Time running out! NACA / First Franklin; Help!

[Chris-in-Arizona]

Hello -

What a terrific resource this site is; I wish I had stumbled upon it months ago! I am hoping that some of you can provide some insight and advice. Any assistance is greatly appreciated.

Here is my story:

I have a mortgage with NationPoint (but I am now dealing with First Franklin - not sure how that happened. I thought that NationPoint bought First Franklin years ago.). In any case, I'll refer to them as FF. My mortgage is $315k and home value is approx $190k. I am currently at 7.125% (ARM).

I started working with NACA in January and they submitted a restructure package to FF on 02/09/09. Apparently FF responded to NACA on 3/11/09 stating that my file was "under review". Someone in the NACA legal dept contacted FF on 03/17/09 to request that my auction date be postponed. This is the extent of communication between FF and NACA that I am aware of.

As a backup plan I have been working with the FF Loss Mitigation dept on a loan modification since December. On 3/27/09 FF finally contacted me. They are offering me a pre-modification at this point, not an actual modification. They basically want three monthly payments of $1,350 and then they will offer me an actual modifcation at that point. They said the modification would "probably" be 3.99% for three years and then back to original terms. They said that during the three year period my payment would "probably" be the same as my pre-mod payment of $1,350, including escrow amounts for insurance, taxes, and HOA (which are about $300/month). However, I am concerned about their math b/c a payment on a $315k mortgage at 3.99% is $1,502 not including the escrow amount. With escrow, the total would be about $1,800.

BTW, I mentioned to my FF rep that I was working with NACA. She said that she had not heard of them and said it did not matter any way. Only she can make decisions about my mortgage!

My question is this: should I decline the pre-mod offer and hope NACA comes through?

If yes, is there any way I can force a postponement of my auction date?

Additional details: I have to decide on the pre-mod by tomorrow, April 1st, or it expires. My auction date is set for April 16th.

My understaning from NACA is that if I accept the 3-month pre-mod offer then my NACA file will be put on hold.

I'm just not sure what to do and I am running out of time. I do not want to lose the house, but I would prefer a NACA solution to a FF solution.

Any advice?

Thank you for taking the time to read this post. Your help is appreciated.

Regards,
Chris

[Chris-in-Arizona]

Hello -

Does anyone have a name and number of a person within First Franklin / Home Loan Services / NationPoint that is the designated contact for NACA?

Thank you!

Chris

[Dan Bailey]

Chris,
I noticed you also posted asking for a contact number for whoever deals with NACA in the lenders orginization.

"As a backup plan I have been working with the FF Loss Mitigation dept on a loan modification since December. "

Working both sides is not a good plan. What it is doing is confusing the paperwork within the lenders process. (as is shown by their offer )If you are working with NACA, it is suggested to only deal with them-let them make the contacts.
When you have questions, contact NACA-not the lender.

[Dan Bailey]

Time running out! NACA / First Franklin; Help!

[Chris-in-Arizona]

Hi Dan -

Thank you for your post. I agree with you, but I did advise NACA that I was talking to FF and they were okay with it. They just advised me not to sign anything and let them know what FF offered.

I should also clarify that to say I was "working" with FF is a bit off the mark. I contacted them in early Decemer and then never heard a thing from them until last week.

I discussed the pre-mod offer with NACA yesterday and, much to my surprise and perhaps disappointment, they recommended that I strongly consider accepting the pre-mod offer from FF. NACA stated that while they are working on my file, there is no guarantee that they will get my auction postponed (scheduled for 4/16/09) nor a solution worked out; whereas the pre-mod offer from FF would guarantee that I would keep my house for at least another 90 days.

I have put a lot of time into the NACA program, and am a big believer in it. However, time is just running out. I'm leaning toward taking the premod offer and hoping to get a NACA solution during the 90-day premod period. I wish I could speak to the NACA contact at FF, but my FF rep claims that no such person exists.

A few minutes ago I did get my FF rep to grant me a 24 hour extension on accepting the premod. So I have a bit more time to do research and consider my options.

Thanks again for your post.

Regards,
Chris

[Dan Bailey]

Chris,
I would agree that no such person exists (a NACA/FF negotiator specifically assigned)
If NACA says to strongly consider it-I would. This will keep the home from auction, and perhaps give you some breathing room to change circumstances/apply for another mod, etc...

[MichelleLynn]

Sorry, I have First Franklin with Home Loan Services...

[MichelleLynn]

Oh, I just saw you said Home Loan Services.. Sorry
You can try calling Gary Stockey at Home Loan Services, maybe he can direct you to whoever you need to talk to.. As far as your NACA contact, you would have to call NACA and asked them...

Gary Stockey's number is 412-918-7691

[Chris-in-Arizona]

That is who I am with as well. My mortgage started out with NationPoint but now it is First Franklin with Home Loan Services. They must all be related. The name of my FF rep is Alisha, but she claims no knowledge of NACA.

Do you know who the NACA contact is there?

Thanks!

Chris

[Chris-in-Arizona]

Thanks Dan. I am starting to lean towards that option as well. My hope is that NACA will continue working on my behalf during the pre-mod period.

One question: do you think I would have much success in trying to speak to a supervisor or other person a notch up the food at FF? My rep just isn't very willing to have open discussions wtih me at this point.

Thanks again,
Chris

[MichelleLynn]

That is exactly what my original negotiator at HLS said to me, but just this month I was transferred to the "newly formed" just this month NACA department in Loss Mitigation.

I would tell her that you know there is now a NACA department your loan should be there, Gary Stockedy may also be able to help.. He knows about NACA..

[MichelleLynn]

I know if you are working with NACA your loan should be in that area at Loss Mitigation, They may transfer it after the pre-mod, all I knwo is during my pre-mod, they did NOTHING, would not talk to NACA, anything, until the pre-mod was over..But, a week after my pre-mod was done, they did contact NACA and transfer me to a differnt person at HLS.. It was just hard waiting the 3 months!

[Chris-in-Arizona]

Thanks for the info. I just left a voice mail message for Gary Stockey. If I hear anything back I will let you know.

Thanks again!

Chris

[MichelleLynn]

Originally Posted by Chris-in-Arizona

Hi Dan -
I have put a lot of time into the NACA program, and am a big believer in it. However, time is just running out. I'm leaning toward taking the premod offer and hoping to get a NACA solution during the 90-day premod period. I wish I could speak to the NACA contact at FF, but my FF rep claims that no such person exists.

A few minutes ago I did get my FF rep to grant me a 24 hour extension on accepting the premod. So I have a bit more time to do research and consider my options.

Thanks again for your post.

Regards,
Chris

I am also a STRONG believer of the NACA program and I think it works well with for people who have lenders that have agreements with NACA. For peopl like us though, where Bank of America, (Who does have a agreement with NACA), refuses to accept responsibility for our loans, we are stuck with just a servicer who is working off pre-set guildelinesm and who can not deviate from them. Until Bank of America changes its tune I think there is nothing really that NACA can do beyond the guidelines HLS uses.

Also, this is a copy of the email my old negotiator sent me, saying there IS a NACA department at HLS..
Forwarded Message:

Subj: RE: Date: 3/23/2009 11:49:48 A.M. Eastern Daylight Time From: To: Sent from the Internet (Details)

Update...

They reassigned your file to another negotiator who deals with NACA (just created this team this month).

Her name is XXX

So she now has your file and I have explained everything to her. She has started the process and will be in touch with you. you.

Thank you and good luck.

[Chris-in-Arizona]

Hello MichelleLynn,

THANK YOU!!! I just have to say that you and loansafe.org have been a TREMENDOUS help to me in the last 24 hours. I have learned more productive info, and have notched down the stress level more today, than in the last two months.

The contact (Gary Stockey) you gave me was a godsend! He returned my call promptly and actually treated me like a customer. He gave me a lot of great information, confirmed that there is a NACA team at HLS (to those of you reading this who don't already know, HLS stands for Home Loan Services and they service the mortgages for First Franklin, NationPoint, and National City), and let me know that he directed a person from that team to contact me ASAP.

And, guess what, that person (his name is Aaron) actually did call me promptly. We spent about 30 minutes on the phone going over my file and as many questions as I could think to answer. Here are the bullet points from our conversation:

- He said that B of A recently forwarded to HLS 600 NACA loan mod proposals. Of those, approx 132 were immediately approved as-is. Mine was in the 600, but not in the 132. He is not sure why, but he will follow-up with Gary tomorrow to find out why and see what can be done to push the NACA solution along.

- He, along with Gary, recommends that I accept the pre-mod for now and continue working with NACA for a solution.

- I will be heading to Western Union shortly to wire my first payment, and then I will fax over my signed agreement.

- He asked me to send the agreement and the wire xfer verification to him (not my normal HLS contact) and he will get it over to the appropriate department and make sure that my auction date gets postponed.

- He provided all of his direct contact info to me so that I could pass it along to NACA. Hopefully this will now allow for direct and expedient communication.

- He said that there is no guarantee that the NACA loan mod proposal will be accepted, but there is a good chance. He acknowledged that NACA does have an agreement with B of A, but that it hasn't really yet worked its way to HLS files yet.

Those are the most important points I can think of at the moment. I am quite relieved as I now feel confident that accepting the pre-mod from HLS is the right course of action. Plus I now know that I have at least 90 more days in my house to try and work on a permanent solution.

I don't think I would have gotten to this point without loansafe.org and MichelleLynn. So, again, THANK YOU!

I will be sure to update this thread with new developments.

Regards,
Chris

[MichelleLynn]

That great Chris! Congrats

I still have yet to even speak to my new negotiator, so you are already ahead of me in the communication department..

I also can't believe Aaron acknowledged that NACA had an agreement with Bank of America and that Bank of America and Home Loan Services are even associated! I mean, I know they are yet, I could never get them to say anything past Merill Lynch is still handling it!
And to have then actually sayd they can;t guarantee that the NACA plan will be accepted, but there is a good chance?/ Holy Cow!

I am so happy for you, but honestly more confused than ever..

They finally gave me a modification offer that I have not made any decision regarding that is nothing close to what NACA is proposing..

It is just so confusing, I am suppose to make a decision on it tomorrow and I don;t know what to do about it and now with what you said this guy Aaron said, maybe something is in the works and I should just wait??

[Chris-in-Arizona]

Yikes! You have to decide by tomorrow? I wish I could offer some advice, but you are in a position that I won't be in until 3 months from now. Can't Gary put you in touch with your negotiator? I would push for an extension of your decision deadline, or perhaps a continuation of your pre-mod.


I'm sorry I cannot be of more help. I do hope that things work out okay for you. I will be sure to keep you posted on any developments on my end.

Regards,
Chris

[MichelleLynn]

yeah, we got the mod on Monday, but it was dated the 27th?
Has to be returned by the 3rd.
I knew that about HLS, thanks, I have been going back and forth with them for almost 8 months now..
Didn't mean to rain on your parade, I am really happy about what Aaron told you and I wish 100% the best for you and your family.. It is good that BoA is maybe seeing that they need the take accountability for these First Franklin loans and honor the agreement they have with NACA as they move forward and modify them.
Maybe that is what is starting to happen, or what will soon be happening? Who knows, but I am really happy for you..

Take care and keep us posted!

[MichelleLynn]

How are things coming along?

[Chris-in-Arizona]

Kind of in a holding pattern at the moment. I did sign the pre-mod offer so I guess I have bought myself some time. Not really sure how much time though.

NACA still says that they have received no response from FF. So right now I feel that NACA is not going to have any impact on my loan mod efforts.

How about you...anything new?

Chris

[MichelleLynn]

no, we are the same, accepted a bad mod to stay out of foreclosure, not sure what step tp take next,,

Please keep me posted!!