it's based on NET. The gov website clearly says GROSS.

So based on that our angle is forensic audit thru Naca, or refi with Naca which would actually be the best option.

Has anyone done the forensic audit thru Naca yet?

[Pants]

BOA called today. My wife spoke to them and they went over the #'s again. They say they can't modify our mortgage. We're actually at about 52% NET monthly income 80/20 together. They said they even tried to include CC debt which they're not supposed to. But they go by GROSS income

We're not in foreclosure or late, just out of savings.

I've CC'd all BNY and BOA contacts thru the process and that's probably why we had a call back today. We've been denied about 6 times

We can't re-fi even with a high fico. We're just stuck.

I hope that by participating in the emailing and CC'ing BOA and BNY contacts and mentioning Loansafe.org that in some way it helps others get modified or at least gets them an answer more quickly. After all this really can effect your health.