What happens if NACA proposal is denied? - Loan Modification Forum

alisoncg · 07-20-2009, 07:09 PM

I'm not saying this has happened or is going to happen but.........I wonder if anyone has been through this and how often the mortgage company does not accept the NACA proposal. Ours was submitted on July 10th to ASC and of course they are saying they have not received the documents. Imagine that! The proposal was really low compared to our current payment and I was hoping some one who has been declined the first time could share their experience with me. Does NACA ever not work?

MissNervous · 07-20-2009, 08:27 PM

I wish you had a response as Im about to go through NACA. I have an appt on Thursday.

SillyWorld · 07-20-2009, 09:26 PM

I have been waiting since 05/18 and no negotisations as of yet, but the deal looks good, they say about 45 to 90 days to get an answer

alisoncg · 07-21-2009, 05:09 AM

Are you making any mortgage payments in the meantime?

SillyWorld · 07-21-2009, 07:06 PM

Quote:

Originally Posted by alisoncg

Are you making any mortgage payments in the meantime?

Thats first on my list since I bought the place never late...."" YET ""

Things are TIGHT, so not being late may take longetr to get a deal...But like I said streamline is always there as long as I am never late

LMA142 · 07-23-2009, 03:19 PM

It might have been a coincidence, but my modification was "under review" for four months while I was making my payments, then in June, when I just couldn't make that payment anymore, I had my modification a week later.

Kavman25 · 07-23-2009, 05:18 PM

Can any Mods chime in or people who have denials with NACA comment?

drea28 · 07-29-2009, 08:21 PM

Alisoncg - Do you know who your investor is? I have ASC as well, and Deutsche Bank is the investor. They seem very difficult to work with, and I'm not sure NACA has an agreement with them. Trying to decide if I should submit my next mod request through NACA or use the forclosure mediation NJ is offering. Have you heard anything from ASC or NACA about your mod request?

alisoncg · 07-30-2009, 05:01 AM

Not yet but it has only been 3 weeks since they submitted. ASC would never tell me who the investor was, they would always say they were not obligated to do so, but we have received letters from them that have Wells Fargo in the return address spot so I would assume it is them. ASC in general is very difficult to work with.

OCNanis1 · 08-15-2009, 07:09 PM

Alisoncg- I started with NACA & 03/2009 & it is taking longer to set up appointments. I wish you luck with with your situation. I hope to see a positive solution for you soon!!

Phaedra · 08-18-2009, 09:11 AM

I have not been denied but NACA's website states you should advocate to "convince" the lender to accept their solutions. The site provides links give you information on you Conressmen and others people to contact to enlist help in advocation your position.

07-20-2009, 07:09 PM	#1 (permalink)
alisoncg Senior Member Join Date: Aug 2008 Posts: 145 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	What happens if NACA proposal is denied? I'm not saying this has happened or is going to happen but.........I wonder if anyone has been through this and how often the mortgage company does not accept the NACA proposal. Ours was submitted on July 10th to ASC and of course they are saying they have not received the documents. Imagine that! The proposal was really low compared to our current payment and I was hoping some one who has been declined the first time could share their experience with me. Does NACA ever not work?

07-20-2009, 08:27 PM	#2 (permalink)
MissNervous Member Join Date: Jun 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens if NACA proposal is denied? I wish you had a response as Im about to go through NACA. I have an appt on Thursday.

07-20-2009, 09:26 PM	#3 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens if NACA proposal is denied? I have been waiting since 05/18 and no negotisations as of yet, but the deal looks good, they say about 45 to 90 days to get an answer __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

07-21-2009, 05:09 AM	#4 (permalink)
alisoncg Senior Member Join Date: Aug 2008 Posts: 145 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens if NACA proposal is denied? Are you making any mortgage payments in the meantime?

07-23-2009, 03:19 PM	#6 (permalink)
LMA142 Member Join Date: Oct 2008 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens if NACA proposal is denied? It might have been a coincidence, but my modification was "under review" for four months while I was making my payments, then in June, when I just couldn't make that payment anymore, I had my modification a week later.

07-23-2009, 05:18 PM	#7 (permalink)
Kavman25 Senior Member Join Date: Jul 2009 Posts: 33 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens if NACA proposal is denied? Can any Mods chime in or people who have denials with NACA comment?

07-29-2009, 08:21 PM	#8 (permalink)
drea28 Member Join Date: Jul 2009 Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens if NACA proposal is denied? Alisoncg - Do you know who your investor is? I have ASC as well, and Deutsche Bank is the investor. They seem very difficult to work with, and I'm not sure NACA has an agreement with them. Trying to decide if I should submit my next mod request through NACA or use the forclosure mediation NJ is offering. Have you heard anything from ASC or NACA about your mod request?

07-30-2009, 05:01 AM	#9 (permalink)
alisoncg Senior Member Join Date: Aug 2008 Posts: 145 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens if NACA proposal is denied? Not yet but it has only been 3 weeks since they submitted. ASC would never tell me who the investor was, they would always say they were not obligated to do so, but we have received letters from them that have Wells Fargo in the return address spot so I would assume it is them. ASC in general is very difficult to work with.

08-15-2009, 07:09 PM	#10 (permalink)
OCNanis1 Member Join Date: Jun 2009 Location: Inland Empire, So. Cal. Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens if NACA proposal is denied? Alisoncg- I started with NACA & 03/2009 & it is taking longer to set up appointments. I wish you luck with with your situation. I hope to see a positive solution for you soon!!

08-18-2009, 09:11 AM	#11 (permalink)
Phaedra Member Join Date: May 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What happens if NACA proposal is denied? I have not been denied but NACA's website states you should advocate to "convince" the lender to accept their solutions. The site provides links give you information on you Conressmen and others people to contact to enlist help in advocation your position.

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