CW Mod NACA, a Success Story Twice !!

[gray517]

just checked the CW website, I now have 2 workout plans showing in my account, the naca one and the one that ken at CW started today (supposed to be tied to the 12/1 program) really strange that they are letting both be worked on at the same time but I guess 2 plans are better than 1. All they did was ask if I was still unemployed and looking for work, wanted to keep the house and had a source of income (hubby) asked for his paystubs and thats it, no bank statements or questions about other debts, hmmmm!, anyone else only have them ask for paystubs??

[mgaud123]

We started the process with Naca and submitted our information to CW on September 11th. Our account still shows "Active Proscessing" I have been calling for weeks. They state my account says" Per upper management hold off on modifying pay option arms at this time". So it has been over 2 months and they have not even gone to our investor yet to get approval for modification. NACA said they would check and see if they could find more information. Have not heard back from him, been over 2 weeks. When you call CW they say "Check back next week". So frustrating

[gray517]

mgaud123, I was not getting an answer from naca, so with the new program coming out it looked like we qualified for it, so I decided to call CW, hestitated doing so, you always get the run around with them. the customer service guy said I qualified and then gave me to the home retention team, they told me my account qualified for streamline modification and all they asked for was paystubs to be faxed. I asked him repeatedly if this was a modification for the 12/1 program and he said yes.a It could be the hold off part is because of the 12/1 program. keep calling them and let me know what happens

[gray517]

question for anyone reading, has anyone only had to fax pay stubs in? anyone get anymore details about 12/1 program? very nervous and anxious about all this, CW made it sound to easy

[kateistired]

That was all i had to fax in too, just two paystubs. They said they wanted to verify income before going any further. I did it 10/29. On the CW website it says not to call back before 11/20. I really haven't had any requests for any other information except when they took my financials over the phone about a month ago.

One guy I talked to said we were basically qualified for the 12/1 program, everyone else I talked to made sure to remind me there was "no guarantee". The waiting to hear is the worst. I get the impression that they are not going to ask for much else in order to get all these loans modified under the settlement. We'll see...

[gray517]

katie, the rep I talked to told me our loan qualified for the program, and from what I read, the subprime fixed rate loans if qualified will get streamlined rate reductions. after reading the stories, I don't think it will be that easy, ken made it sound as if it was easy, but I don't think so after reading this forum and my prior experiences with CW, I am gearing up for a fight and worst case, then if it is good, will be suprised. I also have the naca submission, but no word from them
you probobaly already seen this but here is the link:

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

[gray517]

***, can it be that easy as just submitting income? I read where there are several different income percentages they are using. I read 31%, then somewhere else said 34% and I heard on c-span yesterday the hope project using 38%, ***, what do you know about the % they are commonly using? is that gross or net income?

[Moe Bedard]

The percentages would be what they are bringing the payments down to if they are able to............

Here is the link to all of the info on the program for CW..............for any other additional specifics on the program you would need to call that dept. at
1-800-669-6607

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

[gray517]

I called that number ***, they wouldn't give me specifics, just that our loan qualified for the 12/1 program and we needed to fax paystubs, which we did. I was wondering if you knew what percentage of income they are commonly using for determination of your rate and payment. I heard several different ones

[Moe Bedard]

I just don't have that information for each of these investors.....the criteria is different with each and every one of them.

[FLgata]

Quick question....

Where do you guys go on the Countrywide site to view your "workout status details"?

[FLgata]

Nevermind...found it. Thanks anyway.

[kateistired]

I called that CW number, too, and all the info they gave me was very basic, non-specific info. They don't seem sure of what is going on at all. The most knowledgeable guy I talked to wasn't sure exactly what I qualified for specifically, just that I did, in fact, qualify.

They also told me that I would "probably" get a combination of a rate reduction and wrap the past due amount into my mortgage. They seemed to imply it was going to be easy to me, too. He said streamlined modification meant it would require minimal work, and applied broadly to anyone who they qualified. I was told they just wanted the pay stubs to prove that we were employed.

Everyone I have talked to since is absolutely clueless, and can't give me any more information.

[gray517]

***
have a quick question, the CW/BOA settlement is for loans that were originated by Countrywide, (my note was to CW) but the way I understand it from reading other posts they may not still be my invester, just my servicer, does that make any difference and how do I know if they still hold the note, checked county records no assignment done??

thanks
Elaine

[Moe Bedard]

they have agreements with investors in place..........they are not at liberty to give that information but some reps do if you ask..............
just two weeks to go until Dec. 1st....

[gray517]

fearful, I am about to join the "lost missing paperwork" group, faxed paystubs per CW request on friday 11/14 twice, still not showing up on website, will make the dreaded call tomorrow, probably to find out they are MIA, lol ( i know its not funny, but if i don't laugh I'l cry) the rep ken I talked to said they had to have the paystubs within 10 days. oh boy wish me luck, thanks for the encouragement!

[kateistired]

I would fax them in again, definitely. I was worried when I faxed mine in, but they showed up on the website within 36 hours. Maybe faxing on Friday caused a bit of a delay because of the weekend, or maybe they are just swamped.....

I am nervously waiting to hear from them. It said on the website that I should have a status update by 11/20, and if not, to give them a call.

[gray517]

kate, I had that too on my website about the naca submission to call on 11/13 if no new info, I called on 11/13 they had nothing new, just told me I qualified, called today about paystubs, was told by a supervisor Mandy that it takes 3-5 days for faxed docs to show up and to wait till thursday, she told me I was "eligible for the 12/1 program" not that I would automatically get somthing and it was up to my investor that she didn't know who my investor was. she said the people eligible for the 12/1 thing won't know till then what they are actually eligible for, and that no negotiator had been assigned to my file as of yet for 12/1 program or the naca submission that was over 45 days ago, so frustrated now its just a waiting game I guess. plan to refax paystubs just in case, will wait till 12/1 then if can't get an answer will call the executive team *** posted. *** should I wait till 12/1 or call the executive team now?

[Moe Bedard]

You can call.......but they might not have the information in that dept.

[kateistired]

Huh. Yeah, I guess I will call anyway, just to keep in contact if nothing else. I was told, too, that I was eligible, but faxed my paystubs way back on 10/29.

On the top of the message that countrywide posted, it says modification. I just assumed that was what I was eligible for. Sigh. Why is nothing just clear so I can understand what is going on?????

[kateistired]

Oh, and one more thing....I am pretty sure they DO know who our investors are....Maybe they are just told not to tell us. My investor is Bank of NY. Does anyone know if they are okay to work with? One of the people I spoke with let that info slip.

[JSAM223]

I was also told today that Bank of New York was the investor for my loan. Anyone have experience dealing with them?

[gray517]

JSAM no mine loan was originated to CW last year, don't know if they sold it or are still holding the note, the rep told me they can't see who the investor is, but they are the servicer. try looking on the forums main page for that bank.

[tandknix]

gray,

I have been contacting CW about every 3-4 days to check on the status of my account and I too just keep being told that we qualify for the Dec 1 help AND that our account shows that we are working with a 3rd party (NACA). I finally touched base with NACA using the online tool you recommended. They aren't showing CW having contacted them yet either so the person I spoke with was going to send an update request on my behalf. He/She said I should get an email within 15 days and if I didn't to contact them again.

It all seems to be one big waiting game for a lot of us and it stinks. I keep telling myself that we are doing all that we can since I am trying to stay on top of it all.

Keep us updated

[gray517]

***
I have read a wide variety of "fixed rate" loan stories, our rate is extremely high, and we were told we qualify for 12/1, I just was curious, what makes a loan a subprime?