Fixed rate working with NACA principle reduction

[zbasspro]

I`d like to start off saying thanks to everyone for posting here, I`ve been lurking for a while and you guys give me hope, knowing I`m not alone in this.

Let me start by saying I`ve made a lot of bad decisions, and assume responsibility for my situation.

In July of 2006 my wife and I found a house we loved @ 109,900. I was on disability and that was our only income. I didn`t think there was any way possible we`d get financing for the house, but I`d recently sold a house for a profit that was financed with CW. I was getting pre-approved letters in the mail all the time, so I thought I`d call them. I had $25,000 in the bank from the sale of previous home.

Long story short CW does a 1st & 2nd for 100% financing with 2 ARMs and about $6000 in fees. Low intro rates that weren`t affordable at the time. Forward Oct. 2008. I had a friend refi for me at 7.75% 30 yr. House appraises @ $160,000 borrowed another 18,000 so now I`m @ 80/20 (128,00). I couldn`t sell the place for the original 109,900 that I purchased it for. When I refied my income was only $1,750 per month and the payment with escroe is $1,138 I knew I`d never be able to afford this loan, but the 16,000 cash out was going to buy me more time, hoping to get off the disability, which hasn`t happened.

I`ve been working with CW and they have me currently on a forebarence plan, they neg. says they can`t mod loan. I have the number for a supervisor that has been just as kind and encouraging as they come. I`ve recieved an intent to accelerate letter and will be 3 months behind Dec. 17th. The supervisor says she has sent it in for mod. Mod is the only way I will ever be able to stay here.

Like I stated I knew better from the start and probably deserve to lose the house, but the Big Guy Upstairs always seens to take care of me, so I took a gamble for my family and it seems I might lose this one.

Any help would be greatly appretiated
Thank you,
Bob A.

[Moe Bedard]

Hi Bob,

Welcome to the forum and thank you for joining..................

Since you have already made contact and requested to be submitted for a modification...............what you would need to do at this point is to call in for updates at least 2-3 times per week..........
1-800-669-6650

it is a long slow process.............you can also look for updates online for you account too........

Please keep us posted on your progress...........

[zbasspro]

well,
I guess I said something wrong to the negotiator. I went from a forbearance to possible mod. to now "there are no programs available for you". Basically they keep saying that my income hasn`t been "cured"? I ask what that means and they say I don`t have enough income to pay the note. Really? Why else would I be looking for help? Took me off the forbearance and going to proceed with acceleration.

Does anyone know about that cash for keys thing where they are offering you money to surrender? I REALLY don`t want to lose my home, it will crush my children, but the stress is getting to me.

[zbasspro]

Hello All,
Thanks for joining together to help me through this. My story goes like this:
In July of 2006 I bought a home, and feel I was a victim of predatory lending. I had done business with CW. in the past. I purchased a home @109,000. I had 2 loans 80/20 both adjustable. I should have never qualified. I am on disability and was drawing $1700 per month with a credit score barely above 600. my house payment was $1000 per month.

I knew over the long haul this was not going to work out. I had about $20,000 saved which I used to live on for the next 15 months while I worked on my credit to refi. Oct. 2007 I did refi into a fixed rate of 7.75. My home appraised @160,000(up 51,000) in 15 months, so I cashed out 16,000 and finaced the closing costs bringing my loan to 128,000. Now I am supposed to have 20%equity in the home, yeah right! Anyway my payment went up to 1140 per month and my disability had increased to 1800 per month in that time span. I support a family of four on this income, and they said it wasa full doc. loan.

Well, the inevitable has come I can no longer make the payments. I am four months behind. I have been proactive with CW. and they made me an offer through Fannie Mae with thier homesaver advance program which would let me start making the payment again for 6 months, and after that I would have a 2nd kick in adding $46 a month to my payment to make up the late payments. Increasing my payment to $1188 per moth on my income is not a solution.

I started the NACA process recently, and finished my phone consultation. Thier proposal to CW/Fannie Mae will be:
Reduction of interest rate to 3%
Reduction of principle of $7000
New payment of $711 per month

I consider that a solution that would let me stay in my home. So my questions are?
1. Is this proposal realistic?
2. My Homesaver Advance offer expires 1/31/09 when I decline will they start the foreclosure process?
3. Is it too late for NACA to help me?

I refuse to send them another penny unless they offer a solution. I REALLY want to stay in my home. Someone please give me hope. I am praying for all the families in tis situation and appreciate the support in these tough times
Gid Bless,
Bob

[Moe Bedard]

Bob,


Your investor is FannieMae, and they would need to approve the proposal from NACA...........for that you will need to wait and see......if you give CW the NACA ID# that you receive, then you will be able to contact both CW and NACA for updates.

If you are working with NACA and you receive a Notice of Default with a foreclosure sale date on it, NACA has an urgent situation form to fill out and they will prioritize the case and work to postpone the sale while they are working with you.

[zbasspro]

Thank you ***. I apologize for starting another thread, I will keep updating this one. It is unbelievable the amount of time you spend helping others! I have been surfing the web and it looks like Fannie Mae is not working with NACA very well. I find this discouraging. At what point do you start to email political leaders?

[Yanqui]

zbasspro, I have been emailing my senators and governors and congressional reps and the president since day 1 and I believe that everyone should be faxing and writing until an excutive order is issued to halt foreclosures and figure out this mess. No more taxpayers money to bailout any large corporation until the American people get help for once.

[zbasspro]

Yanqui thanks, I think I should start now as well.

[Moe Bedard]

NACA is getting more of response out of FannieMae with the help of CW lately............you can send letters off to your officials now if you wanted.........
Congress.org - Elected Officials

[MP927]

Hi Bob A
Just wanted to offer some moral support and will say some strong prayers that the NACA proposal will be approved for you . It sounds like a real blessing for your family.

[zbasspro]

Well I have a sale date of May 11th. I am so stressed. I call NACA they tell me they are trying to get it postponed for 90 days. I see a lot of NACA approvals have come submitted after mine. NACA tells me in an email to have a Plan B.

I have a plan B, it`s to file chapter 13, I just don`t know when to start. I am worried this is going to drag out until close to May 11th, then I`ll get my denial, and it will be too late to file. I`ve also thought about the Presidents` plan, but I don`t know if it makes sense to start that now or not. For one, that plan would be more favorable to them than the NACA proposal. For #2, it`s that timing thing again.

Sorry to come on here ragging about everything, would just hope for some advice/support/help

TIA,
Bob

[Cathy]

Have you gone to a laywer about filing chapter 13?

[zbasspro]

Hi Cathy, no I have not. I`m just a mess. I really need some help. I have a sale date in 3 weeks, I talked to NACA this morning and really don`t feel very positive. They say they`ll "step in" 1 week before the sale date. What if they don`t? What if CW says no deal at the last minute? NACA said if I file BK I can no longer use them, they also said that if I sign up for the presidents plan I can no longer use them. Yet I should have a plan b. Part of me really wants to go to war, and send letters to everyone starting tommorrow, and part of me just wants to say the hell with it. It`s really worn me down, and got me depressed. Bob

[zbasspro]

Does anyone who submitted to NACA have this message on their online account?

<table border="0" cellpadding="2" cellspacing="2" width="100%"><tbody><tr><td class="mainbold" align="left" valign="top" width="30%">Workout Status Details: </td> <td class="main" align="left" width="70%"> Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 04/29/2009. If your status remains unchanged after the 04/29/2009, please call and speak to a customer service representative. Please do not call back before 04/29/2009 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you. </td> </tr> <tr> <td class="mainbold" align="left" valign="top" width="30%"> Information as of: </td> <td class="main" align="left" width="70%"> 04/08/2009 </td> </tr> <tr> <td class="mainbold" align="left" valign="top" width="30%"> Workout Stage: </td> <td class="main" align="left" width="70%"> Processing </td> </tr> <tr> <td class="mainbold" align="left" valign="top" width="30%"> Phase/Sub-Phase: </td> <td class="main" align="left" width="70%"> Active Processing</td></tr></tbody></table>
It says that collections will stop, but that does not include foreclosure? That`s what they say.

[lostinlife]

Oh I would love to know if they stop the sale

[pyeatpr]

Originally Posted by zbasspro

Does anyone who submitted to NACA have this message on their online account?

<TABLE cellSpacing=2 cellPadding=2 width="100%" border=0><TBODY><TR><TD class=mainbold vAlign=top align=left width="30%">Workout Status Details: </TD><TD class=main align=left width="70%">Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 04/29/2009. If your status remains unchanged after the 04/29/2009, please call and speak to a customer service representative. Please do not call back before 04/29/2009 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you. </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Information as of: </TD><TD class=main align=left width="70%">04/08/2009 </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Workout Stage: </TD><TD class=main align=left width="70%">Processing </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Phase/Sub-Phase: </TD><TD class=main align=left width="70%">Active Processing</TD></TR></TBODY></TABLE>
It says that collections will stop, but that does not include foreclosure? That`s what they say.

I can tell you this message means nothing to CW. I have had this same message since March 16th with a April 6th follow-up date and they have not responded to me any way. I am now going through NACA. I had this message on my account before I started with NACA.

[zbasspro]

Originally Posted by pyeatpr

I can tell you this message means nothing to CW. I have had this same message since March 16th with a April 6th follow-up date and they have not responded to me any way. I am now going through NACA. I had this message on my account before I started with NACA.

That was kind of my point. I have had this message several times in the past, but this is the 1st time since using NACA. I think I just got my first person griving by looking at the house. I can`t imagine going through this. I live on a street that may see one or two cars a day. I just don`t know how to explain it to the kids.

[dthom]

We saw that message too for while afte NACA submitted Now it just says No results found for this account.

[sandyg]

I have a 1st and 2nd mtg. Today I went to CW account and it only showed my 2nd mtg. My 1st mtg account is gone!!!!!! No info. on it at all, it's like it never existed.
Anyone have this happen?

[zbasspro]

Update:
Yesterday I logged onto my CW account and it said:

Please Be Advised - You have a pending transaction status that is temporarily affecting your ability to use this application. In order to better serve you please call us toll free at: 1.800.669.0102 for further assistance. We apologize for the inconvenience.

So I decided to call CW and not mention NACA. The previous times I called they wouldn`t give me information and told me to contact NACA. Anyway they said the investor is proposing a 40 year fixed rate mod @3%, and they were generating paperwork, and to expect a FED EX package!!!! They said the foreclosure date was still active. I`m trying not to get my hopes up yet, but man does it sound good!!! I`ll be indebted to NACA and this site forever!!!

[sandyg]

Originally Posted by zbasspro

Update:
Yesterday I logged onto my CW account and it said:

Please Be Advised - You have a pending transaction status that is temporarily affecting your ability to use this application. In order to better serve you please call us toll free at: 1.800.669.0102 for further assistance. We apologize for the inconvenience.

So I decided to call CW and not mention NACA. The previous times I called they wouldn`t give me information and told me to contact NACA. Anyway they said the investor is proposing a 40 year fixed rate mod @3%, and they were generating paperwork, and to expect a FED EX package!!!! They said the foreclosure date was still active. I`m trying not to get my hopes up yet, but man does it sound good!!! I`ll be indebted to NACA and this site forever!!!

Fantastic! When was your file submitted to NACA?

[mgallant]

Yes please tell us more details! My CW account says the same thing but I have not called them because they call me most everyday with no info about my NACA submittal. And they also ask me what I plan on doing even though I have been working with NACA almost 2 months now!

[zbasspro]

First contact with NACA was 1/20 CW received 1/27. mgallant if I were you I sure would try calling them even though you`re using NACA, I don`t see what you have to lose. I called them instead of NACA because I had already called NACA twice in the past 5 days, plus you don`t have to wait on hold an hour. Good luck and I am encouraged for you knowing you got the same message.
Bob<!-- google_ad_section_end -->

[mgallant]

Originally Posted by zbasspro

First contact with NACA was 1/20 CW received 1/27. mgallant if I were you I sure would try calling them even though you`re using NACA, I don`t see what you have to lose. I called them instead of NACA because I had already called NACA twice in the past 5 days, plus you don`t have to wait on hold an hour. Good luck and I am encouraged for you knowing you got the same message.
Bob<!-- google_ad_section_end -->

Oh, I am sorry my message on CW does not say the same thing yours says. I missed the part where yours says you have a pending transaction. Mine does not sya that. Mine says my account is temporarly experiencing technical difficulties and to call the number yours list for further info or something like that. Mine has said the same thing for over a month now and I have called them several times at that number and they give me the same line I always get "When are you going to pay" and "We do not have any info regarding your NACA proposal"