NACA/CW MAY Restructure Submittals

[Cecil Martin]

Do CW/BofA accept all of NACA workout proposals or is there a compromise between the parties?

[Moe Bedard]

Cecil,


Whether or not to accept a NACA proposal comes down to the investor on the loan and if they will approve it.......NACA will present it to BofA and BofA will present it to the investor...................some will counter the proposal, some will accept it the way it is, and some will deny it if they as an investor are not modifying their pool of loans.

[Puget]

Originally Posted by greenize06

I just checked CW web site and mine now say this

Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 07/09/2009. If your status remains unchanged after the 07/09/2009, please call and speak to a customer service representative. Please do not call back before 07/09/2009 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.
Information as of: 06/04/2009
Workout Stage: Processing
Phase/Sub-Phase: Active Processing

We are 7 months behind!!!

When I log into my account on CW/BOA where will I find an update on the modification request? Would it be in "messages" or "transaction history" or ????

[gray517]

Originally Posted by Puget

When I log into my account on CW/BOA where will I find an update on the modification request? Would it be in "messages" or "transaction history" or ????

After you log in to your account on the left click on Financial Hardship, then click on Workout Information.

[Rumor]

***,

Do you know how Fannie Mae is about accepting loans that Naca submits????? Ours is Fannie Mae and it seems that Bank of New York is the easiest one to deal with. Makes me worried..

[15119DOVE]

***, would naca be able to negotiate anymore once the offer cames back from investor?

[Moe Bedard]

Rumor............FannieMae has signed an agreement with NACA to work with them............

15119DOVE..................if for instance NACA proposes 2% fixed and the investor says they will only go to 4% fixed...............that would be the floor to the lowest rate that the investor is willing to accept to restructure the loan.

[ItsJustMe]

We are also FannieMae and I'm super worried ours will be declined. Our income is low and our debt is high. We were denied by our 2nd for a 'good' mod, they could only offer us a 'streamline' mod (meaning - they don't consider your income - just drop payment out of the kindness of their hearts LOL). I'm super worried our NACA/CW mod will be denied for lack of sufficient income.

[tandm]

Interesting - I went on BofA website and checked the status of our loan and it shows we are in a new workout mode (our previous one was cancelled). We submitted through NACA on 5/11 and I was just checking as I'm supposed to make my phone call into BofA in one month (Thursday).

Current Workout Status

(Previous offer - my note)

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."

Workout Status Details: Your Loan Modification has been canceled from workout servicing. We regret to inform you that the loan did not qualify for a Workout Assistance program. 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.
Information as of: 05/26/2009
Workout Stage: Canceled
Phase/Sub-Phase: Borrower Did Not Qualify


(NACA one - my note)

Workout Status Details: Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 07/09/2009. If your status remains unchanged after the 07/09/2009, please call and speak to a customer service representative. Please do not call back before 07/09/2009 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.
Information as of: 06/04/2009
Workout Stage: Processing
Phase/Sub-Phase: Active Processing


So that's it - but that was quicker than I'd anticipated. I figured we'd been floating around in nowhere land for a few months. At least our NACA offer is in the loop.

Our investor is BONY, by the way.

[cobra]

Tandm;

The two weeks before our mod came through my workout page said the same thing as yours. The cancelled mod was the crap mod we refused and the other one was the NACA mod.
Hang in there a little longer.

Cobra

[rjatl]

Hopefully I can get some advice...
I finished my final phone consultation with NACA on 5/21. They told me it would be submitted shortly thereafter. I had called BOA the first week in June, but they didn't have anything yet. Fast forward to today, and I got home to a letter from an attorney informing me they were demanding payment in full and that my house was due to be auctioned off on July 7, 2009. I immediately scheduled a follow up phone call for tomorrow with NACA, but then I call BOA and I actually did get a very helpful representative. She informed me that my loan modification was received and was in the lender review process, and that I should call back once a week for a status. She also confirmed twice that there was no sale date in their system. I plan on contacting the attorney in the morning, but was curious if anyone else had been through something similar. Perhaps it could have been a delay in the mail, since the attorney's letter is dated June 5th? I'm just so scared at this point....but I will follow up with NACA again tomorrow and with the attorney for BOA/CW.
thank you!

[sarge]

Hi rjatl,

If you are working with NACA they will help get the sale date postponed but you have to let them know. You might want to fax the copy of the attorney letter as well. I find it odd that there is no sale date in their system but this attorney has a date. Did you receive a notice of intent? Make sure that this letter from the attorney isn't a scam.There was an article in our paper last week about this kind of thing happening more now.

[rjatl]

hi sarge,
thank you..I plan to fax them the attorney's letter as well as the letter regarding the sale date. It certainly looked legitimate. BOA told me twice that there was no sale date in their system...so Im wondering if there was...and they informed the attorney then in the meantime they received the NACA paperwork....wishful thinking I know.

[ItsJustMe]

So, reading in another thread has me thinking. When we call, should we specifically ask if the mod has been sent to the investor? And when the loan was last looked at.

Will they give out this information willingly? I was suprised at how helpful the lady was today. Basically said 'are you calling for the status of your modification'. I said yes, she typed on her computer a bunch and then told me I was sent to a negotiator on the 5th, gave me the negotiators first and last name and then spelled them for me (without my asking) because they were unusual names, and suggested I call back next week.

I was thinking I should ask her questions, get as much out of this helpful person as I could LOL, but couldn't think of anything to ask her. Wish I would have thought to ask her if the file had been sent to the investor!

[tandm]

Cobra -
Thanks for the note - that would be great if we had a non "crap" offer come through soon. I know you recently got one and that it was good. Can you post here what it was so I don't have to go digging for it? And who was your investor?

Thanks for the positive insight Cobra.

[dreinwoods]

i submitted in April and just got word from BoA/ CW now !!! they want current paperwork to review. somehow , i feel like they are not going to do anything. i mean, i'm upside down on the house. just started a new job after getting laid off. my wife's business is struggling.

what if we just don't make enough? i don't know what they want . if i make too much it's no good, too little is just as bad. any one have a idea what kind of formula they are using?

[tandm]

drienwoods -

Did your previous paperwork show that you weren't earning much because you'd been laid off? I think NACA is asking for is 31% of your gross income - whether they get that approved is anyone's guess.

[Cecil Martin]

I called CW/BofA and was told that I was approved and assigned an negotiator.... Seem like things are moving in the right direction.... I was submitted on 5/22..... I was #73 this morning waiting for NACA... I will call back later this afternoon.... I don't know if this helped or not but I wrote lettes to BofA and Senators from Maryland... I did receive calls/letter from BofA.

[ItsJustMe]

Originally Posted by Cecil Martin

I called CW/BofA and was told that I was approved and assigned an negotiator.... Seem like things are moving in the right direction.... I was submitted on 5/22..... I was #73 this morning waiting for NACA... I will call back later this afternoon.... I don't know if this helped or not but I wrote lettes to BofA and Senators from Maryland... I did receive calls/letter from BofA.

Wait! So, not only are you assigned a negotiator - but you are already APPROVED! OMG! That's crazy! What does it say on your online account page?

[pdsfoley]

Yayyyyyyyyyyyyyyyyyyyy..........the NACA website finally changed from pending to "submit to servicer restructure"!!!! NOWWWWWWWWW I can send my letters!!!

[rjatl]

Any idea how long it takes for either the NACA and or BOA/CW websites to reflect any changes? I finished my NACA info on 5/21....and BOA/CW confirmed they have it and is under lender reivew, however neither webiste shows anything under any status...just thought I would ask.
Thank you to everyone who has anwere during this frutrating process....

[ItsJustMe]

rjatl, You can look through my posts and see when things happened for us (I don't remember exactly - but have posted as each step moved along).

My phone appointment w/NACA was May 8th. I only needed one phone appointment, as she allowed me to upload missing/additional paperwork while we were on the phone. That same day (or the following), my status on NACAs site changed to submitted. My CW account reflected the mod at just under 1 month (the 5th of May). I called the 8th and was informed that I had been assigned a negotiator. I didn't think to ask if I had been sent to the investor, but I will ask when I call next week.

[CW California]

Originally Posted by pdsfoley

Yayyyyyyyyyyyyyyyyyyyy..........the NACA website finally changed from pending to "submit to servicer restructure"!!!! NOWWWWWWWWW I can send my letters!!!

Yea!!!!! So are we the first June submissions??

[pdsfoley]

YEP.........thats us!!!!

[ItsJustMe]

My info (dates) changed today. Pushed the 'dont call before' date until July 10th (from the 5th). I'll call tomorrow to see what's up LOL.