Countrywide wont help me

[beccaL]

I'm 6 months behind. In the beginning (before I went to NACA) back in Feb. I tried to get a mod right from countrywide and they told me that GinnieMae was not participating in ANY mod programs. NACA told me that wasn't true, and now even BofA says that with all Obama's programs, they have to participate.

[beccaL]

I received a message on saturday from Pam Preciado of BofA OOP. She wanted me to call her to "follow up" on what progress I've made with NACA. I'm calling her when I get home tonight, I have a feeling this is going to be another "you really ned to get rid of NACA" speech. I'm going to give her Wayne Carle's info and let her talk to him.

[rozuki]

Originally Posted by beccaL

OK,
...........

While on the phone with NACA, I asked to speak to a supervisor and Hezakiah laughed at me and said that wasn't going to happen but he'd take my number and have someone get back to me. No one has called. My husband wants to drop NACA, he has been against the idea of using them since the beginning, he thinks they are a scam. So he is pushing me to get our file from them and send it directly to Pam at BofA. I just don't know if thats a good idea. I'm definitly disgusted with NACA but not sure if I trust BofA. Pam assured me that we would not be treated the way we were with Countrywide and that we would have an answer much faster that 120 days. So I'm going to call NACA again and try to reach a supervisor, ask some questions and then try to make a decision.

beccaL,

I started dealing with CW in Oct 08, and it was nothing but lies, confusion, denial and dealing with Indian call centers. Being told to wait for this program or that program that was coming soon, then being told they had the programs but didn't have the guidelines on how to implement them, etc, etc, etc. Basically, hurry up and wait.....for nothing!

After 5 months of dealing with this, I got three loan mods from CW - which lowered my interest rate from 10.5 to 8! And tacked on 23k in interest when I wasn't even late yet!!!

Once I went with NACA, things went smoothly....approved for 2% for life of loan 54 days after submitting my application with them. It could be your investor who is screwing things up with your NACA proposal. Keep in constant contact with NACA....

Be very wary of what CW/BofA tells you........

[bluemoon]

rozuki
would you mind telling how naca arrived at asking for 2%, based on net income or gross income and what % of income are you paying to mortgage now. there must be some incentive that lenders are getting from Naca, I wonder what it is because they are not using same standards when homeowners try for modication on their own.
Thanks
beccaL
I had been assigned a senior consultant and when loan mod arrived it was still unacceptable. I am responding to them that a one year reprieve doesn't help much. 4.875 then 5.875 then 6.875 fully amortized. I need a 3.5 % to stay in home, set for life of loan as if I am to rent from the bank for 20 years it should be affordable. I would agree with rozuki that staying with Naca is your best bet as I cannot use them and probably will end up losing home. Good luck

[rozuki]

Originally Posted by bluemoon

rozuki
would you mind telling how naca arrived at asking for 2%, based on net income or gross income and what % of income are you paying to mortgage now. there must be some incentive that lenders are getting from Naca, I wonder what it is because they are not using same standards when homeowners try for modication on their own.
Thanks

Bluemoon,

Naca submitted my proposal at 3.5%...based on our net incomes and expenses. I wanted them to do 2% (hell, why not 1%!!!) but they felt that it would be better to start with the 3.5% and have room for negotiating. I am also getting a divorce in addition to stbxh losing approx 50 - 60% of his income this year to due the economic fiasco. So i just prayed that it would be the 2% !!!

Lo and behold, CW/BofA came back with the 2% right off the bat. Which works out to about 34% of our combined income....and about 50% of my income alone.


I don't know what the heck they were using when I tried working with them myself....
but it was the exact same information that I gave to NACA. What they offered to me was totally ridiculous and did not address my double hardship......

[bluemoon]

Rozuki
Thanks for responding, we think that we may just take the offer boa gave us as it would help this year, and if we are not better next year then we will go thru this again. we thought we were ready to lose home, but its hard to loose two homes at once. already losing investment property. boa tells me we are at 31% of gross already. afraid if I ask for better deal they may say you missed out by not taking their offer by deadline date.

[rozuki]

Originally Posted by bluemoon

Rozuki
Thanks for responding, we think that we may just take the offer boa gave us as it would help this year, and if we are not better next year then we will go thru this again. we thought we were ready to lose home, but its hard to loose two homes at once. already losing investment property. boa tells me we are at 31% of gross already. afraid if I ask for better deal they may say you missed out by not taking their offer by deadline date.

Bluemoon,

Well, I didn't have a hard decision to make in turning down CW's offer....I was at 10.55% arm and they were only going to 8% for 5 years!! The reason for such a crappy offer was..."well, you are still current....when you are two months late...call us again...we will probably make a better offer!"

This whole process is so cloak and dagger....it's unbelievable. If you think what they are offering makes sense in the short term.....and you don't want to gamble with NACA and possibly not get a better deal...you don't really have a choice. But definitely go with NACA after a year....the deadline for loan mods is end of 2012, I believe...and you can apply again after one year if you take a loan mod now and you are still having a hardship later on......

Good luck!

[iulloa]

Becca L - I've been reading this thread and relating to what your family is going through as I am also in the same boat. I've come to the realization that a house is just walls, but my home is my husband and my family. Those walls you are fighting so hard for don't provide stability for your family, they are providing more heartache than it's worth. I've heard nothing but wonderful things about NACA. Continue your process with them and if it doesn't work out, save as much as you can, don't continue paying your mortgage and once you are told the house is foreclosing, it's going into auction etc. move out. They won't kick you out to the curb with a day notice. These processes are very lenghty and if you play your cards right, you can save and walk away in a better financial position than you are now. Health, Sanity and above all, our families are more important than stressing over a mortgage.
I too have Countrywide/BofA I've been fighting since Feb and all I get are stupid Indian Call centers that have no idea what is going on and they refuse to deal with me because my loan isn't a FreddieMac or FannieMae approved loan! NOW when I call, i'm told that the social security number that I provide them is not what they have on file! They have actually hung up on me twice! somehow something happened with my paperwork and now I can't even get information on my loan.
I love my house, my husband and I had it built to our taste and specifications... That being said...My husband and I decided, we were united in fighting to keep the house but ready and happily willing to walk away without looking back. I can rent for half of what i'm paying my mortgage on a house that's 100k under what I originally paid! I'm mortgage strapped! My kids need their parents, not these pretty walls...
I wish you luck, you and all the others on this forum that are struggling. Keep us updated on your process

[beccaL]

I've recieved a "narrative" and a message from someone from NACA named Larke Harrison requesting new documentation, a whole new budget review and a new authorization! What the hell is that about! I called the number she left and it goes to somewhere called "complete credit builder"!! Who are they? What do I do now? My husband said I have till the end of today to "fix" this then HE is firing NACA and throwing us on the mercy of the bank. I'm afraid that my "lack of results" has cost me my home and my marriage. I'm going to have to let him do this his way and hope we have somewhere to live, it's the only way to keep him from leaving. If I have to continue making all these 40 minute phone calls from work, it's going to cost me my job as well.
Has anyone else been given the number: 1-800-404-6222? Thats the one this woman gave me and I don't think it's a legitimate NACA number. However I tried to call the regular NACA number today and I was caller 102! If I waited on hold that long from work I would be fired!

[dthom]

beccaL:

I would definitely keep trying to hold of NACA. They are there until 9pm(EST). If there is too long of a wait, so maybe try calling as soon as you get home from work. When I called last week I was caller 45 but had someone on the phone within less than half hour. It seems odd that there would be something called "complete credit builder" on the number you called. I also thought that most all of NACA's contact numbers began with (888) instead of (800).
Good Luck and don't give up the fight!

[j-nice]

beccaL-the phone number should start with 888 if it is NACA. 888-404-6222 is a good phone number for NACA, maybe 800-404...is a number for the other company. I have an appt tonight at 7 pm to redo my budget. Fannie Mae turned down my mod because I am $3000 negative each month. NACA had my credit card debt, personal loan, and GMAC lease payment (vehicle was returned on May 1st) included in my budget. I had to refax new pay stubs, property tax, and vehicle return statement last Friday. I am basically starting all over again after more than 120 days of working with NACA. BUT I am still not giving up hope with NACA. You need to be persisitent and communicate with them weekly, even if they tell you to call back in two weeks or 30 days, call them once a week. Get ahold of David Leighton in the Advocacy department at CW, who is the liason for the negotiators at CW/BofA and NACA. He will make sure follow ups are done on your file.

I will be filing my chapter 7 in July, I have a meeting with my attorney this Wednesday. I figure at this point if I have to start over with NACA I may as well just get all the rods in the fire at this point.

Don't give up with NACA. I know times like these can be challenging for your relationships. Good luck with everything.

[beccaL]

Apparently this woman gave me a bad number. I'll call when I get home. My husband said HE is going to talk to them and make the decision. I screwed up enough.
Our chapter 7 was filed a few weeks ago. I've called NACA every week since the beginning of March and gotten nothing.

[sherman]

Originally Posted by beccaL

Apparently this woman gave me a bad number. I'll call when I get home. My husband said HE is going to talk to them and make the decision. I screwed up enough.
Our chapter 7 was filed a few weeks ago. I've called NACA every week since the beginning of March and gotten nothing.

beccaL, don't give up on NACA please. If they need something from you and you need to re-submit...just do it. NACA will come through for you. I'm so sorry that you are having a hard time with everything else. This is a time that you both need to pull together. It will all work out. Sending prayers your way....
Sherman

[beccaL]

Well, it's over. NACA said we live an "extravagant" lifestyle and no one in their right mind would give us a mod. They said our budget was ridiculous and that we don't qualify under the Obama Plan and that is the only one they are using. Mind you this is the budget that we gave them back in March that they said was fine and we WERE QUALIFIED for a mod. My husband fired them and we are going to BofA and dealing with Barbara Desoer's office. They said people are wasting valuble time waiting for NACA and listening to the whole "be patient, it takes a long time" thing. We know we will not get a mod. We just want a forebaerance to bring us current. We are both taking second jobs so we can make the payments. Our 19 yr old has accepted that he will need to take out student loans, as we will no longer be able to help with his tuition. In the mean time we are putting a for sale sign out. We know we can't get what we owe but we have to try. hopefully we will only have to live like this for a few years till the market turns, then we will be able to sell and get out of this over priced corrupt state (NY) and most likely the country to go live with my husbands family in the UK. I can't think of any reason I'd want to stay in this broken, sad country anyway.
Thank you all for your advice, this is the end of my story and my life as I knew it.

[HereinNY]

becca..I am so sorry to hear how awful things are for you...I might be in the same situation if I am turned down too...

[beccaL]

Well, here is an interesting turn of events. Naca is as incompetant as I expected. Today we signed our Mod that was given to us by BANK OF AMERICA. My husband managed to reach someone in the office of the chairman and they immediately assigned us a senior negotiator. We have been brought current and got our interest rate down from 7% to 5.5%. I realize this is not an "amazing" offer and our past due is now on principal but our investor refuses to do principal reduction since property values are considered stable in our area and we can't get the 40 year deal because we have an FHA. But the whole process took about 2 weeks, not 4 MONTHS! Our payments are about $150 dollars a month lower plus we shed about $1000/mo in bills through Ch.7. Most importantly we are current and out of forclosure. This at least buys us the time we need to finish the house and sell it. We know we can't stay long term as my husbands job is at this point a bad joke and we will be relocating overseas with family. Naca broke us, they dropped the ball and basicly told us to give up. They should be ashamed of themselves. Any mod is better than no mod.

[HereinNY]

Becca..I am also very disappointed in NACA. BoA gave me a mod reducing my payment by $250 a month...a week later NACA emails me with a mod that saved me $79 a month..I could not understand how they applied for a payment that would have reduced my payment by $600+ and settle for $79.

[beccaL]

Exactly! Naca had originally told me that they could reduce it be almost $500, then told us we were denied completely! They are a bunch of idiots. I just feel bad for all the people who are still waiting after months and never get an answer and talk to a different stupid southerner every time they call. I've filed a complaint with A.G. Cuomo's office reguarding Naca. Maybe I can save someone from what we went through.

[2much2pay]

beccaL & hereinNY.... I have been contemplating on firing NACA also. I spoke to a jerk on Saturday and I have not yet got senses back. I have a rep at the office of the chairman waiting to assign me to a negotiator. I just have to send in a statement saying I am not wroking with NACA. If I can't get NACA to show that I have a surplus I will always be declined. ( I have an FHA loan ) She left me a voicemail today asking for the document. It's been a week since I said I was going to fax it in to her.

beccaL...I'm going through the same thing with my husband. If I lose the house I lose him. This home means nothing to me if I lose him. I know I might sound pathetic but my daughter is my main concern. Every child needs a stable home. I hate the thought of breaking her heart if we had to separate. I too would be sad but I will learn to live through it. I don't want to be here with all the memories. I'm trying my best to get a solution for the mess that we are in. I'm gonna sleep on that decision tonight. I hope when I wake up tomorrow I make the right decision. I can afford my payments now but I just need to get caught up.

[chow1]

i hear ya,sometimes you dont know who to trust naca or bofa,i think in life there just people that are lucky and people that are unlucky.oh well life goes on

[beccaL]

2much2pay...I know how hard this decision is for you. It just doesn't seem like there is any answer that will not cost you something. For me, I chose my husband. It's costing me my home, career and being able to see my family. But at least we have time to do it on our terms and not because we were foreclosed on. I can't imagine starting all over again in another country but I know that if we stick together that we will get through it. And honestly the more I look around the more I believe it may be the best thing for the kids to get out of here and see other places and ways of thinking. They may have a better future somewhere else. This is no longer the land of opportunity.
And for Naca, I got so many different stories every time I called them I couldn't keep it all straight. They coached me into the answers they wanted so I would get the "best" mod, then said I was denied. Figure that one out! We ended up dealing with Maria Marqez at the office of the chaiman. She is very helpful and doesn't treat you like an idiot!

[2much2pay]

I'm glad it's over for you beccaL. I wish the best for you in the new country. I'm not sure who to believe anymore. I'm gonna take on this mission on my own with the knowledge that I now have. I've faxed in the statement. I hope with all the mess that I have been put through, I can at least get back to my original payment amount after all is said and done. Good Luck to you and your family.

[so-cal-gal]

I've seen comments about some of the NACA people being stooges from some of the lenders and other comments that some of them are 'haters' of anyone getting a mod.

Then there are all the lies that I have had with CW/BofA and the collusion they have orchestrated with the lovely timing of the note transfer (effective the very day the mod was to have the first payment no less). Litton's 'we never knew of the mod' yet refer to my mortgage note using the date of the mod contract issuance. Right, you NEVER knew of the mod contract. Your employee made a clairevoyant mistake. Kiss my grits. Jerry Brown forced CW to offer a whole bunch (50,000) of the mod contracts by March 31, 2009 nationwide. Mine was one of that batch. BofA is avoiding honoring the mods and, to keep from having to report cases like mine in the statistics the AG is monitoring for the settlement, they pull a little transfer.

DO NOT TRUST ANY OF THEM.

One person I know has filed a suit to get them to honor his mod contract (it only took a couple days of having a suit in hand for them to implement a mod contract that had been denied suddenly 73 days after it supposedly was in effect initially). They can be real b-tards.

He even had BofA stooges call him posing as others who had been wronged, trying to pump him for info. They KNEW DAMNED well they had broken the law yet they were trying to find a way to trip him up.

Now you may think you are getting the 'good guys' working for you when you get the head honchos working your case, yours is one that is being done just for show. Those SAME people KNOW about the shady tactics that are being pulled and are directing it at the same time they 'work' your problem.

Just be careful also that the mod REALLY gets into place IF you get one. Others find out suddenly almost 90 days later that it 'could not be done' even with you having a contract that they say the did implement. HuH?

Basic contract law 101 must have been failed by a whole bunch of the current BofA employees.

Best of luck to you beccaL. Depending upon what state you are in and the loan you had, if it was with CW, you may qualify for relocation assistance from CW/BofA under the settlement agreement that CA AG Jerry Brown and 10 other states AG have. Please look into it. I do not see any comments in this forum anywhere about that. It would certainly help.

Also, in NH a settlement has apparently been offered by BofA to a couple who lost their home to foreclosure. They were strung along with promises and NEVER EVER receive a modification agreement. They still got some cash out of BofA. There are statements that are court record that will come back to haunt BofA, as it is.

I really can see why some people relocate to remote countries, even Thailand. Opportunity has shifted to other emerging countries.