No way, no how, can't be real.

[SavingParadise]

I logged into NACA this morning and my account says to call them, they've received a proposal ?!!! (back track: submitted by NACA 8/20. BOA says proposal received 8/27) today is 9/3.

Call NACA, guy wasn't too helpful, couldn't give me any amounts, told me to call back in 2 weeks though he could tell me that the trial payments start on 9/15 (gee thanks, call back after you are already late on your first payment?)

Call BOA, after doing the song and dance with customer service over the course of an hour or so (kept getting looped through to collections instead of someone in home retention) Finally got the right number.

Lady in home retentions lets me know my negotiator is Lisa Case- anyone with her number pretty please post it for me thanks and that my trial payments were only $10 more that what NACA submitted.

I ask her about the trial payments, she says well it may not be the final amount as sometimes they are lower. I ask well would they be double that at the end of the trial? She says payments end up being same or lower and that the final amount would be determined at end of trial based on pay information blah blah blah.

The new payment seems really low- 5 different employee's of BOA confirmed the amounts of the trial payment so I know I wasn't hearing things Now I am not complaining but it makes me suspicious that payments could be so low as its less than half of my former payment (former payment included 360/mo PMI, do you not have to pay PMI with the mod program?? or is this part of why its so low and I have to pay that separate now?)

This is simply not possible, what's the gimmick here? Do they have you make your trial payments and use that money to pay their legal fee's when they foreclose on you in a few months??

How in the heck did someone respond so fast to NACA's proposal? This also throws a red flag as I wasn't expecting to hear anything for months.

I know its a long ways from being over but if this is even a possibility of being correct then it changes a lot of things for my family so guess I need to know... could this be the real deal (in theory) or are they just angling to make as much as they can before bending us over and taking the house anyway?

[rameda18]

Well, you need to get NACA negotiator to give your approval of the proposal to BoA in order to get it going.

[art4ari]

My trial payment is also too low for the loan with chase. They assured me I will get the loan, but its too good to be true. Let us know if this happens for real... thanks for sharing. I dont know about the PMI sorry

[so-cal-gal]

Originally Posted by art4ari

My trial payment is also too low for the loan with chase. They assured me I will get the loan, but its too good to be true. Let us know if this happens for real... thanks for sharing. I dont know about the PMI sorry

I'm hoping you get a great deal. If you have seen my posts, you know I would NEVER trust CW/BofA after the number they did on me. But my mod is an 'AG mod' (FINAL MOD) that they supposedly think they can cancel AFTER the fact.

[SavingParadise]

OK, so this is how they get you as it doesn't seem possible that NACA would have the time to get their part done in time before the payment is due given how backed up they are.

[Garry]

The only program I know of with an actual trial payment is the MHA program, here is a link to calculate what your payment should be with the MHA trial, you can see if it jives I guess. Making Home Affordable - Payment Reduction Estimator

[hope67]

If the trial payment starts on September 15th which is 11 days from today, you/Naca should have received the trial modification agreement! Call your negotiator and ask them about the package. you/Naca should accept the offer before it expires!

Are you just working with Naca or did you also apply directly at BOA?

[snapple candy]

Saving Paradise,
Your new lowered payment....what percentage of your gross income does it work out to be?
Is it the MHA/HAMP program they appear to be offering? If it is, I wouldnt question the numbers...go with it and take a wait and see approach. MHA program does include taxes and insurance, and HOA but I dont think it includes mortgage insurance nor do I think it is required. I may be wrong on that.
If the trial payment starts on Sept. 15, I question that it is HAMP program. All these lenders have a history of pushing loan mods out the door late and making the first payment due just a few days later. Fannie and Freddie have put out new guidelines to stop this.

[SavingParadise]

I am hoping to hear from the NACA negotiator today, but guessing not till next week.

The % is lower than 31% (its closer to 23-24%) I had questioned this amount previously (Naca Low Ball) and saw that others also had modification proposals sent in at lower than the 31% (thinking sleepless in AZ said about 24% was their offer too)

It our case it makes no sense that they would go so low. To get payments at that amount would mean not only extending the life of the loan at 2% interest but there would have to be something else done as well (either balloon payment at end of loan or principle reduction which we know that won't happen).

If the payments were at the 31% then the numbers would make sense so my guess its not the MHA but likely what I've seen others offered (low to start with then stepping up until around 5-6% in year five??)

I will wait to hear from NACA (OK I will call and bug them today to find out who my negotiator is and when I might expect to hear from them) and post back with what they say... Aloha

[Papa4]

NACA not only calculates 31% of gross, they also take Income minus liabilities minus expenses. That formula may mean that your affordable payment is less than 31% of gross.
I have a NACA restructure submitted and am waiting to hear. We really have to stay on top of all these guys.

[merev]

I hope you hear from your negotiator soon. I am still waiting for a call from mine. I called them (NACA) on Aug. 25 because I wanted to go over forebearance docs with them that needed to be back to BoA by Aug. 31. Today is Sept. 6....still haven't heard from them

[SavingParadise]

Merev :-( that is scary, I hope to find out the low down on this by Friday at the latest- I plan on calling each place (BOA/NACA) every day until I get some answers. I also emailed NACA on Friday so that I would have record that I've tried to contact them regarding the proposal/trial payment start dates.
Hope we all hear something soon!

[I'mSickOfThis]

Originally Posted by SavingParadise

Merev :-( that is scary, I hope to find out the low down on this by Friday at the latest- I plan on calling each place (BOA/NACA) every day until I get some answers. I also emailed NACA on Friday so that I would have record that I've tried to contact them regarding the proposal/trial payment start dates.
Hope we all hear something soon!

I'm on pins and needles: did you hear anything back yet? We've got our fingers crossed for you!

[SavingParadise]

Hi there (sickof this) I too am sick of this! Yes, I heard today. Got a really early wake up call from the OOP ensuring me they would get to the bottom of this and have my NACA negotiator contact me today to let me know the proposal was and to give an opportunity to accept it and that they didn't know why I hadn't received paperwork but it would be forthcoming and not to worry about the 15th deadline.

2 hours later got an email from NACA Rep with the details from BOA but that info was vague, just saying forbearance for 4 months at XXXX amount of dollars would review my information at the end of the 4 months as long as we made payments on time.

One thing I forgot in my other posts is that the OOP guy said this was being done to make sure that the payments were affordable. I am trying not to read too much into that but hopefully it is the case.

MEREV- email the office of the president at bank of america. explain that boa sent proposal to NACA, you've been unable to accept as no one will explain the offer/answer your questions. I did this last Friday (they wouldn't have gotten it until Tuesday I think) and that's when I was able to get the negotiator to make contact with me (as BOA contacted NACA). This was after 2 calls (one with 110 minute wait time) + an email to NACA letting them know that I only had until 9/15 to know what was going on and to make the first trial payment. I am not sure I would have heard from NACA in time if it was not for emailing the OOP.

Anyways, bought ourselves some time while we make some very difficult decisions and hopefully this is just a positive step in the right direction

Certainly hoping that everyone starts seeing more and more positive steps!