Rec'd Repayment Plan Agreement

[Sunny11]

We have had our request for modification submitted by naca since 5/29, wrote letter to president on 7/15 when Advocacy Dept. could find no record of our file. Active processing on BofA website since 7/17, it says not to call and check before 8/21. Have not rec'd any updates from naca. Today I rec'd a FedX package from BofA. It contains a Repayment Plan Agreement for our second loan breaking down the May, June, July payments we owe into installments to be added to the actual payment. The agreement would have the arrearage paid by 1/10.

Obviously, this will not help us and we can't afford it. Is this the only thing they are going to offer. Is a better modification on the way? This came from the workout dept. in Texas. Is this another case of the left hand not knowing what the right hand is doing? Should I call naca or David at BofA that called me after my letter to the President?

What happens if we don't return the agreement? I'm trying to get as much information as possible before my husband comes home tonight and freaks when he sees it!

Thanks so much!

[Evan Bedard]

Hi sunny 11,I suggest you call NACVA and David at BofA and sicuss the offer with them to see if they feel it is the best modification you will recieve. It is possible to counteroffer this agreement to try for something better.Keep us posted.

[sandyg]

Originally Posted by Sunny11

We have had our request for modification submitted by naca since 5/29, wrote letter to president on 7/15 when Advocacy Dept. could find no record of our file. Active processing on BofA website since 7/17, it says not to call and check before 8/21. Have not rec'd any updates from naca. Today I rec'd a FedX package from BofA. It contains a Repayment Plan Agreement for our second loan breaking down the May, June, July payments we owe into installments to be added to the actual payment. The agreement would have the arrearage paid by 1/10.

Obviously, this will not help us and we can't afford it. Is this the only thing they are going to offer. Is a better modification on the way? This came from the workout dept. in Texas. Is this another case of the left hand not knowing what the right hand is doing? Should I call naca or David at BofA that called me after my letter to the President?

What happens if we don't return the agreement? I'm trying to get as much information as possible before my husband comes home tonight and freaks when he sees it!

Thanks so much!

There should be a name and contact info. on the outside of your Fed-X package and on the Front page of your doc's. Keep that # for future use. It is the person who is in charge of the dept. who sends out those offers. I called them to ask what exactly the offer was intended to do for us and he explained it to me.

Definetly talk to naca. If you do not get an answer ask to talk to a supervisor. I got something similiar from BOa that would not help us. Anytime you talk to BOA tell them that you are looking for an "affordable payment solution" that will help you save your home. And wht you offered will not help.

We turned ours down. We were recently offered a 3 mo. forbearance at $0 a mo. for 3 mos. and accepted which stopped our pending auction date. And naca is going to submit a new proposal to boa for an "affordable payment solution" in late Aug. and we should qualify for it.

[Sunny11]

Thank you Evan and Sandy for responding....I called and emailed naca yesterday - so far no response. I called the number on the agreement we received, person was not in and no voice mail option. Someone finally picked up and transferred me to the advocacy dept. once they saw my file was flagged naca. Spoke to someone in advocacy and explained I received this repayment agreeement for the second loan which just made the payment more unaffordable by adding $800 per month for six months on our regular payment. Before she realized I was working with naca, she did tell me it was unusual that the seconds were restructured before the firsts. She said if this was not affordable, let it expire. She did say that our file had not been approved yet, and update was due on 8/21. By this time, she saw I was working with naca and directed me to contact them.

So, looks like we keep waiting. Anyone else get this kind of offer where they just add missed payments onto current payments? Seems like a waste of their time and paper and fedx cost to send something so ridiculous!

[Sunny11]

Just an update...still have not heard from naca .....tried to call the women whose name is on the agreement because we found some errors/confusing things as we read it again. Still cannot reach her - does not give voice mail option. I spoke to someone in home retention dept. She said she THINKS it's part of the Home Affordable program. We would pay $800 per month starting 8/15 through January. I asked her what happens after January - does the payment stay the same or go back to the original payment? She's not sure, if we comply it could be for five years or the life of the loan, they'll decide after the trial. She really did not sound too confident in what she was saying and when I asked her to explain why each of the payments was showing as applied to finance charges, she transferred me to the advocacy dept.

Now I spoke to a woman in the advocacy dept who said this was a principal forbearance that will allow us to catch up. After that it would be reviewed for an actual modification. I asked her if this was part of the HAMP program. She says yes. I tell her I'm confused because when I spoke to David that was what he said he was going to submit them for HAMP and he told me we would hear on the first loan first and then work on the second. This was backwards and I did not know how we could make a decision on the second when we had no idea what was going to happen with the first.

Now she tells me the government program is still getting under way and that is the best case scenario, everyone wants to submit for it. It's not a guarantee though. So now this sounds like it's not HAMP???

She asks me what our reason for requesting a modification was....I tell her my husband is a commissioned car sales manager - his income has been dropping for the last year. She said is that it???? WTH?

Since she could not answer any of my questions about the errrors in this agreement that should be back by tomorrow(says our delinquency is as of May 2005, none of the payments are applied to the arrearage according to the schedule) she gave me the number for the manager of the woman who sent us the agreement. And then when I asked her how they could give us five days from the date on the agreement that they send out on a Friday and we don't get until Monday, she had no answer!

I have left a message for David hoping he can help.

Please someone correct me if I'm wrong....it seems like they sent this agreement hoping that our financial situation will correct itself in the next six months and then they won't have to do a modification.

Does anyone have a name or another number for naca to talk to someone there?

If you've read this far, thank you!