NACA/CW/BofA June Restructure Submissions

[CW California]

Originally Posted by rkel11

Got my mod papers today. I am thinking about not sending them back and trying for another mod. The payment was a little higher and I have to send $700.00 by certified check along with the papers. They want the papers returned by 7-26. This was a fannie mod but I have not seen anybody that had to pay upfront fees. These were for escrow and late fees. I'm just not real happy with this. I am just afraid to start this process all over again. I would better off just asking the bank for the MHA mod. Any suggestions??????

hey number one
what did they propose?

[2much2pay]

Originally Posted by CW California

Could BofA just be jerkin your chain so you will drop NACA. Have you talked to David in advocacy? Maybe he could help. So sorry you are going thru this!

Yeah, I would say they are jerkin my chain. I did email David and was very nervous doing it. After the experience with JRucker I was scared to contact anyone else. Don't want to ruin my chances of getting a mod when my life, future, & home is in their hands.
David called me around 5pm and told me he did some researching and found out the terms of approved mod. It wasn't what naca had proposed. It was the regular band aid mod. (Capitalization) Payments would be higher than usual and would only help me short term. I did ask him what were the chances of me getting approved for the naca proposal? He didn't have an answer for that but assured me they will do their best to come as close to it. He said my interest rate has room to work with. Hopefully this means good results! He also said the investors are more lenient now than they were 2-3 years ago because of the way the economy is. He is now closing out that case and will open a new one under naca proposal. At least I got the answers I was looking for. They can keep that mod. Don't even waste money Federal Expressing that to me. He was very helpful...didn't make me feel like a LOSER like that naca negotiator did. A BIG THANK YOU to those that shared his contact information. I hope I am getting somewhere.....Don't wanna be in that temple I was talking about earlier.....O yea...got my $50 giftcard today. This will go to childs school supply. Can you believe we have to buy almost everything? I remember when I was going to school all I had to buy was what I wanted. (Grew up in California). Over here students are given a supply list. Apologize for getting off the subject....

[SillyWorld]

Originally Posted by 2much2pay

.....Don't wanna be in that temple I was talking about earlier.....O yea...got my $50 giftcard today. This will go to childs school supply. Can you believe we have to buy almost everything? I remember when I was going to school all I had to buy was what I wanted. (Grew up in California). Over here students are given a supply list. Apologize for getting off the subject....

Yea same goes here in PA, pay for it all Gym suits and all

[jmc468]

I hope you don't mind me jumping in your thread! NACA was supposed to have submitted me back in April but when I spoke to a NACA rep last week he said I wasn't submitted until June..........not sure how that worked out.

Anyway, this past weekend I received a FedEx package from BOA saying I was approved for a loan mod. NACA had submitted a proposal of $1097/month (higher than my original payment!) with the same interest rate of 6.25% fixed. This is what BOA came back with:

Adding $16,150.60 to my loan amount for interest, fees and escrow
Extending loan from 30 years to 40 years
Interest rate: 4.25% then 5.25% in 2014 then 5.375% in 2015 for remainder
Old Principle: $92,250.70 New Principle: $108,120.52
Old Payment: $1012 New Payment: $907.29 (P&I $468.83 + $438.46 escrow...$298 of that is PMI )

I just can't bring myself to sign it. I lost my job a few weeks ago and I am currently getting unemployment but only for 26 weeks. I am in between phone appointments with NACA trying to update my information. My husband's income is only around $1800 a month and we are a family of 5.

I'm just worried if I don't take this offer that I won't get another one or it won't be much better. I'm thinking what if I don't find another job and we are left with only my dh's income......how are we gonna pay a $900 mortgage? That's 50% of our income.

It's not even the payment that is bad, it's the PMI that is killing us but NACA said they haven't had any luck getting it removed so they didn't even try. I thought PMI was in place in case you stop making payments but doesn't it defeat the purpose if it's making it difficult to make the payments in the first place.........grrrrrrrrrrrrrrrrrrrrr! $298 for PMI is just ridiculous!

I'm so discouraged right now so I'm sorry if I'm rambling. How does NACA look at unemployment...do they view it the same as income from a job even though it's only temporary?

[morainac]

You should update your income. Is this a trial period?

[2much2pay]

okay... I am totally lost! I called the advocacy line today to see who opened a case for special forebearance. All the previous information has been deleted and the only workout left is the FB. I was asking how much longer I had to wait to get approved for a mod? She told me I was just assigned to a negotiator yesterday and she will be reviewing my file for special programs...blah...blah..blah...and after she reviews it Fannie Mae also has to approve it. I was like, I thought Ginnie Mae was my investor? She said nope Fannie Mae has always been my investor. The only thing that changes is the servicer. So I went from thinking Countrywide, Ginnie Mae now Fannie Mae are my investors. Now I don't even care. I called the FHA service center to find out who my investor was. They were the ones that told me Ginnie Mae. With all the bad things I hear about Fannie I'm afraid my chances of getting the naca proposal approved is slim to none. What do you guys think?

[j-nice]

2much, you can go to the fannie mae website to see if they own your loan. There is a simple link to put in your address and it will tell you if they own your loan on the spot. There are others on the board who have gotten 2% for the life of the loan and have Fannie Mae as investor (afishym who waited 8 months with naca), so don't give up hope. I have been waiting since February and Fannie Mae is my investor, Fannie has already turned down one proposal from naca and I am waiting on the second proposal from naca. If worse comes to worse I feel Fannie Mae will put me in the MHA plan or some type of forbearance until my income comes up. All in all, at this point I think if you don't have BONY then Fannie Mae would be the next best thing-they certainly don't want your house back regardless of the servicer! Good Luck and be patient, you are in good hands with David.

[2much2pay]

Originally Posted by j-nice

2much, you can go to the fannie mae website to see if they own your loan. There is a simple link to put in your address and it will tell you if they own your loan on the spot. There are others on the board who have gotten 2% for the life of the loan and have Fannie Mae as investor (afishym who waited 8 months with naca), so don't give up hope. I have been waiting since February and Fannie Mae is my investor, Fannie has already turned down one proposal from naca and I am waiting on the second proposal from naca. If worse comes to worse I feel Fannie Mae will put me in the MHA plan or some type of forbearance until my income comes up. All in all, at this point I think if you don't have BONY then Fannie Mae would be the next best thing-they certainly don't want your house back regardless of the servicer! Good Luck and be patient, you are in good hands with David.

I've tried that and it says your loan is not found. I explained that to the rep but she said they are the investors. On the page that you key in you address info it says find out if Fannie Mae owns your loan.... I told the rep I tried entering my info on that site and it says they don't own the loan. She said they don't own the loan, Bank of America owns the loan... I'm confused... what does that mean? I thought Bank of America are just the servicer?

[j-nice]

You are talking to a rep who hasn't got a clue. Bank of America is just the servicer, the one that handles the billing and collections of your account. Fannie Mae, Ginnie Mae, Freddie Mac etc are the investors, the ones who put up the money for your mortgage. Have you tried calling Fannie Mae directly to see if they can tell you via phone? Fannie Mae 800-732-6643.

You can also review your original mortgage docs, if your loan is owned by Fannie Mae then your hud statement will list it as a Fannie Mae doc. Otherwise, on the note it should list your investor somewhere.

[2much2pay]

It doesn't list anything on the hud-1 statement. But on the settlement statement in 3 sections D. name and adress of borrower, E. name and adress of seller, F. name and adress of Lender...Homebuilders Financial Network. Could this be the investor? I've asked them this before but they said Homebuilders aren't investors.

[j-nice]

Was your loan originally serviced by Homebuilders and then transferred to Countrywide? This could actually happen before your first payment is even made. On your HUD statement (and I am pulling this from memory because I am at work and don't have mine in front of me) in the upper right corner there are boxes of information and one of the boxes I believe said fanmae form 10-.... (or something like that). It was near the type of loan box and term of loan box. I will check my docs tonight when I get home and be able to better explain it tomorrow.

On your note or other mortgage docs it should show a separate entity for purposes of entitlement, settlement, or insurance payoff. It's in the fine print of course!

[2much2pay]

Neither....Before I made the first payment it was suppose to be Universal Mortgage but they were in transition so my first payment was made to National City. I have the Settlement Statement in front of me and see on the first page with the boxes but don't see anything with Fannie Mae. All I see is type of loan, file number, loan number and mortgage insurance case number. Maybe I need to read every single sentence.

[j-nice]

I would think if Fannie Mae was the investor on your loan then it would show up on their website search. Why don't you call David in Advocacy and ask him?

[2much2pay]

I might ask him the next time I speak with him. I told him I wouldn't bother him. But thanks for the help though.

[2much2pay]

I just called Fannie & Freddie and neither are my investors...so would that just leave one? Ginnie Mae? They are closed as of now and I will try calling tomorrow morning.

[j-nice]

2much, I just got this off of the website from Ginnie Mae:

What Ginnie Mae does is guarantee investors the timely payment of principal and interest on MBS backed by federally insured or guaranteed loans — mainly loans insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA). Other guarantors or issuers of loans eligible as collateral for Ginnie Mae MBS include the Department of Agriculture's Rural Housing Service (RHS) and the Department of Housing and Urban Development's Office of Public and Indian Housing (PIH).

Is your loan one of these types of loans? If not, then I don't know who your investor would be and certainly someone at BofA can tell you accurately who it is.

[2much2pay]

You know on my settlement statement I do see Department of Housing and Urban Development. But is this type of loan for Indian's? I'm going to check it out. I clicked on the link but it I can't see the page. Thanks for finding this...

[j-nice]

2much2pay, I found the doc which told me I was with fannie mae/freddi mac. It is on the Note or Borrower's Promise to Pay doc. At the bottom it says "Multistate Fixed Rate Note-Single Family-Fannie Mae/Freddie Mac Uniform Instrument". Once I saw that I went to both websites and instantly found out that Fannie Mae owned my loan.

[2much2pay]

j-nice, I took a look at the Note and it says FHA Multisate Rate Note - 12/95. Below that it has AAFN1G - 09142001. Nothing indicating it is Fannie or Freddie. I called Ginnie Mae today also and they said they don't have the information I'm looking for and I need to call my servicer. Then I see on the Uniform Residential Appraisal Report they use Fannie/Freddie form. Do they use the same form for all FHA loans?

[j-nice]

2much, I think that you definitely need to bother David L even though you didn't want to. Maybe give him a call on Monday. You definitely have an FHA loan from the sounds of it so it would be owned by Fannie, Freddie, or Ginnie because an FHA loan is insured by the federal government. I know how frustrating this process is, when I first began this all way back in January I thought my investor was BONY because they were listed on one of my loan docs but it ends up Fannie Mae owns my loan!

[laurap]

Hi all,
My modification got cancelled. The initial figure came up with very high that wasn't affordable. They are saying don't make any payment to credit card and second loan and just make payment to the CW/BOA. So i have to obey what they say and i came to know that my Investor is CITI mortgage and they are not reducing the interest rate to 2%. All the figrue they are talking about is high much higher than 31% calculation also.

One thing i noted after the cancellation i checked the NACA's budget affordability they put my income totally wrong they put around $580 more what actually i make per month. SO i talked to Janice Rucker my Naca negotiator then she said we will go ahead and resubmit it again so please advice will that make any diffrence?.

Can i talk to Citi mortgage directly even though my servicer is Countrywide

Any one can give some response will be greatley appreciated....


Thanks all.

[CW California]

Originally Posted by laurap

Hi all,
My modification got cancelled. The initial figure came up with very high that wasn't affordable. They are saying don't make any payment to credit card and second loan and just make payment to the CW/BOA. So i have to obey what they say and i came to know that my Investor is CITI mortgage and they are not reducing the interest rate to 2%. All the figrue they are talking about is high much higher than 31% calculation also.

One thing i noted after the cancellation i checked the NACA's budget affordability they put my income totally wrong they put around $580 more what actually i make per month. SO i talked to Janice Rucker my Naca negotiator then she said we will go ahead and resubmit it again so please advice will that make any diffrence?.

Can i talk to Citi mortgage directly even though my servicer is Countrywide

Any one can give some response will be greatley appreciated....


Thanks all.

I would let her resubmit it. I doubt, though that Citi will talk to you....

[2much2pay]

Does anyone have Candon Campbell as a negotiator? I haven't tried contacting her. I was just curious if she is a good negotiator?

[rkel11]

2much2pay....lets hope so, but I have not heard of her.
Just got an email from NACA about my 2nd....
BofA offered 2% for life of loan with payment of 146.00 (P&I).
Old was a 10% ARM
She accepted it without letting me know about it, which is great by me!

[2much2pay]

WOW!! That's great news rkel11.....I'm jealous!! & happy for you. There's alot of conversation about conspiracy going on....I'm hoping I don't become a victim.