January/February NACA/CW Restructures...patiently waiting

[sarge]

That's cool j-nice. Should be an awesome game.

[rozuki]

Originally Posted by sarge

Hey rozuki,

Has your status on the NACA website been changed?

Are you a mind reader???

i checked it today at lunch time....no change. Just saw your post and said "What the heck? Check it again.."

This is what I now see:

Workout Status Details: Your Loan Modification has been approved, and all collections activities have been suspended as a result of this approval. Next steps will include a call from a workout negotiator who will explain the terms and options of your approved workout including all conditions required for the final completion of the workout, such as upfront funds. You will also receive a package of documents in the mail. These documents are time sensitive and must be signed, notarized and returned to us in 10 days, including any required upfront funds. If you have not received your workout package and/or a phone call from your negotiator by 08/11/2009, please contact us. Please do not call back before 08/11/2009 as that may delay the process. Please respond promptly to any calls or requests that you may receive from us during this time period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of: 06/12/2009
Workout Stage: Approved

Weird that my approval email from NACA says payment is due July 1st, yet the date here says if I haven't received anything by Aug 11th I should call, but not before????

[sarge]

That is your BofA account info right? What about NACA's site?

[rozuki]

yes, my BofA account....just checked NACA....no change in status yet!

[Rumor]

J-nice,

Congrats on the sale! It's a pleasant surprise after a week from hell, huh?

[helpsavemyhome]

I am not having a good day at all....got up early and called NACA...they are STILL waiting for a confirmation # from CW to postpone the auction date, which is this week. David L. told me he had put in for it, but no confirmation # yet.....and, CW sent NACA an offer for us two weeks ago and the NACA negotiator still hasn't looked over it. The girl I spoke with at NACA last week said she couldn't tell me the details of the offer until the negotiator looks over it. The girl I talked to today was asking me if I wanted her to put in the system that I am approving the offer....geesh, it's frustrating being told different things. To make matters even worse, my original NACA counselor had told me to stop paying on the credit cards to free up that money and use it toward the mortgage. Now, I am being sent to collections for several accounts and the amounts they want me to pay are more than what I was paying to begin with. So, what gives? Either I start to pay up now or they will sue and garnish our wages. I asked original NACA counselor what I should do now to prevent getting sued and she says she doesn't know since she isn't very good at credit counseling........ what a mess, what a mess.

[HereinNY]

helpsavemyhome

I was in the same situation, however I called each of my credit card companies and asked for the hardship dept. I was able to get my payments lowered . They stopped the late charges, overlimit charges, etc. Some of them gave me 0% interest and the highest interest I got was 6%. You will feel much better if you call them..they have been very understanding. Tell them you applied for a mortgage modification and you are facing foreclosure..

[helpsavemyhome]

Thanks, HereinNY. I will try that. I did get Chase down to 2%, but still have other creditors bugging me.

[j-nice]

Called NACA for an update, only number 7 which was nice. Spoke with Jonathan and he said they requested another update from CW negotiator on June 10th but still don't have an answer. He said his notes show the file is being worked on and I should be getting something soon. My CW online account still shows modification cancelled by investor...so again, I will wait another week and call NACA back. I left a voicemail for David L in Advocacy yesterday and haven't heard back from him yet.

[Christine88]

j-nice,
I just called David L. and he answeared the phone. You should try to call him right now if you can.

[j-nice]

Christine88, thanks for the heads up! I called and David picked up. He said he would request an update from the negotiator and forward it to NACA. He said there has been some movement on my file but the notes are minimal and he couldn't tell me anything (probably wouldn't if he could). He told me that NACA would have an update by Friday. He was pretty vague and I got the feeling that he had more information then he was letting on about.

My investor is Fannie Mae. I have spent a bunch of time reviewing their internal website and the Obama plan. I have done the NPV test and it came back with a "Pass" result, but it would include a principle reduction of $39K and a loan term of 40 years at 3%....I am sure this is not what NACA was requesting. I can't make my June payment (first time in 12 years). I just need an answer so I can start moving on with other impending financial issues.

[Jule215]

J-nice,

I'll be following you, as I have a Fannie Mae loan too...However, I'm with Indymac, and I submitted by paperwork with NACA on June 1...I've also read the Fannie Mae site over and over...Used the NPV calculator, etc...I also pass, with a 40yr term, but no principle forbearance...So I will be interested in what you're offered...I'll be thinking good thoughts for you.

[j-nice]

Thanks Jule215, not sure how successful folks have been with Indymac...I thought they went bankrupt...who is running the show over there now or did the government step in? Not sure if you read further up this thread but I have been working with NACA/CW on this since February and as of 6-10 my CW on line account shows that the mod was cancelled by the investor (Fannie Mae) because it didn't meet their guide lines. NACA says they haven't been told that yet and I have been trying to get to the bottom of this for a week now. You would think if it was a "NO" then NACA would have told me by now...just praying it's a "YES" even if it's not the original offer proposed. I would be more than happy to take the MHA plan because even in 5 years when the rate resets it can't be any more than the current rate which I think now is 5.1%. ANY improvement on my current mortgage means an improvement on my 2nd (Nat'l City will reduce once CW reduces). I just want out of this limbo.

[Jule215]

Indymac was taken over by the FDIC in July, I think...Then it was bought by someone in Feb., I think.

They wouldn't do anything until we were about to miss our 4th payment...So credit shot now...( Funny though, but I don't even care about that anymore).

We received the initial FC papers just 5 days after we got the modification paperwork from Indy...Thanks for all the time you've given us Indymac!!

I decided to go with Naca instead, and that was submitted on June 1.

Indymac is now trying to set us up with a repayment plan to keep us out of foreclosure...It would involve 2 months payment upfront, and then our original payments until Nov., at which time a balloon of $8K would be due.

I asked if this would affect the modification, and was told no...So I'm considering it, just to put the foreclosure on hold until the mod goes through...I've got enough cash to pay for the first 3 months, but after that I'd be in trouble...But, my hope is something would have been approved by then...

( Indy has told there is no sale date set as of yet, and they wouldn't expect to even set one until Aug., but I went to have my hair done the other day, and all the people in the salon were talking about who's house in town was in foreclosure, etc., from the newspaper...My stomach sank, as I'd forgotten that they even put those things in there, and that people actually read them)...So I want to save myself the embarressment of that if I can!!...It's great living in a small city!!

Anyhoo's, again good luck!!

[j-nice]

Hey you guys I think I'm back in the game. Although it probably doesn't mean anything but after calling NACA and Advocacy again for some updates I have new information showing on my online workout information page. Maybe NACA is giving it a second go around with CW and Fannie Mae.

<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD vAlign=top align=left width="100%"><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0 name="Content"><TBODY><TR vAlign=top align=left><TD><FORM action=WorkoutInformation275.asp method=post><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD><TABLE cellSpacing=0 cellPadding=2 width="100%" border=0><TBODY><TR class=header2back><TD class=mainbold width="30%">Processing Date</TD><TD class=mainbold width="30%">Workout Type</TD><TD class=mainbold width="40%">Document Type</TD></TR><TR><TD class=main>06/01/2009 </TD><TD class=main>Modification </TD><TD class=main>PAY STUB </TD></TR><TR><TD class=main>06/01/2009 </TD><TD class=main>Modification </TD><TD class=main>LETTER OF EXPLANATION </TD></TR><TR><TD colSpan=3></TD></TR><TR><TD class=main colSpan=3>The above list is real-time and reflects the documents processed to date for this account. We may have received additional documents recently sent to us that have not been processed and therefore do not appear in the list. Please do not call us to check the status of a document not showing in the list as our representatives will not be able to provide any additional information than what is shown here. Thank you for your patience. </TD></TR></TBODY></TABLE></TD></TR><TR><TD></TD></TR></TBODY></TABLE><TABLE cellSpacing=0 cellPadding=2 width="100%" border=0><TBODY><TR class=header1back><TD class=header1text>Current Workout Status </TD></TR>
<TR><TD class=header1back><TABLE class=header3back cellSpacing=5 cellPadding=5 width="100%" border=0><TBODY><TR><TD class=main>Our records indicate that there is more than one workout plan associated with this account. Please select "view the details" for each section below to expand the page. You may collapse individual sections by selecting "hide the details." </TD></TR></TBODY></TABLE></TD></TR><TR><TD></TD></TR>

</TBODY></TABLE><TABLE id=Table1 cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=header2back><TD class=header3text width="30%">Loan Modification </TD><TD width="20%">View the Details </TD><TD width="20%">Hide the Details </TD><TD width="30%"></TD></TR><TR><TD colSpan=3></TD></TR></TBODY></TABLE><TABLE cellSpacing=2 cellPadding=2 width="100%" border=0><TBODY><TR><TD class=mainbold vAlign=top align=left width="30%">Workout Status Details: </TD><TD class=main align=left width="70%">Your Loan Modification has been canceled from workout servicing because of the investor guidelines which govern your loan. Please be advised that normal collections activities will resume on your loan. Please continue to explore alternative options to bring your account current. If there is any change in your financial situation, please call for reconsideration. Thank you. </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Information as of: </TD><TD class=main align=left width="70%">06/10/2009 </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Workout Stage: </TD><TD class=main align=left width="70%">Canceled </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Phase/Sub-Phase: </TD><TD class=main align=left width="70%">Canceled by Investor </TD></TR><TR><TD colSpan=3></TD></TR></TBODY></TABLE>
<!--tr> <td colspan="3"> </td> </tr --><TABLE id=Table1 cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=header2back><TD class=header3text width="30%">Loan Modification </TD><TD width="20%">View the Details </TD><TD width="20%">Hide the Details </TD><TD width="30%"></TD></TR><TR><TD colSpan=3></TD></TR></TBODY></TABLE><TABLE cellSpacing=2 cellPadding=2 width="100%" border=0><TBODY><TR><TD class=mainbold vAlign=top align=left width="30%">Workout Status Details: </TD><TD class=main align=left width="70%">Your request for assistance has been received and will be reviewed for potential Workout Assistance programs. Please be advised that all collections activities are continuing for your loan, as your loan has not yet been pre-qualified for a Workout Assistance program. We expect more information to be available on 06/29/2009. If your status remains unchanged after 06/29/2009, please call and speak to a customer service representative. Please do not call back before 06/29/2009 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you. </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Information as of: </TD><TD class=main align=left width="70%">06/17/2009 </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Workout Stage: </TD><TD class=main align=left width="70%">Processing </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Phase/Sub-Phase: </TD><TD class=main align=left width="70%">Pre-Processing </TD></TR><TR><TD colSpan=3></TD></TR></TBODY></TABLE>
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Please, let NACA come through for us all!

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[kuehmary]

We got the approval email today. Our new rate is 3.375% Fixed for the remainder of the loan. Our monthly payment is going to drop (including insurance and taxes) by $215!!! Our rate was 8.65%, so we are very happy. The documents are apparently on their way, and I will most definitely sign them when they arrive. It only took CW/BOA five months to get off their butts and help my family. So thanks everyone for your help and support.

[j-nice]

CONGRATULATIONS!!!! Kuehmary, that is awesome!!! Please, tell us again, when you were submitted...I think it was in February and you are current on your payment. What state are you in and who is your investor??? I am so glad that we have an approval on an old NACA account!

[kuehmary]

I am from ID and we submitted Feb. 13, 2009 (I think that it is the exact date or pretty close). I have no clue who my investor is, I never bothered to ask. We are still current but practically living foot to mouth if you know what I mean.

[Rumor]

J-nice...congrats!!!!! I'm sure it's your approval coming thru!!!

[cobra]

Kuehmary and J-nice;

KM-Way to go!!!!!!!!!!!very happy for you!!!!!!!!!!

J-nice-Congrats ..........you're still in the race!!!!!!!!!!!! Your mod is about to happen!
Congrats also on the sale of that Mercedes!!!!!

Cobra

[wildcats21]

I received an approval from boa we were working with naca, around may 25th approx the 27th of may we received our docs signed, notorized, sent back the same day. Our boa workout info finally said approved complete. Today I receive a call from boa and was told that I have docs going out today and I should receive them tommorrow. I told them I already sent in the docs and do they have any update on my new payment she said that the payment was still showing 1681.00 which is my old payment also she didn't know what the new docs were. Now my workout status is the same as rozuki's. Has anyone else went through this and if so could you post. I thought this was finally over now I don't know.

[Rumor]

Kuehmary, Congratulations, I'm sure it's been hard road but well worth it!!

[cobra]

This is getting really freaky!!...I sware...does it ever end?

Cobra

[kuehmary]

I have a question if someone could give me an answer. Our mortgage payment is due next month and I am wondering which amount do I pay? The old one or the new one? I do not want to pay the wrong amount.

[Moe Bedard]

You would need to contact CW to clarify which payment to make so that you won't be paying the wrong amount.