Questions and Concerns about BOA offer and NACA

[Horsegirl]

I posted this in the NACA forum also...

Okay so I got an offer from BOA through NACA and was contacted via email by the negotiator at NACA. My issues are the figures don't add up?! I got a 2% interest rate for 30 years with my arrears added to the loan. Sounds good, but...
The arrears figure does not add up, it is approx $2500 more than I would owe with 6 months payments and late fees added?!
The new loan balance broken down at 2% interest for 30 years of payments is also off, the payment amount is approx $180 more than it should be?!
The new payment which is supposed to be PITI is only including the taxes, which are going to be less because my property was reassessed. No explination why they did not include insurance or if I will be getting the new rate for taxes written into the loan.
I emailed the negotiator my concerns and my questions, and she didn't answer them! All she said is to tell her if I accept the offer or not.
Does anyone have any thoughts on how I should proceed? I emailed her back asking her to please answer my questions, and provide a breakdown. What should I do??

[ama125]

I'm not working with NACA (yet), but most who have been would likely advise you to call or email David Leighton. He seems to be the most helpful in answering people's questions. Good luck!

[hope67]

Horsegirl, how many years of your original loan term are left? What they do is amortize the new loan balance over the remainder of your original term. so you can use a mortgage payment calculator, rather than entering 30 years , enter the number of years remaining as per your original term. See if you get the same payment amount.

As to the amount being $2500 more than the total past due amount and late fees, I think this depends on your first payment due date, for example, if it 's due on November 1st, they will add the accrued interest on your loan for the month of Sept and October.

In other words:

Past due amount + late fees + accrued interest for the months preceding the due date where no payment will be made.

[CW California]

Originally Posted by Horsegirl

I posted this in the NACA forum also...

Okay so I got an offer from BOA through NACA and was contacted via email by the negotiator at NACA. My issues are the figures don't add up?! I got a 2% interest rate for 30 years with my arrears added to the loan. Sounds good, but...
The arrears figure does not add up, it is approx $2500 more than I would owe with 6 months payments and late fees added?!
The new loan balance broken down at 2% interest for 30 years of payments is also off, the payment amount is approx $180 more than it should be?!
The new payment which is supposed to be PITI is only including the taxes, which are going to be less because my property was reassessed. No explination why they did not include insurance or if I will be getting the new rate for taxes written into the loan.
I emailed the negotiator my concerns and my questions, and she didn't answer them! All she said is to tell her if I accept the offer or not.
Does anyone have any thoughts on how I should proceed? I emailed her back asking her to please answer my questions, and provide a breakdown. What should I do??

They also include the escrow for taxes so the amount will be in your escrow account when it comes time to pay them. BofA increased my payment slightly on the first payment coupon to correct the amount esrowed for insurance. Congrats! Horsegirl . That's two more at 2% this week from NACA!

[Horsegirl]

Thanks for your comments!

ama125, I have spoken to David a couple of times, because I'm with NACA he can't tell me anything except to call them...
Hope67, I tried what you said I've had this loan approx two years well 2 next month it should still be less. I'd happily accept that explanation but NACA isn't telling me that's the case, they didn't say how long the term was. As far as interest accrued, I was making payments at interest only (per agreement), so the six payments should have been interest only plus late payments. If there were some fees why can't NACA just tell me the breakdown? I don't want to agree to anything until I know the fine print and the breakdown, that's how I got into this mess in the first place...

[Horsegirl]

CW,
Thanks for replying, okay that does make sense, as my taxes should be around $3200-3500 this year I think. I hope that the NACA negotiator gets back to me as I would really just like a breakdown of the amounts!

[CW California]

Originally Posted by Horsegirl

Thanks for your comments!

ama125, I have spoken to David a couple of times, because I'm with NACA he can't tell me anything except to call them...
Hope67, I tried what you said I've had this loan approx two years well 2 next month it should still be less. I'd happily accept that explanation but NACA isn't telling me that's the case, they didn't say how long the term was. As far as interest accrued, I was making payments at interest only (per agreement), so the six payments should have been interest only plus late payments. If there were some fees why can't NACA just tell me the breakdown? I don't want to agree to anything until I know the fine print and the breakdown, that's how I got into this mess in the first place...

Horsegirl
It will be in your final papers too. It's not final until you sign the modification docs. I don't think NACA actually gets a breakdown. Another thing I could suggest is check the web page. Has BofA recently sent you a bill for the escrow? The additional amount they added to mine was a pretty big chunk becaus I had taxes due in November but the bank actually pays them in Oct.

[Horsegirl]

Originally Posted by CW California

Horsegirl
It will be in your final papers too. It's not final until you sign the modification docs. I don't think NACA actually gets a breakdown. Another thing I could suggest is check the web page. Has BofA recently sent you a bill for the escrow? The additional amount they added to mine was a pretty big chunk becaus I had taxes due in November but the bank actually pays them in Oct.

No I haven't gotten anything from BOA except phone calls of course! The first payment is due in Oct according to the agreement so that may just be it, the taxes. The payment they proposed is still the old tax rate though, so once again, not adding up?! This is so frustrating!!

[CW California]

Originally Posted by Horsegirl

No I haven't gotten anything from BOA except phone calls of course! The first payment is due in Oct according to the agreement so that may just be it, the taxes. The payment they proposed is still the old tax rate though, so once again, not adding up?! This is so frustrating!!

They used my old tax rates too. They pull the previous bill. I did get a notice that they are redoing the escrow account in October so I expect my payment to go down slightly too. I'm in California and had appealed my taxes. It will be ok Horsegirl. Just make sure you review the papers before you sign them. They will redo the escrow account when the new tax bill is sent to them.

[CW California]

I might add that BofA always makes sure they get the maximum allowed by law on the escrow................