October submittals (with NACA)

[sannvil]

Hi everyone. Just thought of starting a thread for October submittals. Mine was submitted to the servicer BOA last October 14 thru NACA. Please post if you were also submitted this October. Thanks.

[Riley18]

Originally Posted by sannvil

Hi everyone. Just thought of starting a thread for October submittals. Mine was submitted to the servicer BOA last October 14 thru NACA. Please post if you were also submitted this October. Thanks.

Hi,
Mine was submitted on October 14th as well. Naca rep told me I might hear something around November 14th...right. Anyway, Bank of America sent me a letter to let me know that my mortgage is being transferred to BAC on November 16th. So I really don't know what to expect.

[sannvil]

Hi riley18,
Oh great we were submitted the same time. I was told by NACA to call them after november 9. My servicer is Bank of America and my investor is BONY. How about you? do you know who your investor is? what is BAC?

[secondchances]

I was submitted on the 28th according the NACA website but was in the office and saw the email sent to BOA on the 26th. I also got an offer from BOA to modify my mortage and was told I need to let them know as soon as possible if I was going to continue to work with NACA because I can't have two files open.

The offer I have from BOA is 3% for 4 years and 5.2 for the remainder of my loan payments begin in Jan. Over all, it is only dropping my payments about $300 per month and then they will go back up.

I don't know what to do. If I don't take this offer, what is NACA can't get my anything?

[sannvil]

Originally Posted by secondchances

I was submitted on the 28th according the NACA website but was in the office and saw the email sent to BOA on the 26th. I also got an offer from BOA to modify my mortage and was told I need to let them know as soon as possible if I was going to continue to work with NACA because I can't have two files open.

The offer I have from BOA is 3% for 4 years and 5.2 for the remainder of my loan payments begin in Jan. Over all, it is only dropping my payments about $300 per month and then they will go back up.

I don't know what to do. If I don't take this offer, what is NACA can't get my anything?

Hi secondchances.
I got the same offer too but only over the phone but I declined it. if you think that would help you, then maybe you should take it.
I am waiting for NACA because they give you fixed for the life of the loan. Try reading more from this forum, there are a lot of people here who are very helpful. You can get a lot from them. Good luck!

[secondchances]

yes, my offer was over the phone as well. She asked if I had receieved my package and I told her no.

Please look at my other thread. Everyone there seems to think I should take the offer.

It's hard to decide. 5.2% for the life of the loan is not a bad eiher.

[sannvil]

I have an update, please anyone? take a look at these. Bank of America does not have a heart!!! I am so down right now. After 25 days from the time I was submitted by NACA they have a proposal. They think I am stu*** to take this offer?

Name: ********* NACA Id: ****** Status: Proposal Received from Servicer Submitted Date: 10/14/09

Congratulations on becoming a NACA Member and participating in our Home Save Program. NACA is recognized as the largest and most effective program in achieving long-term affordable mortgage payments for many thousands of homeowners with an unaffordable mortgage. Stated below is the status of your file.

• We are pleased to provide you with a solution from your Sericer/Lender. We have not reviewed this proposal. Given the difficulties with some the Servicers the first proposals may not be acceptable. IThe proposed mortgage payment should be close to that requested through the NACA Submission which is shown below. Your solution from the Servicer should be the following:
  1. NACA Restructure - This is if you have stable income. The mortgage payment should be locked in for the existing term of the mortgage without any increase.
  
  Provided below is the proposal from your Servicer. Please review. You have the option to accept, reject or request a follow-up from a NACA Negotiator. If the proposal is not acceptable, we will continue to advocate for your long-term affordable solution.
  
  If there are signifcant changes with your Affordability Budget please make a phone counseling appointment with a NACA counselor to update your budget and make a revised submission to your Servicer.

  Servicer Proposal Information
  Type:	NACA Restructure	Term:	Remaining Term
  PITI:	2139	PI:	1872	Taxes:	117	Insurance:	50
  HOA:	100	PMI:	0	Term:	322	Rate:	10.62
  Principal:	193889	Value:
  Delinquent Interest:	5147	Late Fees:	0	Late Penalties:	0	Unpaid Escrows:	0
  Servicer Comment: ***NACA , PLEASE ADVIS MEMBER THAT PAYMENT THEY CURRENTLY HAVE IS SHOWING AFFORDABLE, AND THEY WILL NEED TO CLEAR SOME OF THEIR EXCESSIVE EXPENSES TO MAKE PAYMENT AFFORDABLE...***Advocacy***Fixing loan at current rate due to affordable PTI of 23.73%. Does not qualify for principal forbearance.Capitalizing: $5147.41# of Payments Capped:3New Effective Date:1/1/10New UPB: $199,036.31Total Fees & Escrow: $Delinquent Interest: $5147.41Tax Payment: $117.00Insurance Payment: $50.00PMI Payment: $100.00New term 26 yearsNew Rate: 10.625%New P & I: $1871.83New PITI: $2038.83Up-front Funds: $0.00ALOPEZ30 PLEASE BE ADVISED THIS OFFER IS PENDING ESCROW BEING IMPOUNDED AND THAT CAN CHANGE THE PAYMENT OCE COMPLETED I dont know where they got these delinquent interests??? I dont know about these upfront funds??? and my G**!!! They didnt reduce my interest rate they just made it fixed at 10.625!!!!! I want to scream when I saw these last night before going to sleep ( but ended up not sleeping). Does anyone have advice for me? How do I go with the rejecction? Please I need help

[worrywart1]

It appears that they aren't asking for any upfront funds. If you look just after that you'll see 0.00 that they are asking for upfront.

It appears before the upfront figure, that's the new proposed monthly payment.

I didn't see your previous interest rate in order to see if they reduced it much. 10% still seems high. Is the new payment 31-38% of your gross or net income?

[worrywart1]

Originally Posted by sannvil

I have an update, please anyone? take a look at these. Bank of America does not have a heart!!! I am so down right now. After 25 days from the time I was submitted by NACA they have a proposal. They think I am stu*** to take this offer?

Name: ********* NACA Id: ****** Status: Proposal Received from Servicer Submitted Date: 10/14/09

Congratulations on becoming a NACA Member and participating in our Home Save Program. NACA is recognized as the largest and most effective program in achieving long-term affordable mortgage payments for many thousands of homeowners with an unaffordable mortgage. Stated below is the status of your file.

• We are pleased to provide you with a solution from your Sericer/Lender. We have not reviewed this proposal. Given the difficulties with some the Servicers the first proposals may not be acceptable. IThe proposed mortgage payment should be close to that requested through the NACA Submission which is shown below. Your solution from the Servicer should be the following:
  1. NACA Restructure - This is if you have stable income. The mortgage payment should be locked in for the existing term of the mortgage without any increase.
  
  Provided below is the proposal from your Servicer. Please review. You have the option to accept, reject or request a follow-up from a NACA Negotiator. If the proposal is not acceptable, we will continue to advocate for your long-term affordable solution.
  
  If there are signifcant changes with your Affordability Budget please make a phone counseling appointment with a NACA counselor to update your budget and make a revised submission to your Servicer.

Sorry, just re read your note in that they didn't reduce your interest rate.....

Did NACA submit something different? This is BOA's proposal? 26 years is awfully short. Most I've seen are 30 to 40 year terms being the standard.

[worrywart1]

NACA submitted a 6 month forbearance but their system still shows submitted to servicer on 10/12/09.

Colonial is the servicer and they said it can take 6 to 8 weeks. Colonial said that NACA didn't send in Colonials application and they notified NACA that their request was incomplete.

I found this out after calling Colonial. No one from NACA called. I tried calling NACA on Friday and their phone system is posessed. System originally said that the wait time was 166 minutes. Waited 80 minutes and then wait time increased to 188 minutes. Then the system jumped down to 30 minutes after waiting for another 20.

Finally the automated system states hold time is 6 minutes, and then it steadily increased after that. I just hung up because the wait time was increasing.

I submitted everything to Colonial again...Our house is to be auctioned off 1/19/2010.