NACA/CW Success Yippee!!!

[Moe Bedard]

It is different in each state...............usually the Public Trustee's Office..........or you can check the County Assessor office............whichever posts foreclosures in the state.

[tandknix]

Thanks again ***. I am in Texas so I will see if I can locate which office it is!

[tandknix]

Okay...I just keep calling and so far, no sale date. The last individual I talked to gave me their attorney's number to call if I wanted to! LOL...he was a foreigner so maybe he wasn't supposed to!

I have checked my account online and this is what it says:

Workout Status Details:

Your request for assistance has been received and will be reviewed for potential Workout Assistance programs. Please be advised that all collections activities are continuing for your loan, as your loan has not yet been pre-qualified for a Workout Assistance program. We expect more information to be available on 10/23/2008. If your status remains unchanged after 10/23/2008, please call and speak to a customer service representative. Please do not call back before 10/23/2008 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.

Information as of: 10/09/2008

Workout Stage: Referred

Charlotte with NACA said they would contact me directly and for us to contact her as soon as they do, but I am tired of this limbo I want to call and check on the status but I am scared to. Should I? Shouldn't my online account reflect more than just "Referred"?

[tandknix]

I got a letter today that since our account "is delinquent, it has been referred to Countrywide's Foreclosure Managetment Committee for review."

The letter is dated October 24. When I called on the 21st I was told it was with the Workout Department and each time I have called back I have been told that same thing.

What does this mean? I plan on calling them back on Monday. If I call back tomorrow, Sunday, I will just get a foreigner so that's not any help. Is it possible to be in the foreclosure department AND the workout department?

[tandknix]

OKAY! Now I am freaking out...our account now shows

We were unable to retrieve this information at this time. We apologize for the inconvenience, please try again later.

Under the workout information section.

AND I have noticed that the information on when our last payment was made and such has disappeared.

[Moe Bedard]

Kim,

I know it is hard but please don't freak out yet..........there could be any number of reasons that your file is with that dept. and you won't be able to find out why until Monday morning. Most letters like that come out of collections and they are automatically generated on accounts based on dates of deliquency.

Please let us know what you hear.........

[tandknix]

Thanks ***. I am going to try and keep myself busy for today so that I don't think about it too much. I will definitely keep you all updated.

[tandknix]

As several others have done, I have contacted NACA to get an update and got the same generic email:

"Our HomeSave Negotiators are working to get your interest rate and/or principal reduced to achieve an affordable payment. While we have been successful for thousands of at-risk homeowners, we are encountering roadblocks with some servicers and investors. They are overwhelmed and some need to be pushed including going to the CEO's personal residences . Since this is personal to you, we need to make it personal to them. We anticipate achieving successful outcomes for the tens of thousands of at-risk homeowners NACA is currently working with.

During the month of December our HomeSave Negotiators will continue to actively work your file. NACA negotiators are dedicated to particular servicers to advocate for your long-term affordable solution. Your local Mortgage Consultant is not involved in these negotiations. In order for us to focus on these files, please do not contact us until the beginning of January. We appreciate your patience and understanding as we advocate on your behalf."

I have been anxiously waiting for my December 1 letter that we have been told we would be getting. So far, no letter. HOWEVER...we did get loan modification papers today. I want to ask your opinions on this please. It SEEMS like a good deal.

If you will remember our original loan was 10.45% ARM after 2 years. Payments are approximately $1550.00 per month. With the economy, DH was forced to take a lower paying job. We can't afford this. Loan mod papers today state:

"The enclosed modification will reduce your interest rate to 6.75%, which will result in a new payment amount of $993.96. This rate will be fixed for a period of five years. At the end of this five-year period, your interest rate will be the higher of 10.45% or the then-current market rate for a 30-year fixed rate Fannie Mae loan. This new rate will be fixed for the remainder of your loan."

Am I reading it right? After 5 years if the Fannie Mae current rate is 12% we will get a 12% rate? Also, after 5 years do we start over with the 30 years or is this 5 years a part of the 30 years?

We have to have this back by December 31 so we have time to think about it. I really want to hear back from NACA. I would much rather have a 6.75% fixed rate for the whole 30 years!

[gray517]

sounds like what is described in the fact sheet, they lower your rate for 5 years then it goes back to the initial rate at that time, only it is fixed. I would call CW and discuss it with them before you sign it, I would also call naca, and let them know you have an offer from CW.

Subprime 2-, 3- 5-, 7- and 10-Year Hybrid ARM borrowers will receive an unsolicited extension/restoration of the introductory rate for five years and an invitation to contact Countrywide for additional relief if affordability concerns persist. Borrowers who cannot afford the introductory rate will be considered on a streamlined basis for a five-year interest rate reduction to as low as 3.5% (based on the affordability equation) and a conversion to a fixed-rate mortgage at the end of five years

I can understand your frustration and fear. I have been dealing with naca also and am not getting anywhere with them either. my loan was submitted by naca 60 days ago and naca still doesn't have an update or any idea if CW has even looked at their proposal. Its very scary, I want to keep my home, and would be inclined to take the lower rate for the five years, hopefully by then the economy and home values will be better to refinance. But that is just my opinion. My prayers are with you, let me know how it goes.

[alikeith]

Did your info come via regular mail or fedex?

[tandknix]

It came by FedEx.

[tandknix]

Hmmm...I just thought to read the contract closer and realized that our insurance and taxes are no longer included in the payment. No wonder it is so much cheaper than it was. I am going to have to call them and talk to them about this. It is much easier for us to have those items included so we don't have to worry about them each month.

When they figure your payment to be about 34% of your income do they usually include the taxes and insurance or is that seperate. If they added taxes and interes to this payment it would put us over the 34% and that's why I ask.

[alikeith]

Per Countrywide Site:

Various options will be considered for eligible customers to ensure modifications are affordable and sustainable. First-year payments of principal, interest, taxes and insurance will be targeted to equate to 34 percent of the borrower's income.

So doe the payment seem to be 34% of your gross? It is based off gross from what i have read

[tandknix]

I just got off the phone with CW and they said that the FedEx I got was just a loan modification and that information for the National program on 12/1 will be labeled as the National program.

So I am now supposed to call another number and fax in paystubs like everyone else. Even though I have been told for a month now that we qualified and would be getting a letter.

ARGH! The frustration :X

[alikeith]

I'm Sorry! So basically you are starting over?

The only good thing is you might end up with a better deal in the long run. AS frustrating as it is, stay positive. It will all work out!

[tandknix]

The payment as it is now is within that 34%. When the taxes and insurance are added in its borderline. The problem is, when we started this process my husband was still working and earning the income we gave them. Now he makes about $150 less per week.

We just want breathing room.

I talked to the National people and they said this paperwork IS from them. That's why it references the Fannie Mae program.

So now I am calling the Home Retention team back to see if they have anything further for NACA....meanwhile...I talked to Shantay in the Home Retention Depart and she said an approval was mailed out on December 3.

I asked her if she was sure it was for NACA and she said yes. The date on our National letter is dated December 4. She said it could take up to 2 weeks to get the letter so I am now calling NACA to see if they have heard anything...

[gray517]

boy that sounds confusing, so the fed ex mod you got was from the 12/1 program even though cw told you it wasn't? and now they are saying you got an approval on the naca thing to (that would be great if true) what number did they refer you to call about the national program? Also if you don't mind what does your status on CW site say now. I called again today and was told the same thing as last week, you qualify for 12/1 and packet will be or was sent to you (have not gotten anything) they couldn't tell me if it was sent yet or what it says.

[tandknix]

Gray,

Our CW account still says:

Workout Status Details: Your request for assistance has been received and will be reviewed for potential Workout Assistance programs. Please be advised that all collections activities are continuing for your loan, as your loan has not yet been pre-qualified for a Workout Assistance program. We expect more information to be available on 10/23/2008. If your status remains unchanged after 10/23/2008, please call and speak to a customer service representative. Please do not call back before 10/23/2008 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of: 10/09/2008
Workout Stage: Referred

The FedEx we got was the 12/1 program. The first lady I spoke with didn't seem very friendly and I felt like she just wanted to get me off the phone. She gave me this number to call the National Retention Program (12/1 program): 1-877-643-2788.

We are praying that what they told us was correct about NACA. With CW you never know. Every person you talk to tells you something different so you can't believe any of it 100% anymore. It seems pointless to get our hopes up at this point so we are trying not to get excited or expectant. I am waiting on our NACA counselor to call us back now. I will keep you updated.

[gray517]

thank you for your information, last time i spoke with naca was told cw had not responded to their request for update. in our case the naca would probably be the better option, but haven't got my "packet" yet so who knows, please keep us in the loop and good luck!

[tandknix]

ARGH! I am so frustrated! LOL!

I called my counselor at NACA. She told me that they now have a number that members can call for updates. So I called that number and was on hold for about 30-45 minutes. I spoke with a nice individual who informed me that it looks like the "letter" that CW has noted as mailed out was their response for an update on my account

She went on to tell me that if we signed these papers our contract with NACA is void and we would have to start over if we wanted help later. I know when we started the process we were told it would take between 60-90 days and in some cases as much as 120 days. I told her that we didn't have to have the papers signed or returned until December 31 which gives us some time. She also told us that we don't have to call CW for updates, that we can call them. We don't have to have any contact with CW since they are working for us. BUT that we needed to continue to save our $ since we aren't making payments because they will ask for a downpayment with the offer.

I just hope they don't ask for all the back payments because we just don't have that. If we had that we would be making the payments. We can't afford the payments. So I will keep praying. If we don't sign these papers it will go back into forclosure and we will have to get that stopped again. Another really stressful situation. Evidently Texas is fast in their forclosures.

We are also worried because NACA has continued to tell us to have a backup plan in case CW does not accept their offer. Well, the modification was our backup. Now I am worried if we don't sign this one and NACA is unsuccessful, then CW will not offer us another loan modification.

I really wish we had some members on here who have had NACA success. We really want an affordable payment we can manage.

[gray517]

I think I am in the same boat as u, I haven't gotten an offer from cw, but i keep getting told its in the mail, then last night i called hoping for some info through the automated system, got a live rep in us, told me i had to call naca and the advocacy team, she wasn't allowed to talk to me had to go through naca, i told her naca is telling me that cw won't give them an update. When i told her i just wanted to know what the status was for 12/1, she said i was preapproved but still had to call naca. then she told me it ususally takes 60-90 days, I said really its been over 60 days, she still refused to tell me anything. the number i have for naca is their main one, you end up on hold for hours. will try the advocacy team, called them before told me i needed home retention, they keep bouncing you around. Can you say postal? sure feel like that now! did you call the executive team?

[tandknix]

No, Gray, I haven't called the executive team. I am afraid to keep calling CW. They only seem to get more confused. I don't see how the executive team could help me. Are they special? Can do anything for me that the Home Retention or HOPE/HEART or National team haven't done?

I need to go read some success stories to lift me up this morning.

[tandknix]

And the NACA individual said that it's really a first in first out basis with CW so that's why it is taking so long. We are in a long line of people they are supposed to be helping.

[tandknix]

Hmmm...I've been thinking. Maybe I should contact them and see if they can change ours from a 30 to a 40 year note for this loan mod. That would reduce the payment a bit further AND give us more time to hear back from NACA...I am going to think about it for a bit and talk it over with my husband.

I also forgot to mention that the NACA lady I spoke with yesterday stated that CW will usually try to contact us and work out a loan mod on their own and that us receiving this mod was expected.

[melissasue44]

My name is Melissa and I am going through the same scenario, but with Saxon. I am going Sat 12/13 to a NACA seminar. I am supposed to have my loan mod in by 12/15, but I am not too happy with the Mod. Because after 5 years I will be back in the same boat I am in now. My hope would be to get out from under Saxon all together. Have thought about just walking away and leave the whole mess behind and just start over. But I have a feeling that there will be something bigger and better just in the near future for all of us in this financial turmoil. The situation has got to come to a head one way or another.