FHA/NACA In Las Vegas

[MP927]

Well I'm not an expert on forebearances but it is really only a band-aid solution. However, if you have no choice and you want to stay in the home; it is probably best to take that option if it's your only one.
I sincerely hope it works out for you!

[MP927]

Sorry to hear they cannot help Melanie. Hopefully they can once things get back on track with the employment issue.

[Melanie702]

Thank you, MP, I hope so too. I'll take the forbearance if CW will approve it. Better than nothing, I guess. They're going to resubmit for a MOD once my husband is employed.

[MP927]

I'll cross my fingers he finds something soon!

[dthom]

Boy I sure hope they are not using just my income. If that is the case, we won't get anything and all of this will have been for nothing. I only gross a little over $1800 per month and mortgage now is $1500. I have been hold for NACA since getting home from work at 5 and now it is 6:30. Funny their voice system used to tell you what caller you were and approx wait time, now just keeps repeating their message and thanks for your patience. Hmmm. Not so sure I will get thru tonite.

[MP927]

Oh dthom...is that your new payment restructure or current payment?

[dthom]

Our payment now is $1513 per month. Finally got hold of NACA and was told there was no news, didn't even know if CW has even looked at our file, just said they are really slow. Could take 4 months or more and to try to keep making our payment. My husbands unemployment is only $ 1062 per month. NACA said not to call back for 2 to 3 weeks. The payment they are requesting in the restructure is at 3% interest, with a principal reduction of $74000( dont even expect that to happen) and new payment including prin. taxes, and insurance of $588 for life of loan. Which I figured out to be about 25% of income, so if we can get it to 31-34% that would even be a help.

[Melanie702]

dthom,

Your situation is probably different....your expenses and all that. At least yours was even submitted for a restructure......ours wasn't. They told us up front (yesterday) the numbers didn't match up. Your income is almost the exact same as ours, but funny enough, my husband makes more on unemployment than I do working and that's probably why they couldn't request a restructure since I don't make anything at all. The first counselor we spoke to said she was going to work the numbers and call us tomorrow (3 weeks ago) and never called us . She's the one I was hoping to get again because she said she was going to try everything to NOT have to go for the forbearance. I'm a little bummed.

[j-nice]

Melanie702,

My situation is similar to yours. My income has dropped over 50% in the last year (22 yrs in auto sales). My monthly income is averaging $3400 this year. My first mortgage with CW is $1472 per month (doesn't include tax and insurance which I am current on). NACA submitted a special forbearance proposal for me to CW, but after much thought and advice from others I know it will put me in a worse position down the road. At the end of the forbearance you have to pay back the missed portions of the payments. My confusion is how does NACA come up with the proposals to CW? NACA told me I was not making enough to be able to offer a mod to CW. NACA did not include my 2nd mortgage or cc debt in my affordability budget. All I was hoping for was a monthly payment of no more than what I am paying now BUT include my taxes and insurance which are currently $460 per month. It would basically take the current mortgage of 6.5% fixed rate to 3.5% for 30 years. I don't want a principle reduction and I have no late payments with CW. I just don't get it.

[ELENA7077]

Hi Melanie,
I am in FL and i have an FHA 6% 30yr and NACA submit a request for us a MOD. on 3/30. I also could the intent to forclosed yesterday... OH GOD Please help

[Melanie702]

Hi j-nice, thanks for the reply. hmmm that is really strange to me that you "don't make enough". Who does get the MODs then? I'm confused as well. Can I ask when NACA submitted your forbearance? I'm thinking we shouldn't go with the forbearance either. Can we just back out and not sign the paperwork should CW approve it? But if you get a MOD, they also tack the late payments and payments you missed, too, don't they? Is it too late to call NACA and adjust my espenses? We decided not to pay CCs right now. Our mortgage is more important, and I can't worry about my credit rating right now. I'm so stressed from all of this.

[Melanie702]

Hi Elena, good luck with your MOD.......I'm hoping to get one in a few months when my husband is employed.

[ELENA7077]

Melaine the best to you and your husband, i will pray for u

[j-nice]

Melanie702, NACA sent in my request to CW on 2/28. My CW account got locked out about 10 days ago to make payments on line. I called CW today to make the payment over the phone and the csr told me he couldn't accept the payment because the account was in review. He then went on to tell me that the notes in my file showed that I did not qualify for the forbearance because I have a 15% deficit each month...no kidding? He was kind enough to give me the name of my negotiator and put me through to the Advocacy department that works with NACA. I spoke with a woman by the name of MaryAnne who took my payment over the phone and told me the blocks on my account would be removed. I explained that I would not be accepting the forbearance plan even if it did come through and I asked her if she could offer assistance on a mod. She couldn't help but gave me the name of another rep and his phone number. I left him a detailed message and will keep calling him until I have more clarification.

I have stopped paying all cc debt and will be filing bk in approximately 2-3 months...I have no choice...I can't afford garnishments of any kind. My credit has gone from perfect to trash in no time at all because of the bad economy. I have been in my home for 12 years and don't want to lose it. I was just hoping for a loan mod before hand because once I file bk it will get extremely tricky in trying to obtain a mod.

NACA wanted to submit for a forbearance and then at the end try again for a mod, but by that point I will be up to my ears in bk business and if I want to keep my home the bk judge requires the payments on the mortgage to be current. This whole process has become a full time job and I swear I am no further along than I was in February. I am trying to be patient but I am running out of time for other options. I have called and emailed NACA several times in the last month trying to reach my negotiator to let her know I will not be taking advantage of the forbearance.

[Melanie702]

Hi all and jnice...hope everything worked out for you. I'm still waiting for an answer from BofA in regards to the forbearance. This is really our only option as we only have one income and my husband collecting unemployment. I called NACA today, they said that the reason they are asking for a forbearance was because of the unemployment, and once my husband gets a job, they will ask for a MOD. I guess it's better than nothing. They also stated that with the forbearance, the payments would probably be cut down in half. I guess there are different types of forbearances. Anyone have any luck with one? Did anyone get a MOD afterwards? I hate this economy! Everything was going soooooo great for us! ugh! Been so stressed.

[lasvegas2hawaii]

Is it true that with NACA you can not own any other homes to qualify???????????

[CW California]

Originally Posted by lasvegas2hawaii

Is it true that with NACA you can not own any other homes to qualify???????????

That's true, NACA can only help you if this is your residence and your only property.

[lasvegas2hawaii]

This loan mod if for the home that I owner occupy. HOWEVER, Can you receive a loan mod from CW if you own another property?????

[lasvegas2hawaii]

This loan mod if for the home that I owner occupy. HOWEVER, Can you receive a loan mod from CW if you own another property?????

[rkel11]

Yes you can.....

[mmcgill63]

After working with NACA since Feb of this year, my file was submitted to BOA on 4/2. When I checked with BOA in July they said my NACA filed was closed. Called NACA and they resubmitted file on 8/19. I have a FHA loan and have being trying to get a mod. I thought everything was going smoothly until I got the email below from NACA:

"DEAR NACA MEMBER,

HERE IS THE INFORMATION I WAS ABLE TO GATHER FROM YOUR LENDER. It means that per FHA guidelines, the homeowner will not qualify for a mod because they have not made at least 1 year of payments towards the loan. Currently the loan has no sale date."

Has any had this kind of response from NACA. I a surprised as NACA knew all the details from day one.

Any advice or comments would be greatly appreciated.

Thank yuo.

[dtap57]

I was told the same thing from Chase that you had to be in the loan for one year to get a loan mod on a FHA loan. I believe there are other FHA programs if you fall behind to help you but you can't a loan mod until the one year is up. I hope this helps.

[mmcgill63]

Thanks dtap57. Did you ever get a loan mod. I just spoke to NACA and they are going to try and see what they can do with BOA. They advised the govt guidelines are tight. Do you know where I can find other FHA programs that assist with delinquent customers.

[Melanie702]

Originally Posted by mmcgill63

Thanks dtap57. Did you ever get a loan mod. I just spoke to NACA and they are going to try and see what they can do with BOA. They advised the govt guidelines are tight. Do you know where I can find other FHA programs that assist with delinquent customers.

When I read the guidelines, it was you have to be in the loan a year, and have made 4 payments on it. Mine will be a year old in 14 days. I was just told this yesterday as a matter of fact from a supervisor at BofA, and I did read it myself on the HUD website.

[mmcgill63]

Melanie, I have only made one payment and my loan is one year old. It is not the law but a guideline. I am sure they can work around it if they wanted to. Ginnie Mae is the investor for FHA loans.