NACA Questions

mgaud123 · 10-27-2008, 04:12 PM

I have submitted my loan modification request through NACA on September 11th. My workout information says "Active Processing". I called CW for the 2nd time to talk to our negotiator and was told on my account it says "Hold off on modifiying pay option ARM's at this time" I am waiting for a call back from CW and my NACA counseler, but has anyone heard about CW stopping modifications at this time?

Moe Bedard · 10-27-2008, 04:42 PM

Hi mgaud123,

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

Yes............you would need to call a different number for the pay option arms to make sure that you qualify for the new program for these types of loans that is beginning on Dec. 1st.

That number is..........
Homeownership Retention Dept.
1-800-669-6607

Please keep us posted on your progress..............

tandknix · 10-29-2008, 09:33 AM

I am waiting to hear from CW and our NACA negotiator also. I spoke with our NACA counselor yesterday and she said that typically CW will contact us and not them and that we need to just let her know when CW does contact us.

mgaud123 · 11-09-2008, 06:05 PM

Thanks, now I am waiting for NACA to contact Countrwide. I was told by a Countrywide Rep the negotiator advised they are not allowed to speak with the clients. That they can only speak to NACA reps.

mgaud123 · 12-11-2008, 09:36 AM

Has anyone been successful (we have CW) getting a modification while current? We have been waiting to hear from CW. We submitted with NACA 3 months ago. Our rate reset Dec.1 and we are paying over 1/2 of our monthly income and its getting tough.

mgaud123 · 01-08-2009, 11:36 AM

We submitted our request for a restructure with NACA on Sept. 11, 08. It has been almost 4 months. We have been asigned a negotiator, but every week when we call for an update they say it hasn't been reviewed yet, but CW has to review all NACA requests. But when, a year from now? They haven't even attempted to contact our investor (Bank of New York).

We are current but been paying late each month, we have an ARM that reset Dec. 1st and will go up again 5/2009. Do you think sending a certfied letter to president's office, etc. will help expedite our request? Thanks for the advice!

Moe Bedard · 01-08-2009, 12:34 PM

There have been several NACA approvals from CW recently and they had been working with NACA for a little over 90 days..........
the number that they use at CW is
1-800-669-0102
you may have to have them input your NACA file number for an update.

This is also on the NACA site:

MEMBERSHIP SERVICES & UPDATES:

NACA is committed to provide the best membership services. We have a tremendous demand for our services. If you are not satisfied with our services or our staff are not returning your calls in a timely manner you can call the Membership Services Center at 1-888-302-NACA (1-888-302-6222).

mgaud123 · 01-08-2009, 12:39 PM

Thanks, I will try that number.

mgaud123 · 03-04-2009, 10:46 AM

I hope this is good news (although, I am skeptical still). NACA said CW updated our account, we were told:

" We got an update from Countrywide that the modification is coming however we don't have the details we should have the details within 2wks"

Don't know if they are telling everyone this but I will let everyone knows if it works out (we have an ARM that already reset but are current)

dthom · 03-04-2009, 05:03 PM

We are current but paying somewhat late also,( always get it there before the 15th). NACA submitted our restructure on 1/23 and our CW account states we are in "active processing". NACA didn't seem to think our not being delinquent would be a problem, our counselor told us that it would show our committment to keep the home, since we have stopped paying all credit cards and cut back to bare bones on grocery bill etc to make sure payment gets in. We have sub prime fixed, income decreased due to unemployment. Calling NACA back tomorrow for an update, hoping to hear some really good news. So maybe being somewhat late each month but not past due is a good thing. I hope so.

FLgata · 03-05-2009, 04:31 AM

Good Morning Mgaud and Dthom,

It seems we are all in the same boat. I found out yesterday that CW has approved my loan modification from the NACA. We are just awaiting the details. Good luck to both of you and hopefully, all three of us can join the "Success Stories" thread soon!

denised · 03-05-2009, 11:05 AM

I was also told last week that CW approved our 1st loan. Later that day NACA said that CW sent over a bunch of erroneous offers. NACA said not to worry that the errors were minor and the offer will be better. Now I am just checking in everyday with NACA.
We are all in the same boat!

starwisher · 03-05-2009, 01:33 PM

yes denised, we are all in the same boat. we were soo relieved and excited to receive our email from naca, saying we have an approved modification from cw, at the price we can afford, and a new interest rate. we were told our negotiator would be calling , and a week later, we heard nothing. we called cw, they said they have nothing to report, and we called naca, and a different rep said although we have a TENTATIVE approval, we have nothing concrete from cw yet!!.. and it may be 90 days before we do. in the meantime, last monday, we received our official default from cw, telling us we have 90 days to pay up, or goes to auction.. so we are still as confused as we were 4 months ago.!.

tandknix · 03-05-2009, 04:39 PM

starwisher...contact NACA and tell them you got a default letter. CW should not be contacting you AT ALL. Also contact CW and make it clear that you are working with NACA and you are confused as to why you got this letter. Don't speak to the morons in the finance department. Speak with the Hope/Home retention team. The same thing happened to us. CW even sent us a notice that they were foreclosing on our home. Just keep calling for "updates" even if they tell you that they have heard nothing I think it helps keep things moving

starwisher · 03-05-2009, 04:50 PM

thank you tandknix, we did let naca know. we faxed them the default notice we received, and the rep seemed as confused about why we received it from countrywide, as we were. she said the same thing, that we have been in negotiations for 2 months now with them, and nothing should have been happening against our home .. we called the home retention dept at cw, and they said they are so behind for every loan by around 90 days or more.. like i said, we went from whooo hoooo, to youve got to be kidding me.!.

teenut · 03-05-2009, 06:16 PM

I am soooo happy to hear so much good news!!!!! Congrats to all! This is wonderful news to hear on my bday, gives me so much hope!

luisren · 03-05-2009, 06:33 PM

Quote:

Originally Posted by mgaud123

We submitted our request for a restructure with NACA on Sept. 11, 08. It has been almost 4 months. We have been asigned a negotiator, but every week when we call for an update they say it hasn't been reviewed yet, but CW has to review all NACA requests. But when, a year from now? They haven't even attempted to contact our investor (Bank of New York).

We are current but been paying late each month, we have an ARM that reset Dec. 1st and will go up again 5/2009. Do you think sending a certfied letter to president's office, etc. will help expedite our request? Thanks for the advice!

Same, same.. Although current, it has been a struggle. I am starting to look into storage facilities and apartments. I am getting to the point where I can't stretch things anymore as it is affecting my children. Better off in an apartment its seems....

gray517 · 03-05-2009, 11:40 PM

luisren
contact Naca for updates, bug em even if they told you not to, try to stay focused on your objective keeping your home at all costs and please don't give up, hang in there you can do this! my prayers are with you!

DodgerFan · 03-10-2009, 09:37 AM

We've been working with NACA for about 3-4 months, attempting a mod with CW. The past 8 weeks have been tough....waiting for a response from CW. Yesterday, my wife received a FedEx Letter from CW. What a dissapointment!

NACA originally proposed combining our first and HELOC into a 30 yr fixed at 3%, including taxes and ins. NACA also proposed a principle reduction, because without it, we cannot afford the home any longer.

Countrywide's "congratulations" letter states:

They are reducing our Interest rate from a 5yr ARM at 6.5% to a 40 yr fixed at 4.125%. 480 MONTHS!!!

They are also adding on missed payments. No mention of combining the two loans, reduced principle, escrow acct, or ins. Basically, they are tacking on 10 more years of payments, while at a lower interest rate, they probably come out ahead in the end!

Does anyone have experience working with NACA and CW on a counter-offer? This "offer" from CW will NOT help us stay in our home or afford the payments.

I'd love to hear anyone's experience with rejecting CW's initial offer and having success on a second round. Thanks!!

Dan Bailey · 03-10-2009, 09:40 AM

Dodger,
Since you are working with NACA, Id suggest contacting them with the terms of the loan offered to you. This may be an offer directly for CW to you-without NACA involved. (That has happened)

MP927 · 03-10-2009, 09:50 AM

Oh boy I hope Dan is right...that maybe this is an offer aside from NACA's proposal. Wouldn't NACA have presented it to you if so?
I am in the early stages of NACA and this makes me nervous that CW could ignore their proposal and come up with something different.
Keep us posted please when you find out!

gray517 · 03-10-2009, 09:55 AM

[quote=DodgerFan;69585]We've been working with NACA for about 3-4 months, attempting a mod with CW. The past 8 weeks have been tough....waiting for a response from CW. Yesterday, my wife received a FedEx Letter from CW. What a dissapointment!

NACA originally proposed combining our first and HELOC into a 30 yr fixed at 3%, including taxes and ins. NACA also proposed a principle reduction, because without it, we cannot afford the home any longer.

Countrywide's "congratulations" letter states:

They are reducing our Interest rate from a 5yr ARM at 6.5% to a 40 yr fixed at 4.125%. 480 MONTHS!!!

They are also adding on missed payments. No mention of combining the two loans, reduced principle, escrow acct, or ins. Basically, they are tacking on 10 more years of payments, while at a lower interest rate, they probably come out ahead in the end!
[quote]

You would need to call naca and go over the offer with them to find out if it is actually part of the naca proposal or just an offer from cw. A fixed rate of 4.125% if it's for the life of the loan is a really good rate, as most of the mods from CW directly are temp 5-10 and then back to original rate. Regardless of who or how you obtain a modificationor who the lender is, they tack on the interest portion of missed payments back on to the loan that is part of the process. Naca can tell you if this offer is part of thier proposal or not and if it is, what other options are available, principal reductions have not been done on any loans as of yet, I don't think that is something that anyone will be seeing anytime soon as we are all underwater on our loan to value at this time, instead lenders are reducing rates as low as they can and extending terms to get borrowers affordable payments right now to save their homes. good luck!

MP927 · 03-10-2009, 10:30 AM

So gray NACA originally proposed a principal reduction for you? They have asked for a $7,000 one for us so it will be interesting to see if that comes to pass. I have often wondered why they would ask for that as it does not seem like it will make much of a dent. A thought that crossed my mind was to credit us for the last re-fi that got us here which is about $6000-7000. And that would put us under the 300,000 mark on our loan balance. There must be some method to it.

DodgerFan · 03-12-2009, 05:43 PM

Quote:

Originally Posted by MP927

Oh boy I hope Dan is right...that maybe this is an offer aside from NACA's proposal. Wouldn't NACA have presented it to you if so?
I am in the early stages of NACA and this makes me nervous that CW could ignore their proposal and come up with something different.
Keep us posted please when you find out!

Well, I called NACA on Tuesday (I was caller 91 in the queue)

and spoke with one of the counselers - Roberto. The night before, I faxed NACA the offer I received from CW. While he and I were on the phone he quickly skimmed the offer, and let me know that this is a typical strategy by CW. They will often times go directly to the homeowner with an offer much less appealing that the one proposed by NACA. The offer did have a deadline to it, and he told me basically to ignore their "offer". This deadline (from what Roberto said) is to scare people into signing for it right away, thus negating the proposed modification from NACA. The NACA negotiators will apparently work directly with CW if CW doesn't accept NACA's initial offer. Per the agreement between NACA and CW, CW is supposed to bring their modification offer to NACA first.....not to the homeowner.

And yes, NACA did propose a principal reduction for us. We're keeping our fingers crossed were one of the lucky ones that they accept

DodgerFan · 03-12-2009, 05:45 PM

Quote:

Originally Posted by Dan Bailey

Dodger,
Since you are working with NACA, Id suggest contacting them with the terms of the loan offered to you. This may be an offer directly for CW to you-without NACA involved. (That has happened)

Thanks Dan...I did call NACA as you mentioned. It was a ploy!