Did you receive a successful NACA Restructure? Please post your results to help others

[cahomeowner]

In reading all the different experiences with NACA it seems that the results differ depending on a number of factors the main one being who owns your loan.

If you received a successful NACA restructure we would like to hear from you. This will help others as they start their journey. This is just a guideline

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank
investor who owns your loan
current payment amt (indicate if this is interest only or PITI)
loan amount
length of loan
interest rate
type of loan fixed or variable
number of months behind

new scenario:
new payment amount (is this PITI or Interest only)interest rate
fixed for life of loan (y/n)
length of new loan
new loan balance amt
principle reduction (y/n)
how long did this all take
new payment is what % of your total gross or total net income?

I think this will help if we had 1 place where people could go to see scenarios where people received successful NACA restructures. In reading various postings it looks like Fannie Mae, Freddie Mac and FHA loans are the ones that are having issues and those loans are being directed to the HAMP program.

I know there are a lot of factors and every situation is different. I would like to see if we can narrow down some of the commonalities especially for those receiving 2-4% for the life of the loan restructures.

I welcome your comments and suggestions.

[pdsfoley]

I received a restructure.......just haven't received DOCS yet....when I do I'll post details!

[cahomeowner]

I received a restructure.......just haven't received DOCS yet....when I do I'll post details!

go ahead and post what you have so far. thanks

[pdsfoley]

go ahead and post what you have so far. thanks

2% I/O (with taxes) for 5 yrs...then 2% for life of loan PITI...we had to take the I/O to make it affordable...because BAC is adding on all missed payments and interest to back of loan...

[sannvil]

2% I/O (with taxes) for 5 yrs...then 2% for life of loan PITI...we had to take the I/O to make it affordable...because BAC is adding on all missed payments and interest to back of loan...

Congratulations pdsfoley! That is great!, I would be happy if they will give me that kind of offer too.

[sannvil]

Thank you for starting this thread cahomeowner. This sure will help a lot of people.
I'll be posting mine when i get a result.
More power.

[ktakos]

I was denied by chase because of not enough income

[SillyWorld]

I was denied by chase because of not enough income

Like what or how much less income did you have at the time of denial..???

[cahomeowner]

I was denied by chase because of not enough income

I think you need to show at least a $200 surplus to be considered for loan mods. a deficit would make you ineligible based on what I have seen.

[kdpamd]

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank - BofA (Countrywide)
investor who owns your loan - BONY
current payment amt - 2565.00 10yr I/O
loan amount - 456000
length of loan - 6 yrs
interest rate - 6.75
type of loan fixed or variable - fixed
number of months behind - 9mo behind

new scenario:
new payment amount - 1891.00 Interest and Principal
fixed for life of loan (y/n) - yes 2% fixed
length of new loan - 30 yrs
new loan balance amt - 472,000
principle reduction (y/n) y. They knocked our second off which was 42k. Servicer BofA
how long did this all take - We were submitted in July 10th and approved Sept. 25th through NACA.
new payment is what % of your total gross or total net income? 31% exactly.

[minknmelissa]

I was offered throught naca 1800 my current is 1865 My investor is citibank and my servicer is bank of america my interest rate is 6%now it would be 5.8% it is not a good offer to me they proposed 1271 with taxes and insurance thats what it would be at 2.6% I can't take it because i will end up in default again I am trying to figure something else out.

[CW California]

I was offered throught naca 1800 my current is 1865 My investor is citibank and my servicer is bank of america my interest rate is 6%now it would be 5.8% it is not a good offer to me they proposed 1271 with taxes and insurance thats what it would be at 2.6% I can't take it because i will end up in default again I am trying to figure something else out.

Naca proposed 2.6% and Citi came back with 5.8%? That's awful. I would reject it too. Maybe NACA will be able to get you better. Was the 5.8 submitted to NACA or directly to you thru BofA?

[minknmelissa]

Through Naca they are going to call me today Jonathon Murphy and see if they could do any better. I am not hopeful though I hate to sound so negative but I was so excited twice before this time I want to be prepared so if it is the same thing I will have to make up my mind to release naca and try again for MHA. I pray he can do better Thanks

[minknmelissa]

Guys I didn't get a call from Jonathon but i did get a call from naca they offered fixed 2.85 for the life of the loan no balloon and instead of 37 years it is 27 years. I am so excited and scared because it seems to good to be true I have been down this road and then disappointment. Any advice as to what happens after you say yes to loan mod with naca. I also notice not that it matters alot that they were wrong on how many months behind I was they added six months its three payments but should i even bother to make a big deal it seems like they didn't use the payments in the suspense account I am so prayful that this is correct yesterday I changed my pray to whatever your will is God I will accept it I hope this was his WILLLLL!!!!!!!!!!!

[CW California]

Guys I didn't get a call from Jonathon but i did get a call from naca they offered fixed 2.85 for the life of the loan no balloon and instead of 37 years it is 27 years. I am so excited and scared because it seems to good to be true I have been down this road and then disappointment. Any advice as to what happens after you say yes to loan mod with naca. I also notice not that it matters alot that they were wrong on how many months behind I was they added six months its three payments but should i even bother to make a big deal it seems like they didn't use the payments in the suspense account I am so prayful that this is correct yesterday I changed my pray to whatever your will is God I will accept it I hope this was his WILLLLL!!!!!!!!!!!

That's awsome. Make sure you stay after NACA to accept it then follow up with Jonathon to get the docs sent out timely. Congratulations!! Good Job!

[pdsfoley]

Guys I didn't get a call from Jonathon but i did get a call from naca they offered fixed 2.85 for the life of the loan no balloon and instead of 37 years it is 27 years. I am so excited and scared because it seems to good to be true I have been down this road and then disappointment. Any advice as to what happens after you say yes to loan mod with naca. I also notice not that it matters alot that they were wrong on how many months behind I was they added six months its three payments but should i even bother to make a big deal it seems like they didn't use the payments in the suspense account I am so prayful that this is correct yesterday I changed my pray to whatever your will is God I will accept it I hope this was his WILLLLL!!!!!!!!!!!

Congrats MINK!!!!!!! Just stay on them to get your docs!!!

[minknmelissa]

Thank you I am very Hopeful How long do you think I should wait if I haven't gotten the package? I wonder if it was OCC that got things moving or Jonathon Murphy new what he was doing and the other negotiators didn't

[CW California]

Thank you I am very Hopeful How long do you think I should wait if I haven't gotten the package? I wonder if it was OCC that got things moving or Jonathon Murphy new what he was doing and the other negotiators didn't

Mink, first step is to make sure NACA has communicated your acceptance to BofA. Call Jonathon and confirm.

[cahomeowner]

I got up at the crack of dawn to attend the NACA Save The Dream Event today in San Francisco. I am happy to report I received a successful restructure. here are my details

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank Wells Fargo
investor who owns your loan Goldman Sachs
current payment amt (indicate if this is interest only or PITI) Interest Only
loan amount $500K
length of loan 30 year
interest rate 4.875%
type of loan fixed or variable 5 year interest only set to recast in jan 2010
number of months behind 12

new scenario:
new payment amount (is this PITI or Interest only)interest rate 2% PITI
fixed for life of loan (y/n) y
length of new loan 40
new loan balance amt $500K
principle reduction (y/n) n
how long did this all take 1 day at the Save the Dream Event
new payment is what % of your total gross or total net income? 29% Gross

I am still in shock. how is it possible that NACA's event can get a decision in 1 day??? I have been dealing with my lender for the past 12 months trying to get a loan modification.

This new plan saves me $500 a month. I was hoping for more at least a $1000. The NACA budget did not include a lot of misc items and I am not sure how much room the lender had. I was too excited about the 2% that I should have pressed a little harder and reviewed those financials again.

The good news is that the lender is forgiving the $30K in past due and not adding it back into the loan as others have reported. The lender is restructuring my loan to a PITI and my 1st payment is not due until january! They mention some legal fees that may or may not be rolled into the loan. One thing the lender mentioned is that the NACA guidelines allow for a $200 surplus. My lender is allowing a $500 surplus.

For those of you reading the posts, I believe there are number of factors which determines where you fall in the investor guidelines. I am hoping everyone posts their success stories here so we can figure out what factors were common among all of us which will help new folks entering the process.

NACA worked for me! I thank everyone on this forum you have been extremely helpful.

[townie271]

Congratulations on your 2% !!!!!!!!!!!

[cahomeowner]

For those of you reading these postings. I encourage you to consider strongly attending the san francisco event. get here as quick as you can. even if there only 20-25% of the attendees are getting load mods, I would say it's worth your time even if there is a small chance to get your load mod.

I saw people at the event from georgia, vegas, phoenix, los angeles. whatever you need to do get to this event!

[CW California]

I got up at the crack of dawn to attend the NACA Save The Dream Event today in San Francisco. I am happy to report I received a successful restructure. here are my details

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank Wells Fargo
investor who owns your loan Goldman Sachs
current payment amt (indicate if this is interest only or PITI) Interest Only
loan amount $500K
length of loan 30 year
interest rate 4.875%
type of loan fixed or variable 5 year interest only set to recast in jan 2010
number of months behind 12

new scenario:
new payment amount (is this PITI or Interest only)interest rate 2% PITI
fixed for life of loan (y/n) y
length of new loan 40
new loan balance amt $500K
principle reduction (y/n) n
how long did this all take 1 day at the Save the Dream Event
new payment is what % of your total gross or total net income? 29% Gross

I am still in shock. how is it possible that NACA's event can get a decision in 1 day??? I have been dealing with my lender for the past 12 months trying to get a loan modification.

This new plan saves me $500 a month. I was hoping for more at least a $1000. The NACA budget did not include a lot of misc items and I am not sure how much room the lender had. I was too excited about the 2% that I should have pressed a little harder and reviewed those financials again.

The good news is that the lender is forgiving the $30K in past due and not adding it back into the loan as others have reported. The lender is restructuring my loan to a PITI and my 1st payment is not due until january! They mention some legal fees that may or may not be rolled into the loan. One thing the lender mentioned is that the NACA guidelines allow for a $200 surplus. My lender is allowing a $500 surplus.

For those of you reading the posts, I believe there are number of factors which determines where you fall in the investor guidelines. I am hoping everyone posts their success stories here so we can figure out what factors were common among all of us which will help new folks entering the process.

NACA worked for me! I thank everyone on this forum you have been extremely helpful.

Oh found your break down. Goldman Sachs. I think you are the first one I've heard who have them as an investor. Great for you. Yea!!!

[lkszip]

Hi all ... went to SF today-arrived 7:30am-about 1500-2000 people in line already! Got in the building around 10ish ...got into orientation about 2:30ish and were told that we would receive a voucher and not get in for the counseling session or see the servicer today, need to come back tomorrow! Voucher allows us to go to front of the line and directly into counseling session. Will hopefully see servicer and get a solution! Very long day. For any of you thinking of waiting until Monday ... DON'T!!! Go Sunday at the very latest! Best to all... Lisa

CAHomeowner ... CONGRATULATIONS! Keep us updated with when you receive "permanent" papers and signatures from the bank!! Way to GO!

[cahomeowner]

Hi all ... went to SF today-arrived 7:30am-about 1500-2000 people in line already! Got in the building around 10ish ...got into orientation about 2:30ish and were told that we would receive a voucher and not get in for the counseling session or see the servicer today, need to come back tomorrow! Voucher allows us to go to front of the line and directly into counseling session. Will hopefully see servicer and get a solution! Very long day. For any of you thinking of waiting until Monday ... DON'T!!! Go Sunday at the very latest! Best to all... Lisa

CAHomeowner ... CONGRATULATIONS! Keep us updated with when you receive "permanent" papers and signatures from the bank!! Way to GO!

I agree go asap! I heard stories from other cities that they could not see the lenders because those lenders went home early because they were too tired. go now don't wait. even if there is a slight chance you will get a mod then do it you may come out in 1 day with a loan mod something that would take you months trying to do over the phone

[sannvil]

I got up at the crack of dawn to attend the NACA Save The Dream Event today in San Francisco. I am happy to report I received a successful restructure. here are my details

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank Wells Fargo
investor who owns your loan Goldman Sachs
current payment amt (indicate if this is interest only or PITI) Interest Only
loan amount $500K
length of loan 30 year
interest rate 4.875%
type of loan fixed or variable 5 year interest only set to recast in jan 2010
number of months behind 12

new scenario:
new payment amount (is this PITI or Interest only)interest rate 2% PITI
fixed for life of loan (y/n) y
length of new loan 40
new loan balance amt $500K
principle reduction (y/n) n
how long did this all take 1 day at the Save the Dream Event
new payment is what % of your total gross or total net income? 29% Gross

I am still in shock. how is it possible that NACA's event can get a decision in 1 day??? I have been dealing with my lender for the past 12 months trying to get a loan modification.

This new plan saves me $500 a month. I was hoping for more at least a $1000. The NACA budget did not include a lot of misc items and I am not sure how much room the lender had. I was too excited about the 2% that I should have pressed a little harder and reviewed those financials again.

The good news is that the lender is forgiving the $30K in past due and not adding it back into the loan as others have reported. The lender is restructuring my loan to a PITI and my 1st payment is not due until january! They mention some legal fees that may or may not be rolled into the loan. One thing the lender mentioned is that the NACA guidelines allow for a $200 surplus. My lender is allowing a $500 surplus.

For those of you reading the posts, I believe there are number of factors which determines where you fall in the investor guidelines. I am hoping everyone posts their success stories here so we can figure out what factors were common among all of us which will help new folks entering the process.

NACA worked for me! I thank everyone on this forum you have been extremely helpful.

CONGRATULATIONS cahomeowner!!!!!!! It is really nice to hear another successful restructure..
It gives us hope. I want to go to the event eventhough I was already submitted but the problem is they do not have a schedule for Florida STD yet. It says to be announced.
Cahomeowner, did u have to register online for the event?
Congratulations again.

[cahomeowner]

CONGRATULATIONS cahomeowner!!!!!!! It is really nice to hear another successful restructure..
It gives us hope. I want to go to the event eventhough I was already submitted but the problem is they do not have a schedule for Florida STD yet. It says to be announced.
Cahomeowner, did u have to register online for the event?
Congratulations again.

I was considering flying to vegas, phoenix or los angeles. Then I heard about the SF tour. I did not see any more posted on the website. wherever it is I would recommend flying in as fast as you can. you could potentially walk away with a solution in 1 day which would take you months of dealing with NACA over the phone.

they have the lenders right there on the spot ready to make decisions. this will shorten your cycle exponentially. a flight from FL to CA is not that expensive. the tour goes until tuesday. I would get here today!

[cahomeowner]

CONGRATULATIONS cahomeowner!!!!!!! It is really nice to hear another successful restructure..
It gives us hope. I want to go to the event eventhough I was already submitted but the problem is they do not have a schedule for Florida STD yet. It says to be announced.
Cahomeowner, did u have to register online for the event?
Congratulations again.

knowing what I know now, I would have flown to wherever this event took place. vegas, phoenix, st louis, los angeles.

you have a chance of getting something done in 1 day which would have taken you months over the phone. a flight from fl to ca is not that expensive. is SF the last tour? if it is can you get out here today? I think you need to factor in at least 2 days at the event just in case they tell you to come back to finish the next day. the tour runs until tuesday.

[cahomeowner]

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank - BofA (Countrywide)
investor who owns your loan - BONY
current payment amt - 2565.00 10yr I/O
loan amount - 456000
length of loan - 6 yrs
interest rate - 6.75
type of loan fixed or variable - fixed
number of months behind - 9mo behind

new scenario:
new payment amount - 1891.00 Interest and Principal
fixed for life of loan (y/n) - yes 2% fixed
length of new loan - 30 yrs
new loan balance amt - 472,000
principle reduction (y/n) y. They knocked our second off which was 42k. Servicer BofA
how long did this all take - We were submitted in July 10th and approved Sept. 25th through NACA.
new payment is what % of your total gross or total net income? 31% exactly.

Congratulations on your Loan Restructure!

Your loan is a Principal & Interest Loan and you are paying down the balance. I had some questions:

1. was there anything in your paperwork that indicates whether or not you can borrow the equity at some later point in time?

2. would making extra payments each month lower your payments? have you played with the numbers to see what impact making an extra couple of hundred dollars or more would do to your subsequent payment amounts.

[StephenM]

Hi I posted this in other thread but probably belongs to here as well and would serve other people redaing this one:

i have just recived back a (HAMP) proposal from Wells Fargo which is far from the NACA solution and wanted to know if it would be worth attending the Save the Dream event at this point so i can have a F2F meeting with my servicer and my NACA negotiator. Now here is the catch: I am afraid that if i do not accept the bank MOD immediately i will loose the one and only train. Am also afraid that if i accept it i would be in a stressful situation a few mo. down the road, as accepting the proposal does not seem like a big change for me nor a long term solution. My experience so far is mixed feelings i am very grateful that NACA exists caus eprobably the listened to me because i went through them, but everything is so confusing, slow, and barely up to the promises. I don't want to give up, I am glad i got something but i have read horrible threads about getting HAMP trial and then being denied the MOD and trashing your credit scores, etc. etc. basically being rolled back to nothing, so i cannot even say i am safe on the low side, yet, here's my story w/ numbers and dates


Pending Mod
Old Percentage: 5.875% FIXED
Old payment PI: $2,140.00
New Percentage:4.00% for first 60 mo.
New Percentage:4.75% for the life of the loan (252 mo.).
New payment: (PI) $1,830.00 mo. 1 to 60 (after3 mo trial)
New payment: (PI) $1,917.00 mo. 61 to 312
I have a 2nd Mtg at 7.25% no restructure yet being done, different servicer & investor

Quick Overview
Self employed: No, reduction in fixed income
Government Backed: through Fannie Mae
ARM: NO
Interest Only: NO
Full Amortization: YES
Loan Servicer: Wells Fargo
Investor: Fannie Mae
NACA satrt date process: May 22nd, 2009 travelled 500 miles twice to meet counselor, but process full of errors and missing info obliged me to re-do by phone from July 21st
NACA submitted: Aug 26th, 2009
Communications with NACA: At least 3 times till everything went through
WF acknowledged NACA submission: Sep 1, 2009
WF proposal to NACA: Oct 14, 2009 (Not NACA solution) but HAMP w/ 3 mo. trial
NACA acceptance to WF: nothing yet i requested a follow up for advise on what to do now, and they are to call me "sometime next week" (no date no tim sepcifics) by a negotiator but i don't want to wait or i could miss the train. i had requested a negotiator talk with me in the past never returned my calls, e-mails or nothing, and base don teh proposal i am deeply skeptical that even a NACA negotiator ever existed
Current Status: Waiting for NACA call. I have not called the bank yet, I am afraid to even talk to them, last time i called them they were asking me for pmts stub, only to find out that the MOD was already in my NACA inbox. i submitted them pmts stubs like 5 times all current it looks like they have no clue.

More info...
Current on mortgage (never late) at a high cost of credit card debt and many personal sacrifices, and loaning part of my 401k to keep up w / pmts
Desperate on what to do, shall i go ahead and get the WF proposal? NACA estimated that i should get 2% - 3% for the life of the loan for a 800$-1,000 reduction but i only got a $310 for 60 mos.

Again thanks for your help and kind advise, shall i wait for the NACA negotiator call or shall i go to the save the Dream Tour to speed up the process wherever this might be and meet a physical human being??? Doe sit make any changes at all at this stage??? I have not recived any paperwork at home yet so i do not have a clue how long will the bank hold for the offer, any advises here???

thanks
Stephen

[StephenM]

knowing what I know now, I would have flown to wherever this event took place. vegas, phoenix, st louis, los angeles.

you have a chance of getting something done in 1 day which would have taken you months over the phone. a flight from fl to ca is not that expensive. is SF the last tour? if it is can you get out here today? I think you need to factor in at least 2 days at the event just in case they tell you to come back to finish the next day. the tour runs until tuesday.

I can't go till Monday, for the Tuesday session no other oprion for me. In this scenario, would you still go? if so, what precautions should you make?

[stressedout1]

congrats cahomeowner...another naca success story. we know someone who actually works at bofa and they originally told us our chance for a loan mod was very slim to none. this was all before we found loansafe and naca. cahomeowner, you did your research before going and you had decided to go, and it obviously paid off. i'm happy for you.

[stressedout1]

stephen m,
it all comes down to affordability. if the hamp mod will put you in trouble in the future, i would definitely go with naca solution. i would also recommend attending one of these events asap.

[naca702]

In reading all the different experiences with NACA it seems that the results differ depending on a number of factors the main one being who owns your loan.

If you received a successful NACA restructure we would like to hear from you. This will help others as they start their journey. This is just a guideline

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank
investor who owns your loan
current payment amt (indicate if this is interest only or PITI)
loan amount
length of loan
interest rate
type of loan fixed or variable
number of months behind

new scenario:
new payment amount (is this PITI or Interest only)interest rate
fixed for life of loan (y/n)
length of new loan
new loan balance amt
principle reduction (y/n)
how long did this all take
new payment is what % of your total gross or total net income?

I think this will help if we had 1 place where people could go to see scenarios where people received successful NACA restructures. In reading various postings it looks like Fannie Mae, Freddie Mac and FHA loans are the ones that are having issues and those loans are being directed to the HAMP program.

I know there are a lot of factors and every situation is different. I would like to see if we can narrow down some of the commonalities especially for those receiving 2-4% for the life of the loan restructures.

I welcome your comments and suggestions.

Hello cahomeowner

I would suggest adding
"Loan Doc's Received from Lender" (YES/NO) or
"Date Mortgage Statement Updated with NEW TERMS" (DATE) to the current scenario list to signify the date of finalization so we know that the NACA/LENDER terms have truly been finalized.

After reviewing most of the comments regarding NACA, it seems as though some homeowners are still waiting for loan docs months after receiving approval from NACA & the lender.

The final phase of restructure would be when the mortgage statement has been updated with the new terms. To me, that's a done deal, and the homeowner can finally put it to rest.

[lkszip]

Going back for a 3rd day! Exhausting! Will report back!! I have Wachovia ... they are the worst! B of A seems to be the best ... but I believe that is because they also work with NACA as the lender to buy a home through NACA.

[cahomeowner]

congrats cahomeowner...another naca success story. we know someone who actually works at bofa and they originally told us our chance for a loan mod was very slim to none. this was all before we found loansafe and naca. cahomeowner, you did your research before going and you had decided to go, and it obviously paid off. i'm happy for you.

your exactly right. I did my research and one thing that seemed obvious was that NACA only seem to be working for certain type of lender/investors. I also discovered that most of the wait time at the event was for the registration, orientation and counseling. I figured I could get all that out of the way online and on the phone.

Knowing what I know now I would have followed this NACA Save the Dream to wherever city they were visiting at the time. I know we have readers on the forum who are sitting on the fence deciding whether to go or not.

I would say do your homework, research and see if your lender/investor is participating with NACA or just offering the 4 month trial HAMP program. If they are participating with NACA then I would get out to one of these events asap! You have to do your research and please make sure to bring all your paperwork.

[cahomeowner]

Everyone reading this posting, please keep this thread just for postings of successful NACA restructures. This will help minimize the chatter so people can find what they need quickly.

Thanks

[inmyview]

Hi All, I went to SF Friday and got throught the orientation. I was not hopeful of getting a restructure as I do own a second home. I took my chances and returned early Sunday. Got to the counselor and was honest about the second home which he appreciated, but said NACA could not help me because of it. I asked if I could at least get a loan audit (had all paperwork with me). He spoke to his supervisor and said because I was honest about my situation the would let me go in for the loan audit.

He led me to the audit folks who happened to be in the same room as the lenders! I went through the audit process and walked over to the Wells Fargo area and handed them my latest communication from Wells.

They sat me in front of a negotiatior within minutes. She scoffed at the idea that the presidential office had asked me to sign a HAMP affidavit. She said my investors would not modify under hamp. I asked who they were and she would not say. No prob as I already submitted my QWR. She said she will be able to give me a 5 year modification with a 3 month trial starting Nov 15. The one late will be put into a silent second with no interest until the loan is paid off.

My sit. is a 10yr I/O (3 years into it) - 612k balance currently at 6.5.

I am glad I went on faith and attended - just belive!

I will update when I hear back Thursday.

[sakura]

We went to SF STD event for 3 days, and got our results.

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank : ASC/Wells Fargo
investor who owns your loan : Goldman Sachs
current payment amt (indicate if this is interest only or PITI) : Interest Only
loan amount :$493K
length of loan :30 year
interest rate :6.75
type of loan fixed or variable :30 yr fixed with 10 year interest only. number of months behind :0

new scenario:
new payment amount (is this PITI or Interest only)interest rate :2% PI
fixed for life of loan (y/n) :y
length of new loan :40
new loan balance amt :$493K
principle reduction (y/n) :n
how long did this all take :3 day process at STD tour
new payment is what % of your total gross or total net income? :27% gross



The first day, we arrived there at 5 am, got through the orientation at 1pm, and received a voucher. Went back on Saturday at 6 am, waited 12 hours to see a counselor. She told us our bank wouldn't reject the NACA proposal since we've paid so much in interest during the past 4 years. We went to the bank room, then our bank's network went down for maintenance. We were so exhausted but had no choice but going back again yesterday. The bank rep told us that they can't accept the NACA proposal because the PITI payment is so low that even 0% interest wouldn't do it. Our investor would only allow the lowest of 2%, which they gave us. Since they were offering us the lowest the investor would allow, we decided to accept it without consulting a NACA negotiator. It still feels surreal. We've been fighting against ASC/Wells Fargo since April, got denied twice, and then NACA made this miracle happen in 3 days. I'm still not 100 % convinced that this really happened. We should be receiving the formal documents from bank in a few days, so then, we'll be jumping and dancing for sure.

I want to thank everyone here at Loansafe. This site has helped us tremendously, including learning about NACA. You guys are the best!!

[Serenity]

Hi All, I went to SF Friday and got throught the orientation. I was not hopeful of getting a restructure as I do own a second home. I took my chances and returned early Sunday. Got to the counselor and was honest about the second home which he appreciated, but said NACA could not help me because of it. I asked if I could at least get a loan audit (had all paperwork with me). He spoke to his supervisor and said because I was honest about my situation the would let me go in for the loan audit.

He led me to the audit folks who happened to be in the same room as the lenders! I went through the audit process and walked over to the Wells Fargo area and handed them my latest communication from Wells.

They sat me in front of a negotiatior within minutes. She scoffed at the idea that the presidential office had asked me to sign a HAMP affidavit. She said my investors would not modify under hamp. I asked who they were and she would not say. No prob as I already submitted my QWR. She said she will be able to give me a 5 year modification with a 3 month trial starting Nov 15. The one late will be put into a silent second with no interest until the loan is paid off.

My sit. is a 10yr I/O (3 years into it) - 612k balance currently at 6.5.

I am glad I went on faith and attended - just belive!

I will update when I hear back Thursday.

That is awesome! I have a friend who has a rental property too and was told by NACA that they couldn't help him. This is very encouraging to hear!

[cahomeowner]

We went to SF STD event for 3 days, and got our results.

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank : ASC/Wells Fargo
investor who owns your loan : Goldman Sachs
current payment amt (indicate if this is interest only or PITI) : Interest Only
loan amount :$493K
length of loan :30 year
interest rate :6.75
type of loan fixed or variable :30 yr fixed with 10 year interest only. number of months behind :0

new scenario:
new payment amount (is this PITI or Interest only)interest rate :2% PI
fixed for life of loan (y/n) :y
length of new loan :40
new loan balance amt :$493K
principle reduction (y/n) :n
how long did this all take :3 day process at STD tour
new payment is what % of your total gross or total net income? :27% gross



The first day, we arrived there at 5 am, got through the orientation at 1pm, and received a voucher. Went back on Saturday at 6 am, waited 12 hours to see a counselor. She told us our bank wouldn't reject the NACA proposal since we've paid so much in interest during the past 4 years. We went to the bank room, then our bank's network went down for maintenance. We were so exhausted but had no choice but going back again yesterday. The bank rep told us that they can't accept the NACA proposal because the PITI payment is so low that even 0% interest wouldn't do it. Our investor would only allow the lowest of 2%, which they gave us. Since they were offering us the lowest the investor would allow, we decided to accept it without consulting a NACA negotiator. It still feels surreal. We've been fighting against ASC/Wells Fargo since April, got denied twice, and then NACA made this miracle happen in 3 days. I'm still not 100 % convinced that this really happened. We should be receiving the formal documents from bank in a few days, so then, we'll be jumping and dancing for sure.

I want to thank everyone here at Loansafe. This site has helped us tremendously, including learning about NACA. You guys are the best!!

FANTASTIC!! WE ADMIRE YOUR PERSISTENCE AND IT PAID OFF!! Let us know if they waived your late payments and how much that was. I also feel like the NACA reps should take you aside away from the lenders to see if they can push and do better. CONGRATULATIONS!