Getting Started?

[AndyAZ]

Please help me get going in the right direction.

Just a quick run down. I have a 80/20 mortgage the first is a 5yr Interest Only Payment Option ARM (Payment options are 30yr, 15yr, Interest Only...No Negative equity option) set to adjust next March (2010) and the second is a 15yr Balloon. To be honest I never received/signed a final copy of my loan. We only received a copy of the "Estimated" loan. So I'm not exactly sure what we really have. Due to the market my home is 65k+ upside down. Also just to be upfront my wife and I have excellent credit and qualified for a standard 30yr fixed loan but our "Loan Guy" pitched us on the 80/20 interest only route and we stupidly took the bait. To be honest we had no clue about all the different types of loans and put our faith in the "Loan Guy" that came recommended by a family member in the Real Estate business. What else can I say lesson learned the very, very hard way. My financial future could very well be destroyed for years to come.

Right now I am current on my payments and have never missed or been late. When all the foreclosure stuff started happening in the news I seen Countrywides name everywhere so I checked and sure enough I was one of the many that had a "Toxic" loan. As a result I contacted Countrywide about a Modification. They in turn told me that I was current and that they couldn't help me unless I was behind on my payments.

I think my next step is to contact NACA but I'm unsure about a few things.

1. How do I obtain a real copy of my loan docs?
2. Does NACA charge for their services?
3. How do I begin the Loan Mod process through NACA?

I have hundreds of questions but I think these are a good start.

Thanks!!!

Andy

[Evan Bedard]

Hi Andyaz welcome and thank you for joining the forum.

1. How do I obtain a real copy of my loan docs?
2. Does NACA charge for their services?
3. How do I begin the Loan Mod process through NACA?

I have hundreds of questions but I think these are a good start

You can request copies of your loan documents from your mortgage servicer.

NACA is a non profit organization:

Here is the link to the site.

https://www.naca.com/index_main.jsp?language=nul

[CW California]

Originally Posted by AndyAZ

Please help me get going in the right direction.

Just a quick run down. I have a 80/20 mortgage the first is a 5yr Interest Only Payment Option ARM (Payment options are 30yr, 15yr, Interest Only...No Negative equity option) set to adjust next March (2010) and the second is a 15yr Balloon. To be honest I never received/signed a final copy of my loan. We only received a copy of the "Estimated" loan. So I'm not exactly sure what we really have. Due to the market my home is 65k+ upside down. Also just to be upfront my wife and I have excellent credit and qualified for a standard 30yr fixed loan but our "Loan Guy" pitched us on the 80/20 interest only route and we stupidly took the bait. To be honest we had no clue about all the different types of loans and put our faith in the "Loan Guy" that came recommended by a family member in the Real Estate business. What else can I say lesson learned the very, very hard way. My financial future could very well be destroyed for years to come.

Right now I am current on my payments and have never missed or been late. When all the foreclosure stuff started happening in the news I seen Countrywides name everywhere so I checked and sure enough I was one of the many that had a "Toxic" loan. As a result I contacted Countrywide about a Modification. They in turn told me that I was current and that they couldn't help me unless I was behind on my payments.

I think my next step is to contact NACA but I'm unsure about a few things.

1. How do I obtain a real copy of my loan docs?
2. Does NACA charge for their services?
3. How do I begin the Loan Mod process through NACA?

I have hundreds of questions but I think these are a good start.

Thanks!!!

Andy

Hi Andy
To get started with NACA, go to NACA. com and click on the homesave menu. It is not necessary to go to the workshop. You can sign on as a member and complete the ten steps. Write out your hardship letter before going online so all you have to do is type it in. Once you type it in and submit that step it disapears so don't keep typing it and sending it like me. lol. The last step is sending them the documents they request. If you look under member services you can print out your own personal fax cover sheet to send your documents with. This will put your documents directly into your electronic file. Once you have sent up the documents go on line and schedule 2-3 telephone counseling appointments. 2or 3 incase they miss one. On your first appointment they will review all the information that you input and sent up and let you know what else they need. Good Luck!

[Corrina]

Andy... FYI, NACA has an office locally that you can go to... 5212 N. Central (5210 is visible from the street, park in back). I would go online and see when their next workshop is because I was in there today and they have another one coming up. They do not charge but do require for their services that you volunteer for at least 5 services in a years period. From my personal experience they have been great to work with, no-nonsense and straight to the point. You can do what CW-Cali said also but when you attend the workshop they break it all down and go over what you "really" need to focus on and what to skip. The office did have a sign that said they accept walk-ins but since your house is not in pre-foreclosure your case would not be immenent but at least they can let you know what you have to do. Good luck!

[AndyAZ]

Thanks sooooo much for the quick replies. I'm going to gather all my info write a hardship letter and sign up for the next local NACA workshop. Wish me luck. Thanks again for all your help.

Couple more questions:

Can NACA obtain a copy of my loan docs pretty quickly or should I ask my lender for all that prior to meeting with them?

Does anyone have a general list of the various documents I'll need?

Thanks again.

[Corrina]

If you are able to go into their office they can give the specifics of what you'll need and how to get them. I know that they are getting ready to do a huge workshop (the ones that last allllll day 7am on) so if I were you I would try to get to their office and get all your "ducks in a row" so that you can get the ball rolling before this workshop even takes place (I think it's the end of Aug. or beg. of Sept). Since you are not delinquent you would not be a priority case if you go after the workshop.

They require the mtg. note (2-5 pgs.), mtg. statement (most recent), HUD settlement statement (if you can find), Form 1003 (uniform residential loan application (if you can find), homeowners insurance bill (declarations page - showing annual premium), & property tax bill. The mtg. note should be recorded on the maricopa county recorders office and you can print it out from there. Also, if you have an HOA they need proof of what that amount is and if you use a coupon book to pay your mtg. they need you bring that in also.

Hope this helps

[AndyAZ]

Amazing info....Can't say thank you enough.