NACA/CW MAY Restructure Submittals

[rkel11]

ME TOO!!!!!!.......I was submitted on 6-2.......Good LUCK!!!!!!

[CW California]

So me PSFoley and rkel for June so far. We should start a thread!

[pdsfoley]

yeah lets!!!!

[ItsJustMe]

I called today to find out why my status online (dates) changed. I thought maybe it had been sent to the investor or something. I think my calls have been sent to the 'delinquent' dept instead of the dept I was getting last month (when I was just 'late'). They were so helpful. The guy today just wanted me to give him $5K LOL. Good luck, buddy!

Anyways. He claims there is no change to my account (other than the date). That it still lists 'under review'. I told him that on Monday I was told I was assigned to a negotiator and just wondered if I had been sent to the investor yet. He said 'There is no change to your account'. Whatever!

[kimp4]

Anybody receive this email from NACA and know where this put the account?

Dear Homeowner:

I want to update you on your file which has been submitted to your Servicer/Lender (Servicers). While we have obtained solutions for tens of thousands of homeowners we have not yet achieved your NACA Restructure Solution to permanently reduce your mortgage payment to an affordable amount.

[ItsJustMe]

Yep. It appears to have gone out to everyone. It basically is just saying that demand is super great and they've had a hard time keeping up, they've hired tons of people and will do better, and they rock and get things approved better than others.

[unemployedinaz]

I got that email today too. Restructure submitted 5/5. I got all excited when I saw the title and then Ka-flooey. Nuttin, honey! Tick-tock tick-tock again.... At least I feel better that CW suspended all collections while processing the Workout.

[tandm]

Got the email too.

Yesterday, I called in for my 30 day check in with BofA as NACA had suggested and was told the BofA people in that dept. only deal with the NACA people and not me (the customer). Which was fine, I was only doing what NACA told me to do. I then called NACA (as they had told me to do) and updated. I'll do it again in 2 weeks. But later today I got another email from BofA actually asking for me to complete a survey. It said:

Dear Bank of America Customer,
Thank you for your recent conversation with our Home Retention Division Representative. We appreciate the opportunity to have been of service to you regarding the status of your existing loan. Customer satisfaction is our number one priority and your feedback will help us understand what we do well and what we can do to improve. We appreciate and value your responses. The survey will take approximately 45 seconds to complete and you can access the on-line survey by clicking on the link below (Usted puede proseguir a la encuesta en línea haciendo clic en el enlace siguiente).

You may be aware that Countrywide was acquired by Bank of America. For the purposes of this survey, we will be referring to Bank of America rather than Countrywide.

Thank you for your participation!

Bank of America Home Retention Division
Bank of America Home Loans

Please do not reply to this email. We currently are not able to monitor or respond to inquiries submitted to this email address.

So I filled it out and didn't give the girl who spoke to me a very good rating. Surprised they would want to find out my opinion when they've got to know it's not going to be good.

Oh, I got the form letter this morning too.

[CW California]

tandm
Did you notice that the CW negotiator's titles are Collectors? Nice, huh?

[tandm]

CW Ca-

no - I didn't notice that as I don't have one yet. Interesting though. They better give us a good offer or they're not "collecting" anything.

[ItsJustMe]

I called NACA. No contact from CW. They are sending over an email and tell me to call back next week.

I called CW. Got sent to advocacy. Wouldn't give me a stitch of information. I asked if I had been sent to an investor, she wouldn't tell me. Claimed she didn't have access to that information (once you are w/NACA the computer locks CS out of your account). I told her that on June 8th I called and was told who my negotiator was, could I please speak to him. I was told she didn't have access to that information, but that all communication needs to go through NACA. I said that NACA hasn't heard from CW AT ALL, didn't even know I had been assigned a negotiator, and that I was hoping I could get more information. She says that once you are with NACA, that information is no available on the computer screen. So of course LOL, I say, well, does your system show you which department I spoke on the 8th because they were able to see my negotiator and they could probably tell me if I was submitted to an investor. They must have different access to the account (wink wink nod LOL). Then she says, WELL, I can see all of your information (investor, negotiator) but I can't give it to you.

That's all I wanted, lady. An honest answer LOL.

So....we wait!

[buzzpat]

Originally Posted by kimp4

Anybody receive this email from NACA and know where this put the account?

Dear Homeowner:

I want to update you on your file which has been submitted to your Servicer/Lender (Servicers). While we have obtained solutions for tens of thousands of homeowners we have not yet achieved your NACA Restructure Solution to permanently reduce your mortgage payment to an affordable amount.

We received the e-mail also. Then, I called NACA and was told that our submission to CW/BOA was "still under review and that's good news." I then went back onto the BOA site and noticed that we were still being processed but the date had been changed from late June to late July. I just think both BOA and NACA are swamped. Hopefully, none of us drop through the cracks.

[Cassietw]

That is just too funny!!!! I think the first collections call I get I am gonna play "you give a little, I'll give a little".....they want to know something...well guess what...so do I ! LOL

[angel12]

My NACA status has been submitted to lender for restructure since Nov. 2008.Has anyone else waited that long?

[cobra]

Angel12;

That would seem like a bit to long to wait. Are you behind?

Cobra

[windyCA]

I just got a credit alert from my credit card, said BoA inquired my credit yesterday (6/15/09). Does it mean BoA is reviewing my mod application?

Anyone had credit inquiry by the lender during mod process?

Hoping this is a good sign.

windyCA - NACA submitted 5/2/09

[ItsJustMe]

I shared this in another thread, but wanted to put it here too since I'm a May submittal.

I emailed Barbara today. I got an email from David (because my onfile phone number is outdated). Called him back and he actually gave me information and told me I could call him back in 2 weeks if I haven't heard anything!!!! He was super nice (I was worried, I read on another thread that he was an ass).

He says I've been sent to the investor. My file was sent there on June 10th. He sent an update to NACA. He said that my file was moving along very quickly and if I don't hear anything in the next week and a half to two weeks, to call NACA and if they don't have a recent update to call him!!!!! Woot!

[windyCA]

I called NACA for the 45 days update, no response from BoA yet. The girl said BoA stoped working with NACA for a while to wait for Obama's plan detail, and now they are working on the backlogs again. She said it might take 60-120 days now to get a result.

Then called BoA loss mitigaion dept, the guys said I was assigned an analyst called "Jenica" a couple day ago, and it might take up to 45 days from now. He told me what documents are on my application. I asked what is my financial numbers on the file, he told me, but the numbers were wrong, so I updated it with the correct numbers. He also said he can see the application is from NACA, but the analyst is not just working on NACA files.

He also told me that since I have a large deficit ($1200 a month with current PITI), the chance to get a mod is very slim. But if they modify my loan to 31% of my gross income, I will have $100 to $200 surplus (current PITI is 48% of gross, due to legal separation). Really frustrated and worry about it now, don't kown if I messed up my NACA application since I updated my financial with him today.

Can anyone who got the mod successfully tell me how much deficit you have before you got the mod?

windyCA
NACA submitted 5/2/09

[ItsJustMe]

We were denied Even with a modification, our income is too low. I told NACA that we were going to declare bankruptcy and that the counselor who I worked w/at my phone appointment said that if we were denied that we would then inform them of our BK intentions and go from there. The NACA phone rep said she was going to contact my negotiator and their contact at FMae and see what can be done, and I would hear from someone w/in 72 hours (and if I don't, to call NACA).

[sarge]

ItsJustMe,

Did you just learn this? I am so sorry that it has come to this. Good luck with the bk.

[ItsJustMe]

Yup. I checked my online account just now and it said cancelled. Saw here that someone else had the same message on their account. Called NACA (was FOUR in line!) who said FMae denied for low income.

Hopefully they will resubmit w/out our CC payments because we plan to BK them, and hopefully we will qualify for a mod w/that in mind. She said that they would contact FM directly (I thought they always had to go through CW, but she made it sound like NACA would contact both CW and FM).

[windyCA]

ItsJustMe,

I am sorry to hear that you are denied. Don't give up, keep fighting!

Do you mind share your situation with us? What is your current front-end ratio, and how much deficit you have with current monthly payment?

I really worry about mine now, because yesterday BoA rep told me that because I have a large deficit of $1200 with current PITI, there is very slim chance for me to get a mod. current front end ratio is 48%, if they can lower my PITI to 31% of my gross, there will be a small surplus. But lender's logic might be different.

I would appreciate your sharing.

windyCA

[ItsJustMe]

I don't mind sharing. Here is a copy of what I wrote on another thread.

Sure.

Take home is $6500. Our current mortgage is $2900 (1st and 2nd). 2nd is $800 (have negotiated to $555, but was $800 for proposal). Car payment is $333. CC payments are $900 (minimum). Mod was for $1200 w/would have included significant prin reduction - w/hopes that they would come back at 2% w/out prin reduction.<!-- google_ad_section_end -->

More info: Our first is fixed at 5.25%, original 30 year w/5 years remaining. Second is 8.25% original 25 w/20 years remaining (I beleive). We've never been late on this or any other mortgage or CC bill (over 10 years of CW mortgage - 2 different homes). First lates ever on anything (including both mortgages) was May 09.

Very little expenses outside of mortgage and living expenses (husband is government employee, so no $800 medical plans or anything).

Invevstor is FannieMae.
Submitted May 8th.
Assigned negotiator June 5th
Sent to investor June 10th
Email to Barbara at CW and phone call with David L June 17th
Status changed to cancelled and confirm with NACA June 18th

[ItsJustMe]

Tried to edit, but it won't let me

ETA: Current mortgage is actually just over 3K. Forgot that escrows went up. Also - obviously T&I (escrowed) is included in those figures.

[gray517]

ItsJustMe

I would double check exactly what payroll figures were used by Naca and CW to determine if you can afford a mod or not, they use gross income and not net or take home pay to figure if you can afford it or not. With the Obama plan the figure is 31% of your gross monthly income. Something doesn't sound right with this, if your net pay is 6500, then your gross would higher since it is income before taxes or other deductions are taken out. Also they submitted our proposal without the credit card payments included, since we weren't paying them due to job loss anyway