NACA/CW Success Yippee!!!

[tandknix]

Alright...this is frustrating! We finally got our loan papers today by FedEx. They had attempted to deliver on Christmas Eve, but we weren't home so they re-delivered today.

The date on this loan restructure is November 18th. So I guess they have been sitting on it for this long. Originally it said we needed to have it sign, notarized and returned by November 28th, but someone marked through that and wrote December 10, 2008, THEN marked through the 10th and put 28th! There is NO way we can sign, notarize, and return these via FedEx in 2 days! I tried calling NACA and they aren't even open today! I am supposed to fax this to them for review THEN sign, notarize, and return them. So I called CW and talked to Latasha who tried to tell me first that I needed to speak with NACA. I explained to her that I tried but NACA was closed today and would not be open again until Monday and that I couldn't do anything with these papers until then. She told me that the date she has on her computer is December 31 so that gives us until Wednesday to get them reviewed and sent back in.

Another thing is that these papers state we have a payment due January 1, 2009. I am glad we got them when we did or we would have missed the payment. It was a month and a half away when these papers were originally drawn up. I am wondering why they sat on them for so long at CW. Maybe they were just waiting to see if we would take the December 1st offer. I don't know...it's just frustrating though. If they had sent these out in NOVEMBER when they were drawn up we could have been done with this process so much faster.

[LHarveyMadman]

I wonder if CW and B of A are using the same people for their closing of these modifications. I initially received my loan modification agreement papers by FedEx early this month; they were dated late November. However, there were some typos that needed correcting, and I immediately made them aware of these problems. It has been 3 weeks and I still do not have my corrected papers, and when I called B of A a couple days ago they could not give me an estimate of when they will arrive.

I was told to go ahead and make my January 1 payment, which I have done.

Where were your papers mailed from, and what is the contact phone number that came with the papers?

[tandknix]

Our papers originated out of Ft. Worth, TX which is fairly local to us (only about 2 hours away). And the papers stated for us to contact the Home Retention Department or NACA if we had any questions. There is no reason why they shouldn't have been mailed out in November...other than them waiting to see if we could be suckered into the December 1st offer.

[gayled1228]

so you have not had success with NACA yet?

[tandknix]

It is a success...we signed, notarized, and FedEx'd the docs back to CW today!!! They were the docs for the agreement NACA negotiatd for us! 5.25% FIXED for the remaining life of our loan!

[Moe Bedard]

YAY!!!


Congratulations again!!

[gayled1228]

sweet. now, i have some real hope. it is all in the money. i hope our income and expenses come out right. we are with citimortgage and our note has gone from 1400 to 1800 and citimortgage says that we can afford it but we cant. they are ok with us having 300 a month left to do anything and everything we need to after just paying our household bills. what if my husband misses work or one of my kids gets sick or my autistic four year old needs something? i just dont understand how they want us to live just paying for a house. i did not think that it was supposed to be live for your house. any suggestions from someone who made it thru.

[Ron1234]

How long have you been working on your loan mod? If you have been into it for the past 6 weeks you should be getting closer to an answer. I've gone thru 3 loan mods and have 8 more that I'm currently into about 3-4 week. Don't give up!......you will get help. It's very frustrating and stressful....trust me......I'm living it to. The investors that own your loan don't care about you or your current condition....peroid! They want their money and they want it on time every month. We are in unprecedented times right now and even they don't now what to do about your loan, other then they still want their payment. Our new president "Elect" has stated that he will force these investors (lender/the one that owns your loan) to get flexible with the struggling borowwer.........How is he going to do that?......How is he going to do alot of things he's telling all of us?......The answer is not to give up...remember their not dumb, and they don't want your home. As time goes on and their inventory of vacant homes continues to grow we will see more and more flexibility with the investor/lender.....We have already seen many changes in the way mods are done and we will start to see longer terms like 30-40yr with lower rates. Their are several ways that will help to fix this mess, but it will still take some time, remember this wasn't created overnight and it won't be fixed overnight either.

My plan to fix this mortgage mess....if your interested!

One of the best ways to fix this mortgage mess (in my opinion) is to develop 3 tier levels of need, by that I mean whom ever is in the worst condition IE: foreclosure/Trustee sale date set, Pre-foreclosures, and struggling borrowers-hardship classifications would be classified as:

Tier #1-foreclosure/with trustees date set
Tier #2-Pre-foreclosure/not date set for trustee sale
Tier #3-Struggling borrowers - with adjustable rate terms, neg/am loans, hardship borrowers (you and I)
The key to this is to give the borrower a reason to stay in their home even if it's underwater in value. Example, if your home is under water (valued below loan amount) and the lender grants you a low rate and longer repayment plan and the new payment results in a lower payment to the point where it wouldn't make since to leave the property because you couldn't rent for that payment. We would see less foreclosures, less inventory, and home values would start to grow again.

Tier #1: This level of help would give the borrower a low rate of 2% for the first 8yrs and adjust to 3% for additional 5yrs, and adjust to 4% for an additional 5 yrs, and adjust to the original rate for the remaining yrs of their original sales contracted loan, but no greater than 6.5%. If the buyer sells the home for a profit within the first 5yrs, the borrower would pay the investor a 10% profit premium. After 5 yrs no premium.
Tier #2: This level would give the borrower a low rate of 3% for the first 8yrs and adjust to 4% for an additional 5yrs, and adjust to 5% for an additional 5yrs, and then adjust to the original sales contracted loan, but no greater than 6.5%. If the buyer sells the home within the first 5yrs, the borrower would pay the investor a 5% profit premium.
Tier #3: This level would give the borrower a low rate of 3% for the first 5yrs and adjust to 4% for an additional 5yrs, and adjust to 5% for an additional 5yrs, and adjust to the original sales contracted loan, but not grater than 6.5%......No premium

What we're creating is long term financing until the end of the original sales contracted term. Penalties are priced in for selling the home short of 5yrs. This will give the borrower the incentive to stay put so the market came absorb the high level of inventory. It also gives the borrower the incentive to stay because the new mortgage payment will be considerably lower then their orig payment and possibly less then rent in their area.

Who pays for it????.....The one that are at fault!!!! (US Government, Investor/Lender, and yes you and I).

Sorry to be so long winded, but this is the worst mortgage condition the us has been in since the great depression, if not worst than that.

[melissasue44]

Ron: I was offered a loan mod from Saxon about a week before christmas, they said I had until the 19 to get the papers signed and turned back in.
Loan Mod: 3 1/2% for five years and after five years my loan would go back to the lousy way it is now and the mod was with 1900.00 cash on the day I agree, well I did not agree.
They called me this morning and wanted to know if I was still interested and If I did not call tomorrow and tell them yes! That this was all they were going to offer me.

I mentioned NACA and she said well that is a third party, in other words she stated again that this was a one time offer, which was not too good! The interest rate was the only good thing about it.
I don't know what to do in my situation?

[Ron1234]

Melissa, I just completed a loan mod from EMC with a low rate and unfortunatly a short term of 3yrs, then it goes back to the original deal. The fact that your lender or some other company is requesting money or fees from you to get this should send up a red flag. I've done 3 mods and are in the middle of 8 more now and none of the banks or lenders were aking for fees. That's not right!

The way I see it I took the deal with EMC for three yrs becuase it lowered my payments by $800, and I knew that in late 09 or 2010 I'd go for round 2 loan mods and get the terms extended. We all need more time on these loans without paying a fee..........They really don't want your home.

[melissasue44]

I have scheduled another appt with NACA on the 10th of Jan, I had one earlier but had a sickness in my family and could not make it.
I think tomorrow I will call and let her know why I am not accepting this modification, my loan also has many predatory aspects and I think if I get someone to audit my loan this will be a good defense to get a better loan mod. I would have never been late on my payments if they hadn't applied 1400.00 of money that I sent in to pay on my escrow, instead of applying it to escrow they put it on interest and this made my payment go up and they would not accept my original payment when I sent it to them.
Something has got to give.
Thank you for you input

[tandknix]

Melissa,

I had the same experience when I was told by a CW rep that the mod I got was the only offer I was getting so I should have signed it. Stick with NACA. They work GREAT with CW. It takes a while to get it done...we started actively working for a mod with CW in August and started the NACA process at the end of September when CW made a "band-aid" mod offer. Our home even went into active foreclosure and NACA got that postponed for us. As long as you have options they won't foreclose on you. Keep faith...

[elpjohnson]

tandknix.....

Congratulations! HAPPY NEW YEAR!

[gray517]

T
is your online account updated yet? is your payment showing up under transaction history? just curious, under financial hardship where it shows faxed paystubs its shows they received the modification docs on 1/16 ( I sent them back fed ex and they really got them on 1/12) but nothing else is updated

[tandknix]

G

This is what it shows:

Documents Receive:

Other than this nothing has changed. It's not even reflecting the payment we sent in. I wonder how long that process takes?

[gray517]

any updates to your online account yet? if you look under account information and then transaction history it should show your 1/1 payment even if it is held in a suspense account till they process the mod. Where did you send your payment to? the address on the mod docs or the regular payment address. Our first one is due 2/1, I am going to send via ups or fed ex so i can track it and get a signature for it, since we can't pay online yet.

[tandknix]

This is what it shows so far Gray:

I have NO idea what it all means since the payment we sent in was $1187.86. I am going to keep checking and call them if Februarys payment shows up this way also.

[tandknix]

I have no idea why my post posted twice! Sorry!

[gray517]

tandknix

my online status has changed under workout info, i posted it on my thread, check yours

[gray517]

tandknix

any news or update to your online account? everything going ok? I am still waiting for cw to update my account says it will be done by 2/18

[tandknix]

Well...so far no change. They have even added another section to our Workout Information section:

I have NO idea what that means. I'm going to continue to make my payments and see where they post this months. We aren't going to be able to make the payment until next week though

[gray517]

you may want to call someone about that, after they got the mod docs back from me they posted approved and completed, it says they are in the final stages of completion and it is just pending changes to my account. I still have the other mod attempt that is similar to what you posted as well (it shows 2 mods under workout status) they did post this today under documents I have no idea what it means

02/05/2009 Modification WORKOUT ANALYSIS 02/05/2009 Modification WORKOUT ANALYSIS you may want to risk the stressful call to cw to find out what is going on, you know cw is famous for oops mistake or oops lost this or changed that. our updated approved/completed status says to call back after 2/18 if its not changed by then, i don't trust cw so i will be calling them if not changed by next week

[tandknix]

Gray...I got my monthly statement for Feb...late again...I don't know why I keep getting them on the 7th when they should have been here before the 1st! Anyways it stated we are "seriously delinquent" and that I needed to contact them. I decided to check online to see what it says there and it has been changed to:

We are quick collecting the new payment next Friday the 13th and I will wait until the 25th to call if nothing has changed.

[gray517]

that is what mine used to say, now as of today it's done and closed, i posted on my thread! that is a good sign, it took them another 2 weeks to make all the changes. you should be almost done now, yeah! I am done, wohoo! and you almost there too!

[tandknix]

Must be nice gray...I don't know if mines actually done or not...I really wish I could talk on the phone with you about this or email you directly.

They have "Updated" our account now, but the January payment is showing up as being made 2/11/09 which means it was late and it looks like they are trying to assess late fees now. The payment they are saying is:

So we are getting charged an extra $28.08 a month for a reserve?!?! In the area we live in the taxes really don't change. Where does this $$$ go if it's not used? Do I get it back??? Have you see this with your account gray? I was counting on the payment being 1200 a month. I wonder if they will continue to keep going up...this whole market is screwy...