NACA/CW/BofA June Restructure Submissions

[pdsfoley]

YEAH..........its just nice to have 1 day to feel somewhat better.........and YES we've been jerked around.......its been an awful ride. I agree GET EVERYTHING OUT OF Bank of America!!!!!!!!!!!!

[laurap]

update:
I got a call from David L today and was told that I should hear something in a week.

I read from some of the previous posts about principal forbearance. what does it actually mean? isn't lower interrest for the lif of the loan a better option than principal forbearance?

[rkel11]

Thats great laurap!!!! I called in for my 30 day check and was told that I was approved. The counselor said she could not tell me anything and for me to wait for my negotiator to call or email me. I was so flabergasted that I really did not ask any other questions. She told me that if I did not hear anything by the end of the week to call back. So I don't know if this is good or something that BofA is throwing out. Does anybody know if NACA is closed Monday or Friday? I know it is one of them, but would like to call them tomorrow.
laurap...I think principle forbearance is like they tack it on the end like a ballon payment that has to be paid when you refi or sell house. I am not sure but I think it is.....anyway great news........

[laurap]

thats good news for you too, rkel11. let us know how it goes.

[CW California]

Thats great news rkel. Sounds like some of the June people are starting to hear. Who is everyone's investor? Mine is BONY.

[pdsfoley]

YEAAAAAAAAAAA rkel...........MORE good news!! CW my investor is Wells for 1st BONY for 2nd.

[ama125]

Originally Posted by pdsfoley

YEAH..........its just nice to have 1 day to feel somewhat better.........and YES we've been jerked around.......its been an awful ride. I agree GET EVERYTHING OUT OF Bank of America!!!!!!!!!!!!

I couldn't agree with you more! My husband opened a checking and savings account with a local bank to try and stop our automated payments with a crappy timeshare we bought many years ago. But because BanK of America has been such a royal pain to deal with over the loan modification, we are closing all of our accounts with them. Those a**holes transferred the money right out of our savings account with them to cover the timeshare payment and subsequent overdraft fees they keep tacking on to my husband's checking account (I transferred all of his money into my checking account so there wouldn't be anything left in his). I'm so sick of Bank of America! I encourage everyone that banks with them to do the same...GET EVERYTHING OUT! Let's stick it to them!

[merev]

I received a certified pkg from the attorneys handling my foreclosure. Called NACA to verify they were trying to stop the sale date...was advised that I needed to have a PLAN B in case they couldn't stop it. Finally got mad enough to email Barbara. Received a phone call from Angel an hour later. She said she couldn't help with anything because I was working with NACA, but my file had been placed with David (seems like he is handling everyone's files). David called this afternoon to let me know he was involved and that things were moving forward.
He asked me to fax docs (bank statements, 4506-T and 1021) to him. My question is...do I send these docs to him? NACA already has these. I know I have seen this question before on another post, but don't remember the answer. Can someone pls advise????

[2much2pay]

rkel11....it didn't take long for you to get approved.. submitted 6/2 and got approved within 30 days? WOW! I hope I am reading it right cause I hope to get approved in the same timeframe. Is it because of the type of loan you have? How do they skip all the folks that have been waiting for months? Congrats!! I hope you get an offer that you want....ENJOY THE 4TH EVERYONE!!

[CW California]

Originally Posted by 2much2pay

rkel11....it didn't take long for you to get approved.. submitted 6/2 and got approved within 30 days? WOW! I hope I am reading it right cause I hope to get approved in the same timeframe. Is it because of the type of loan you have? How do they skip all the folks that have been waiting for months? Congrats!! I hope you get an offer that you want....ENJOY THE 4TH EVERYONE!!

Too much
I am hoping I hear next week too! I have BONY as an investor and am hoping they are pushing theirs thru right now. Seems like the Government backed loans are the slow ones now.

[rkel11]

I have 1st and 2nd with CW/BofA and my investor is Fannie Mae. I have still not heard anything from NACA about an offer. I was told by a counselor that I was approved. I am going to call in again today to see if I can get any more info. I am trying not to get to excited because of other stories about offers coming in that really don't help. I have also read on other threads about NACA having to look over the offer before letting me know and how long it takes this to happen.

[laurap]

Hi all,
Any idea NACA deals with Second if it is with a different lender.
I talked to NACA people today they were saying they only deals with the first mortgage and second with Boa. If its with a dirrent lender then they won't negotiate the second.

My NACA proposal was 2300 and i was hoping its includes both first and second.

But if they deal only with first and it makes to 2300 my actual payment goes to 2900+hoa that is 3100.

ANy help will arreciated. Is there anyway we can settle the second for less and deal with the first.

[rkel11]

laurap....I have read in some of the other threads of people calling their 2nd and talking to them about it. They may have access to workouts with gov't. that can help. It can't hurt to try. Tell them what you are doing and what you hope to accomplish. This probably did not answer your question but someone with more info will speak up......
Good Luck

[laurap]

Hi all,
Anybody knows about settling the second?. NACA told they won't help me on second you have to deal your own.
Iam loosing hope now. If they meet only the first second can we stop pay and if it sells to colloection agency then again iam digging the hole again.
So any help will be appreciated.........

[laurap]

Originally Posted by rkel11

laurap....I have read in some of the other threads of people calling their 2nd and talking to them about it. They may have access to workouts with gov't. that can help. It can't hurt to try. Tell them what you are doing and what you hope to accomplish. This probably did not answer your question but someone with more info will speak up......
Good Luck

rkel11,
Thank you very much

[ama125]

If your first mortgage is being modified under the Home Affordable Modification Program (the Obama plan), than the second lien must also be modified as long as the servicer of that loan is participating in that program. I am not working with NACA myself so I do not know what kind of modification they are pursuing on your first. I would definitely try to find out if your first is being modified under the Obama plan and also find out who owns your second mortgage and check that they are also participating in the Obama plan.

[NeedHelpwCW]

Laurap, my 1st was serviced by BofA (formerly CW) and 2nd from Citibank. When I went to NACA for help, the loan counselor told me that they do not deal with 2nd and I have to contact them on my own. So, I contacted Citi on my own and settled it.

[laurap]

Originally Posted by NeedHelpwCW

Laurap, my 1st was serviced by BofA (formerly CW) and 2nd from Citibank. When I went to NACA for help, the loan counselor told me that they do not deal with 2nd and I have to contact them on my own. So, I contacted Citi on my own and settled it.

NeedHelpwCW,
COuld you help me giving some more details. Mine is Credit union who is having the 2nd loan. If you don't mind could you give what bases they agrees for settlement. Some places i read they will accept 10 cents per dollar will that true. So you just called Citi bank modification department or short sale department for this settlement. credit union says they are participating MHA only.
Thanks for the great help..

[NeedHelpwCW]

Laurap, settlement is on a case by case basis. Another Loansafe member also had a 2nd with Citi and has not reached a settlement approval yet. She started the process before I did. I was very fortunate to have them agreed on the settlement.

Each institution has their own process. Citi asked all homeowners to complete a hardship worksheet package. In it, you have to disclose all your assets and liabilities. I fax the completed package along with all bank & 401K statements, W2s, tax returns, and paystubs to them three times before they actually had it recorded that I contacted them. Faxing these documents is time consuming! There's a lot of pages (over 80 pages I believe).

I called so many numbers and each department transfered me to the next department since they had no idea what to do. I spent many hours hunting for a person to assist me. I was trying to get a modification at first. I took many days off from work to make these phone calls. Their phone system is crazy... if you are on hold for more than 20 minutes, the call automatically get disconnected. And the hold time are always for most part over 20 minutes! It's a very frustrating process! But, don;t give up!

[laurap]

Not a good news at all.. NACA sent me an email with the proposal from investor which is far way from what NACA proposed. I do not want to accept it, so rejected the offer, since i know i cannot meet that payment. NACA proposed 2100 and investor is proposing 2450, which i cannot agree.

Anyone know if NACA will send another offer again?

Thanks.

[raejean]

Originally Posted by laurap

Not a good news at all.. NACA sent me an email with the proposal from investor which is far way from what NACA proposed. I do not want to accept it, so rejected the offer, since i know i cannot meet that payment. NACA proposed 2100 and investor is proposing 2450, which i cannot agree.

Anyone know if NACA will send another offer again?

Thanks.

Same thing happened to me. I had to tell them thats what I wanted to do, and instead of re-negotiatiing the first deal, they made me start all over. I had to submit all new docs and get in line again. I started 2.18 got bad offer 3.18, was re-submitted on 5.1 , supposably got offer of 3.25% fixed on 6.18 but have yet to see any docs. Real nightmare but I am trying to hold on. Good luck to you. Let Naca know that you need a lower number or you cant afford it and see what they say. Hang in there. Naca is all about it being affordable. If the numbers support that you need a lower payment then they will go to bat for you again.

[pyeatpr]

Originally Posted by raejean

Same thing happened to me. I had to tell them thats what I wanted to do, and instead of re-negotiatiing the first deal, they made me start all over. I had to submit all new docs and get in line again. I started 2.18 got bad offer 3.18, was re-submitted on 5.1 , supposably got offer of 3.25% fixed on 6.18 but have yet to see any docs. Real nightmare but I am trying to hold on. Good luck to you. Let Naca know that you need a lower number or you cant afford it and see what they say. Hang in there. Naca is all about it being affordable. If the numbers support that you need a lower payment then they will go to bat for you again.

I received an offer on 6/18 as well and I have not received the doc's yet ether. I called BOA several times over the last few weeks and was told my modification was still in review, so on Monday I e-mailed my NACA and BOA negotiator along with Barbara Desoer. I heard back the same day that my documents are now created and were sent out yesterday. My negotiator, David Eberhard at BOA told me they did not receive my offer acceptance from NACA until 7/6, the day I sent the e-mail. I am not sure what really happened, but if it has been over two weeks and you have not received documents, it’s time to become the squeaky wheel and make noise until you get results.

[CW California]

Received proposal today from NACA, 2%, 1st payment due Sept. 1, 2009 ! Negotiator is supposed to call by the end of the week.

[pdsfoley]

WOWWWWWWWWW!!! CW Congrats to you!!!

[Lizzy]

How wonderful!!!! Congrats!!!