NACA/CW/BofA June Restructure Submissions

[sarge]

Good luck pdsfoley! Hope your responses are quick and positive ones.

[DodgerFan]

As recently as last week, I spoke with our negotiator (Janice) who said that our mod is still sitting there. Our mod was submitted Jan 4, 2009. The reason ours is still sitting idle (per NACA) is that Freddie Mac is the investor on the loan. FM really sucks. FM hasn't responded to NACA for many weeks, and is now saying they will likely pursue the "Obama Plan" which will only help lower payments for the short term. 5 Year max payment reduction, no principal reductions, stepped interest rate up to 5% after 5 years. After that - market rates. Likely 40 year term. What a joke! But, keep your head up if FM is not your investor!

[Rumor]

Is Freddie Mac the same as Fannie Mae? I know it's not hte same company but same rules and regulations??? Anyone know?

[CW California]

June submission here. My CW website changed to include new docs. Could it be the NACA?

[rkel11]

Could be CW CAL.....Did you ever talk to them about a MOD through CW? I talked to them and they wanted me to put in for one through them. I kept telling him I was with NACA...he kept telling me that it would not bother NACA proposal. So I said yea....go ahead and put me in for one. The website changed to active processing that day. So I am assuming it is for a CW MOD that is showing. It now shows that they have rec. the paperwork from NACA but no other change.

[CW California]

rkel
yea i had already talked to them about the MHA program but they haven't sent anything out. Last week I got a form letter from the "negotiator" asking for 30 more days to review my file but that's it. They had active processing on my account since mid May. This is a new addition to the docs list. About 10 new items and it seems related to the NACA proposal. I'm just wondering if I should call the Advocacy group and goose em a little?

[pdsfoley]

OK so.........just got a call from Office of Pres...She said...were gonna assign you a negotiator........I said " Oh.......you know I'm working with NACA"? (the letter states that) She said "you are, then we can't help you"...What a LAUGH!! I said did you READ the letter??? I stated I'm trying to get this over with seeing how its been nearly 2years of this c%^P!! she said.......call NACA...Just another example of the right hand not knowing what the left hand is doing!!!!! I'm SOOOOOOOO glad I found NACA through this site!!

[pdsfoley]

Just got a second call...different person......basically the same conversation.......sometimes I think I'm on candid camera!!!

[pdsfoley]

OK 3rd call.........actually made some headway.....(I think)...she wanted may NACA ID and was gonna forward that to the dept that handles NACA....(I think).........LOL SOMEONE GET ME OFF THIS MERRY-GO-ROUND BEFORE I GO CRAZY!!!!

[CW California]

Originally Posted by pdsfoley

OK 3rd call.........actually made some headway.....(I think)...she wanted may NACA ID and was gonna forward that to the dept that handles NACA....(I think).........LOL SOMEONE GET ME OFF THIS MERRY-GO-ROUND BEFORE I GO CRAZY!!!!

Today I got a call from the negotiator. She noted that I had went with NACA, said she was just confirming and hung up. I still wonder if I shouldn't be contacting advocacy??

[rkel11]

They have time to make a phone call to confirm???????.....Why don't they call to just let you know whats going on??????!!!!!!!

[CW California]

You know I googled her name when she was assigned to me by the OOP only to find that she was old old Countrywide stock. She told me they weren't sending out the Making Home affordable package TO ANYONE. (She said they were lacking a paper.) I went with NACA after that especially when I knew people had received that package from Countrywide. Frickin Liar.

[rkel11]

No news from any June submittals?

[laurap]

I'm a newbie found this site very helpful.. I submitted to CW though NACA on June 17.

For your convenience I have listed all the above June submissions.

<TABLE style="WIDTH: 347pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width=461 border=0 x:str><COLGROUP><COL style="WIDTH: 91pt; mso-width-source: userset; mso-width-alt: 4425" width=121><COL style="WIDTH: 64pt; mso-width-source: userset; mso-width-alt: 3108" span=4 width=85><TBODY><TR style="HEIGHT: 39pt" height=52><TD class=xl31 style="BORDER-TOP: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; WIDTH: 91pt; BORDER-BOTTOM: windowtext 1pt solid; HEIGHT: 39pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" width=121 height=52>Member</TD><TD class=xl32 style="BORDER-TOP: windowtext 1pt solid; BORDER-LEFT-COLOR: #ece9d8; WIDTH: 64pt; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" width=85>NACA Submitted to <ACRONYM title="Countrywide Home Loans">CW</ACRONYM></TD><TD class=xl32 style="BORDER-TOP: windowtext 1pt solid; BORDER-LEFT-COLOR: #ece9d8; WIDTH: 64pt; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" width=85>Approval email from NACA</TD><TD class=xl33 style="BORDER-TOP: windowtext 1pt solid; BORDER-LEFT-COLOR: #ece9d8; WIDTH: 64pt; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" width=85></TD><TD class=xl34 style="BORDER-RIGHT: windowtext 1pt solid; BORDER-TOP: windowtext 1pt solid; BORDER-LEFT-COLOR: #ece9d8; WIDTH: 64pt; BORDER-BOTTOM: windowtext 1pt solid; BACKGROUND-COLOR: transparent" width=85>Documents Received</TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl25 style="BORDER-LEFT: windowtext 0.5pt solid; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21>rkel11</TD><TD class=xl26 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8">June 2</TD><TD class=xl26 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl26 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl27 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl28 style="BORDER-LEFT: windowtext 0.5pt solid; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21>pdsfoley</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8">June 8</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl28 style="BORDER-LEFT: windowtext 0.5pt solid; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21>CW_California</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8">June 9</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl28 style="BORDER-LEFT: windowtext 0.5pt solid; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21>merev</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8">June 2</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl28 style="BORDER-LEFT: windowtext 0.5pt solid; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21>giantsfan</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8">June2</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl28 style="BORDER-LEFT: windowtext 0.5pt solid; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21>Lizzy</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8">June5</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl25 style="BORDER-LEFT: windowtext 0.5pt solid; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21 x:str="NeedHelpwCW ">vikingmom</TD><TD class=xl26 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8">June 10</TD><TD class=xl26 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl26 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl27 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl28 style="BORDER-LEFT: windowtext 0.5pt solid; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21>laurap</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8">June 17</TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl29 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl30 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-TOP-COLOR: windowtext; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl22 style="BORDER-BOTTOM-COLOR: #ece9d8; BORDER-LEFT: windowtext 0.5pt solid; BORDER-TOP-COLOR: #ece9d8; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21></TD><TD class=xl23 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-BOTTOM-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl23 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-BOTTOM-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl23 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-BOTTOM-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-BOTTOM-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl28 style="BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21></TD><TD class=xl29 style="BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl29 style="BORDER-TOP: windowtext 0.5pt solid; 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BORDER-BOTTOM-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl23 style="BORDER-LEFT-COLOR: #ece9d8; BORDER-BOTTOM-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl24 style="BORDER-RIGHT: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-BOTTOM-COLOR: #ece9d8; BORDER-TOP-COLOR: #ece9d8; BACKGROUND-COLOR: transparent"></TD></TR><TR style="HEIGHT: 15.75pt; mso-height-source: userset" height=21><TD class=xl28 style="BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT: windowtext 0.5pt solid; BORDER-BOTTOM: windowtext 0.5pt solid; HEIGHT: 15.75pt; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8" height=21></TD><TD class=xl29 style="BORDER-TOP: windowtext 0.5pt solid; BORDER-LEFT-COLOR: #ece9d8; BORDER-BOTTOM: windowtext 0.5pt solid; BACKGROUND-COLOR: transparent; BORDER-RIGHT-COLOR: #ece9d8"></TD><TD class=xl29 style="BORDER-TOP: windowtext 0.5pt solid; 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Please add any one missed to the list.

[CW California]

yea laurap!! We're on our way!

[pdsfoley]

WhooooooooHoooooo!!! lets partyyyyyyyyy!!!! (maybe).....lol

[laurap]

Does any of you know of any principal reductions in approved cases? I have only read about reducing interests, not principal.

[CW California]

yea pds, we can party with our $100 shortfall.lol

[CW California]

laurap
no principle reductions yet. Lower interest, in some cases 2%. That's it.

[gray517]

Originally Posted by laurap

Does any of you know of any principal reductions in approved cases? I have only read about reducing interests, not principal.

unfortuneately no lenders have done any principal reductions, there has been some news on the forum about lenders settling 2nd mortgage but only for a lump sum cash amount.

[laurap]

My loan balance is 580k including first and second. My Naca proposal is 2300 including principal,interest,hoa and taxes.

In order to achive that figure when i do the math even with 2% they have to reduce the principal balnce at least 100k any comments about that.
Will NACA will accept only the payment comes in that range only?.
My loan is owned by private investor not owned by Fannie or Feddie current loan is 5year arm with interest only. My property value declined 50% in this area.

Things are getting to complicated. Talked to couple of attorneys some of them told BOA some cases will reduce the principal up to 100k dont know that is true or not. One of my friend told his friend got a modification through
NACA they reduced the principal balance around 100k but don't know the detail of the loan who owns the note.
Any update Hope for the Home Owners renewed hope? They supposed to release today or next week according to CNN.

[rkel11]

Thanks laurap for the spreadsheet!!!! I hope we see something in the other collums soon.
They are also going to 40 year terms plus lower rate which should lower payments to what NACA asked for. I have not heard or seen any principle reductions from CW/BofA. I would sure take one if offered though.........

[laurap]

My Naca status shows as like this... Stage 6 still active. Don't know countrywide has already recived the files.



Status

You can determine your NACA status. This is important for you to determine where you are in the NACA process. If you have not completed the information and documentation necessary to submit your file to your lender/servicer, you should complete it and make an appointment with a NACA Mortgage Consultant. If your file is at your lender/servicer it may be necessary to advocate to get it accepted.

The following is where you are in the NACA process. If you believe your status is incorrect please send an email to Homesave@naca.com or if you do not receive a timely response call 1-888-302-6222.

Submit to Servicer - Restructure

[Tamara]

Hi all! I have been a frequent visitor to the site for about a year and a half. I have been following your stories of success and the trials and I have personally benefited from the posts here, so THANK YOU ALL!!!

Our story is this:
Owned my home for 9 years. Had a financial catastrophe in 2005 and refinanced into a loan we knew nothing about because it saved us a huge chunk of money. Yep, a neg-am with adjustable rate. Did not understand that the balance on our home would go up by 90K. Anyways water under the bridge I guess.

So, we had a successful (?) modification a year ago that got us out of the neg-am loan we were 3 months behind on, but it increased our payment to include all the interest and it added to the balance of the loan. We were desperate to get out of the neg-am, so relunctantly agreed to the 6.25% interest only. To make a long story short, we still cannot afford the payment and struggle to come up with the $ each month. Now, we have lost income due to CA state employee furloughs and pay cuts the last few months.

I have submitted with NACA all of info and had the phone appts. My HUGE concern is this...Our restructure was submitted on June 22, although I explained to the counselor it was not a real solution for us. The counselor I dealt with said that the best she could ask for was 4% to include PITI since our loan was so high. This actually increases our payment a little which is really not affordable.

We have a 1st and a HELOC totalling $470,000.
My husband works for the State and has up until now been able to work overtime to help make the mortgage. The overtime is gone now.

Why would NACA not try to get a better rate for us that is affordable? The new payment will be about 50% of our net.
What do you think about this???? Thanks in advance

[laurap]

Hi all,
Once we submit the restructure request does it shows in the countrywide financial hardship page any work out information?. I have submitted through NACA June 17th and it is not reflecting in the countrywide any idea about this?

Is there any particular number we can reach countrywide to verify they have received all the paperwork request from NACA.

Any help will really appreciated.
Thanks