I did it!!! I'm approved!!!finally!!!!

[j-nice]

I GOT MY APPROVAL TODAY FROM BANK OF AMERICA!!!!!!!!!
3% FIXED FOR THE TERM OF THE LOAN!!!

After 11 months of working with NACA I got the approval!!
Jonathan Murphy called me while I was driving my car. I had to pull over and write down the terms.

Here they are:
3% fixed for the remainder of the loan 27 years and 11 months (current rate is 6.5% fixed).
$14,080.29 Principle Forbearance to be dealt with when the mortgage is paid off or home is sold.

New payment including taxes and insurance $1463.96
Old payment was $1472 plus $500 for taxes and insurance ($1972)
New payment beginning February 1st, 2010
Docs being fed exed out today
He will call me once modification is complete on their end so I can file chapter 7 bankruptcy.

I can't begin to tell you how grateful I am for this forum. I am sitting at my desk trying to fight back my tears of happiness. This is the best Christmas present I could ever recieve. Thank you loansafe members, Moe and Evan, and especially Kevin Winn at NACA and David, Jonathan, and Anthony in Advocacy at BofA. I need someone to pinch me!

Thank you! Thank you! Thank you!

[cali510]

may i ask what your principle amount is on your loan because i am new to naca and your loan seems very similar to mine . btw congrats to u on the mod.

[NacaNation]

Congrats!! It IS an awesome feeling and a huge weight off your back.

And you worked your butt off to make it happen. What a Christmas present!

[j-nice]

Cali510-My first with CW/BofA was fixed conventional at 6.5%, the balance is $227K. My second with National City is $43,500 15 yr balloon. My new payment including tax and insurance is 40% of my gross income. The payment without tax and insurance is 29.5% of my gross. It is the $460 required each month for the ungodly high property tax and insurance rates in Michigan. It was a very long process and a huge lesson in patience and communication skills but well worth it.

[j-nice]

Check this out. My online information got updated that fast.



<LI class=first>Loan Modification<LI class=second>Hide DetailsWorkout Status Detail:Your Loan Modification has been approved, and all collections activities have been suspended as a result of this approval. Next steps will include a call from a workout negotiator who will explain the terms and options of your approved workout including all conditions required for the final completion of the workout, such as upfront funds. You will also receive a package of documents in the mail. These documents are time sensitive and must be signed, notarized and returned to us in 10 days, including any required upfront funds. If you have not received your workout package and/or a phone call from your negotiator by 02/09/2010, please contact us. Please do not call back before 02/09/2010 as that may delay the process. Please respond promptly to any calls or requests that you may receive from Home Retention Department during this time period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of:12/11/2009
Workout stage:Approved

[cali510]

i see thats not bad yours was conventional mines interest only so a bit different but anyhow time to bust out the champaigne huh? lol well happy for you jnice

[Tartbird]

Oh, J-nice, I am so happy for you!!!!

Tartbird

[priscilla]

Congrats. This is good news.

[hithereguys1]

Congrats to you! I got good news too! I got my fedex papers about 2 wks ago stating that I will get 2% for yrs 1-5, yr 6 3%, yr 7-8 4% and yr 9-maturity date 5%. My payments are now 926.62 and my old payment was 2104.12 (at 9.75%). WOW! I'm soooo happy! thanks to everyone for all the wonderful advice! If anyone has any questions, no matter what they are, pls don't hesitate to ask! My acct is with BOA. I signed and got the paperwork notarized and sent first payment.

[msm859]

Congrats to you! I got good news too! I got my fedex papers about 2 wks ago stating that I will get 2% for yrs 1-5, yr 6 3%, yr 7-8 4% and yr 9-maturity date 5%. My payments are now 926.62 and my old payment was 2104.12 (at 9.75%). WOW! I'm soooo happy! thanks to everyone for all the wonderful advice! If anyone has any questions, no matter what they are, pls don't hesitate to ask! My acct is with BOA. I signed and got the paperwork notarized and sent first payment.

Is this a HAMP modification? Do you know who the "investor" on your mortgage is?

[franklyspeaking]

JNice,Hithere,MSM,

First of all congrats on the the mods, thats such exciting news and makes you sleep good at night huh?? I need to help my childrens mother . She's with BOA (formerly a countrywide loan) and she was never late ,never. Had a huge income drop and they determined she fit HAMP perfectly. Got the HAMP letter from them 3 to 4 months ago for the 2% deal and started her on trial payments which she paid perfectly. They of course asked for documents which she faxed or fedexed but now they are asking for more of what shes already sent, she sends/fedexes again and they ask/fedex a letter asking for it again or some variation of it. Said she is due to be assigned to a person to process the final mod but now her status changed to where it shows shes' been "referred" and collection activies may be pursued. She's done everything right,fits the program to the "t" and sends them what they need. Any suggestions/contact persons to help and keep this from going downhill??? Thanks.

[priscilla]

frank,
Please ask her to email Barbara. That is the magic email that is saving us all. She should briefly explain her situation and add her contact number. Someone will call her right back and help her out. This is the contact for the OOP. She is the prez of home loans for BOFA.Hope it helps.
barbara.j.desoer@bankofamerica.com

[j-nice]

Frank-These are the people that I was able to get help from at BofA (Advocacy department & OOP):

barbara.j.desoer@bankofamerica.com
david.leighton@bankofamerica.com (Now in escalation department)
dania.soto@bankofamerica.com (supervisor in Advocacy)
jonathan.murphy@bankofamerica.com (with help from Kevin Winn at naca pushed on getting my approval completed after forbearance agreement)
anthony.lopez@bankofamerica.com

The number to the advocacy department is 866-806-2434
Jonathan ext 9556
Anthony ext 8751

Good luck. If you get contacted by the OOP make sure you get a direct line and email address for the person you are dealing with. I was told by several folks in the Advocacy department that I will never speak with my negotiator (who was Trey Beckel) and they were correct. Never once did I have any contact from him just my advocates (David, Jonathan, & Anthony).

[lesliec]

Super congrats to you!!!

[j-nice]

Jonathan Murphy emailed me on Saturday and said my modification docs were fed exed on Friday and he also gave me the tracking number. I will have my docs today and they need to be back by December 21st. That was fast!

My online account has been updated as well:
Documents Received

Processing DateWorkout TypeDocument Type12/13/2009ModificationWORKOUT ANALYSIS12/13/2009ModificationWORKOUT LETTER12/13/2009ModificationAGREEMENTS12/13/2009ModificationFAX COVER SHEET12/13/2009ModificationWORKOUT OTHER12/13/2009Modification

[Crstl]

I just wanted to add my congratulations. I understand what an enormous relief this must be. To be able to go on with life without this hanging over your head.

I do so envy you though. I'm going into 1 year with NACA now. I hope NACA will be able to do something similar with me but Citimortgage plus FHA seems to equal no hope.

Enjoy your home!

[j-nice]

Crstl-one year is too long! Have you been in contact with Kevin Winn at naca? You can reach him at :
Kevin Winn kwinn@naca.com
(617)250-6222 Ext. 1254

If you leave him a voicemail and an email he will respond to you within 24 hours. If your information is older than 60 days the banks will want updated information. I found it best to email my updated information to naca and then scan and email the same information to Kevin Winn at naca and my contact in the advocacy department at BofA. Do you have a contact point at Citimortgage?

Good luck and don't give up. Yes, it is a relief to have this one tackled. Now, it's onto to the 2nd mortgage with national city and soon after that filing chapter 7 bk to cure the emmense amount of credit card debt I compiled while trying to stay above water!

[veejmar]

j-nice,
Congratulations! This is great news and gives hope to all of us who are waiting and waiting. Good luck with the 2nd mortgage and the Chapter 7 filing. One day this will all be in the past. Congrats on getting past the major first step.

Best regards,
Vince (veejmar)

[cahomeowner]

congratulations! I created a separate thread to capture success stories which will help us identify any patterns. would you mind posting your results on my thread?

http://www.loansafe.org/forum/naca-g...lp-others.html

thank you

[lcolon]

"CONGRATULATIONS"!
BOA..is one of the Easier ones !!

LAura & 3Sons!!

I GOT MY APPROVAL TODAY FROM BANK OF AMERICA!!!!!!!!!
3% FIXED FOR THE TERM OF THE LOAN!!!

After 11 months of working with NACA I got the approval!!
Jonathan Murphy called me while I was driving my car. I had to pull over and write down the terms.

Here they are:
3% fixed for the remainder of the loan 27 years and 11 months (current rate is 6.5% fixed).
$14,080.29 Principle Forbearance to be dealt with when the mortgage is paid off or home is sold.

New payment including taxes and insurance $1463.96
Old payment was $1472 plus $500 for taxes and insurance ($1972)
New payment beginning February 1st, 2010
Docs being fed exed out today
He will call me once modification is complete on their end so I can file chapter 7 bankruptcy.

I can't begin to tell you how grateful I am for this forum. I am sitting at my desk trying to fight back my tears of happiness. This is the best Christmas present I could ever recieve. Thank you loansafe members, Moe and Evan, and especially Kevin Winn at NACA and David, Jonathan, and Anthony in Advocacy at BofA. I need someone to pinch me!

Thank you! Thank you! Thank you!

[vtawadros]

whe you all say new payment? are you meaing new payment that includes both 1st trust and second trust? or is it just 1st trust? thanks. do they take into account the second trust in their calculations?

[j-nice]

vtawadros-The new payment is the first only (principle and interest)plus taxes and insurance. NACA typically will only work on the first mortgage, unless both mortgages are with the same servicer. In my case, the second mortgage is with National City/PNC. I just faxed them 32 pages of updated docs and the new modified docs with BofA. I have gone to them 3 times prior to today asking for assistance and they wouldn't do anything until BofA modified. Well, now they don't have any more excuses!

[hithereguys1]

Hi all!
Sorrry haven't posted in a few days! I totally agree with the others, Barbara (OOP) is the way to go! I really don't know of any other advice that I could give to help you all. My mod was fairly simple thank God! anyone have any other questions? I don't mind answering or helping in any way. Let me know and I will say a prayer for everyone that they get the exact mod they want/need!

[hithereguys1]

Forgot to ad mine was a in house mod with BOA and I have Fannie Mae.

[stressedout1]

CONGRATS JNICE!!!i haven't logged in here for awhile but i was following your threads before and i know what you've been through. U saved your home and got a nice loan mod, a very nice christmas present indeed! i am very happy for you.

[nativelasvegan]

Totally awesome news. Merry Christmas. Thank you for sharing.

[Crstl]

Crstl-one year is too long! Have you been in contact with Kevin Winn at naca? You can reach him at :
Kevin Winn kwinn@naca.com
(617)250-6222 Ext. 1254

If you leave him a voicemail and an email he will respond to you within 24 hours. If your information is older than 60 days the banks will want updated information. I found it best to email my updated information to naca and then scan and email the same information to Kevin Winn at naca and my contact in the advocacy department at BofA. Do you have a contact point at Citimortgage?

Good luck and don't give up. Yes, it is a relief to have this one tackled. Now, it's onto to the 2nd mortgage with national city and soon after that filing chapter 7 bk to cure the emmense amount of credit card debt I compiled while trying to stay above water!

J-nice, Thank you - I've sent messages to Kevin as well as every other resource I could find. We will see, but most of my hope is gone. The very best to you though.

Crystal

[VEEGEE]

I am truly happy for you. The peace you must feel! Whoo hoo!!

I am brand new to this forum... I have been working w/ NACA since September '09 (The LA Save the Dream event). We have a 275k mortgage w/ an $1975.00 payment including taxes and insurance. (We have not made a payment since July '09) We were offered a temporary forebearance payment of $1125.00, in October and we approved it right away. We are trying to get the paperwork from BoA to get started on those reduced payments and we still have not received it!! I Call NACA just about everyday to let them know that we haven't rec'd docs and they keep telling me to call back if I have not received them in 10 days. After stumbling onto this website, I found a number for BofA-Retention, so I started to call BofA to follow up on that end as well. I did learn that our account is with the Advocacy Department with the Hope Team and they pretty much said the same thing... just to wait for paperwork. They did send in a request for a negotiator to call me and told me that when he calls I should ask about the paperwork.

You success helps me to remain hopeful!! I am remaining hopeful that we will be able to push through for a permanent restructure, but I do feel like this temporary lowered payment is a blessing in itself.

Did I mention that I very much want to keep my house!

[j-nice]

Veegee-call the Advocacy department directly at 866-806-2434 and wait on the line for a customer service rep. If they tell you they can't talk with you because you are with NACA hang up and call back. Eventually you will get someone who is pleasant and can hopefully tell you where your paperwork is.

If you are approved for a forbearance the docs should be drawn up immediately and fed exed out to you. You shouldn't have to wait! Find a contact person in the Advocacy office and follow up with them until you have your docs, completed the forbearance payments, and receive a permanent mod. I got lucky back in May and emailed Barb Desoer's office. David Leighton (angel!) from Advocacy called me the following day. Good Luck!

[LOLA28]

hey hithereguys1 how long it took you to get approved i'm going on my 4th month and they just called me today his name is Adrian Vargas dont know if u had heard about him any help will be appreciated. I faxed all the docs like 3 months ago. thank U

[cahomeowner]

congratulations to those of you that received your modifications! I created a separate thread to capture success stories which will help us identify any patterns. would you mind posting your results on my thread? as much detail as possible will be helpful.

http://www.loansafe.org/forum/naca-g...lp-others.html

thank you

[Fairlady]

Wow! Congratulations jnice!!! That's a great Christmas present! I'm still waiting for my present. It's been a long 8 mths but I'm hoping the wait will be worth it.

[cma123]

Hello J-Nice,
I just looked at the status of my account online and it stated the same thing as yours. I have yet to receive a phone call or any documents letting me know that I have been approved... OMG I don't know what to think! Did someone contact you after you checked your status?

[j-nice]

cma123-you can read my entire saga under the post:

January/February restructures...patiently waiting.

I was working with the Advocacy department at BofA (they work directly with naca files)866-806-2434. Jonathan Murphy called me with the approval information and I got my docs two days later.

[GottaMakeThisWork]

Wow, well this makes for a great Merry Xmas for you..this must be the most awesome feeling. I'm in Lathrup Village so not too far from you. I will try to stay positive with my situation as you do give me some type of hope.

[zbasspro]

j-nice,

I told you not to worry that they were FINALLY getting to us old timers! I wish I would have asked for the principle forbearance, looks like the 1st proposal they offered me without the PF. I requested, and got 40 years, with the HAMP step rate starting @2% maxing @5%. Had they help off some priciple probably would have gotten the same payment with 27 year @3%. Oh well, I can keep my home, and that`s what counts! Congrats again!!!!

[davephx]

If its HAMP you don't ask they tell

In the waterfall they first reduce to 2% than 40 years to get to 31%. Than they forbear (although rarely do).

[zbasspro]

If its HAMP you don't ask they tell

In the waterfall they first reduce to 2% than 40 years to get to 31%. Than they forbear (although rarely do).

I was offered 3% for the remaining 27 years, it didn`t fit my budget, and was more than my trial payment, by over $200. I requested stretching it to 40 years, that`s when I got the HAMP offer. Having know what I know now(J-nices` offer) I would have asked them to forbear some of the principle. mostly just the 20k + they added in late an attorney fees!

[davephx]

OK you forced them into HAMP vs inhouse before. If HAMP they have to add the delinquencies into the mortgage at least and follow the waterfall to 31% of income.

Of course the "have to" is a bit weak since there is no enforcement power if they don't.

[litton nightmares]

CONGRATULATIONS

We wish you a Merry Christmas

AND A HAPPY NEW YEARS

WTG!!!!