NACA Offer

[dthom]

Just wanted to start a new thread on our experience with NACA. We are really hopeful at this point. Just spoke with NACA tonite and the offer they submitted to CW is awesome. They asked for a major principal reduction,and 3% interest rate. that would lower our payment just over $600 per month. Finally a payment we can afford even with husband on unemployment right now. When we spoke with counselor on Friday he said we would need something like this because of now having to pay for our presriptions,and with husband being a diabetic his insulin alone will cost $300 per month, not to mention other meds he takes for that as well as other health issues.
I know this is a negotiating process, and CW and our investor which I understand is Freddie Mac will probably bulk at this as I know they don't like to do reduction, but hopefully something can be done. Rep on Friday thought that we had a stated income mortgage as the numbers did not make sense even when he looked at what my husbands income had been, and what mine is now. When I told him that that was news to us, as we had provided tons of income documentation, he didn't seem surprised.
We have been advised to ask for a one month deferral of our payment, if we are unable to come up with it for Feb due to the unemployment, since we have not missed any payments yet and that would keep us in good standing and give them at NACA time to negotiate. But to get it in writing if they agree. Since I don't trust CW at all, that is a given. Don't know if they will agree, but if they don't we will do whatever it takes to get the payment in before the 15th of the month so it doen't show delinquent, and I will call them constantly in retention. Got some good advice from counselor regarding tactics lenders use to get you to accept their offer and not wait for NACA.

Will keep posted. This will not be a short process, 60 to 120 days they said. But we will pray that this works out so we can stay in our home. If not for LoanSafe I would not even of known about NACA. Thanks, at least we have some hope now.

[MP927]

Hi dthom,
Can you tell us the tactics the lenders use to get you to accept their offer and not wait for NACA? I have applied to NACA and sent a hardship letter to CW. So I would like to be up on the latest in this area
TSM!

[dthom]

MP927
I had filed with CW previous also, hardship letter etc. NACA told me that while going thru process with them CW may try to contact us with an offer, but whatever they offer will not be connected with NACA, as NACA will let us know when and what was accepted by CW. He said some lenders, not necessarily CW alone, will actually outright lie to you, because they know that if you accept their offer, all bet are off with NACA. He also, said that if they offer Forebearance all bets are off with NACA. Did say if someone decides to take CW up on an offer before NACA has completed the job, to make sure to GET IT IN WRITING. So I guess the advice of the day is Don't trust the lenders offers especially once NACA has submitted their restruture offer to them. Sounds like they will do whatever it takes to not have to go with what NACA is proposing. As for me, after all the you qualifym, you don't qualify stuff from CW I don't trust them one bit.

[MP927]

Hi again,
OK thanks! I wanted to be armed with as much information as possible .
I feel like NACA is the only way to get the terms we really need. I don't think CW is going to be that generous with offers. I feel sorry for the people unaware of this forum or NACA; that may settle for new terms that don't help too much. I thank my lucky stars for this place

But I don't know how long NACA will take with the onslaught of work they must have now . I want the changes to take place yesterday if you know what I mean...

[dthom]

NACa told us to ask CW for a payment deferral for Feb as it is going to be almost impossible to come up with our $1513 payment due to unemployment just starting. Well, this is probably no surprise to anyone, they told me they don't do that! I need to ask for a MODIFICATION! Told them they have had my info since Dec 5 and did nothing, Linda said she was so..... sorry. So now, we try to find a way to come up with the payment before the 15th so we don't show delinquent. These people are nuts. I sure hope NACA can get this sooner than later.

[gray517]

We are 1 of the Naca success stories , we got a 6% fixed for the life of the loan modification, we started with Naca at the end of september, Naca submitted the proposal to CW on 10/6, we got a verbal approval of the proposal from Naca on 12/12 and an email regarding the official approval and the terms from Naca on 12/30. when I didn't get my mod docs from CW, I again had to contact Naca on 1/7 they contacted CW and I got my docs on 1/9 (they were dated 11/26) we sent them back on 1/12, my online account shows they are recieved but nothing else has been changed, and I can't pay online. I again contacted Naca last week about this (makes me nervous not seeing the changes to account yet) they have contacted CW once again. so the Naca process took about 60 days to get the approval and another 30 to get docs, now just waiting on CW to update my account. whew!

[dthom]

Gray517

Did you still have to make your payment after getting the approval. NACA has told us not to stop making our payment. Which right now is really tough to do, but they said it would help to preserve what good credit we have left if any and would be better for us.

[gray517]

i did not make any payments while going thru the process, we were behind 60 days when we went to naca, after trying for a month to get somewhere with cw, when i got the mod approval we were 5 months behind and they also added in january payment to the mod, i did not have the money to make the higher payment while asking for help. my first payment with new mod is due 2/1 getting ready to put in the mail since i can't pay online yet.

[dthom]

We really don't have the money either right now, but since we were not late as of yet, paying about 9th of the month for past few months, so NACA said to do whatever it takes to keep paying, so we don't trash our credit anymore, but I wonder if we keep paying this huge payment, how is CW going to want to restructure the loan. I mean if they think we can pay the big payment why would they accept the changes? Now with husband out of work, it will take my whole paycheck for the month plus a few dollars extra just for the mortgage. We still have to eat and pay r/x ( no insurance any more). Hope we can get our taxes filed fast and we get some kind of refund to help us get thru this. His unemployment will just about cover the r/x costs. Insulin is really expensive, along with other r/x costs. Not much left over for food, gas for car or any other bills. If we find we can't do it we will have to take our chances/

[michigan tsunami]

What do you think your chances are that CW will accept naca's offer? My status still shows incomplete with naca even though I have been assured it will be submitted this week. When did you start your process with Naca? Where in MI do you live? I have talked to you several times in the past and I'm rooting for both of us! Nobody realizes how bad it is in Michigan. We are all underwater and drowning!!!

[MP927]

Originally Posted by michigan tsunami

What do you think your chances are that CW will accept naca's offer? My status still shows incomplete with naca even though I have been assured it will be submitted this week. When did you start your process with Naca? Where in MI do you live? I have talked to you several times in the past and I'm rooting for both of us! Nobody realizes how bad it is in Michigan. We are all underwater and drowning!!!

Hey tsunami--I show incomplete too at NACA and glad to talk to someone that shows that too so I understand. That means that they have not submitted to CW? And not necessarily that I haven't completed all the paperwork?
Because I just submitted to NACA and I believe it's going to take some time for them to look at my file.

[michigan tsunami]

I talked to NACA on Monday and they said " I was good to go" but I would feel much better seeing "submitted." I have had to resubmit several times the same docs.

[gray517]

Naca is overwelmed with the amount of people using thier service, so many people all over the country are in the same boat as we all are. my whole process with naca took 90 days, i do believe most of the problem and the delay is because of cw, they seem to take thier sweet time looking at the mod proposal regardless of how it is submitted. i am in florida and were i live we have made #1 nationwide foreclosure list 3 times,been out of work 8 months (laid off) hubby got just this week his 4th pay cut. its rough all over! hopefuly some light will shine at the end of the road soon. good luck with naca.

[dthom]

michigan tsunami

We live in St Clair Shores, how 'bout you. I too wish someone would realize how awful it is here. I heard it may be 5 years before things start to get even somewhat better here. We too are way "underwater" and values are dropping every day it seems. Hang in there.

[michigan tsunami]

dthom, We are self employed and live in Troy. I have six employees who are going to learn their hours have been drastically cut for next week. My business (coffee) is down 30-40% for the month of January. Naca still shows Incomplete again today and nobody has called looking for information. The fact I'm self employed makes it a little trickier I think. When did you start your application process? How long before they submitted to CW. Any indication from Naca if they think it will get accepted?

[denised]

Where does it say that you are incomplete? I go to NACA site, click on Homesave > Process > Existing Members Click Here > LogIn and Look under the Status to see I was submitted.
Maybe schedule a phone appointment with them to find out more, I find that was the easiest way to get them to contact me.

[dthom]

We had first phone consult on the 16th, submitted paper work on the 17th and then more on the 22nd. Had phone consultation on the 23rd and again on the 26th when we were told our restructure had been submitted. NACA didn't really give us any indication as to whether or not it would be accepted, just that they submit the request, they wait for a response and then negoitiate with CW and then the investor if they don't accept the first offer. They are asking for a large principal reduction, over half of what we owe, because value has fell so much, about $41000 since we refinanced out of ARM just over a year ago. Plus interest reduction to 3%. I told them it sounded like we had no chance at all, the counselor just told us to let them do their job. Their job is to keep us in our home. I just hope we aren't the first to get a denial while using CW. Until we know something one way or the other it is very stressful.

michigan tsunami:
I hoe your business picks up. It is bad here, I work for an insurance agent, and even that is slow. Hang in there!

[jrolfedrev]

Hopefully all the NACA success loansafe member can devout their times on volunteering then it will speed some of the NACA internal process. I just applied to NACA last week and committed to volunteer my time in helping other troubled homeowners. And if turned down by CW or NACA did not even work then I just have to swallow my pride and walk away from the house.

[MP927]

Well I'm pretty sure the investors want some money from us instead of *none* and possibly years to sell a foreclosure...so I feel hopeful that we will all get some sort of modification that we can live with.
If not, like you said we will rent and save $$$. And I am more than happy to volunteer my time to NACA. Especially with how hard they are working for our cause.

[dthom]

We would like to volunteer, but the nearest office is oaver 100 miles from us, but if they do something near us we would help.

[MP927]

Yes the nearest office to us in LA, but they have a get together at a church near my husband's work so we will probably go there if they need us to.

[gray517]

Originally Posted by dthom

We would like to volunteer, but the nearest office is oaver 100 miles from us, but if they do something near us we would help.

me too the closest naca office to me is 4 hours away, but i already told them if they come here, would be first in line to volunteer or if they need something done that i can do at home or from the computer to please let me know.

[dthom]

Just checked CW workout website. Yesterday it still showed all the info I had submitted on 12/05 prior to contacting NACA. Now it has this message on the workout website:
Our records indicate there is no workout information associated with this account. To inquire about another account, please use the drop down menu above for a list of available accounts. If you would like to speak to one of our representatives about a workout plan please call us toll free at: 1-800-669-6650. For general information about programs offered, please visit our Financial Hardship Assistance page.
Anyone know if this is a sign that NACA is now working on the restructure?
It kind of set me back, because, I have been hearing so much that our investor Freddie Mac will not do principal reductions and interest rate reductions both. Is this what generally happens once NACA gets involved,do they wipe out whatever you had submitted prior?

[itscatnip]

I had 2 prior modifications in review with cw before i submitted to NACA. I was denied for both (no specific reason). NACA submitted my loan for restructure on 1/20. I was rejected for my prior mod on 1/23 and the website still shows the second mod that was rejected. As of today, the cw website does not show the mod NACA submitted. I'm not worried because NACAs website shows my loan was submitted and my rep confirmed this with me as well.

A little background:
378k mortgage, current by struggling to make mthly payment. Interest rate 10.3% (amazing). Naca submitted proposal to reduce interest rate to 6.5 percent (a dream) and reduce overall payment from 3909 (including escrow) to 2600 (including escrow)

[gray517]

we also submitted to CW for modification in addition to naca, under status it shows the 1 mod approved and completed and the other still pending, as for the docs our paystubs etc are no longer showing up just the returned mod docs, I think the docs only show online for 60 days as mine disappeared exactly 60 days after they showed up.