Do we qualify for President Obama's new plan???

[Rumor]

Update:

Called Naca for update and she told me that BofA updated them that we did get approved for loan mod and it's being prepared and will be sent to Naca very soon. Naca rep said it's a very good thing but she didn't know any other details. Hoping that it's going to be a good thing as she says...

[sarge]

Rumor,

That sounds great! Hope you get very positive results.

[Rumor]

Sarge,

Hope so too! I wish it were Monday though so that we wouldn't have the weekend to go thru before they send it over to Naca.

[j-nice]

Rumor, OMG, that is awesome!!!!!!! You could be the first Michigan/NACA success story on this forum!! Your investor is also Fannie Mae, right???

[dthom]

Rumor

Thats great!! Maybe there is hope for our approval to be coming soon.
How long ago did you call for your update prior to this? Have you been waiting 2 weeks or calling every week for updates?

Has anyone heard of any approvals when Freddie Mac is the investor?

[cobra]

Rumor;

The Fed Ex truck will be coming down your driveway real soon!!!!!!

Cobra

[Rumor]

Thanks guys,

I hope it's a good approval. I just read Mswilla say that they offered to tack on all missed payments to the back of the loan and he's Fannie Mae. BofA offered to do that to us a few months ago also. I'm so worried about it until I actually get the approval and see what it is. The reason I'm worried is because our account went into active processing on 6/5 and approval already. It seems that everyone who went to investor for approval is still waiting unless they did that and it came back fast or BofA was able to modify without Fannie Mae's approval. Who knows.

Dthom, I never ever waited 2 weeks to call for update....lol...I called at least once or twice a week. I've spoken to David L. at least 5 times since this started on April 13th and try not to harass him much so I don't annoy him. I call advocacy about every 2 weeks though because they don't help with anything and are downright rude when I call. I basically call Naca a lot looking for updates. I have to for piece of mind and they don't seem to get annoyed with me really when I do call. Last time I made calls was on Wednesday and I only called so soon again because David kept telling me that something would go out to Naca very soon. They got an update since then saying that we were approved and proposal would come to Naca as soon as it's finished.

I wish I had a connection in Advocacy to tell me what it is...lol..

[Rumor]

peace of mind****

I wrote "piece"

[cobra]

Rumor;

You'd like to have "peace" of mind and you'd like to give them a "piece" of your mind!

LOL.....

Cobra

[Rumor]

lol...no kidding. I haven't had peace of mind for months.

[ELENA7077]

that is awesome!!

[Rumor]

Thanks Elena

Did you find out anything else regarding your proposal??

[ELENA7077]

No, NACA put it back to CW/BOA for a workout

[Rumor]

Elena,

Do you know if you have to wait as long as a new submission? I'm really sorry that you have to go thru this...I'm sure it'll all work itself out and your approval is right around the corner

[CW California]

Rumor
That's great. I hope you get a decent offer. I'm confused though. I thought David L. was in advocacy. Is it just a different number in advocacy?

[Rumor]

CW,

Thanks. I've been really worried now since I hear all this about Fannie Mae...they don't seem to be giving anyone a denent offer or actually, they don't give anyone offers. I haven't read anyone on the site that has gotten an offer thru Fannie Mae. Plus, maybe I'm thinking too much into things but I can't imagine why they update Naca that proposal is approved but not submitting it.

David L. is in advocacy....His phone number is not thru the regular advocacy number that you usually call. You dial in the 866 number and put in his ext. when prompted. Did you try getting a hold of him and weren't able to?

[CW California]

rumor,
No I haven't tried to call him. I have the number written down for him and I also have a number for making payments in advocacy. Since I was only submitted June 9 I want to wait until next week to do it. Is he the only negociator for all of CW Naca mods? My goodness no wonder all these people are stressed. Seems as though he is a laison for the whole shebang.

I really hope they help you out with a decent mod. This red tape and procrastination that everyone keeps going thru is bs. Hopefully Bruce Marks is aware of the Freddie and Fannie problem. Maybe you could email him?

[gray517]

Originally Posted by Rumor

Thanks guys,

I hope it's a good approval. I just read Mswilla say that they offered to tack on all missed payments to the back of the loan and he's Fannie Mae. BofA offered to do that to us a few months ago also.

congrats on your mod Rumor!

FYI
the standard way of doing a modification is to add the interest portion of your past due payments as well as any escrow shortage and fees for things like inspections to the back end of the loan, this is how all modifications are done regardless of the who the lender is or if they reduce your interest rate or extend the term, meaning your loan balance will increase

[Rumor]

CW,

He's not the only negotiator. I don't know if he's even a negotiator but he's the one to call for problems. He told me that he's a liason between CW & Naca. He seems to be able to get stuff done though so he's extremely helpful and a good person to keep in touch with if your mod isn't going anywhere. I hope that something comes back soon! Will keep you posted

Gray,

I guess I should say that I'm scared that it's all they'll do, just tack on the past due to the balance without reducing interest or anything. I'm aware that we'll end up owing more than we bought our house for. Our interest on our house is pretty high. We have 80/20 loan with 6.75% & 11.5%. We used to pay more towards principal when we could but we haven't been able to for the past year or so and are now about 5 months behind on 1st, 6 on 2nd. I'm just scared that Fannie Mae will not give interest reduction and just increase payment. I guess I should wait and see what they have to offer but hearing how Fannie Mae is dragging their feet makes me pretty worried. We were offered one of the mods by BofA a couple of months ago when they offered to add past due to balance and bring us current.

[Rumor]

Update:

I'm not sure who read my previous post but on Friday morning, I was told that Naca rec'd update from CW that we were approved for mod but hasn't been submitted from Cw yet. The lady at Naca that I spoke to tells me good news, we're just waiting for proposal. Well today, I call Naca again to see if they've rec'd proposal from Cw yet and the guy tells me that they did not get update from CW saying that. I was floored...I explained that on Friday, a lady told me that they rec'd update and he said, the only thing I'm showing is us requesting a decision from them on June 10th and that was the last of it. I don't know where that lady pulled it out from but I guess there really is no good news here. Funny thing is that David L. told me last Monday that proposal was half finished and will get submitted. Then on Wednesday after calling to check up, he tells me that negotiator was out sick and she's back on Thursday and will get submitted. Even if she did work on Thursday, wouldn't it have been submitted by now..?? I'm not sure what to think. I'm extremely disappointed.

[CW California]

Rumor
Maybe it was being submitted to the investor?? (instead of NACA)

[Rumor]

CW,

I clearly remember that he said naca but who knows anymore. I'm slowly going mad over this whole thing. I'll try to get a hold of him tomorrow and see what he says.

[CW California]

good luck rumor

[Rumor]

Spoke to David L. and I was the confused one, our file was submitted to investor yesterday...I was slightly disappointed but happy it was even submitted to investor. I was mistaken about what he told me last week, he probably only meant update to Naca and I assumed file. Either way, he said we should hear back from FAnnie Mae in 5-7 business days and Naca should have update in about 7-9 days. He said our file is moving slowly but steadily and that that's a good thing and we're in the homestretch now. I also asked about Fannie Mae and not really giving out approvals and he said it's not true at all. He said that every modification is very personalized and it's all on a base by base case. Basically they are approving mods but depends on the homeowner and their situation.

[HereinNY]

rumor
David L told me my file was submitted to Fannie Mae on June 18th so we are both hoping for an approval and I sure hope it is soon..I am going crazy..I check my email every half hour in hopes of hearing something...