FHA/NACA In Las Vegas

[Melanie702]

Hello everyone, I'm new to this board, but have been reading A LOT since I came across it last week.

Here is our story, and I hope I don't offend anyone as I haven't seen anyone with an FHA loan and a low interest rate that we have.

In November of 2008, my husband was laid off and is now collecting unemployment benefits that caused our income to drop by approximately 60%. I'm also working full time, but we're still in the dumps. I called Countrywide because I wanted to see if we'd be able to MOD our loan, but according to them, we don't qualify for anything. We were current on our loan when I was calling them, but have now missed our March payment. When I called them on Monday, they noticed I had not paid March by the 15th, and told me to fax in all my paperwork to them to see if we qualify for the new Affordable & Stability Plan. I did all that a couple of days ago, but don't know if we will be approved, as they told us numerous times we don't qualify for anything. I figured (from reading this board) that it was because we were current on our loan, which is why we did not pay March's mortgage payment.

Our interest rate is at only 5.87% fixed/30 years and is an FHA loan. A couple of agents at CW, told me that Ginnie Mae owns the loan. We will not be able to keep up with the payments any longer due to my husband losing his job.

1. is there any help for us in our situation?
2. would it be hard to get a MOD if I am the only one working and my husband collecting unemployment? Will they count his income?
3. Is it hard to get help with a Ginnie Mae loan?
4. Will President Obama's plan work for us?

I'm so lost and trying to learn all I can to help our situation. Any help would be greatly appreciated.

I hope this board is also for FHA and fixed rate owners.

Thank you!

[Moe Bedard]

Hi Melanie702,


Welcome to the forum and thank you for joining..........

What Ginnie Mae does is guarantee investors the timely payment of principal and interest on MBS (Mortgage Backed Securities) backed by federally insured or guaranteed loans mainly loans insured by the FHA or VA. So the FHA would be the one approving a modification workout.............the options with an FHA loan for modification are limited.........going through the servicer.

If this is the only property that you own.........you may be able to get a more affordable workout using the HUD approved counseling agency NACA......their services for the Home Save modification program are free............and we have had many recent low fixed rate modification successes through NACA and CW.
here is the link for the info.........
https://www.naca.com/refinance/refinanceTenStep.jsp

[Melanie702]

Hi *** Damiano,

Thank you for your reply. I started the Naca process last night. I also called CW today, and they said to call back the first week of April, which I'm also going to do.

Thanks again!
Melanie

[Melanie702]

Hello, my husband and I signed up for a NACA workshop, but that isn't until early May. Can I submit my paperwork before the workshop? Also, can we get an interview on the phone before then? Not sure how the whole thing works.

Melanie

[cobra]

Yes....I did. Also just had my phone consultation and the workshop I signed up for is not until March 28th. If the phone consult feature does not work on the website just call NACA and wait. I waited 45 minutes but got a phone consult in a week. Probably could have been sooner.

Regards,

Cobra

[Melanie702]

Hi Cobra, thanks so much for the info. I started the process last night, entering all our information and scheduled a workshop. I'm going to the website now to look again for the phone consultation.

Mel

[cobra]

Mel;

The link for the phone consult did not work for me. I called and waited about 45 minutes in order to schedule my consult.
Then go back on the NACA website under member and drop down to confirm your appointment. It worked for me.

Cobra

[Melanie702]

Hi Cobra!

I finally got through! I waited two hours today, but managed to get a counseling session this Saturday at 2pm.

Would you happen to know if we have to show up to the workshop before they submit our file for the MOD? Our appointment is now on the 25th of April.

Mel

[N2Deep]

Melanie702,
If you can upload or Fax all your doc's in before your counseling session on Sat then they can submit that day.

[Melanie702]

Hi N2Deep,

Awesome! Thanks! I emailed ALL of it yesterday. Now I feel better. Will let everyone know what happens on Saturday.

Melanie

[FLgata]

Good Luck Melanie. Please keep us posted.

[teenut]

Good luck Melanie. I would also fax in the information. Sometimes the upload through email doesnt always work. I know my appointment got rescheduled because all of my documents hadnt been received.

[Melanie702]

Hi, I answered YES to all of those questions on the Obama Modification eligibility website, and CW still says I don't qualify! What gives? They do not want to help me! I'm hoping NACA can. Not sure why they keep saying we don't qualify. Exactly, WHO are they (CW) helping?

[Melanie702]

FLGata, I sure will!

Teenut, thank you so much for letting me know. I will fax everything today. Good to know. I'd be so upset if I found out I'd have to reschedule my phone appointment, lol.

[Moe Bedard]

Melanie,


It is because your loan is an FHA loan..............that particular modification program doesn't cover the government loans.


The Administration is working with Congress to enact legislation that will allow FHA, VA and USDA to offer modifications consistent with Making Home Affordable. Currently loans insured or guaranteed by these agencies are being modified under other programs that enable borrowers to retain homeownership.

[Melanie702]

***-
Oh OK, darn! Hopefully they'll keep working with them. Will NACA help us even though our loan is backed by Ginnie Mae?

[Moe Bedard]

I don't see why not...........your loan is a government backed loan.

[Melanie702]

***,

Thank you. I'm sorry to be a pain and don't mean to sound "stupid", but what is everyone talking about $150-200 surplus?

[Moe Bedard]

that is old news................

[Melanie702]

OK, that's probably why I don't know then.
Thanks.

[Melanie702]

Hi,

Does or has anyone gotten a MOD with NACA on unemployment? The NACA counselor we spoke with yesterday, said she was going to push for a MOD, but said CW might give us a forbearance since my husband is collecting unemployment, and it's only a temp thing. I'm hoping they give us the MOD.

[gray517]

Originally Posted by Melanie702

Hi,

Does or has anyone gotten a MOD with NACA on unemployment? The NACA counselor we spoke with yesterday, said she was going to push for a MOD, but said CW might give us a forbearance since my husband is collecting unemployment, and it's only a temp thing. I'm hoping they give us the MOD.

hi melanie

I thought i had replied to your question before, but maybe I was going to and got side tracked. I was on unemployment (still am) when i went thru the Naca process, Naca did not count my unemployment since it is not income and it is only temporary. but they did use my husband's income (he is not on loan, long story) and when I tried to go thru CW directly they didn't count my unemployment either, but that was oct/nov of last year and with so many people on unemployment things may have changed. good luck!

[dthom]

Melanie:
We applied with NACA on January 26 just after husband got a permanent layoff from his job. NACA did use his unemployment as well as my income. We had to send in proof of how much his unemployent checks are. With the extensions allowed here in MI you can be on unemployment for almost a year. Sure hope he can find work before then though. So l think things may have changed. I agree with Gray517, could be that so many are now out of work, they are using the unemployment. God knows with so many without jobs, they must of had to do something. Without NACA having used the unemployment, we would have no choice but to let the house foreclose. He was the one who made most of the money.

[Melanie702]

Gray and dthom, thank you for your replies. I didn't even know I had replies.

NACA called today, and said they couldn't send in a request to CW because of the unemployment. They said the numbers weren't matching up. They are going to submit a forbearance. They also said CW most likely would have denied the restructure (MOD) because of the unemployment.

[Melanie702]

Hello,

NACA just called my husband and myself, and said they are not going to submit a request for a restructure (MOD) to CW. The reason for this is because my husband is collecting unemployment, and they said the numbers weren't matching up, and said CW probably would mostly likely deny it with the unemployment. They are instead, going to submit a request for a forbearance. I have only heard bad things about forbearances. Can anyone tell me WHY they're bad? NACA also said when my husband does become employed, they want him to send in his check stubs, and then they would be able to request a restructure of the loan. Any replies is much appreciated.

Melanie