Request for advice - Loan Modification Forum

ARMtoreset · 12-12-2008, 01:59 PM

New to the forum -
I have a 5/1 ARM due to reset next year and a HELOC.
I am told I an not eligibile for the Loan Modification because my loans did not originate with Countrywide. Tried to refinance but due to decrease in home values (california), unable to do so. I feel stuck in one place and don't know what to do at this point... I would like to keep my home.

Moe Bedard · 12-12-2008, 02:04 PM

Hi ARMtoreset,

Welcome to the forum and thank you for joining................

You may not qualify for the new home retention program due to that fact............but you may qualify for a regular modification........

the modifications given are up to the investors on the loans.........so you would need to find out what options the investor on your loan would have...........CW also works along with NACA..........if you need some help in dealing with CW you may want to try with NACA to get that help......they will negotiate on your behalf with CW.

click on the link for more info..............
NACA

ARMtoreset · 12-12-2008, 03:48 PM

Thanks ***, I will look into this.

ARMtoreset · 03-28-2009, 12:39 AM

NACA submitted proposal 2/17. CW workout info site states do not call before 3/31 and states Active processing as of 3/10.

I would like to know from those who were approved, did you call, email chat with NACA and CW on a regular basis. I just feel like I'm waiting in the dark and I should be doing something, but I am waiting patiently as NACA and CW advised.

Dan Bailey · 03-28-2009, 04:01 AM

ARMtoreset..
Calling CW would be futile at this point unless NACA directs you too. It may also confuse the situation paperworkwise and what is entered into the system at CW. ..which may result in your process being misdirected.
You should contact NACA if you have questions/concerns

ARMtoreset · 03-31-2009, 11:55 AM

Thanks Dan,
I am on the phone now waiting to speak with a rep at NACA. (caller#82)

Just wanted to post an update.
NACA proposal submitted 2/17. Following up today 3/31.

ARMtoreset · 03-31-2009, 12:40 PM

Just got off the phone with NACA counselor...no word yet from CW. Application complete otherwise. No news is good news I suppose?
From looking over other NACA experiences I've seen 60 to 120days wait times. I will call NACA again in 10days.

ARMtoreset · 05-29-2009, 02:37 PM

2/17: NACA submitted.
5/19: no response yet.

For a while now I have not been able to make online line mortgage payments as many of you have experienced. So I started paying through my bank. I just noticed that my payments are being "held" as of this month. BOA/CW notes they receive my payment but have kept it separate.
Is this a bad sign?

I have seen this topic brought up in the past but unable locate what was said. Could someone address this or direct me to the link? Appreciated.

dthom · 05-29-2009, 05:18 PM

Some have said their payments were held until mod was approved, as for my account each payment since we submitted with NACA has been applied as usual. We submitted on 1/26. Had to send updated proof of income on 5/15 (requested by CW for investor and mortgage insurer) NACA emailed thru a request for update again this week. Oh, and I have been paying by phone on automated line.

Evan Bedard · 06-01-2009, 10:58 AM

Yes you are correct once you submit for a modification you will no longer be able to pay your mtg online at this time. Also if you send them your payments it will not be applied, it will be held in an escrow account. If you want to make a payment you must do it by phone.. Stay strong and keep us posted on your progress

12-12-2008, 01:59 PM	#1 (permalink)
ARMtoreset Member Join Date: Jul 2008 Posts: 20	Request for advice New to the forum - I have a 5/1 ARM due to reset next year and a HELOC. I am told I an not eligibile for the Loan Modification because my loans did not originate with Countrywide. Tried to refinance but due to decrease in home values (california), unable to do so. I feel stuck in one place and don't know what to do at this point... I would like to keep my home.

12-12-2008, 02:04 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Request for advice Hi ARMtoreset, Welcome to the forum and thank you for joining................ You may not qualify for the new home retention program due to that fact............but you may qualify for a regular modification........ the modifications given are up to the investors on the loans.........so you would need to find out what options the investor on your loan would have...........CW also works along with NACA..........if you need some help in dealing with CW you may want to try with NACA to get that help......they will negotiate on your behalf with CW. click on the link for more info.............. NACA __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

12-12-2008, 03:48 PM	#3 (permalink)
ARMtoreset Member Join Date: Jul 2008 Posts: 20	Re: Request for advice Thanks ***, I will look into this.

03-28-2009, 12:39 AM	#4 (permalink)
ARMtoreset Member Join Date: Jul 2008 Posts: 20	Re: Request for advice NACA submitted proposal 2/17. CW workout info site states do not call before 3/31 and states Active processing as of 3/10. I would like to know from those who were approved, did you call, email chat with NACA and CW on a regular basis. I just feel like I'm waiting in the dark and I should be doing something, but I am waiting patiently as NACA and CW advised.

03-28-2009, 04:01 AM	#5 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407	Re: Request for advice ARMtoreset.. Calling CW would be futile at this point unless NACA directs you too. It may also confuse the situation paperworkwise and what is entered into the system at CW. ..which may result in your process being misdirected. You should contact NACA if you have questions/concerns __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

03-31-2009, 11:55 AM	#6 (permalink)
ARMtoreset Member Join Date: Jul 2008 Posts: 20	Re: Request for advice Thanks Dan, I am on the phone now waiting to speak with a rep at NACA. (caller#82) Just wanted to post an update. NACA proposal submitted 2/17. Following up today 3/31.

03-31-2009, 12:40 PM	#7 (permalink)
ARMtoreset Member Join Date: Jul 2008 Posts: 20	Re: Request for advice Just got off the phone with NACA counselor...no word yet from CW. Application complete otherwise. No news is good news I suppose? From looking over other NACA experiences I've seen 60 to 120days wait times. I will call NACA again in 10days.

05-29-2009, 02:37 PM	#8 (permalink)
ARMtoreset Member Join Date: Jul 2008 Posts: 20	Re: Request for advice 2/17: NACA submitted. 5/19: no response yet. For a while now I have not been able to make online line mortgage payments as many of you have experienced. So I started paying through my bank. I just noticed that my payments are being "held" as of this month. BOA/CW notes they receive my payment but have kept it separate. Is this a bad sign? I have seen this topic brought up in the past but unable locate what was said. Could someone address this or direct me to the link? Appreciated.

05-29-2009, 05:18 PM	#9 (permalink)
dthom Senior Member Join Date: Oct 2008 Location: St.Clair Shores,Michigan Posts: 696	Re: Request for advice Some have said their payments were held until mod was approved, as for my account each payment since we submitted with NACA has been applied as usual. We submitted on 1/26. Had to send updated proof of income on 5/15 (requested by CW for investor and mortgage insurer) NACA emailed thru a request for update again this week. Oh, and I have been paying by phone on automated line.

06-01-2009, 10:58 AM	#10 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 1,944	Re: Request for advice Yes you are correct once you submit for a modification you will no longer be able to pay your mtg online at this time. Also if you send them your payments it will not be applied, it will be held in an escrow account. If you want to make a payment you must do it by phone.. Stay strong and keep us posted on your progress __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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