NACA/CW SUCCESS!! Finally Oh my!!!!

[hypertweeky]

Hello everyone:

I came across this forum yesterday while viewing our online countrywide statement for the month of December.
Here is our story, tired of paying rent for 2 years and a half, we decided it was time to become homeowners, We found a very lovely town home and got a home loan.
The original lender was Litton but it changed to Countrywide before our very first statement.
We have 2 loans, one is a balloon ARM at 7.5% making our monthly payment $706.20, the other one is a 30 year I believe fixed 11.90%. We were told not to worry about the ARM loan we should have no problem refinancing.. we didn't know up until we wanted to refinance that this is an ALL interest loan.
To make matters worse our house has decreased 5% of its original value.
This month our balloon ARM has gone from $706.20 to $970.00 I don't understand how if the interest rates have actually gone down. Needless to say we are very distressed as we just don't have any extra to pay the increase.
Our original loan was $139.816, our current balance is $139.202.. very discouraging as have been making timely payments for 2 years, we have never been late.
I have contacted NACA, we have an appointment on Wednesday at 2:30 pm to discuss our options.
I have talked to countrywide many times as to getting locked into a fixed rate but I always get the same answer: "can't help you".. our plan is to call and tell them that we can pay what was stipulated before the rate increase and beg pretty much, if they don't want to help I guess they will lose our loan, there is no way we are paying that much for a 1,150 square feet town home when there is homes for rent for a little more and bigger.
We don't want to walk away from our home.. but I don't think we have a choice, do we?
We don't want to keep paying the increased rate because we don't know how much is going to end up being in 2 years, we wouldn't mind paying a little more if we were to lock in a fixed loan, the rate won't change and we will know what to expect, I don't want to prolong the inevitable and pay thru the nose to end up losing our place, can't they just tell us straight up what is going to happen?
We are lost as to what to do, I hope there is something we can do..
Thank you for listening.

[Moe Bedard]

Hi hypertweeky,

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

Before making any decisions at this time..............you should wait and see what happens at your NACA appointment to see what options you have..........and then go from there.
The NACA modification process is running around 60-90 days from start to finish...........we have just had two members in the last couple days received their approvals and the modifications are low rate and fixed. So while their process takes a while, their modifications are good fixed rates...........that may be able to help you.

Please keep us posted on your progress with NACA..........
Good Luck!!

[hypertweeky]

Originally Posted by *** Damiano

Hi hypertweeky,

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

Before making any decisions at this time..............you should wait and see what happens at your NACA appointment to see what options you have..........and then go from there.
The NACA modification process is running around 60-90 days from start to finish...........we have just had two members in the last couple days received their approvals and the modifications are low rate and fixed. So while their process takes a while, their modifications are good fixed rates...........that may be able to help you.

Please keep us posted on your progress with NACA..........
Good Luck!!

Thank you for your prompt response!!
I am in Colorado as well, I am VERY glad I found this forum, When I saw Country Wide had a forum on its own I freaked out but I feel a little better now.
I will definitely keep you all updated, I have a quick question, what kind of paperwork should we bring? we are trying to be pro active!

[hypertweeky]

I couldn't edit my post again.. I read on the NACA website that we must attend a workshop before we can get help, does this mean we won't be able to get help on Wednesday?
Sorry for all the questions!!

[gray517]

I am one of the members *** mentioned that had success with Naca, but my submission was done online and my counseling session was over the phone. I would take 2 months of paystubs and bank statements, your most current Mortgage statement for both loans, real estate or property tax information, Homeowners Insurance information, and if you have homeowners association dues, also make a list of all of your monthly obligations, like car loans, credit cards, utilities, food, medical, etc. and take it along. Good luck, and my prayers are with you!

[hypertweeky]

Originally Posted by gray517

I am one of the members *** mentioned that had success with Naca, but my submission was done online and my counseling session was over the phone. I would take 2 months of paystubs and bank statements, your most current Mortgage statement for both loans, real estate or property tax information, Homeowners Insurance information, and if you have homeowners association dues, also make a list of all of your monthly obligations, like car loans, credit cards, utilities, food, medical, etc. and take it along. Good luck, and my prayers are with you!

I did the submission online and went thru all the expense report and such, I have a member ID and our appointment is Wednesday so we should bring all documentation with us. I hope I can find it all, the submission didn't say any of that thank you SO MUCH!! I am very glad you were able to save your home!!

[tandknix]

Hyper,

I am the other member who has recently had NACA success. I just wanted to pop on and say TAKE EVERYTHING to the meeting with you. This speeds up the whole process. Be sure to have a hardship letter ready for them to scan and send in with your file also.

Since my DH is self employeed they asked for 4 more months of bank statements. Those were the only things we didn't have. We had 2 months worth. They will ask you for your expenses too. HINT: I spent all night long trying to flatten out a budget for us. This is hard since DH is self employeed and our income decreased so much. I was trying to show where every penny went to. The NACA counselor only needed the amount my bills were. Although, I didn't get to enter mine online so if you did that you are probably good. It kept messing up online for us so I took it all with me. I figured I would rather have too much information than not enough and delay the process!

Good luck! Just remember to be patient. There are a lot of people who complain that NACA is slow and it is...but they were always upfront about that with me so I wasn't expecting to get an immediate response. I would recommend them to anyone!

Now...if only those docs would hurry up and get here!

[hypertweeky]

Originally Posted by tandknix

Hyper,

I am the other member who has recently had NACA success. I just wanted to pop on and say TAKE EVERYTHING to the meeting with you. This speeds up the whole process. Be sure to have a hardship letter ready for them to scan and send in with your file also.

Since my DH is self employeed they asked for 4 more months of bank statements. Those were the only things we didn't have. We had 2 months worth. They will ask you for your expenses too. HINT: I spent all night long trying to flatten out a budget for us. This is hard since DH is self employeed and our income decreased so much. I was trying to show where every penny went to. The NACA counselor only needed the amount my bills were. Although, I didn't get to enter mine online so if you did that you are probably good. It kept messing up online for us so I took it all with me. I figured I would rather have too much information than not enough and delay the process!

Good luck! Just remember to be patient. There are a lot of people who complain that NACA is slow and it is...but they were always upfront about that with me so I wasn't expecting to get an immediate response. I would recommend them to anyone!

Now...if only those docs would hurry up and get here!

Hello there!!

I called countrywide to get my latest statement since they haven't sent it this month and they told me they could try to help me with the government program:

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

he didn't know what kind of deal but he told me to fax him proof of income 2 months, bank statements and they will see what they can do, In the mean time I am still going to NACA because I don't trust Countrywide.
Will this interfere? I will be sure to let NACA know.
I have everything from pay stubs, to bank statements, our tax property paperwork, expense report go back it up with bills such as car payment, car insurance, utility, cell phone bill, cable TV, child support, HOA, credit cards, food, pet care expenses, medical..
Am I forgetting something? oh yeah the kitchen sink.
I must say this forum is refreshing you people make existence a little easier!!
I went ahead and made my smaller loan payment.. the other one.. well they wouldn't take my "old" rate and I just can't pay the new amount. I am so scared!!!

[tandknix]

Hyper,

Gray and myself actively pursued both CW and NACA at the same time. Each time we have spoken with CW we have told them that we are working with NACA and asked if they had any updated info. The answer was always that we needed to check with NACA, but our file showed we were working with them.

One of the things they will tell you with NACA is that they can't guarantee anything and that if CW rejects their offer you should have a Plan B in place. This is why I actively kept pursuing CW. Their mod offer was our Plan B.

I actually took our original loan mod offer with us to our class and metting because I wasn't sure what we needed to do. We simply couldn't afford the loan mod CW was offering us. CW offered us another loan mod last week but it was another ARM. It was fixed for 5 years at 6.75% but it would jump back up to the original 10.45% for the life of the loan after that. Not good. I was starting to sweat and worry when NACA contacted us with the offer CW made them: 5.25% fixed for the life of the loan YIPEE! Now I am just waiting on the paperwork.

[gray517]

Hyper,

I submitted to Naca first on 10/6, after getting no where with countrywide and tiring of their bs. I saw that my online status was updated to reflect that they were considering the naca proposal but to call on 11/13 for more info, which I did and was told i qualified for the CW/BOA settlement starting 12/1, I went ahead and faxed paystubs for this as well. Like tandknix, this 12/1 settlement was my plan B, in case naca wasn't able to help. I have been told by CW since 11/20 that I was approved for this and docs would be coming sometime in Dec. But after hearing of tandknix success with naca I called them for an update and was told CW approved our naca proposal and docs would be coming from CW. If the naca thing had not been approved I would have taken the other offer from CW even if it was temporary to save my home. Naca Does work, but unfortuneatly it is a slow process, but not really any slower than dealing with CW directly. good luck with your session and yes I would take the kitchen sink with you just in case you need it, will post update when docs are actually in hand

[gray517]

also if you go online to your account, you can get the last statement for your mortgage, once you log on, in the tool bar on left, under account information you can get your monthly statement.

[hypertweeky]

Thank you so much for your responses, you keep me sane!
I was not able to pull my statement it never lets me unless I make the payment, I paid the smaller mortgage but the first one.. I can't afford which is SAD since I have never been late, I feel so bad!

I have faxed 34 pages of bank statements and our pay stubs to countrywide, he also asked me about other expenses to make a file for us, how long do they take to respond once they receive the paperwork? I was hoping they will offer me something by Wednesday so we can take the offer with us but there is NO way, it's only 2 days away.
The hardest part is going to be hanging there, I don't want to jump on CW's offer right away I want to see what NACA has to offer, if NACA fails then I guess we will have no choice but how will we know which is better.
What if I say no to CW and I should have said yes, aww It is the never ending story isn't it?
We are going to our appointment armed with everything we can possibly need thanks to YOU!!
Keep me updated, would love to hear how it goes for you!

PS: I can't access anything on CW, monthly statements are available once you pay!

[gray517]

that's weird i just accessed mine and i am 5 months behind. naca takes at least 60 days, as for CW don't know, we submitted paystubs to them on 11/13 and still have not gotten anything on the BOA settlement that we were "pre-approved" for. a lot of the posters on the forum that have gotten offers from cw have all been fixed for 5 years then back to original high rate, depending on your loan type, we have a subprime fixed so not sure what the cw offer would do for us, but our naca approval is fixed 6% rate for life of loan. hang in there waiting is the hardest part.

[hypertweeky]

I was able to pay our fixed mortgage which is $285.00 and thankfully after I paid I was able to view our online statement for both loans, Yipe!
What about our W2's for 2007? Should we bring that?
Oh dear so CW is pretty much fixing people for 5 years to go back to the same situation? Heck no I don't care if we have to wait I want a fixed for the life of the loan.
Another questions just pop, sorry you said you are 5 months behind, how is this possible? I thought after 3 months you go on foreclosure, did NACA help you not to foreclosure? what about the months you haven't paid for, will they tack those on the new loan.
Sorry all this is new to me, being 27 DH 31 and heading to foreclosure is not what we had planned.

[tandknix]

Well, for us Hyper, once we contacted CW and asked for a loan mod because we couldn't make any more payments they told us to not make any payments while they were working on our mod. Once we found NACA they said to save the $$$ we were supposed to be making payments with in case CW asked for a down payment. So we went from 3 payments behind to 7.

We are 7 months behind now. I would recommend you make your payments if you can because it is less they can tack onto the end of your loan, but if you are like us you simply can't afford to make the payments. Even with them tacking on those payments to the end we will be saving $$$ in the long run with the 5.25% fixed interest.

If your home goes into active foreclosure like ours did you will need to contact NACA and they will contact CW to have it postponed. I called NACA and reported it AND CW to try and have it postponed on our own. Since we were working with NACA and qualified for a CW loan mod they agreed that we qualified for the postponement. You can see the continuous steps and stress that I went through in my thread: http://www.loansafe.org/forum/countr...ss-yippee.html

[kateistired]

I am now 7 months behind, too, and have not yet gone into active foreclosure (knock on wood). They told me with a fixed-rate subprime loan that they will reduce the interest rate as well as tack on the past due payments to the end of the loan. I have not heard anything yet from Countrywide, and I was pre-approved back in October for the 12/1 program.

[gray517]

i lost my job june 2, i made the july payment with the small amount i had in my 401k, then august tried to talk to cw and all they wanted to do is 3 month forebearance which would only make payment higher (already couldn't pay regular payment without my income) I started looking for resouces to help us in september and found naca. I did get a notice to accelerate (this is actually a form letter sent out after you are 30 days behind) but I did not get a single phone call from CW or thier collections, not one. then after our submission to naca on 10/6 I got a letter from cw that said we may qualify for thier assistance programs and to call them (this is before the 12/1 thing was announced) having dealt with them before I ignored the letter and waited for naca. once cw got the submission they posted that they were reviewing it and to call back after 11/13 for updates, I did since naca had not gotten an answer, thats when we faxed them paystubs and they qualified us for the BOA settlement thing. now that naca has gotten thier proposal approved just waiting on docs. I am thankful, but skeptic at the same time, until i actually have the loan docs in hand to sign . as for the tax returns and w2, It can't hurt to take them, take 2 years with you just in case. the ole kitchen sink theory, take everything.

[hypertweeky]

Originally Posted by tandknix

Well, for us Hyper, once we contacted CW and asked for a loan mod because we couldn't make any more payments they told us to not make any payments while they were working on our mod. Once we found NACA they said to save the $$$ we were supposed to be making payments with in case CW asked for a down payment. So we went from 3 payments behind to 7.

We are 7 months behind now. I would recommend you make your payments if you can because it is less they can tack onto the end of your loan, but if you are like us you simply can't afford to make the payments. Even with them tacking on those payments to the end we will be saving $$$ in the long run with the 5.25% fixed interest.

If your home goes into active foreclosure like ours did you will need to contact NACA and they will contact CW to have it postponed. I called NACA and reported it AND CW to try and have it postponed on our own. Since we were working with NACA and qualified for a CW loan mod they agreed that we qualified for the postponement. You can see the continuous steps and stress that I went through in my thread: http://www.loansafe.org/forum/countr...ss-yippee.html

I read it and it is wonderful and refreshing!
As for the payments, I asked them if I could make the old interest rate payment and they told me no.. So I paid the second mortgage, I hope I don't go more than 3 months without making payments...
This is going to be the fight of our life!!
Thanks again for your help!

[hypertweeky]

Originally Posted by gray517

i lost my job june 2, i made the july payment with the small amount i had in my 401k, then august tried to talk to cw and all they wanted to do is 3 month forebearance which would only make payment higher (already couldn't pay regular payment without my income) I started looking for resouces to help us in september and found naca. I did get a notice to accelerate (this is actually a form letter sent out after you are 30 days behind) but I did not get a single phone call from CW or thier collections, not one. then after our submission to naca on 10/6 I got a letter from cw that said we may qualify for thier assistance programs and to call them (this is before the 12/1 thing was announced) having dealt with them before I ignored the letter and waited for naca. once cw got the submission they posted that they were reviewing it and to call back after 11/13 for updates, I did since naca had not gotten an answer, thats when we faxed them paystubs and they qualified us for the BOA settlement thing. now that naca has gotten thier proposal approved just waiting on docs. I am thankful, but skeptic at the same time, until i actually have the loan docs in hand to sign . as for the tax returns and w2, It can't hurt to take them, take 2 years with you just in case. the ole kitchen sink theory, take everything.

That's it I am bringing it!! and that's that LOL
I can't believe the hoops we have to go through to keep what is ours! A few of my co-workers have lost their homes, I was telling one of them about this forum and showed her around, she cried and said she wish she would have done more, poor thing
We are bringing our cell phone bills and pet care expenses as well, the heck with it, they want paperwork I can swamp them in it I have been through the K3-Permanent Resident yellow brick road (next step is citizenship!) We can do this!!
In addition hubby and I are saving the money we'd paid for the old rate to put down when the time comes!

[hypertweeky]

Originally Posted by kateistired

I am now 7 months behind, too, and have not yet gone into active foreclosure (knock on wood). They told me with a fixed-rate subprime loan that they will reduce the interest rate as well as tack on the past due payments to the end of the loan. I have not heard anything yet from Countrywide, and I was pre-approved back in October for the 12/1 program.

Gee! They need to get to your file right away!! Did you contact NACA?
Where is a hug smiley when you need it??
I will make my own! (((((Kateistired))))

[hypertweeky]

I developed a expense sheet report and I would like to get your opinion.
In addition to that attached is our letter of hardship.


Due to the recent adjustment to the mortgage we currently have with your company, we are finding it very difficult to afford the new payment. We have a Balloon ARM that recently increased from 7.5% to 10.7% increasing our monthly payment from $706.20 to $970.20
Considering our current income, it will be unfeasible to afford the increased payments as of this month. We would like to renegotiate the terms of our current mortgage to avoid default and help stop foreclosure on our home.
Our goal is to adjust our current balloon ARM mortgage to a fixed rate.
My husband and I have worked very hard on keeping up with the payments, 2 months ago I was involved in a car accident that has prevented me from working overtime to keep up with our mortgage payment and other bills, in addition I have missed work due to Dr’s appointments, this has really affected our income.
We have been making timely payments for 2 years, and we do not want this to change. Our mortgage was originally written by another company and bought by Countrywide. The original mortgage terms are appalling however it was the only loan we: a young marriage qualified for at the time. We were assured that refinancing wouldn’t be an issue, but that turned out not to be true due to our acutely affected economy and housing industry.
Our property is now worth 5-10% less than what we paid for, which is preventing us from being able to refinance. We did research on and came across the Fannie Mae Announcement #06-18 (Oct. 4th 2006) regarding the servicing of Conventional Mortgage Modifications.
I believe this addresses the situation we are in as well as many homeowners.
Enclosed you will find the necessary information; please do not hesitate to contact us should you need further documentation.
Thanks you for your time and consideration.
Sincerely:
Mark Lund & Maria Guindulain Argandona.

[hypertweeky]

Ok the expense report is a no go sigh I worked so hard on it.
Please feel free to provide feedback!!
Thanks!!

[Moe Bedard]

Here are some examples to help you format it so the thoughts aren't as scattered...........other than that it is good.........
Examples of a Hardship Letter

[gray517]

The list of expenses is best used when you go over your financials with both naca and countrywide, you don't actually need to send it, but use it as a tool when they ask you how much you spend for various things it helps to have a list so you aren't trying to remember all the figures. *** will have to look at your hardship letter as I didn't submit one. good luck tomorrow and let us know how it goes!

[hypertweeky]

***:

I sent you my hardship letter via email, for some reason I am having issues via the forum!
Thanks!!