BofA/CW offer

flipper-26 · 07-17-2009, 12:25 PM

I have a dilemma and I need some advice. Today I talked to my negotiator and she offered the following: 3yrs at my introductory rate, goes back to ARM after will all fees due to the back of the loan for a monthly payment of 1226. I would like to know if I should proceed with naca to see if they can get a fixed interest rate, which is all I want. I have a session set for monday with them. (P.S. I am also concerned that if I decline the offer they would immediately begin the foreclosure process on the house.) I am really scared and frustrated at the same time. When will this nightmare end?

Evan Bedard · 07-17-2009, 12:29 PM

Hi flipper26,

How many months late are you? also that does not seem like a good mod that you have been offered by BofA..

steel67 · 07-17-2009, 12:59 PM

Well, I agree with the other guy, that does not sound like a good offer...
This is my first time on here!....I am 2 months late & countrywide has not not been pleasant to work with...I love my home!...& don't want to lose it.
I have currently started the process with NACA...I just hope I am putting my my fate in the right hands for a loan mod. Or is it best to get a lawyer?...Who knows can anybody tell me if they have had good luck with NACA on getting a Loan Mod. with a fixed FHA Loan...Plesae Help!

flipper-26 · 07-18-2009, 07:47 AM

About 2 months late. How sucessful have NACA been with modifying loans

Evan Bedard · 07-20-2009, 10:53 AM

NACA has been quite successful in modifying loans, but as we all know modifications are not guaranteed no matter what route you choose to take...

michigan tsunami · 07-22-2009, 10:34 AM

My status on my BofA site says I have been approved for a modification and that I will contacted by a workout negotiator to explain the terms. So I'm assuming this is seperate from my NACA offer? They wouldn't talk to me before because I was working with Naca. Now they are going to be in touch. What do you think? I'm currently on hold with Naca. They don't tell you what number you are anymore?

HereinNY · 07-22-2009, 12:15 PM

Not necessarily a different offer from the NACA offer...Naca had my terms and within one day my account said the same as yours and the next day the documents came fedex..

michigan tsunami · 07-22-2009, 03:08 PM

If my naca offer is ever appproved, I will be a happy man! I can live happily with the terms offered. However, i don't think this is the case. Naca said terms were submitted July 10, approval for mod from CW was July 15.

CW California · 07-22-2009, 09:07 PM

Quote:

Originally Posted by michigan tsunami

My status on my BofA site says I have been approved for a modification and that I will contacted by a workout negotiator to explain the terms. So I'm assuming this is seperate from my NACA offer? They wouldn't talk to me before because I was working with Naca. Now they are going to be in touch. What do you think? I'm currently on hold with Naca. They don't tell you what number you are anymore?

Mine said the same thing online and I never got a call from BofA or NACA to explain it. Just got a verbal and an email from NACA, accepted it via email, and I received the docs and sent them back. They were logged in under docs today so hopefully it will be definate!