Bogus Offer ~ Going to NACA soon

[mrsnissyq]

So we got a call about a week ago that BofA because they needed our financials again. I gave them the financials again. They came up with an offer on the phone. 4.65% step rate interested only for maybe 4 years. They would add the past due amount to the loan. They provided me the payment. I was astonished. How could I afford 400 more then what I told them I could afford?! Plus, they don’t include car payments or credit card payments. Nice…so how do they suppose I should keep paying for my car that gets me to work everyday which would be our main source of income? The guy on the phone said, can I lock you in. And I said NO. I have to talk to my husband. I called back the same day and talked to another lady. Checked the numbers they had against mine and she got the same offer in their “system”. I asked her how is it possible that you think I can pay more? So she said, it still needs to be reviewed and that I need to fax proof of income and a hardship letter. She also told me it might take another 60 – 90 days to get a response. I calmed down after that. I faxed the items in the day later.

Well, FedEx delivered the bad news yesterday. She must have locked me in at that rate. So, I won’t be the nice one on the phone anymore when I call back next week. I want to know 1) how they think I can pay the new amount when its at least 400 more then I can afford, 2) how can I get to work if I can’t pay for my car, 3) How do they want me to pay my property taxes if I don’t even have the 400 I need to pay for the mortgage. I am so furious!!!!!

I am going to take this weekend to relax and regroup myself before they give me a nervous breakdown. Then next week, NACA, here I come!

[Garry]

So is the payment around 31% of your gross income? Because that's all they care about, being over extended on your credit is your problem, not theirs.

[Garry]

Originally Posted by Garry

So is the payment around 31% of your gross income? Because that's all they care about, being over extended on your credit is your problem, not theirs.

Sorry, I didn't intend for my post to sound so harsh.

[mrsnissyq]

Originally Posted by Garry

Sorry, I didn't intend for my post to sound so harsh.

Its ok, I am glad you posted afterwards to say you were sorry. I was about to go off.

Ya, I would say it is. My CC bills only add up to about 300 per month so I am over extended on life. Kids, utilities, reduced income, etc. I am acutally working on my numbers right now, and I am $585 short from making the mortgage payment. That and we owe alot on property taxes. So I need to start preparing myself for the worst. I would need to pay off my car to even consider being able to pay the mortgage and that would wipe out the $$ I need to pay the property taxes.

The really crappy part is, why even ask for our expenses if all they look at is the 31%? And why base it on Gross instead of Net.

I wonder what happens now if I call and tell them we cannot afford it. Do they make another offer? Do they short sell? Do they Foreclose. I guess I need to come to terms with what might happen. I will still go to NACA and see what we can do. But I think this might be the end to our little dream home on main street USA.

But I will try again. I am trying to regroup myself this weekend. You have to be a strong person to get through this especially when dealing with other life events.

OK, sorry, venting.
BTW...If anyone is curious, we are in San Bernardino country in Southern California.

I hope others are having better luck! Oh and if anyone has had the same response from BofA, I would like to know too. Thanks!

[BadBobMo]

Looks like in house not HAMP (can you do the HAMP)? also looks more like a repayment plan than a real mod to help you out.

[Garry]

Originally Posted by mrsnissyq

Its ok, I am glad you posted afterwards to say you were sorry. I was about to go off.

Ya, I would say it is. My CC bills only add up to about 300 per month so I am over extended on life. Kids, utilities, reduced income, etc. I am acutally working on my numbers right now, and I am $585 short from making the mortgage payment. That and we owe alot on property taxes. So I need to start preparing myself for the worst. I would need to pay off my car to even consider being able to pay the mortgage and that would wipe out the $$ I need to pay the property taxes.

The really crappy part is, why even ask for our expenses if all they look at is the 31%? And why base it on Gross instead of Net.

I wonder what happens now if I call and tell them we cannot afford it. Do they make another offer? Do they short sell? Do they Foreclose. I guess I need to come to terms with what might happen. I will still go to NACA and see what we can do. But I think this might be the end to our little dream home on main street USA.

But I will try again. I am trying to regroup myself this weekend. You have to be a strong person to get through this especially when dealing with other life events.

OK, sorry, venting.
BTW...If anyone is curious, we are in San Bernardino country in Southern California.

I hope others are having better luck! Oh and if anyone has had the same response from BofA, I would like to know too. Thanks!

I don't really like to recommend Naca to anyone because I am not comfortable with them, but I think in your case it would be a good idea.

[Garry]

Originally Posted by Garry

I don't really like to recommend Naca to anyone because I am not comfortable with them, but I think in your case it would be a good idea.

Just to clairify, I feel that some, not all, that went through Naca would have been better off with the MHA program and Naca pushed their own deal anyway. They should have screened these people out and done what was best for that person, they didn't. I have a problem with this.

[SillyWorld]

And if you are gonna use NACA better do it NOW not later the more you have cooking the better your chances

[Garry]

Originally Posted by SillyWorld

And if you are gonna use NACA better do it NOW not later the more you have cooking the better your chances

Ya, better hurry, the banks are starting to help more and Naca WILL be loosing business soon!

[SillyWorld]

Originally Posted by Garry

Ya, better hurry, the banks are starting to help more and Naca WILL be loosing business soon!

We all hope you are correct...(Pray) and pray, no matter to me who gets it first JUST DO it so they should

[mrsnissyq]

Originally Posted by SillyWorld

We all hope you are correct...(Pray) and pray, no matter to me who gets it first JUST DO it so they should

Thanks to all of you. I started the process earlier this year but never completed the process. I am wondering if it would be best if I just tried to go straight to their office in Lynwood, instead of doing it online. I feel like I am losing time!

[mrsnissyq]

Originally Posted by Garry

Ya, better hurry, the banks are starting to help more and Naca WILL be loosing business soon!

Question: Do you mean that the banks are being more responsive to the actual individuals then to Naca? I read on here that Naca was getting better responses then the people working directly with the banks. I tried with BofA first since I have worked for a mortgage company and know what they are doing.

I found the FDIC NPV sheet last night and cleared up what BofA was offering me. Has anyone called BofA back and renegotiated the offer or is this is, I take it or leave it?

Garry: Did you modify or are you waiting to modify your loan now?

[Garry]

Originally Posted by mrsnissyq

Question: Do you mean that the banks are being more responsive to the actual individuals then to Naca? I read on here that Naca was getting better responses then the people working directly with the banks. I tried with BofA first since I have worked for a mortgage company and know what they are doing.

I found the FDIC NPV sheet last night and cleared up what BofA was offering me. Has anyone called BofA back and renegotiated the offer or is this is, I take it or leave it?

Garry: Did you modify or are you waiting to modify your loan now?

There was a point where it was next to impossible to get help from the bank, they have been improving over time as I was hoping. We should not have to go through Naca, and I didn't. I am also angry that Naca is only pushing their in house deal and not the MHA program, this doesn't make sense to me. If everyone keeps going through Naca, the bank has no reason to change. As far as my situation goes, I have done everything on my own and have just made my third trial payment, should be getting a Fex-Ex within the next 15 to 30 days.

[CW California]

Originally Posted by mrsnissyq

Question: Do you mean that the banks are being more responsive to the actual individuals then to Naca? I read on here that Naca was getting better responses then the people working directly with the banks. I tried with BofA first since I have worked for a mortgage company and know what they are doing.

I found the FDIC NPV sheet last night and cleared up what BofA was offering me. Has anyone called BofA back and renegotiated the offer or is this is, I take it or leave it?

Garry: Did you modify or are you waiting to modify your loan now?

Mrsnissyq
The results you get really has a great deal to do with who your investor is on your loan. NACA believes that a step rate or 40 year loan is predatory but they are still working with the servicers for the MHA plan because that is the best they can get for folks. If you have a government backed loan you will most likely only be considered for an MHA plan and lately all of the trials are being started over for those mods which are Fannie backed. There is one advantage over MHA versus a NACA fixed restructure and that is if you have a 2nd mortgage the 2nd lein program may extinquish your 2nd. However, no servicers have signed on to the 2nd lein program, so given that situation many may be much better off to pursue a low fixed rate loan thru NACA. Many people have gotten fairer offers by going thru NACA but you still need to advocate on your own behalf. BofA would only offer me crappy offers because I was current. NACA doesn't discriminate on that issue. Ultimately I did get a 2% fixed rate for the life of my loan and I just got my third payment coupon on the new plan. I never had to go thru a trial either but again it really depends on who your investor is and every situation requires study not across the board decisions.

[Garry]

That sounds like a pretty honest post CW, thanks for sharing.

[Debca]

Garry,

What is the NACA "in house" solution?

I too am hesitant to use this group...copied the membership and authorization docs to read in detail - the membership agreement is still geared towards their other programs prior to the MHA program and has requirements for volunteer events each month - does this hold true for the MHA and or attending their saving the dream program...and have read about their protest tactics. After looking up some of the taxpayer funding info on NFMC, they apprear to have received the most.

That being said, I may need to consider...I did the Acorn package, and they want more info and then was told it will be at least 2 weeks to be assigned a counselor. In the meantime, WF sent me a vague denial letter
which does not even mention MHA/ HAMP, just says our "investor" would not grant it - "investor" is Freddie Mac.

Called Freddie Mac - spoke with a knowledgable person - filed a complaint
and wrote a letter back to WF pointing out the obvious and requested specific answeres and clarifications on Fri. Also protested the BPS I received a copy of the same day - property undervalued/ comps used from another lower priced zip code/ and short sales/foreclosures listed as comps.

So, with already being over 60 past Notice of Default filing, am wondering about trekking to Vegas for the Saving the Dream -

Appreciate your feedback.....

[mrsnissyq]

Thanks CW and Garry.

Our Investor is Bank of New York. I have heard NACA get better deals in some situations. Perhaps I am thinking of the impossible, but if we could get a fixed low rate and a P&I payment, then it would be worth it. I am still going to give BofA a call to let them know we cannot afford it and see what else we can do with them. We owe a lot in property taxes and I need to pay off my car to even consider paying the mortgage, so we shall see.

If nothing, I will try NACA and if that does not work, off to rent a house we go….

Thanks again!

[CW California]

Originally Posted by mrsnissyq

Thanks CW and Garry.

Our Investor is Bank of New York. I have heard NACA get better deals in some situations. Perhaps I am thinking of the impossible, but if we could get a fixed low rate and a P&I payment, then it would be worth it. I am still going to give BofA a call to let them know we cannot afford it and see what else we can do with them. We owe a lot in property taxes and I need to pay off my car to even consider paying the mortgage, so we shall see.

If nothing, I will try NACA and if that does not work, off to rent a house we go….

Thanks again!

My investor is also Bank of New York and NACA negotiated 2% fixed for the life of the loan. Definately give NACA a try. BofA would not work with me until I did. For some reason, unbeknown to all of us, NACA is able to get these mods with BONY. Just remember NACA is extremely inundated with requests. You will have to work hard to get submitted, follow-up and call often. Note all the numbers on the board that you will need to follow-up with or I will be happy to give them to you. You will have to advocate for yourself. Good Luck.

[mrsnissyq]

Originally Posted by CW California

My investor is also Bank of New York and NACA negotiated 2% fixed for the life of the loan. Definately give NACA a try. BofA would not work with me until I did. For some reason, unbeknown to all of us, NACA is able to get these mods with BONY. Just remember NACA is extremely inundated with requests. You will have to work hard to get submitted, follow-up and call often. Note all the numbers on the board that you will need to follow-up with or I will be happy to give them to you. You will have to advocate for yourself. Good Luck.

Thanks CW! I am going to work on NACA this week for sure! Do you think it would make it any better if I went straight to one of their offices?

[CW California]

Originally Posted by mrsnissyq

Thanks CW! I am going to work on NACA this week for sure! Do you think it would make it any better if I went straight to one of their offices?

Wouldn't hurt. Might be a new angle you could research. Most of us on the forum have submitted online. A lot of us never even attended a workshop. Now you have to attend a workshop! Going to an office might help with scheduling appointments. Maybe you could join, imput all your stuff and go to a office to get an appointment. I've heard too that is a workshop is filled you can show up early and still get in. Keep us posted.

[Debca]

[QUOTE=Debca;132632]Garry,

What is the NACA "in house" solution?

I too am hesitant to use this group...copied the membership and authorization docs to read in detail - the membership agreement is still geared towards their other programs prior to the MHA program and has requirements for volunteer events each month - does this hold true for the MHA and or attending their saving the dream program...and have read about their protest tactics. After looking up some of the taxpayer funding info on NFMC, they apprear to have received the most.


Can anyone comment on concerns, please????

[CW California]

[QUOTE=Debca;133089]

Originally Posted by Debca

Garry,

What is the NACA "in house" solution?

I too am hesitant to use this group...copied the membership and authorization docs to read in detail - the membership agreement is still geared towards their other programs prior to the MHA program and has requirements for volunteer events each month - does this hold true for the MHA and or attending their saving the dream program...and have read about their protest tactics. After looking up some of the taxpayer funding info on NFMC, they apprear to have received the most.


Can anyone comment on concerns, please????

I wasn't really sure what your questions were. Can you be more specific?

[Debca]

[QUOTE=Debca;132632]Garry,

What is the NACA "in house" solution?

I too am hesitant to use this group...copied the membership and authorization docs to read in detail - the membership agreement is still geared towards their other programs prior to the MHA program and has requirements for volunteer events each month - does this hold true for the MHA and or attending their saving the dream program...

and have read about their protest tactics.

After looking up some of the taxpayer funding info on NFMC, they apprear to have received the most.

Along the lines of the items in red...also their membership fees/ dues..

[CW California]

[QUOTE=Debca;133097]

Originally Posted by Debca

Garry,

What is the NACA "in house" solution?

I too am hesitant to use this group...copied the membership and authorization docs to read in detail - the membership agreement is still geared towards their other programs prior to the MHA program and has requirements for volunteer events each month - does this hold true for the MHA and or attending their saving the dream program...

and have read about their protest tactics.

After looking up some of the taxpayer funding info on NFMC, they apprear to have received the most.


Along the lines of the items in red...also their membership fees/ dues..

There are no dues. That is for when you buy a home thru NACA. The type of modification has nothing to do with whether or not you agree to volunteer. You are free to decide how you want to volunteer. That said, I don't know anyone that was asked yet. Myself, I would not do anything illegal but as time has gone by I am probably more willing to do more than I was when I first joined NACA!

[Debca]

Thanks, CW.

It helps hearing this from a member who has worked with them.

Looks like I should enter data and make the trek to Vegas...I am doing this to help my former husband and son...he has had medical and unemployment/underemployment issues.......not that I wouldn't take this as seriously if it were my home...

Also, I hesitate with both Acorn and NACA who I had not heard of before I found this site due to some of their political bents (ok, I'm a Republican - or at least what Republicans used to be) and I also am not real comfortable with all the rights we are signing over regarding quite sensative financial into, access to repeated credit reports, etc

I appreciate your writing back

Deb