NACA =abandoned

[billycuda]

I submitted my file to wells fargo on 2/16/10. On NACAS webfile it states that new US treasury laws state that the lender has 30 days to give you an answer on which direction they are going with your loan. WELLS FARGO stated they have 90 days to make a decision, but they have already sent out a notice of accelerated foreclosure with no auction date yet. When I called. NACA with this info she stated that she doesn't know where I'm getting the 30 day window for a decision from. She also stated that HOPEFULLY you won't get a auction date in the mail in which your auction date is before the 14th of april because there will be no one here to help you because we are holding dream events in florida and penn. I questioned her on that comment and she stated "you hopefully won't be TOTALLY left in the dark". Which made me feel like after a month of working with them and getting down to the wire on foreclosure I'm being abandoned so the can help new people at the dream events!! She also stated it MAY help if I fly to florida and attend an event. I live in new england and I thought they were helping me. Much like the last two years of being in "modifacation processes". What should I do any suggestions? I'm fed up with the runaround

[LoanModHelpCenter.com]

You need to get some answers. I hate hearing about people who deal with these non-profit organizations who hold things like "dream events". What the heck is that? Are you kidding me!? Like it’s a dream of all of ours to fall behind in our mortgage and financial situation and then have to spend 400+ to fly to an event across the US and then when you get there have to pay for a hotel and then wait 30hrs in line at the so called "dream event" so someone will hear your case and when that happens if your docs. aren’t perfectly in order and even though you may qualify, if you are not the perfect cookie-cutter version of a loan modification you will get nowhere. Truthfully it is frustrating to me! There is so much false-hope out there. Sure some people have got modifications on account of NACA, but many have not. Many have been in your precise position and had the door slammed on them.

The truth is that no one is going to be more vested in your home or getting you a loan modification besides yourself. The problem with that is the not-knowing factor. The uncertainty of qualifying vs. not and if you can even achieve a modification. Have you posted your specifics anywhere yet, so that I can give you my opinion of where you are?

[billycuda]

I have an 80/15/5 loan 80 fixed at 6.0% and the 20 variable at 4.3% (now) it was at 8.4% the problem is I can afford the house again (I had a career change in late 2007 that caused this mess). Wells fargo kept me in the mod mill for TWO years!! They ran me through hamp. I made all my trial period payments on time with all paperwork in on time then they sent me a letter stating my investor was not involved. (Which of course was different from what I was told). They are telling me that my investor is Federal home loan bank. But the foreclosure notice said that wells is the lender. My payments are $2060.00 for both loans. I show about 300.00 after all expences are paid every month. I have increased my income from when I first asked for "help" now they won't help me with my delinquent amount. I don't know if I should just pay off all my debt then file chapter 13 to. Keep the house. My state is a recourse state so I don't want to be paying for a house where someone else is now living. I was not even delinquent when I started this mess. They told me I had to be delinquent to get help. Ya look where that's got me. I'm about $30,000 upside down right now

[LoanModHelpCenter.com]

Because of your loan position of having negative equity and being upside down; even if you now have the income to make the payment it would still be in the best interests of the investor to modify your loan and bring it to a current position so that they can keep you in the home and making the payment. I think you still have a lot of possibilities. I have seen many cases like yours where someone has completely lost their income and then 5 months later found another job making what they were before or in some cases even a bit more. The trouble is after 5 months of late payments, it is to hard to come up with what is owed to bring the loan current so they sink deeper and deeper. Or like your case, the servicer gives them a trial payment which only makes matters worse.

By all of your figures you are seemingly in a range of eligibility. Roughly what is the household gross income?

[billycuda]

My gross is $79,000 with ot included my average weekly net is about $1000.00. I've always been about one month behing for the last two years of being reviewed for a mod but as time went by even if I became current the fees and charges would of put me back in the same situation the following month. Their numbers for what I owe are so srewed up now. They won't break it down for me. They told me their looking into possibly putting the outstanding balance on the back of the loan, but I was told before that the investor wouldn't do that. Wells also stated that they have NINETY days to make a decision on what they can do. By then my house will have been auctioned off. Can wells stop foreclosure after an attny has started the procedure?

[LoanModHelpCenter.com]

Yes Wells can stop the foreclosure if it has gone over to the attorney but they will not do so unless there is good cause because it costs them to put a hault on it. So they will want to make sure that you have updated financials with everything sent in the way it needs to be submitted. If you only have 90days you better get cooking. A CAP mod. might be a good idea and it would benefit you to know with certainty what you are qualified for. You may actually fit within a number of different programs that you can qualify for which also may benefit the investor. With you income where it is you seem to be in a pretty good position just based on these estimated figures. I think you would benefit from submitting your own Loan Disposition Analysis. What are your goals?

[billycuda]

My goal at this point is to keep the house. I have started paying off credit card debt in large chuncks. I guess either way it doesn't matter at this point plus if I have to file chapter 13. To keep my house maybe ill have a better chance if my credit card dept is greatly lowered. My main goal is to keep the house

[LoanModHelpCenter.com]

My goal at this point is to keep the house. I have started paying off credit card debt in large chuncks. I guess either way it doesn't matter at this point plus if I have to file chapter 13. To keep my house maybe ill have a better chance if my credit card dept is greatly lowered. My main goal is to keep the house

Obviously the servicer does not want to modify your loan but you may still be qualified and if you are that would be in the best interests of the investor financially over foreclosure or short sale. That is what matters. The servicer [Wells Fargo] is contracted to act in the best interests of the investor over anything else. Lets go through your situation more thoroughly, I will do a quick property and income analysis for you just to see where you are and if the numbers fit within the guides. Once we do, you will have a better idea of where you stand and what your options are.

[billycuda]

Total gross income $5619.00

Total debt $2725.00 (includes mrtge credit cards, car pymnt and prop taxes&ins

Total net $3990

Living expences around $600.00

This is per month

[hope67]

Total gross income $5619.00

Total debt $2725.00 (includes mrtge credit cards, car pymnt and prop taxes&ins

Total net $3990

Living expences around $600.00

This is per month

I'm confused, why do you want to pay your credit cards then file for Chapter 13??? You should not pay anything, you should list all your debts in Chapter 13, your disposable income will then be applied towards the arrears of the secured debts such as your mortgage, then whatever is left will go to unsecured debts such as credit cards. In fact, if you paid any creditors before filing for BK, it would be considered unfair to other creditors and the trustee will have to go to those creditors asking them to return the funds you have paid them.

[billycuda]

Yes I too am confused. I'm confused why the servicer has run me through programs that the investor didn't agree to. I am also confused that the servicer has misled me for two years while being under review and being told one thing is happening and the exact opposite is the result. Wells fargo should of been upfront and honest two years ago and told me there is nothing your investor is willing to do. I got that explanation almost two years later. They did not follow contractual agreements that they had with my investor thus stringing me along. I have always has 90% of the money to become current. They should have started foreclosure proceedings two years ago. At least that part of it would of been behind me now. But wells fargo will get their service fees and late charges for two years. Some will look at this like they were giving you an opportunity to become current, only because I lived it I see it as a carrot dangled in front of me for two years. This is not a rant to the above post this carbon copy story has happened to too many people in this country. If they could make more money off of modifying loans you would not hear a thing about foreclosures.

[lwillhite]

Dear billycuda,

My name is Lynn Willhite with NACA. I am just now coming in to visit the forum and noticed your thread. If you would email me at lwillhite@naca.com with your naca id number and name, I can look in your file and guide you in the right direction. I will also continue to monitor your file until there is a resolution.

[LoanModHelpCenter.com]

Yes I too am confused. I'm confused why the servicer has run me through programs that the investor didn't agree to. I am also confused that the servicer has misled me for two years while being under review and being told one thing is happening and the exact opposite is the result. Wells fargo should of been upfront and honest two years ago and told me there is nothing your investor is willing to do. I got that explanation almost two years later. They did not follow contractual agreements that they had with my investor thus stringing me along. I have always has 90% of the money to become current. They should have started foreclosure proceedings two years ago. At least that part of it would of been behind me now. But wells fargo will get their service fees and late charges for two years. Some will look at this like they were giving you an opportunity to become current, only because I lived it I see it as a carrot dangled in front of me for two years. This is not a rant to the above post this carbon copy story has happened to too many people in this country. If they could make more money off of modifying loans you would not hear a thing about foreclosures.

They want you to be confused and in fact it is part of the game. They bank on the fact that you will be worn out and confused and just give up....literally bank on it. As a matter of fact, so many of our clients said exactly as you have, that "the servicer did their best to sound optimistic all the way up to the end right before we got denied."

The catch 22 again is their lack of will to modify mortgages because of their ability to profit off of foreclosures. As you clearly state, logic will tell you this. The sad thing is that they are not even being straight forward about the investor either. It is actually a half truth that your investor is not modifying your loan. It is not the investor who modifies or even approves a modification. The servicers don’t go up to the investor and ask them to "please modify this mortgage." They are contracted to act in the best interests of the investor financially. So the investor is under the impression that they will. They leave the loan alone, that is the whole point of having a servicing company do the work for you. They are to modify the loan if it is in the best interest of that investor, the investor does not do that themselves. The investor will hold them accountable though to make these decisions. But my guess is that they were never even in contact with the investor in regards to your file. More than likely this was used as a scapegoat for denial.

Based on your numbers:

-You have negative equity
-You have a hardship (temporary loss of income)
-You can still prove an ability to pay back the modified payment over time

My only concern would be the debt to income ratio which by my calculations is around 34%. But that is based on the rough numbers here. If so you are showing what is known as an imminent risk for default on the lenders standpoint and need to be brought down to a low risk. Worst case scenario, even if you were under 31%, because of the past due amounts it will still be in the best interests of the investor to modify your loan through a CAP modification or the FLEX program.

The truth billy is that no one but yourself is going to have as much as a vested interest in your home and what happens to it. If you want something to get done the right way you have to empower yourself and take matters into your own hands. If you are open to it, I would have no problem doing a 3way call with you and Hells Cargo....I mean Wells Fargo, where we could find out exactly what is going on along with the investor specifics. That way you and I both have a better idea of your situation.

[billycuda]

Levi I believe you are absolutely correct. I talked to my processor 2 weeks ago and he confirmed who my investor is. He had told me that the investor lays out guidelines that they have to follow in regards to loan mods. So they don't have to bother to call the investor for auth. For the past two years they have told me that they have to call the investor which has been numerouse times. If I was the investor I would be asking the why you have called numerouse times on the same investment for auth. I don't know the truth, but I know when I'm being lied to. I called my investor in november of 2010 and actually got to speak to somebody on my loan. So I have proof that Wells violated the contract with the investor and didn't follow the guidelines on how they were to handle my loan/their investment. The middle man has played both me and the investor. So I am willing to take every detail of how Wells handled their investment and put it in front of their face. I will march it down to the investors building myself and flood their fax machine with Wells paperwork until it is noticed. My fight is far from over. What do you think?

[billycuda]

I would also like to state that the processor in november told me that "the investor is not willing to participate in any modifacation program on this loan". In stating that why was I put through the hamp program? I spent five months under that review, made all my trial period payments on time. They stated they always had sufficient paperwork to procede, and verified by two processors that MY INVESTOR WAS INVOLVED IN THE HAMP PROGRAM. After the trial period I received a letter stating that my investor was not involved in the program. Servicers are not required to modify loans but they must be required to follow contractual agreements with the processor. The reason I spoke with the processor in november because it was verified with a supervisor that they used false credit report numbers to make my debt to income ratio way out of wack thus resulting in an inability for an in house mod. Yes levi if your willing totalk with Wells with me it would be much appreciated

[Jeffrey L. Shurtliff]

I would continue paying only the minumum amount on the credit cards. Also, Wells Fargo will sell your property while you are in a mod process. They told me that they sent an email to stop the sale of my house and they did not. They have also had me pay trial mod payments for HAMP then turned me down and then after bankruptcy, they offered HAMP trial payments to me again. Of course I told them NO! These banks play by their own rules so becareful.

[LoanModHelpCenter.com]

I would also like to state that the processor in november told me that "the investor is not willing to participate in any modifacation program on this loan". In stating that why was I put through the hamp program? I spent five months under that review, made all my trial period payments on time. They stated they always had sufficient paperwork to procede, and verified by two processors that MY INVESTOR WAS INVOLVED IN THE HAMP PROGRAM. After the trial period I received a letter stating that my investor was not involved in the program. Servicers are not required to modify loans but they must be required to follow contractual agreements with the processor. The reason I spoke with the processor in november because it was verified with a supervisor that they used false credit report numbers to make my debt to income ratio way out of wack thus resulting in an inability for an in house mod. Yes levi if your willing totalk with Wells with me it would be much appreciated

I would love to.......This way we can find out exactly what is going on. These guys are crooks bottom line. Once we find out all of the specifics about the loan position and status and the investor specifics from the horses mouth.....I will let you know exactly where you stand. Let me know a good time. Feel free to email me or call me so that we can set it up when it is convenient for you.