Does NACA ever fail with Loan Mod proposal?

15119DOVE · 03-02-2009, 11:20 AM

NACA submitted my paper work with proposed rate 3% fixed for 30yrs since Feb 5 2009. I know I need to wait for 4wks or a month before calling them on status. I am just very little worried because we are now current until the new payment with higher rate in April.

mgaud123 · 03-02-2009, 12:19 PM

We submitted with NACA on Sept. 11th (so almost 6 months!). We still show in Countrywide's system as "Active Processing". We are still current, as well. Our rate reset December 1 and a new one will be May 1. We cannot afford May 1 reset. As of now, NACA has told us to redo our hardship letter and get new paystub's so we can submit to CW again.

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15119DOVE · 03-02-2009, 12:39 PM

My guess is we have to be in default, CW is playing hard ball I don't know if NACA could do anything to push that.

mgallant · 03-02-2009, 02:43 PM

I think CW and NACA are so overwhelmed with people whoa re not paying and are in default that the folks who need MODS who continue to pay ontime are last on the list right now. Hang in there and do what you have to do to get that MOD approved, but I don't think your type of MOD will be rushed through!

giv5yrarm · 03-02-2009, 07:22 PM

ive been waiting since nov2008 and its now march., naca just keeps telling me to call back every 2 weeks.. and that they are so overwhelmed to just be patient i did recieve a general email from naca in feb stating that they are doing some progress with customers... i am not current and dont know what else to do .... this waiting game is so ridiculous doesn anyone have other suggestions,,, ive asked naca about the march 4th obama help and they told me to call countrywide direct on that day does anyone one have a contact number for countrywide regarding the march 4th stimilus plan ?

Moe Bedard · 03-02-2009, 08:54 PM

it would be the same number to home retention...............but they don't have any guidelines yet.
1-800-669-0102

15119DOVE · 03-03-2009, 09:08 PM

Does anyone has any experience with ING bank for loan mod?

Moe Bedard · 03-03-2009, 10:35 PM

Since you are not able to have a second property to work with NACA............and you have CW 1st and Citizen's Bank 2nd.

how does ING fit in?

15119DOVE · 03-04-2009, 07:48 AM

ING is the investor

Dan Bailey · 03-04-2009, 08:05 AM

The investor will not work directly with you.

tandknix · 03-04-2009, 09:42 AM

I know from experience that NACA does take a looooong time and when you are waiting on something this important it feels like FOREVER. I just encourage you to hang in there. It took ours 3 months to the day to get a response back from CW & NACA. I know the lines are longer now and they help those who are in foreclosure first.

Just remember, it's worth it in the end. Just keep calling for those updates...hound NACA and CW

15119DOVE · 03-04-2009, 10:04 AM

Thanks for words of encouragement, were you in default and received what NACA submitted?

Karma · 03-04-2009, 11:03 AM

I've been lurking for over a year and finally decided to post......

My husband and I started working with NACA since dealing with CW was pure insanity. Our ARM had readjusted x2 and 11%.

We went to the meeting in our area in Oct. I actually submitted the papers prior to even going to the meeting............

After NACA made a submission to CW in mid Nov. 2008, on 01/23, we received a agreement @ 5.2% fixed rate for 30 years. Plus, the 60 days late included.

The next day, we get a call from NACA, CW wants to bring it down to 5%....Great!!!!.....We just need to wait 2-3 weeks for the papers via FedEx....CW emailed NACA 2weeks later to re-affirm the modification terms......

Well, guess what??? We're still waiting.........The latest update from NACA is that CW had drastically reduced the amount of modifications within the past couple of weeks and they (NACA) really don't know what's going on.......

I really do think that CW is waiting for President Obama's "Homeowner Stability Initutive" Plan to see how much money is going to come their way....

Also..........

Did you know that the former Prez of Countrywide (S. Kurland) and other CW exec's have started up a business named PennyMac that buys up deliquent loans including modifying them????

Ya think maybe this is one of the reasons things are slowing up at CW?

I'm just trying to keep my blood pressure down and my blood from boiling.....

shabbey2 · 03-04-2009, 11:45 AM

You know, my husband was just saying to me this morning that Countrywide has to be making money on these sub prime mortgages because they are refusing to help so many people. It makes me so angry!

tandknix · 03-04-2009, 12:13 PM

Quote:

Originally Posted by 15119DOVE

Thanks for words of encouragement, were you in default and received what NACA submitted?

As a matter of fact...we weren't. We had missed our 3rd payment in August, called CW, they offered a BAD loan mod, we went to NACA and denied THAT mod.

At the end of October they sent us a notice that they were starting the foreclosure process. We immediately notified NACA. They contacted CW and got it postponed.

Throughout the process we didn't make any payments. CW had told us that we didn't need to make any payments while going through the loan mod process so we didn't! Go figure...they decide to foreclose on us! But all is well in the end! You can read our story in detail at: NACA/CW Success Yippee!!!

gray517 · 03-04-2009, 12:22 PM

Quote:

Originally Posted by 15119DOVE

Thanks for words of encouragement, were you in default and received what NACA submitted?

we are the other recent success story with Naca (our story in the success thread) and Iwe were behind 60 days when I approached CW, I quickly got off the CW merry-go-round and went to Naca. we were 90 days when Naca submitted in October, could not make the payments, when we got the approval in Dec we were behind 5 months, we got a notice to accelerate in Sept, but nothing else happened. when we finally got the mod docs in Jan 09, they included the 5 months past due and jan payment in the mod plus our escrow shortage (they paid our taxes 11/08) first payment due feb, funny thing was our mod docs were dated for november and the dates lined thru and changed to jan, same thing happened to tandknix, makes you think they approve these mods early on, but just don't send them out for whatever reason. Good luck!

Karma · 03-04-2009, 12:35 PM

Just reading the various success stories really gives me the energy to keep going.........

I'm so thankful for this forum and the wonderful people who share their experiences!

cporter75 · 03-04-2009, 10:35 PM

How did it affect your credit being 5 months behind?

cporter75 · 03-04-2009, 10:37 PM

gray517

how was your credit affected being 5 months behind?

gray517 · 03-04-2009, 11:04 PM

Quote:

Originally Posted by cporter75

gray517

how was your credit affected being 5 months behind?

tanked it, but it got tanked anyway since when I lost my job could no longer pay credit cards, and with hubby's 4 pay cuts had to voluntary repossess on car in august. can't afford to buy anything that would require payments anyway now with $4400 less a month income, we are going to start saving a few dollars to file bankruptcy on the collections, we were hoping for the bankruptcy thing on cramdowns to get worked out but it looks like if it passes it will have serious limitations on how and what can be done, we got a mod for a 6% rate for the life of the loan and our loan is no longer considered sub-prime, it is highly unlikely that would allow us to qualify for any bankruptcy relief on the principal, since 1 of the proposed conditons to getting a principal reduction through bankruptcy is you have to prove you contacted and attempted to work with your lender and they didn't not allow a favorable modification. we will nonetheless eventually have to file bankrupcty on the collections before they try for judgments. In florida it is bad, unemployment were I am is at 10%, houses have lost 40-50% in value and because we are "tourist and snowbird" state, every year in november when season hits the cost of living goes up but does not ever go back down, just keeps increasing! ok sorry bout the long winded post! good luck!

15119DOVE · 03-06-2009, 10:26 AM

***
I have 2nd a home equity with Citizens bank and been talking sending faxing to Tom Dunloft - Loss mitigation Dept. I got a run round with him first UPS docs got lost he couldn't find them, 2nd round I faxed again 30 pages of docs, 3nd I got denied and he is not talking to me after many messages & voice mails I left. NACA is not working on 2nd mortg for me if it's not the same as first mortg. How do I go beyond Tom Dunloft in Loss Mitigation dept. I have 8% fixed just want a lower rate so it can be affordable since my hours got reduced at the work place.

Moe Bedard · 03-06-2009, 10:54 AM

What can be done is going to be up to the investor................
what is the reason that you were denied?

15119DOVE · 03-06-2009, 11:20 AM

Income to debt ratio too high, I was proposed reduce rate from 8% to 5% so that I can be positive. I thought Citizens bank is my investor because the monthly statement is from Charter One.

15119DOVE · 03-06-2009, 11:29 AM

***, I was thinking send a letter or email to the CEOs. Do you have any suggestion?

Moe Bedard · 03-06-2009, 01:24 PM

It won't hurt to try.............