NACA/BOFA Loan Modification Succesful

[STRIPER1970]

I'll try to make this simple!!

I had a loan modification with Wilshire/NACA almost a year and half ago. NACA is a GREAT company but you need to be patient and wait for the lender to respond which could take months!! I went from 6.75% ARM to 4.41% permanent for 28 years then a few months later my loan was sold to BOFA.
I made my payments for a year then applied for another modification using NACA. After 8 LONG months BOFA accepted NACA's proposal last week and my new interest rate is 2.5% for 27 years.

BUT I still have two HUGE issues, I'm in NY and my house is worth 211,000. I am almost 225,000 underwater between my first loan 370,000/second(50,000). My second loan is currently with a credit union/attorney which I hired an attorney to settle the amount\lien but they have not responded to any of the letters sent to them.

I was thinking on doing a chapter 13 to remove the 2nd loan/lien since I have no other bills BUT I am still looking at other options.

I'm also still looking for a good principal reduction program in NY so I can remove 160,000 of the primary.

Please DO NOT GIVE UP! I Know the process is long but there's a light at the end of the tunnel.

Thanks

[Cat Damiano]

Hi STRIPER1970,


That is a really great fixed rate loan, Congratulations!! As far as the second lien goes, there is some really great information on settling your second in this thread:
Strategy for Settling Your 2nd

[mikedonovan85]

I'll try to make this simple!!

I had a loan modification with Wilshire/NACA almost a year and half ago. NACA is a GREAT company but you need to be patient and wait for the lender to respond which could take months!! I went from 6.75% ARM to 4.41% permanent for 28 years then a few months later my loan was sold to BOFA.
I made my payments for a year then applied for another modification using NACA. After 8 LONG months BOFA accepted NACA's proposal last week and my new interest rate is 2.5% for 27 years.

BUT I still have two HUGE issues, I'm in NY and my house is worth 211,000. I am almost 225,000 underwater between my first loan 370,000/second(50,000). My second loan is currently with a credit union/attorney which I hired an attorney to settle the amount\lien but they have not responded to any of the letters sent to them.

I was thinking on doing a chapter 13 to remove the 2nd loan/lien since I have no other bills BUT I am still looking at other options.

I'm also still looking for a good principal reduction program in NY so I can remove 160,000 of the primary.

Please DO NOT GIVE UP! I Know the process is long but there's a light at the end of the tunnel.

Thanks

Hello, thanks for your tail. I wanted your advice on my situation. I too had a mod over 1 1/2 years ago using Wells Presidential office - in house. Anyhows, i lost my job for a few months and my wife is unemployed, but i got a job and then in Oct 2010, i applied with naca at a dream event for hardship. i got a trial which finished in early jan.

Since jan though my webfile sits dorment with the only comment from the servicor that its still in trial ?. It finished in early jan !. My question to you is

1. when you submit questions to the servicor in your webfile, they dont seem to respond, or is it that you have to wait 3 weeks for a response.
2. naca escalations also seems to take on my case, yet no update in the webfile, no comments,
3. what is your experience, do I just have to keep updating my webfile for say another 6 months (its been 3 months in the trial and 3 months after the trial). What to expect, just sit and sit ?
4. how many payments were you behind. i am 1-2 months and i think it could present a problem if its not 3 or above ?

thanks in advance. frustrating waiting and not sure if the wait is actually allowing this naca thing to work ?

[lwillhite]

Dear mikedonovan85,

I have been monitoring your file from our forum and we do have our escalations team trying to find out why there is a hold up on modifying your loan permanently. Sometimes it can take several months to complete the process. I will continue to monitor your file, therefore, you can email me at any time as you have been with questions and concerns.

NAnswers3 at our NACA forum
lwillhite@naca.com

[carmenlynne]

I know lots of people have success with NACA, but is it only for those who have mortgages that are actually owned by the big banks such as BofA? My mortgage is privately owned by a group of investors, and an attorney told me they will NEVER modify my loan because they can't break up their pools of mortgages. Is that true? I have been trying with NACA to get my loan modified for two years now, has it all been in vain?

[lwillhite]

Dear carmenlynne,

When a homeowner's loan is owned by private investors, it is more difficult to determine what they will allow for a modification if they even do. Most of them are in security pools with guidelines under a PSA. This particular group your loan is with may not allow for modifications. If you will send me an email at lwillhite@naca.com with your naca id number and name, I can look in your file and we can discuss further what may be going on.