Just when i thought there was hope...... - Loan Modification Forum

Marty74 · 08-03-2009, 08:14 PM

I emailed Barbara last Monday, Tuesday was contacted by someone in her office. Faxed all docs they needed Friday. She called today saying she submitted our file... few hours later we get a call from another lady(regina) says they can't do anything for us because we have more coming out than coming in...so grrrr. tells us to call back Aug 15th when that new program comes out(she didn't know much about it) just told us to wait and call back then and hopefully we qualify! It sucks cause i am a truck driver and my monthly gross pay is always different. I hope his new program can help us out otherwise we will be packing our boxes. But i'm hopeful his month if i can bring home $700 a week we will bring in more than we put out(2675). She never told us either how much more we put out than bring in.

I had thought i'd seen a light at the end of this nightmare... I couldn't believe how fast we got a response. so much faster then the other place(4 months and haven't had nothing)

With since we put out more than we bring in, could NACA still help us?

Evan Bedard · 08-03-2009, 08:22 PM

Hi marty74,

Quote:

With since we put out more than we bring in, could NACA still help us?

Yes NACA should still be able to help. They have a partnership with some of the major lenders including BofA and is having pretty good success as well..

cycle87 · 08-03-2009, 08:27 PM

Marty74,
I don't know what kind of new program they are talking about.
Looks like you're in the same boat as me, you need to bring down your DTI ratio otherwise it's hard to get any help from BofA or NACA at this point. I had thought the same way as you initially but after some phone conversations with NACA and BofA, I figured it's gonna be bumpy road...

minknmelissa · 08-03-2009, 08:28 PM

marty I hope everything works out for you we are waiting to here back been waiting since last monday too. I heard good stories about naca start now heard theyre good but process can be long i will go with them if i am denied

ama125 · 08-03-2009, 08:51 PM

Quote:

Originally Posted by cycle87

Marty74,
I don't know what kind of new program they are talking about.
Looks like you're in the same boat as me, you need to bring down your DTI ratio otherwise it's hard to get any help from BofA or NACA at this point. I had thought the same way as you initially but after some phone conversations with NACA and BofA, I figured it's gonna be bumpy road...

The only "new" program I am aware of that is to be implemented by 8/15 is adding FHA loans to the HAMP. So, unless you have an FHA loan, I don't see how this would apply to anyone.

ama125 · 08-03-2009, 08:59 PM

Because I have such a high DTI ratio, I am actually willing to let them keep my loan in limbo until they sort things out. Had I pushed for a mod back in April, I surely would not have gotten one just on account of having a second mortgage and low income. Since then, the second lien program was added and my husband got a raise. I also don't think that with my current property taxes I would pass the NPV test but we did appeal them. Won't know the outcome until October so again, for me at least, I think the longer this takes, the better off it may be for me. Guess time will tell!

MommyBook · 08-04-2009, 09:34 PM

I seriously don't get that whole "Your expenses exceed your income" bit. If they didn't, you probably wouldn't need a loan mod.

Sunbeam · 08-04-2009, 09:58 PM

Write a letter to your congressperson. I was told No by Citimortgage after being told yes yes yes, so I wrote to my congressperson. They day after my congressperson received the letter I got a phone call from BOTH citimortgage and Freddie Mac telling me they would look into it again and get back to me within a week. That was yesterday. I will update when I hear what they have to say.

Marty74 · 08-05-2009, 08:58 AM

Quote:

Originally Posted by MommyBook

I seriously don't get that whole "Your expenses exceed your income" bit. If they didn't, you probably wouldn't need a loan mod.

Exactly!! Then why do they ask for for a hardship letter explaining why you are having "trouble" paying your mortgage. Saying your income has decreased while you expenses have increased.... and they still want you to have money left over? Geez,, if i had money left over i wouldn't need a loan mod... With being a truck driver, one month we have enough, the next we don't. But my work has picked up so hopefully this month our gross will exceed our monthly expenses.

Marty74 · 08-05-2009, 09:01 AM

Quote:

Originally Posted by Sunbeam

Write a letter to your congressperson. I was told No by Citimortgage after being told yes yes yes, so I wrote to my congressperson. They day after my congressperson received the letter I got a phone call from BOTH citimortgage and Freddie Mac telling me they would look into it again and get back to me within a week. That was yesterday. I will update when I hear what they have to say.

That's a good idea. Can you give me an idea of what you said in your letter?? I'm not sure how to go about it. Thanks!

Sunbeam · 08-05-2009, 05:11 PM

see my post under title "wit's end" I cut and pasted the letter into that thread. Feel free to plagarize all you want! Good luck!

rkel11 · 08-05-2009, 06:27 PM

NACA also has you rep's email and address on their website. You can email them all at the same time. Don't waste your time on anybody higher up (Pres.), you'll just get added to an email list that they send out emails saying how good everything is going.

sahm2two · 08-05-2009, 07:27 PM

Quote:

Originally Posted by MommyBook

I seriously don't get that whole "Your expenses exceed your income" bit. If they didn't, you probably wouldn't need a loan mod.

When I first called in they told me this 2 times. And the third time I gave them income w/ overtime on it. When I spoke w/ Neil I told him that the overtime was optional and he told me it would help us more than hurt us...so that makes sense...I guess lol

08-03-2009, 08:14 PM	#1 (permalink)
Marty74 Member Join Date: Jul 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Just when i thought there was hope...... I emailed Barbara last Monday, Tuesday was contacted by someone in her office. Faxed all docs they needed Friday. She called today saying she submitted our file... few hours later we get a call from another lady(regina) says they can't do anything for us because we have more coming out than coming in...so grrrr. tells us to call back Aug 15th when that new program comes out(she didn't know much about it) just told us to wait and call back then and hopefully we qualify! It sucks cause i am a truck driver and my monthly gross pay is always different. I hope his new program can help us out otherwise we will be packing our boxes. But i'm hopeful his month if i can bring home $700 a week we will bring in more than we put out(2675). She never told us either how much more we put out than bring in. I had thought i'd seen a light at the end of this nightmare... I couldn't believe how fast we got a response. so much faster then the other place(4 months and haven't had nothing) With since we put out more than we bring in, could NACA still help us?

08-03-2009, 08:27 PM	#3 (permalink)
cycle87 Member Join Date: Apr 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just when i thought there was hope...... Marty74, I don't know what kind of new program they are talking about. Looks like you're in the same boat as me, you need to bring down your DTI ratio otherwise it's hard to get any help from BofA or NACA at this point. I had thought the same way as you initially but after some phone conversations with NACA and BofA, I figured it's gonna be bumpy road...

08-03-2009, 08:28 PM	#4 (permalink)
minknmelissa Senior Member Join Date: Jul 2009 Posts: 277 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just when i thought there was hope...... marty I hope everything works out for you we are waiting to here back been waiting since last monday too. I heard good stories about naca start now heard theyre good but process can be long i will go with them if i am denied

08-03-2009, 08:59 PM	#6 (permalink)
ama125 Senior Member Join Date: Jun 2009 Location: Reading, PA Posts: 1,494 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just when i thought there was hope...... Because I have such a high DTI ratio, I am actually willing to let them keep my loan in limbo until they sort things out. Had I pushed for a mod back in April, I surely would not have gotten one just on account of having a second mortgage and low income. Since then, the second lien program was added and my husband got a raise. I also don't think that with my current property taxes I would pass the NPV test but we did appeal them. Won't know the outcome until October so again, for me at least, I think the longer this takes, the better off it may be for me. Guess time will tell!

08-04-2009, 09:34 PM	#7 (permalink)
MommyBook Senior Member Join Date: Jul 2009 Posts: 172 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just when i thought there was hope...... I seriously don't get that whole "Your expenses exceed your income" bit. If they didn't, you probably wouldn't need a loan mod.

08-04-2009, 09:58 PM	#8 (permalink)
Sunbeam Senior Member Join Date: Feb 2009 Location: N. California Posts: 294 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just when i thought there was hope...... Write a letter to your congressperson. I was told No by Citimortgage after being told yes yes yes, so I wrote to my congressperson. They day after my congressperson received the letter I got a phone call from BOTH citimortgage and Freddie Mac telling me they would look into it again and get back to me within a week. That was yesterday. I will update when I hear what they have to say.

08-05-2009, 05:11 PM	#11 (permalink)
Sunbeam Senior Member Join Date: Feb 2009 Location: N. California Posts: 294 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just when i thought there was hope...... see my post under title "wit's end" I cut and pasted the letter into that thread. Feel free to plagarize all you want! Good luck!

08-05-2009, 06:27 PM	#12 (permalink)
rkel11 Senior Member Join Date: May 2009 Location: Central NC Posts: 141 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just when i thought there was hope...... NACA also has you rep's email and address on their website. You can email them all at the same time. Don't waste your time on anybody higher up (Pres.), you'll just get added to an email list that they send out emails saying how good everything is going.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode