NACA Escalation...anyone been through this?

[Mercury213]

I accepted an affordable "NACA restructure" on my Chase loan. The docs I received did not match the offer which I accepted on the NACA site.

I emailed K Winn and others. I've received a call (within 24 hours) from NACA and have been told that NACA has "escalated" my file with Chase. They are not happy that I was offered a HAMP with different terms than the "NACA restructure" offered --which I accepted. The payment is over $100 higher than the offer, there is a balloon payment at maturity and the interest is on a step rate.

Has anyone been in this escalation situation with NACA/Chase? What happens now--they cancel the perm mod offer?

[Moe Bedard]

Here is a copy of the overview for you:

If you believe a servicer is incorrectly interpreting HAMP guidelines, take the following steps:

First, work through your normal contacts and channels with the servicer. If that does not resolve the issue, elevate your concern to a senior manager within the servicer's organization.

Here are examples of cases that represent valid reasons for escalation:

Servicer refuses to stop a scheduled foreclosure sale on a borrower's house while the borrower is being evaluated for HAMP.

Servicer charges up-front fees for the modification.
Servicer instructs the borrower to miss a payment.
Servicer claims that they are waiting for information or guidance from Treasury (i.e. Treasury is causing the delay).

Servicer advises the borrower to intentionally misrepresent their personal or financial information.

Servicer says they are not participating in HAMP, but the loan's investor is a GSE.
Servicer says borrower doesn't qualify, but counselor has reason to believe that the borrower is eligible.


I think 99% of us are eligible for escalation! There is also a good summary MHA overview presentation. Chase employees could learn a lot if this short presentation was required reading.

[Mercury213]

Thank you very much, Moe. Where is that from?

[prindia]

I went through this and Chase didn't want to counteroffer...

[Mercury213]

Thanks, Prindia. That's what I thought. I really don't want to go through more stress to get nothing.