NACA/CW MAY Restructure Submittals

[bummed]

itsjustme-

Hugs to you, I am so sorry for your news. our numbers are almost identical- was on the phone with naca today for 4 hours, they cant help us. I just submitted all of my information to Angel (who works with barbara) at Bofa Executive team.

We have BofA/Countrywide for the 2nd and Wells Fargo for our first. our first loan is also 5.0% fixed and we have never missed a payment.

So you only have 5 years left on your 30 year loan? is that what I understand.

[ItsJustMe]

I'll ask them to read back all of our figures when I call them in 72 hours (assuming they don't contact me first). I VERY faithfully update our paycheck stubs to NACA every other week, so they have many many paycheck stubs. Unless they don't know how to read the stubs (which are very straight forward as far as I can tell LOL) I can't see how they could have missed something. Our gross isn't much more than our net, though, BTW. Since we have a giant mortgage, we claim 12 (and still get $$ back), and we have no $$$ removed for health plans or anything. Just a small amount for AFLAC and $70 for union dues.

[ItsJustMe]

Originally Posted by bummed

itsjustme-

Hugs to you, I am so sorry for your news. our numbers are almost identical- was on the phone with naca today for 4 hours, they cant help us. I just submitted all of my information to Angel (who works with barbara) at Bofa Executive team.

We have BofA/Countrywide for the 2nd and Wells Fargo for our first. our first loan is also 5.0% fixed and we have never missed a payment.

So you only have 5 years left on your 30 year loan? is that what I understand.

Sorry. NO we have TWENTYFIVE years remaining! Total type!!!!

[windyCA]

ItsJustMe,

If 6500 is your net income, I don't think your financial is too bad, you might still have surplus or a small deficit at the end of the month. I don't understand why they don't give you a mod? The only thing might be your CC payment, which is kind of high.

windyCA

[j-nice]

Gray, NACA uses NET income to determine your affordability. I have asked them this on three different occasions from 3 different reps and it has always been NET not gross.

[bummed]

itsjustme, how did your process go with countrywide for the 2nd- I just submitted paperwork to barbara to give to the lady who called me- How long does that take?

[bummed]

itsjustme, we have aflac too- I cant imagine every canceling that- LOL!

[ItsJustMe]

Our 2nd is with Specialized Loan Servicing. I stopped paying. They called. I said I couldn't pay. They offered a mod. Sent in the info. They called and said they could not offer us an income based mod because our income was too low (total mortgage can't exceed 32% after mod) but could offer us a streamline mod, brining our payment from $807 to $555. I told them that was probably still too high, but I'd get back to tem after I modified w/CW.

[appollo]

My paperwork was submitted on May 27 and went to pay my June mortage and was locked out of my account. Not sure whether to pay or not seeing I have no access. I have never been late but not being able to get into my account and CW/BofA still wants my payment makes me a little wiery. Who is David Leighton and what is his phone number/email? Was thinking of sending a RESPA letter out to speed things up. Any suggestions?

[appollo]

Originally Posted by unemployedinaz

Hey, I got some progress today! NACA submitted my file to CW/BOA on 5/5 and this morning I noticed on the bank website that they said they were working on a "workout" but collections would still proceed -- said don't call until after 6/25. BUT, tonight I looked again and it said it was "active processing" and collections have been suspended! They said I would hear something by 7/10. Yay! I am happy to know I don't have to watch for an auction date on my door -- that was stressful LOL.

I don't know if I got a quick response because I sent the certified RESPA letter at the beginning or what -- but I'm glad to see some action in a positive direction so soon. I'll keep you posted!

Where do I send my RESPA lette to? CW/BofA or to my goverment officials? If you have a list please let me know. I feel they (CW/BofA) is up my a-- if I am a day late so why souldn't I be up their a-- with my loan mod. See how they like it!!!! Thanks!

[unemployedinaz]

Here is the link for the RESPA letter, you just have to fill in your information. http://www.hud.gov/offices/hsg/sfh/res/reslettr.cfm Send it CERTIFIED to your bank. They legally have 20 business days to respond to you and 60 business days to come up w/a solution.

I sent my letter before I even applied w/NACA and received a response from CW saying that they had received my RESPA letter and were working on a solution. Collections are on hold -- that alone is alot of peace of mind.

[ItsJustMe]

OMG this is getting laughable! Earlier this month I was negotiating a mod w/our 2nd (Specialized Loan Servicing). They said that our income was TOO LOW to qualify for income based modifications, but we qualified for a streamline of 30% reduction. I told her that I would continue to work w/CW on my 1st and maybe at that point we would qualify for income based lower mod.

TWO WEEKS to the day later I call back and they say I have to resubmit for the mod. Fine, whatever. My husbands income is just SLIGHTLY higher, which I assume is a GOOD thing. Maybe we qualify for income based mod!!!!

NOPE! They say our income is TOO HIGH for a mod. That our payment is affordable! He says now they are using YEAR TO DATE information. Um, WTH does YTD have to do with our ability to pay the mortgage TODAY! The whole POINT for the modification request is because our income has been REDUCED! The big old SUFFICIENT income they see at the start of the year. It's NO MORE! We DON"T HAVE IT. That's why we requested the damn modification! OMG!

[ItsJustMe]

Haha! I called NACA to check on my CW mod and I'm caller 63. I think I'll call back later LOL.

[ItsJustMe]

I spoke to NACA, hoping they would have some suggestions for us regarding the situation with our second. He didn't really have any great ideas, or know who to complain to outside of our government reps, but did agree that they are definatly doing something wrong with the numbers and even if they are using gross numbers and not taking into consideration any other debts or obligations, there is no way we are anywhere close to 31%.

He did tell me some more specifics about the mod that has been resubmitted. I hate that they don't just tell you everything. I'm sure they give you partially info incase something falls through, but it's so hard to sit here and speculate what they are talking about!

He says NACA is working DIRECTLY w/FMae for the resubmitted mod. That they 'refused some of our previous terms' and that is why I was cancelled (I think they probably refused principle reductions). He said that the new mod is submitted at 2.5% with a payment 'around $1100'. The only thing that makes sense there is that it's a 40 year loan (currently 5.5 years into a 30). I'll be flabbergasted if the mod really goes through with a payment that low!

Oh, and do they run your credit? LOL. He said 'Youve got great credit, maybe you can find a way to refi that second into a lower payment'. With all the missed payments in the last two months, my credit is SHOT, and who in the world would mod an upside down house LOL, but I wondered how he knew I had great credit (pre-life-sucking-no-money-missed-payments).

[bummed]

they do run your credit-

[windyCA]

I just received a letter from BoA today, saying that their records show I have applied for assistance with my monthly mortgage payment, and I can expect a call to discuss my situation, and if any additional information is needed, they will notifiy me. It also says the it will take 45-90 days from the time they receive our initial request to the time they communicate a decision.

Did anybody receive similar letter from CW/BoA during the mod process through NACA? I called loss mitigation dept last week, the rep said I was assigned a analyst. When I asked him my financial on record, he told me the wrong numbers, so I updated it with the numbers I told NACA. Do you think it is because of that, they closed my NACA application, and think I will work with BoA directly?

My loan is with BoA, but not CW. There is no way for me to check my work out status online like you guys do.

I am really afaid that I messed up my mod application. Any suggestion please?

Thank you.

windyCA

[angel12]

My sale date is July 2nd I received e-mail from NACA today encouraging me to have a plan B.Has anyone else gotten this kind of response fro NACA? Does this mean I won't got mod?

[raejean]

Originally Posted by windyCA

I just received a letter from BoA today, saying that their records show I have applied for assistance with my monthly mortgage payment, and I can expect a call to discuss my situation, and if any additional information is needed, they will notifiy me. It also says the it will take 45-90 days from the time they receive our initial request to the time they communicate a decision.

Did anybody receive similar letter from CW/BoA during the mod process through NACA? I called loss mitigation dept last week, the rep said I was assigned a analyst. When I asked him my financial on record, he told me the wrong numbers, so I updated it with the numbers I told NACA. Do you think it is because of that, they closed my NACA application, and think I will work with BoA directly?

My loan is with BoA, but not CW. There is no way for me to check my work out status online like you guys do.

I am really afaid that I messed up my mod application. Any suggestion please?

Thank you.

windyCA

Windy,
BoA took over Countrywide. We were all Countrywide and now were are all with BoA. I just still use the CW website ....Countrywide Home Loans- Equity, Refinance, and Purchase and it goes to BoAs site.You log in then click on your home loan (its blue and says home loans) then go to the left side under financial hardship, then click on workout information. That is where we are all getting our info. Supposably they cannot just switch you over to working with them directly unless they specifically ask your permission to do so. Call them back and ask if they show you are working with NACA.
They had my financials wrong too. I got an approval in February and had to decline it because the offer made my payment higher than it is now since they had our income and expenses wrong. Then I had to start all over again and had everything re-submitted in May. They tell me I have been approved again at 3.25% but I am waiting to see it in writing. Hang in there.

[mcintoshj]

I was submitted on may 19th, Called NACA yesterday and they told me that BofA was requesting a IRS 4506T I believe. I faxed the document back. Does anyone know if this is a good or bad sign??

[windyCA]

raejean,

Thanks for your information. However, the web page you provided is for legecy CW customers, it doesn't work for BoA customers.

I will call BoA tomorrow to check my status again. It has been almost 2 months since NACA submitted my restructure proposal, hopefully I will hear something soon.

You said you re-sumbitted in May, and got an offer already, it was quick! When did you submit your it?

Thank you.

[rjatl]

Angel12,
I'm in a similar situation to you, I have a July 6th sale date. I haven't received any additional word from NACA, but I did however contact the attorney's office who was handling the sale for C/W/BOA. Surprisingly, they were extremely helpful. She was able to tell me that my mortgage was Fannie Mae, and that they would flag my file and stay in contact with BOA throughout and told me to keep in touch with them the closer the sale date. She said these can sometimes drag out, but doubts there will be a sale. She said she would also be in contact with the NACA negotiator at CW/BOA and if she heard anything before I did she would contact me.

[Evan Bedard]

Hi mcintoshj,


BofA will usually request a 4506t if you are not able to provide your tax returns..

[windyCA]

Do they only request for tax returns from self-employed people or everybody?

NACA didn't ask me to provide tax returns, nor BoA asked for it yet. I submitted on 5/2/09.

Thanks.

[raejean]

WindyCA,
Are you saying you were with BoA to begin with and never CW which is now BoA? Sorry, if I misunderstood, was just trying to help. I when I put in the www countrywide.com it took us all to the same BoA web site but when I go to bank of america.com it does come up a little different.
Anyway, I too am self employed. I never had to submit tax returns on any of my 4 attempts at mods, 2 w/Countrywide and 2 w/NACa, however the first time NACA did ours they took my income off of our personal bank accounts, and payroll info. This is how they messed up my income and made it look like we made too much which is why the february offer came in too high for me to accept (that and the fact that they left off my car payment). So the second time around with NACA they used our business bank account statements and had me circle all of our business expenses which then left the remaining items as our personal income.
Also I think what may determine if they use tax returns, or what bank statements etc. could be determined by the lender themselves. My lender is BONY. This also makes a difference on how fast they move on this stuff too.
I havent received the modificaton docs yet, so I am not doing a happy dance until I get those, however both BoA and NACA have confirmed verbally that I was approved so we'll see if I get my docs for the 3.25% that they say I have been approved for.
This 4th go round was submitted 5/1. I believe the only reason I have got any action is that I followed the advise on one of the threads and emailed BoA presidents office (for loans I believe) at barbara.j.desoer@bankofamerica.com and explained how long I have been at this. I got a call right back, then run around for a few weeks but I never let up and kept hounding the person who called me until he escalated it to a negotiater and now supposably I have an approval....again, we'll see if I really get the docs.
Keep trying- and I would email BofA to start the ball rolling. They wouldnt tell me alot when I called because I was working w/NACA but I just stayed persistant until they got sick of hearing from me.

[massage]

windyCA I am self employed and was asked for my 08 taxes 3 weeks into mod process, 1 week later i had confirmation email of mod for 4.5% and recieved papers today.