Worried - NACA Submitted since 1/20/09 and still nothing

[dthom]

zbasspro

Did NACA tell you what happens if CW/BofA does not respond by the 120 day mark? One rep told me that after the 120 days their contract ends and thats it. But I have heard others say that isn't true. I sometimes wonder if NACA went in with a too agressive offer in our case and that is why CW/BofA is not responding.
I am hopeful too that the next batch of mods will include the Janurary submissions. I haven't heard of anyone who has been waiting longer than we have, nor have I heard anyone here say they were denied, so that seems to be good news.

Saw this on AOL this morning:

Foreclosures Filings Surge 32 Percent

While they did not list my state specifically, I know from what I see in my area they haven't slowed all that much. Expect it to be higher due to auto company problems, since news here said they expect MI unemployment to reach up to 20% because of plant closings etc.! What are the lenders and servicers going to do with all of the homes they take, sell them to who. Has always seemed to me they would be better off working with us instead of against us.

[cobra]

dthom;

Speaking for myself...by the time this loan mod is completed I won't be able to buy anything on credit! Between the lost job, house payments late, car payments late, and not even able to pay the credit cards I won't be able to buy anything on credit.....hey wait a minute.....that sounds like a very liberating idea! I think there is something to be said for that. LOL

Cobra

[dthom]

I know what you mean. Don' t ever want to see another credit card! We have tons of medical bills coming in from when husband was in the hospital, even with having COBRA now, ded. and copays still come in. So we won't be able to buy anything on credit either. I agree, not a such a bad thought after all.

[helpsavemyhome]

Originally Posted by dthom

zbasspro

Did NACA tell you what happens if CW/BofA does not respond by the 120 day mark? One rep told me that after the 120 days their contract ends and thats it. But I have heard others say that isn't true. I sometimes wonder if NACA went in with a too agressive offer in our case and that is why CW/BofA is not responding.
I am hopeful too that the next batch of mods will include the Janurary submissions. I haven't heard of anyone who has been waiting longer than we have, nor have I heard anyone here say they were denied, so that seems to be good news.

Saw this on AOL this morning:

Foreclosures Filings Surge 32 Percent

While they did not list my state specifically, I know from what I see in my area they haven't slowed all that much. Expect it to be higher due to auto company problems, since news here said they expect MI unemployment to reach up to 20% because of plant closings etc.! What are the lenders and servicers going to do with all of the homes they take, sell them to who. Has always seemed to me they would be better off working with us instead of against us.

dthom,

I have been thinking the same thing.. I think the reason why CW hasn't done anything with our NACA submission is due to them asking for a large prinicipal reduction. From what I understand, lenders aren't even giving out principal reductions.

I had a CW negotiator from the Advocacy Team leave me a message. I've been trying to call for two days and he is 'unavailable'. Geesh. I just don't see that going anywhere..

[zbasspro]

dthomn & helpsavemyhome,
I really believe, and this is just my opinion, that the current foreclosures going on are people underwater that are just walking away. I believe that that alone is reason enough that anyone who want to work with the banks, and has the means to, is going to stay in their home.

Are we going to get the aggressive offers NACA submitted? Your guess is as good as mine. I believe 40 years is going to be the norm on BOA offers. My reasoning is, they`d rather extend than offer principle reductions, also, they probably figure "quick fixes" aren`t the worst thing for them, and that if we default again in 5-10 years the housing market will have recovered some by then and they won`t be dealing with all these foreclosures.

dthom, NACA is HUD approved I believe they may be able to ask for an extention on the 120 days, due to the extremely unusual circumstances, were you asking if our NACA contract expires, as I think I saw that on another thread? If so, no.

Helpmesavemyhome,
I had a sale date of 5/11. I submitted under urgent with NACA and they said they couldn`t do anything with it until a week prior to, so I called on 5/4 and that afternoon CW/BOAs attorney called to let me know it had been cancelled.

Hang in there guys, we`ll get through this, and hopefully we`ll get a payment we can afford.

Bob

[dthom]

zbasspro and Helpmesavemyhome;

I would take the 40 year loan (although we would be nearly 100 when paid off LOL) and a 2% rate if it would let me keep the house.
As for the prinicipal reductions, I know they aren't doing any now that I of heard of, but I did hear something yesterday about the bill that would give the lenders a money to modify loans( passed the senate I believe) so that is a start. Newsletter from my Senators office said all of the details have not yet been worked out, and of course there is no provision to force lenders to modify a loan, just a recommendation and now money if they do.
NACA is asking for a $65000 prin. reduction and 3% interest, I already know that was way too agressive, and my fear like Helpmesavemy home is that CW/BofA won't even consider it because of the size of the request. But who knows, stranger things have happened.

[helpsavemyhome]

zbasspro: I know what you mean. We have had several people here in my neighborhood that have let CW talk them into walking away. Makes it harder for those of us who want to keep our home. That's great that you were able to get your sale date cancelled!

dthom: I, too, would accept 2 or 3 % interest with a 40 yr. term. NACA asked for a $100k principal reduction....that's why I think our file is still sitting there.

I am keeping my fingers crossed for all of us here.

[j-nice]

helpsavemyhome, who is the investor on your loan? (If you don't mind me asking).

[helpsavemyhome]

Hi, j-nice! Our investor is Bank of New York, according to CW.

[j-nice]

Bank of New York seems to be more willing to work on mods, which is good news for you! I believe a bunch of folks who got the March NACA approvals had BONY as their investor. I was told that once CW approves NACA's proposal it goes back to NACA for final approval...I wonder how much wiggle room NACA gives CW or if it's all or nothing??

[helpsavemyhome]

Before I discovered NACA, I had tried to get a loan mod myself, but it was denied, of course. lol CW tried blaming it on BONY, saying they are one of the strictist when it comes to loan mods. After reading these boards, I have found that to be not true. Leave it to CW. I am hoping for the best.

[yaya01]

I have always thought that ours has taken so long because maybe NACA was to aggresive with the proposal of 3% fixed for the life of the loan and a $32k principal reduction. When I tried to deal directly with CW's office of the president back in December, the investor (Wells Fargo) would not do any better than 4% interest only for 2 years. I declined of course and told the negotiator it was not a permanent solution.

Starting on Wednesday they can set a sale date. I keep wondering why have the collections call stopped.
My credit rating has already dropped more than 100 points. We have not made a payment since September 08 but we have never been late on anything else. It doesn't matter, we will have to file bk one way or another due to the HELOC.

We are ready to walk away if they do not approve the NACA proposal or something very similar. I just want an answer because every financial decision we need to make depends on what happens with the house.

[dthom]

yaya01
I think ours has been taking so long for same reason, a request for a $65000 reduction with a 3% fixed for life of loan. Very similar to yours and submitted in the same week. We just missed first payment in April. Will be making a payment on Friday. Now considering closing out IRA in order to get by for a few more months, it is a very small IRA, a rollover a job change a few years ago. But it was to help our retirement in 10 years. Oh well. What good is retirement if you don't have a place to live. We will either have to walk away ( not good as how do you rent a place with one of us on unemployment) or worse comes to worse, our youngest son, and his family of 9 move in with us to help pay the bills and to help them out as he is laid off also, and his landlord has the house up for sale. 12 people in a 3 bd house is not fun, but at some point it will be a matter of survival i guess. Hope it doesn't go that far, love them all, but I do need my sanity. LOL
I'll pray that we are both in the next round of approvals and that they are offers we can live with.

[zbasspro]

Well Guys,

Just when I decided to be optimistic with everyone else I get hit with ANOTHER sale date today! I just had one canceled on 5/4 for 5/11. Today I got another from BOA attorney for 6/15. I don`t get it NACA submitted 1/27 I guess they`ll keep setting them just in case they have to sell?

Also I got a call from BOA for the 1st time today I haven`t made a payment since 10/08), the guy didn`t speak English very well but I explained NACA submission and January to him, and he said NACA? I will get you assigned a negotiator. I really have to think that nobody is on the same page here and hope that I`m in the next round.
Bob

[dthom]

Ahh.... The famous people from India. They are everywhere, credit cards, BofA, you name it. Just imagine how low the unemployment rate could be if all of the companies quit outsourcing jobs to India.
Not only do the reps from India not speak good English, they appear to have no clue what is going on. I asked one from a credit company once if he even knew where MI was, he wasn't able to answer. Big surprise, they just have word traks in front of them. Don't have a clue what they are talking about.
Hope you are in the next round also, all of us who were submitted in January are overdue for some really good news!

[helpsavemyhome]

I'm starting to wonder what is up with the files that were submitted at the end of January. It seems that there are a lot of us who haven't even had our files looked at. It's too odd of a coincidence.

zbasspro: I'm sorry to hear you've got a new auction date. I hope you are able to get assistance.

[yaya01]

I worry that I'm not getting the India calls anymore, but then again, I can't say I miss them. Every time they called it was like my file was completely erased and they were looking at it for the very first time. To make matters worse, my CW/BofA on-line account still does not show anything about a modification. It did back in December when I tried to do the mod with CW but it has been erased. I wonder why my acct does not show anything and it is showing for others who submitted later. Come on, it's been almost 4 months!

At least last time I called NACA I was told that the servicer was reviewing the file but had not made a decision. Before that they could not even tell me if anyone had even looked at it.

zbasspro.......I'm really sorry that you have to keep dealing with the auction date. I'll be there with you pretty soon. One of our neighbors already had an auction date changed 3 times. The servicer keeps postponing it because they can't get it sold. They rented another house nearby but are still staying in the foreclosed home because it is within walking distance to the kids' school. They are not even trying to do a mod. They have a german investor who is not willing to negotiate. There are other houses on the block that have been up for auction for months but I still see the people living there. They are just not being able to sell them. We are in Nevada and we are #1 on the number of foreclosures. We have neighborhoods where every single house on a block is either pre-foreclosure, auction or bank owned. Unbelievable and very, very sad.

My in-laws just bought a bank-owned home for $89,000. The previous owners had paid $250,000 back in 2005. The house was on the market for 1 year and they had to keep dropping the price. Don't you think that if the bank had lowered the principal to even $150,000 and offered a decent rate the previous owners would had stayed? Why, why, why do they refuse to do it? I just can't understand it.

[dthom]

yaya01

Our CW account also shows now workout info available and to contact the Financial Hardship dept if we are experiencing difficulty. Back in late Feb it had shown that our file was in active processing. Wish I knew what happened after that.
At least NACA has told you your file is being reviewed. All they ever tell me is that there has been no response to their request and they will send an email for an update.....again.

Helpsavemyhome:

I agree, what is going on with the Jan. submittals. It seems that files submitted later have already gone thru the process and here we are getting close to 120 days. I have been trying to make sense of it, wondering if it is loans with prin. reduction requests, PMI or even if there is a relationship between what state one lives in. I guess I could go crazy trying to figure out this out. But like you I don't understand what the hold up is, and NACA doesn't seem to know either. I think if we just had some clue as to what was going on it would help. I agree banks should lower principal, they would get more in the long run, homes here selling for $50000 that sold for $150000 a few years ago.

[helpsavemyhome]

dthom,

My online account showed active processing just a week ago and now it shows no work out for this account.

I hate to admit it, but I am getting frustrated with NACA. I called them last week and was told that there were some notes on the account and to check back in 7-10 days. I talked on the live chat yesterday and she said there are no updates, no nothing, so check back in two weeks. It bothers me that we can't always talk to the same person...it's frustrating being told different things.

I know what you mean...things are so bad here in AZ that we are 2nd on the list of highest foreclosures. Homes in my neighborhood that were selling for over $400k just two years ago, are now selling for $139k.

[Rumor]

I was also told that there were no updates on my account and I called them today and the rep I spoke to read every single email sent back and forth between CW and Naca. I sometimes felt that Naca didn't want to tell me what was said in the emails and I don't think that it was for any reason other than us not to get ahead of ourselves as far as thinking something will come thru or maybe getting all riled up and pissed off. However, this rep told me all and I asked her why some people are waiting so long to hear back and she said it's because they're most likely current on their payments. She said that CW is going to take their time with people that are paying on time. I think it should be on a first come first serve basis. There shouldn't be people from January and February waiting for mods.

[helpsavemyhome]

We were told that people with auction dates are prioritized....we paid our last payment in Sept. and we have an auction date set for June. I don't feel 'prioritized' at all. lol I don't know...I don't get it. There seems to be no rhyme or reason to who is being approved.

Rumor: that's awesome that your file is being reviewed!! I hope you get a good, affordable offer!

[15119DOVE]

That's what cw had told me before but naca told me to pay what I can so I send in the amount that naca was propsed for payment to keep the house from being foreclosed.

[zbasspro]

I find that hard to believe as I haven`t made a payment since 10/08 and CW/BOA received submission on 1/27.
Bob

[Rumor]

LOL...it sounds like good news that it's being reviewed but I doubt it is. The emails were from CW saying that we denied their offer (HomeSaver Advance) and we said we only want to work with Naca. Naca wants to know what offer they sent us and that whatever they sent us needs to be the Naca offer and nothing else. Naca then requested an update on 5/4 but have yet to hear anything back. We were only submitted 1 month ago so I'm not holding out much hope for anything being resolved soon.

Helpsave,
When did Naca submit your offer?

Doesn't everyone get their files reviewed in some way or another???

[Rumor]

Zbasspro,

Are they trying for principal reduction? She also said that some people waiting may also be more complicated with principal reductions. Thing is..I'm sure there aren't too many with principal reductions so how hard could it be? I'm sure it's easy for me to say though...
I don't know anymore, I just know that the wait is getting harder and harder.