WELLS FARGO, NACA and Freddie Mac? - Loan Modification Forum

Fiveo · 10-08-2009, 04:34 PM

Monday I attended the NACA event in Phoenix. I made it as far as the counseling session. By the time I was done the WF reps had left (thank you Mr. I hope it doesnt explode) So my case was submitted to WF. I got a voice recording from WF today saying they received my case. I called to verify and they told me they had 30 to 45 days to respond. Then they will notify me by mail.

If my research is correct Freddie Mac owns our loan. Do I have anything to gain by going to Vegas this weekend. I have a vouchure that will let me go straight to the lender section. Or will I dirve there just to be told it has been submitted. Can NACA do their "instant solution" with WF and Fred Mac?

Wells fargo did some numbers manipulating a year ago when we tried to refi out of our 6.8 fixed to 4.45. We came back with 23% equity and they wanted 25%. They also said our debt to income ratio was off. I was making more at the time of the Refi then when we bought the loan. It made no since that they said we couldnt afford the 1500 payment so we had to continue with our 1900 payment.

Is NACA still involved or have they down their part and now we are own our own to deal with WF?

I would really like to go to Vegas if it will do any good.

Evan Bedard · 10-08-2009, 05:32 PM

Ho fiveo welcome and thank you for joining.

Quote:

Is NACA still involved or have they down their part and now we are own our own to deal with WF?

I would really like to go to Vegas if it will do any good.

Yes NACA is going to help you through the entire process until you have an answer.

Also it really depends, there are some people who have achieved a modification right then and there at one of the events. But there are many others that just get their package submitted to the bank. Each modification is on a case by case basis...

Fiveo · 10-08-2009, 05:41 PM

Can NACA negotiate right there with WF if it is a Fred Mac loan, or do they have to submitt it. How do you find out?

Evan Bedard · 10-08-2009, 07:29 PM

Quote:

Can NACA negotiate right there with WF if it is a Fred Mac loan, or do they have to submitt it. How do you find out?

Im not exactly sure, I would call NACA and see what they say...

Fiveo · 10-08-2009, 07:48 PM

Tried calling there 800 number today it says it was down for service and to try again tommorow. Will NACA be in contact with me?

B Stevens · 10-08-2009, 07:50 PM

NACA doesn't negotiate there. They figure out your spending and enter it into the computer with your NACA ID number. They "recommend" a solution and submit it to WF. WF then talks to you and decides on the spot if they can accept NACA's recommendation or if they can work out another plan.

Do you know what type of loan you have? FHA, private investor, bank owned, etc? I was told by one of the WF staff working with NACA they would not go below 4% for a permanent mod. He even told me they can not help people who have a sub prime loan of under 4%. If you can afford to go to Vegas and you want a same day response, go. Get up early and be in line by 5AM. Bring your NACA ID number, water and some food because you will be there until 2-3PM depending on the amount of people there.

Fiveo · 10-08-2009, 09:13 PM

All I know is that when I entered my info into Freddie Macs website it says 'Freddie Mac owns your loan" Are you saying WF will only go also low as 4%? Is that thier call or the investors? Apparantly I can go straight to the Service Provider step w/o having to wait in line. I would just like to know if they can give me an answer there on the spot with a Freddie Mac Loan.

B Stevens · 10-08-2009, 10:04 PM

Wells Fargo does give a solution there on the spot.

Fiveo · 10-08-2009, 11:59 PM

What exaclty do you do in the final phase with the Service Provider at NACA events? I dont want to drive out there just to be told "we have your file and we will get back to you".

So far I have been impressed with what I saw at the phnx event. But then again I never made it to the important part.

cahomeowner · 10-09-2009, 06:47 AM

I don't think anyone can give you a definite answer because every situation is different. if you have a voucher that will let you go straight to the lenders table and have the means to go to the road then it's worth considering going.

your option is to wait and wait and wait until someone gets back to you. if the lenders are making decisions on the spot then it would be worth it to me. my package was submitted last month but I am still going to the NACA event next week on the chance that Wells Fargo will be there and can make a decision on the spot. I feel like I need to take a proactive approach in order to fight to save my home.

waiting is the hardest part at least this way I feel like I am doing something. btw I call my lenders and NACA every week like clockwork and I get the same answers....your file is under review

B Stevens · 10-09-2009, 07:45 AM

In my situation, I already had an offer to lower my I/O interest rate to 3% from 5.25% for 60 months from the Executive team after 8 months of sending in my paperwork. I went to the NACA convention to see if there was a better deal out there through them.

I was a little surprised at their way of thinking. NACA suggested for Wells Fargo to forbear all payments for 6 months and then go through the modification process again. I thought that was really dumb since it would add $21K to my principle. I was on an interest only loan which means my payment would be higher at the end of the 6 months due to the balance of my loan being higher.

It sounded great at first but then I worked out the numbers and it really was a shell game with money. You can't get ahead by owing more money.

Wells Fargo will have access to your file on the spot. Just like when you call in now to get an update, they put you on hold and read all the notes on your account and tell you wait for someone to get back to you. But at the NACA convention, the person you are waiting for to get back to you is right there in front of you. NACA invites them there to work out something "on the spot" and "right now". They even tell you that in their first presentation when you get shuffled in the door and seated.

Hope4aNewDay · 10-09-2009, 12:44 PM

Are these NACA events in Florida. Please Advise?

Below is my problem:

Aug 17 approved for trial modification

Aug 26 2009 Was told by Wells Fargo all foreclosure actions suspended

Aug 31 Sent Trial Modification package

Oct 1 Paid 1st Trial period payment

The problem I am told is they can not reverse the foreclosure per Freddie Mac directives. Still being sued and foreclosed on. It has been noted on loansafe.org and other resources that there is a major problem Freddie Mac does not grant permanent modifications to those who have foreclosure action started before a trial modification. But you can not get the foreclosure status removed until a final permanent modification is made.

At the sale date I am at their mercy to extend the sale date. There are many reports that servicers are selling properties contrary to HAMP requirements. At the end of your trial period next day you are foreclosed. Wells Fargo and Freddie Mac You give no notice, no chance to try and get a Temporary Injunction of file Chap 13 to save your home.

or Does anyone have direct contact info for anyone at Freddie Mac?

Debca · 10-09-2009, 05:03 PM

Quote:

Originally Posted by Hope4aNewDay

Are these NACA events in Florida. Please Advise?

The problem I am told is they can not reverse the foreclosure per Freddie Mac directives. Still being sued and foreclosed on. It has been noted on loansafe.org and other resources that there is a major problem Freddie Mac does not grant permanent modifications to those who have foreclosure action started before a trial modification. But you can not get the foreclosure status removed until a final permanent modification is made.

At the sale date I am at their mercy to extend the sale date. There are many reports that servicers are selling properties contrary to HAMP requirements. At the end of your trial period next day you are foreclosed. Wells Fargo and Freddie Mac You give no notice, no chance to try and get a Temporary Injunction of file Chap 13 to save your home.

or Does anyone have direct contact info for anyone at Freddie Mac?

Yes, Hope4AnewDay, I call this # 800.373.3343 for Freddie Mac - Had found it in another post....

The rep there said that you can call them within 7 days of the sale date and they can intervine. Also, you can file a complaint with their office and I asked that my case be flagged.

One contact listed as Heidi, also Melissa.

10-08-2009, 04:34 PM	#1 (permalink)
Fiveo Member Join Date: Oct 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	WELLS FARGO, NACA and Freddie Mac? Monday I attended the NACA event in Phoenix. I made it as far as the counseling session. By the time I was done the WF reps had left (thank you Mr. I hope it doesnt explode) So my case was submitted to WF. I got a voice recording from WF today saying they received my case. I called to verify and they told me they had 30 to 45 days to respond. Then they will notify me by mail. If my research is correct Freddie Mac owns our loan. Do I have anything to gain by going to Vegas this weekend. I have a vouchure that will let me go straight to the lender section. Or will I dirve there just to be told it has been submitted. Can NACA do their "instant solution" with WF and Fred Mac? Wells fargo did some numbers manipulating a year ago when we tried to refi out of our 6.8 fixed to 4.45. We came back with 23% equity and they wanted 25%. They also said our debt to income ratio was off. I was making more at the time of the Refi then when we bought the loan. It made no since that they said we couldnt afford the 1500 payment so we had to continue with our 1900 payment. Is NACA still involved or have they down their part and now we are own our own to deal with WF? I would really like to go to Vegas if it will do any good.

10-08-2009, 05:41 PM	#3 (permalink)
Fiveo Member Join Date: Oct 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WELLS FARGO, NACA and Freddie Mac? Can NACA negotiate right there with WF if it is a Fred Mac loan, or do they have to submitt it. How do you find out?

10-08-2009, 07:48 PM	#5 (permalink)
Fiveo Member Join Date: Oct 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WELLS FARGO, NACA and Freddie Mac? Tried calling there 800 number today it says it was down for service and to try again tommorow. Will NACA be in contact with me?

10-08-2009, 07:50 PM	#6 (permalink)
B Stevens Senior Member Join Date: May 2009 Posts: 124 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WELLS FARGO, NACA and Freddie Mac? NACA doesn't negotiate there. They figure out your spending and enter it into the computer with your NACA ID number. They "recommend" a solution and submit it to WF. WF then talks to you and decides on the spot if they can accept NACA's recommendation or if they can work out another plan. Do you know what type of loan you have? FHA, private investor, bank owned, etc? I was told by one of the WF staff working with NACA they would not go below 4% for a permanent mod. He even told me they can not help people who have a sub prime loan of under 4%. If you can afford to go to Vegas and you want a same day response, go. Get up early and be in line by 5AM. Bring your NACA ID number, water and some food because you will be there until 2-3PM depending on the amount of people there.

10-08-2009, 09:13 PM	#7 (permalink)
Fiveo Member Join Date: Oct 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WELLS FARGO, NACA and Freddie Mac? All I know is that when I entered my info into Freddie Macs website it says 'Freddie Mac owns your loan" Are you saying WF will only go also low as 4%? Is that thier call or the investors? Apparantly I can go straight to the Service Provider step w/o having to wait in line. I would just like to know if they can give me an answer there on the spot with a Freddie Mac Loan.

10-08-2009, 10:04 PM	#8 (permalink)
B Stevens Senior Member Join Date: May 2009 Posts: 124 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WELLS FARGO, NACA and Freddie Mac? Wells Fargo does give a solution there on the spot.

10-08-2009, 11:59 PM	#9 (permalink)
Fiveo Member Join Date: Oct 2009 Posts: 18 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WELLS FARGO, NACA and Freddie Mac? What exaclty do you do in the final phase with the Service Provider at NACA events? I dont want to drive out there just to be told "we have your file and we will get back to you". So far I have been impressed with what I saw at the phnx event. But then again I never made it to the important part.

10-09-2009, 06:47 AM	#10 (permalink)
cahomeowner Senior Member Join Date: Oct 2008 Posts: 162 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WELLS FARGO, NACA and Freddie Mac? I don't think anyone can give you a definite answer because every situation is different. if you have a voucher that will let you go straight to the lenders table and have the means to go to the road then it's worth considering going. your option is to wait and wait and wait until someone gets back to you. if the lenders are making decisions on the spot then it would be worth it to me. my package was submitted last month but I am still going to the NACA event next week on the chance that Wells Fargo will be there and can make a decision on the spot. I feel like I need to take a proactive approach in order to fight to save my home. waiting is the hardest part at least this way I feel like I am doing something. btw I call my lenders and NACA every week like clockwork and I get the same answers....your file is under review

10-09-2009, 07:45 AM	#11 (permalink)
B Stevens Senior Member Join Date: May 2009 Posts: 124 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WELLS FARGO, NACA and Freddie Mac? In my situation, I already had an offer to lower my I/O interest rate to 3% from 5.25% for 60 months from the Executive team after 8 months of sending in my paperwork. I went to the NACA convention to see if there was a better deal out there through them. I was a little surprised at their way of thinking. NACA suggested for Wells Fargo to forbear all payments for 6 months and then go through the modification process again. I thought that was really dumb since it would add $21K to my principle. I was on an interest only loan which means my payment would be higher at the end of the 6 months due to the balance of my loan being higher. It sounded great at first but then I worked out the numbers and it really was a shell game with money. You can't get ahead by owing more money. Wells Fargo will have access to your file on the spot. Just like when you call in now to get an update, they put you on hold and read all the notes on your account and tell you wait for someone to get back to you. But at the NACA convention, the person you are waiting for to get back to you is right there in front of you. NACA invites them there to work out something "on the spot" and "right now". They even tell you that in their first presentation when you get shuffled in the door and seated.

10-09-2009, 12:44 PM	#12 (permalink)
Hope4aNewDay Member Join Date: Jul 2009 Posts: 26 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WELLS FARGO, NACA and Freddie Mac? Are these NACA events in Florida. Please Advise? Below is my problem: Aug 17 approved for trial modification Aug 26 2009 Was told by Wells Fargo all foreclosure actions suspended Aug 31 Sent Trial Modification package Oct 1 Paid 1st Trial period payment The problem I am told is they can not reverse the foreclosure per Freddie Mac directives. Still being sued and foreclosed on. It has been noted on loansafe.org and other resources that there is a major problem Freddie Mac does not grant permanent modifications to those who have foreclosure action started before a trial modification. But you can not get the foreclosure status removed until a final permanent modification is made. At the sale date I am at their mercy to extend the sale date. There are many reports that servicers are selling properties contrary to HAMP requirements. At the end of your trial period next day you are foreclosed. Wells Fargo and Freddie Mac You give no notice, no chance to try and get a Temporary Injunction of file Chap 13 to save your home. or Does anyone have direct contact info for anyone at Freddie Mac?

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