NACA/CW MAY Restructure Submittals

[ItsJustMe]

I got an offer today from OOP. It's a MHA mod. 3.25 for 5 years, stepped up to 5.375 for the remainder of the 40 year term. Our original is a 30 year w/25 years remaining at 5.25%. Not sure whether or not we should take the MHA mod. I screwed myself w/my 2nd by declining a mod hoping for a better mod. The mod offers only got worse (or declined) after that first mod. I'm afraid to make the same mistake w/CW.

[j-nice]

Itsjustme, did they give you the mod verbally or did you receive authentic MHA docs? How much does it lower your payment? Are you working a separate proposal with CW and NACA or just NACA?

[windyCA]

ItsJustMe,

Are you working with NACA as well? Is the offer from OOP directly or from NACA? And is there any trial period?

More detail information will be appreciated.

[ItsJustMe]

I was working only with NACA. I did send a hardship letter and beg for consideration for MHA last fall, but no income information or anything. Whatever they have, they have through NACA.

I recieved the offer via FedEx. I just got in from 2 weeks out of town and had a letter from someone at OOP (not David, who I have been dealing w/verbally about my NACA mod) saying they were having difficulty contacting me, and to contact them (my onfile number is old, but David should have fixed that weeks ago). Anyways. I was out running errands and my husband said I had a package from FedEx Home Retention. I would have fainted if I had seen FedEx pull up LOL, so good thing it was him at home!

It drops our payment from $2200 to $1600 for the initial interest. In 2014 and 2015 it goes up a point each year, with a final interest of 5.375 for the remainder of the loan. Again, this also takes us to a 40 year.

NACA had submitted us for a 40 year at 2%. We were denied. NACA had told me they were working directly w/the investor now (because of the denial), but when I talked to them earlier this week they said there was NO new information on my account since the denial.

[ItsJustMe]

Oh, and it doesn't say MHA mod (that I can see) but from the terms, I'm pretty sure that is what it is. The term they use in the paperwork is 'Step Rate Loan Modification'.

[j-nice]

Itsjustme, David is in Advocacy not the office of the president so this is possibly a separate offer. But everything we have been hearing recently for Fannie Mae folks (like you and me) is that the MHA plan is being offered if the NACA offer isn't accepted. The MHA has to be approved by Fannie Mae which means this could be all that you can get. I am not for sure but I believe someone else mentioned on this forum that if you turn down the MHA it will never be offered again...can you get ahold of anyone at NACA to find out if this is your offer? Good Luck and congratulations if it helps your situation.

[ItsJustMe]

I'm on hold for NACA right now. Hopefully I'm not number 600 in line or something LOL. It's so frustrating that it doesn't tell you what number you are in line anymore!

I'm thinking...maybe it's not 'officially' a MHA because there is not a trail period. I'm thinking that is an aspect of MHA, right? This is just a straight up (step rate) mod.

Yes. This will totally totally help us I would rather have 2% for the life of the loan, but I'll totally take this, too Originally all I asked for was a refi to 40 years, which of course they refused to do. I just want to pay my bills and be able to eat, too

[j-nice]

If it was the official MHA then it would clearly state that with a trial period. I don't believe they let you know what your payments are after the 3 month period until you complete the trial and forward updated financial information. With as slow as NACA has been lately and proposals falling through the cracks this may be your opportunity to move forward BUT just make sure you don't get jerked around and come to find out 6 months down the road this one is no good. Good luck and let us know what NACA says!

[ItsJustMe]

I just noticed that the in the bottom corner of the paperwork it says 'The HOPE team' and then my loan number (with a big huge barcode). Also, there is a paper that say s 'What you should do' with instructions on the paperwork, basically, and it is signed 'The HOPE Team'. Don't know if that info helps anyone know what I am looking at LOL.

[unemployedinaz]

Hi Everyone,

My NACA Restructure was submitted 5/5 and my CW/BOA account online was just updated to read:

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 09/11/2009, please contact us. Please do not call back before 09/11/2009 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.

I'm have not received a call yet or package so I don't know what the terms are. I'm hoping it's not like the first one I turned down (Homesaver Advance) but NACA told me they don't work with those -- so now the waiting game begins! The only thing that confuses me is we applied for a "Restructure" - not a "Workout" -- not sure if that means anything or if there is a difference w/CW.

Just for the record, for all of you that are pulling your hair out calling and calling -- I never made any calls and this seems to have gone thru without a hitch. I hope I didn't jinx myself!

R

[sarge]

Originally Posted by unemployedinaz

Hi Everyone,

My NACA Restructure was submitted 5/5 and my CW/BOA account online was just updated to read:

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 09/11/2009, please contact us. Please do not call back before 09/11/2009 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.

I'm have not received a call yet or package so I don't know what the terms are. I'm hoping it's not like the first one I turned down (Homesaver Advance) but NACA told me they don't work with those -- so now the waiting game begins! The only thing that confuses me is we applied for a "Restructure" - not a "Workout" -- not sure if that means anything or if there is a difference w/CW.

Just for the record, for all of you that are pulling your hair out calling and calling -- I never made any calls and this seems to have gone thru without a hitch. I hope I didn't jinx myself!

R

Thats great news unemployed!! Hope that email and docs come soon.

[ItsJustMe]

NACA didn't know about the offer. They want me to upload it today, call to confirm tomorrow, and call Friday for an answer from the negotiator as to what this is and if I should go through with it.

He said that my file currently reads that it is being reviewed by the negotiator and is listed as (can't remember the word, but something like 'urgent') status.

Off to upload docs!

[windyCA]

NACA submitted my proposal on May 2nd, no update till today.

Emailed BoA president's office on July 2nd, got a call next day, and another call from loss mitigation dept the second next day. Basically, they just told me they can not discuss my loan mod with me, since NACA is representing me.

There is nothing up to date. It seems that sending email to president's office is not really helpful to me.

Don't know what else I can do, and how much longer to take.

[KnAZ2]

I may have good news... I called my negotiator, Terri, to check on the status of my mod and got voice mail, as usual. So I decided not to leave another message and try calling back and waiting for anyone. I did, and the girl was very nice. She asked if I wanted to be transferred to Terri's extention. I said I have been trying all this week and no one has returned any calls, but is there someone else that can at least verify that my docs were in fact received and the process is in motion. I went on to explain that I've been through this 3 times before, and each time, someone made a mistake (at BOA) and the mod process was cancelled...and that I was so worried that it may happen again.....
So, for the good news....she said "well then let me look up what I can, and see". Then she tells me that yesterday, my package was turned into the "QC" department for review, and that may take 2-3 days for a final approval, then they should be mailing the documents to me to sign. I asked what that means, didn't it still have to go to the lender? She told me that it would have already been approved by the lender for it to get to the QC dept. The QC dept is the last dept to review the documents to make sure everything is correct.
She wasn't able to give me any specifics to the figures, but I am going to remain hopeful.....for now.
Let's all hope and pray to keep May submissions thread on top, and with all good news!

[ItsJustMe]

So, I'm thinking CW/BofA is suffering from a serious case of multiple personalities or something LOL.

I got a letter from Teresa from OOP asking for contact information (about 1.5 weeks ago). I get the FedEx package w/CW mod (not NACA mod) from HOPE team 1 week ago. Today I get a letter from Teresa thanking me for contacting Barbara but asking that I not contact CW since I hae to deal with NACA. The only times I've contacted them were 1. initial email to Barbara 2. Talk to David (pleasant and helpful). 3. Talk to David again (pleasant and helpful. It looks like a form letter from Teresa. So why would one letter to Barbara result in my having David and Teresa contacting me (w/different messages), and I'm guessing the Mod that I have sitting here is also a result of that email.

Anyways. I think they are crazy people

And on an update note, since I'm here anyways. No news on the NACA front. I've called twice this week asking if they went over the mod (they had me send it in). CS person says that negotiator has an email in to CW, but won't tell me what it is, and insists that the negotiator will contact me. If I don't hear from them by the end of next week, we're going to sign these docs and be done

[taylor0916]

Unemployedinaz...

Hello...First time poster. I am also a May submittal and have had the same thing occur on my account. However, the rep from NACA said that although it appears to be good news, there was nothing in the file indicating that NACA has reached terms with BOA.

Have you received anything since the 7/14 posting from NACA or BOA?

Thanks in advance for any information,

Taylor0916

[unemployedinaz]

Originally Posted by taylor0916

Unemployedinaz...

Hello...First time poster. I am also a May submittal and have had the same thing occur on my account. However, the rep from NACA said that although it appears to be good news, there was nothing in the file indicating that NACA has reached terms with BOA.

Have you received anything since the 7/14 posting from NACA or BOA?

Thanks in advance for any information,

Taylor0916

Hi Taylor0916!

No, unfortunately not a thing. I'm not sure if I should be happy that I get another couple months without having to make a house payment or worried that it might not actually go thru. I called the main NACA number and asked about progress as you did -- and they said it was approved and passed on the the "investor" for their approval. So, I'm not really sure how that works from here and/or the chances of them turning it down. A guy I work with already got his FED EX approval and he filed with NACA after I did (and also lied to them about his income, I might add)

Anyway, keep us posted on your progress -- hopefully this will turn around for us soon so we can breeeeeaaaathe.

unemployedinaz

[thiswillwork]

what is david leighton's fax# at BOA

[unemployedinaz]

Ok everyone I got my FED EX today. Not real happy either. Went thru NACA for a restructure and this is what BOA is proposing: Increasing my mortgage 10 years (to 40 years) - lowering my interest rate from 7.25% to 5.25%, adding in all the late payments of $13,000. The amount I would be paying for my home was increased to $207,000 and it was assessed at $75,000. My payments would drop about $300 per month (big whoop when you're paying 10 more years and $13k!)

What do you guys think of this? I'm thinking of walking away, unfortunately.

[sandyg]

Are you currently unemployed? This does not sound good to me. I have read others that have rejected their mod's and got better ones...so I don't know. Hey at at least they are offering something and you haven't fallen through their big....... cracks!

Originally Posted by unemployedinaz

Ok everyone I got my FED EX today. Not real happy either. Went thru NACA for a restructure and this is what BOA is proposing: Increasing my mortgage 10 years (to 40 years) - lowering my interest rate from 7.25% to 5.25%, adding in all the late payments of $13,000. The amount I would be paying for my home was increased to $207,000 and it was assessed at $75,000. My payments would drop about $300 per month (big whoop when you're paying 10 more years and $13k!)

What do you guys think of this? I'm thinking of walking away, unfortunately.

[unemployedinaz]

Originally Posted by sandyg

Are you currently unemployed? This does not sound good to me. I have read others that have rejected their mod's and got better ones...so I don't know. Hey at at least they are offering something and you haven't fallen through their big....... cracks!

Hi SandyG,

No, my husband was unemployed for 4 months but is back to work now. I'm really thinking this isn't a good offer at all considering some of the other ones I've seen. Frustrated!

[sandyg]

I think I agree. I don't know that I would take it. I live in C.C. Az. and I am 130k under. Will be interesting to see what naca says. di you call they are open I think until 9 est.?

[windyCA]

unemployedinaz,

Do you know who is your investor? Is the interest rate fixed for the life, or just 5 years?

[rozuki]

Originally Posted by unemployedinaz

Ok everyone I got my FED EX today. Not real happy either. Went thru NACA for a restructure and this is what BOA is proposing: Increasing my mortgage 10 years (to 40 years) - lowering my interest rate from 7.25% to 5.25%, adding in all the late payments of $13,000. The amount I would be paying for my home was increased to $207,000 and it was assessed at $75,000. My payments would drop about $300 per month (big whoop when you're paying 10 more years and $13k!)

What do you guys think of this? I'm thinking of walking away, unfortunately.

Did you speak to NACA about this offer? Others have rejected the first offer and gotten a better one. What you are being given doesn't even make sense as a loan mod...sounds more like loan shifting....adding to the length of the term and only dropping 2 % is very much what CW/BofA gave me as an offer when i tried working on a loan mod before I heard about NACA.....

Call NACA.....

[unemployedinaz]

Originally Posted by rozuki

Did you speak to NACA about this offer? Others have rejected the first offer and gotten a better one. What you are being given doesn't even make sense as a loan mod...sounds more like loan shifting....adding to the length of the term and only dropping 2 % is very much what CW/BofA gave me as an offer when i tried working on a loan mod before I heard about NACA.....

Call NACA.....

Thank you for all your responses. It helps to vent sometimes and get other opinions. By the way, our invester is Fannie May, bank is BOA/Countrywide and response was from Hope for Homeowners.

I am going to try calling our local Naca office again tomorrow (Monday). I faxed our negotiator the ppwk last week with a note and received no response. I have emailed her a few times before that and no response. So, I think what I will have to do is drive there with the proposal and see if I can get ANY advice at all.

I am so frustrated. Was looking forward to putting this behind us and now it seems like it is starting all over again! I really want to be reasonable about this and would accept the $300 payment reduction (although still high) but adding what ends up being 13 years on to our loan and $13k is just too much. I would be 90 years old before this small 1380 sq ft home is paid off, and my friend bought one across the street - a little larger than ours for $45k a few months ago.

I guess I really don't understand this program at all. According to NACA we fit 100% of the criteria for a restructure. UGH!

Again, thank you all for your responses. Blessings and love to you all.