Special forbearance vs Naca

[chrissieh]

I don't know what to do. I have ASC and they have offer me speical forberance to pay 1645 then 1725 for three months then after that they wil review my account and see I can get a loan modification. I have been working with NACA since oct but they still have not gotten a anything back from ASC. I am scared that if I don't do this forberance that I will lose my house. NACA can not promise me that if my house goes in to foreclousre that they can stop them( Which I know they can promise me something that they can't do.) But from what I read on here ACS is not the best on helping out people. I can pay the notes for about five months but I can't keep paying the 1645 every month. And NACA said if I do the forberance with ASC then they can not help me anymore. I just hate to do the foreberance with ASC with I think NACA could help me more but I am afraid of not accepteding the forberance plan with ASC. So any information anyone can give sure would be a big help. I have until Jan 29 to make my first payment to ASC. Thanks

[Moe Bedard]

chrissieh,


Welcome to the forum and thank you for joining................

We can not advise you on whether to work with NACA or take the forbearance...............this is a personal decision that only you can make based on your situation.

ASC is very difficult to work as a servicer.......but the modifications given are up to the investors on the loans................if you feel that NACA will be able to help you as they have been helping members on the forum with low fixed rate modifications...........then you may want to continue your process with them and see what type of proposal they come up with.....considering if you accept the forbearance this avenue will not be available.

[live.in.peace]

Hi Chrissieh,

I'm also with ASC (Wells Fargo) and had my modification submitted through NACA in December and again in January (ASC said they didn't have recent paystubs and no authorization to speak to NACA). I just heard back from my NACA counselor today who said that they haven't heard anything from ASC regarding the modification. I haven't been offered a forbearance from ASC. How did they contact you about the forbearance? Do you stay in contact with ASC or are you dealing with NACA only?

[chrissieh]

I called ASC because they had sent me some letter telling me I had topay 4500 by Jan 20. I told them I couldn't to that so they took my information and said I could do a special foreberanc and sent me papers in the mail. They wanted 1645 jan 29 then 1785 for feb and march and then in april 4200 but they told me if I made the three payments on time then I might could do a loan mod. But I told her I knew I couldn't do all three payments and she keep telling me my income I could. So I made her go back over my information and come to fine out I was about 200.00 short. But I think Naca can really help. Its just takes so long and I have heard such terrible things about ASC. So I am just two payment behind. But naca said that ASC finally had my paperwork from them but had to refax the aurtorizion form so that ASC could talk to them. Hopefully I will hear something in about a week. I need to call ASC tomorrow and see what they say. When I first told ASC I was working with NACA they said theydidn't have any paperwork form NACA. ASC just likes to make you stress out!!! How far behind are you in your payments?

[live.in.peace]

We're three months behind and have until the 17th to pay or foreclosure procedures will begin. There's no way we can pay without dipping into our 401k, which we're considering. I've been on the phone with ASC and NACA all morning. I had to resubmit new paystubs because ASC said they couldn't read the December paystubs that NACA faxed, so my file never went to their set up department. No one at ASC thought to call NACA to tell them they couldn't read the fax. I sent the paystubs to NACA and told a NACA rep that I would fax them myself as well. So, I call ASC Loss Mitigation back to get their fax number and this time the rep tells me that my file was closed completely on 12/23 so now I need to resubmit everything, not just new paystubs. Unbelievable!

So, I call NACA back and the counselor tells me not to entertain any calls from ASC and not to send them anything directly. They said they will send the new paystubs and not to worry about the other things that are being requested. It's so hard not to worry and to just sit on my hands, especially when ASC doesn't seem to have any interest in communicating with NACA.

Be prepared for the roadblocks ASC will throw up and the hoops they will try to make you jump through!

[chrissieh]

I know it just drives you crazy. We did dip into our 401k so much for house payment now my husband doesn't have one left!! There is no reason why ASC has to make this so hard. But if you do go into foreclouser make sure you call NACA ASAP. I think it Naca will work but we might go crazy in the meantime!!LOL