Results from NACA Event in SC - Loan Modification Forum

live.in.peace · 03-18-2009, 10:50 AM

Need advice on how to proceed. Long story short: Signed on with NACA in November '08. They submitted my modification request to ASC/Wells Fargo three times, first in December, again in January, and again in February. There was really no activity happening so I decided to go to the NACA event that was held in South Carolina this past weekend. So, I went through the process and got a chance to speak face-to-face with a Wells Fargo representative. Wells Fargo didn't exactly agree to the modification that NACA had proposed. They put me on a six month repayment plan on my first adjustable mortgage. After six months they will "consider" a modification to 5.4% fixed. My second mortgage (fixed at 11.75%), also with ASC will be on a forbearance plan through the rest of this year. I thought that NACA typically advices against accepting forbearance because it doesn't really help the situation, but my NACA counselor is saying that's pretty much all they can do. Do I accept the forbearance on the second mortgage? Should I keep fighting? I have to make the first payment by April 1st and even though it's $400 less, it's still unaffordable. Need some advice, please!

jfulmore · 03-18-2009, 01:16 PM

Why the reluctance to accept the proposal of NACA . . .
Also, given the President's Home Affordiability Program wouldn't you qualify?

live.in.peace · 03-18-2009, 02:15 PM

The Wells Fargo rep only said that investor guidelines (GMAC) requires them to do Repayment or Forbearance plans before considering a modification. I was thinking that dealing with that type of resistence was exactly what NACA specializes in. Unfortunately, I think the overwhelming response they received at the event in SC is meaning that they can't completely follow each case through to fruition and to the standards that they typically deliver.

Regarding the Home Stability Act, from my understanding, the rate that is offered isn't for the life of the loan. And does it just apply for adjustable rate mortgages? If so, my second mortgage wouldn't apply because it's fixed at 11.75%.

I'm really lost. Have no idea how to proceed from here.

03-18-2009, 10:50 AM	#1 (permalink)
live.in.peace Member Join Date: Jan 2009 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Results from NACA Event in SC Need advice on how to proceed. Long story short: Signed on with NACA in November '08. They submitted my modification request to ASC/Wells Fargo three times, first in December, again in January, and again in February. There was really no activity happening so I decided to go to the NACA event that was held in South Carolina this past weekend. So, I went through the process and got a chance to speak face-to-face with a Wells Fargo representative. Wells Fargo didn't exactly agree to the modification that NACA had proposed. They put me on a six month repayment plan on my first adjustable mortgage. After six months they will "consider" a modification to 5.4% fixed. My second mortgage (fixed at 11.75%), also with ASC will be on a forbearance plan through the rest of this year. I thought that NACA typically advices against accepting forbearance because it doesn't really help the situation, but my NACA counselor is saying that's pretty much all they can do. Do I accept the forbearance on the second mortgage? Should I keep fighting? I have to make the first payment by April 1st and even though it's $400 less, it's still unaffordable. Need some advice, please!

03-18-2009, 01:16 PM	#2 (permalink)
jfulmore Member Join Date: Oct 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Results from NACA Event in SC Why the reluctance to accept the proposal of NACA . . . Also, given the President's Home Affordiability Program wouldn't you qualify?

03-18-2009, 02:15 PM	#3 (permalink)
live.in.peace Member Join Date: Jan 2009 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Results from NACA Event in SC The Wells Fargo rep only said that investor guidelines (GMAC) requires them to do Repayment or Forbearance plans before considering a modification. I was thinking that dealing with that type of resistence was exactly what NACA specializes in. Unfortunately, I think the overwhelming response they received at the event in SC is meaning that they can't completely follow each case through to fruition and to the standards that they typically deliver. Regarding the Home Stability Act, from my understanding, the rate that is offered isn't for the life of the loan. And does it just apply for adjustable rate mortgages? If so, my second mortgage wouldn't apply because it's fixed at 11.75%. I'm really lost. Have no idea how to proceed from here.

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