CW Mod NACA, a Success Story Twice !!

[gray517]

I didn't submit an affordability number, naca went over our expenses with me and then we faxed in hubby's paystubs, they came up with an affordability budget and payment that we could afford and submitted this proposal to CW. I started the process with naca around the end of september (after going thru 2 weeks of the circus act with CW) Naca submitted to CW on 10/6, we got the initial approval news via my phone conversation with naca on 12/12, got the email from naca negotiatior accepting the proposal on 12/30 and now waiting on docs. I would say the whole process has taken around 90 days so far. At least with naca the mods are for the life of the loan and not a temporary 5 year fix or interest only solution. (mind you we would have taken anything to save our home)

[tandknix]

Hi Gray!

I just wanted to hop on and say CONGRATS!!! And to also tell you to be ready to make that payment at the beginning of next month. That's what ended up happening to us! It will be interesting to see the actual dates on your mod papers. Mine were originally dated November 18 and we had a payment due Jan 1, 2009 even though we didn't get the paperwork until December 26th!

[gray517]

Question T, how did you make your payment? were the new mod terms already posted on your account? that's my concern, that we won't be able to pay the new payment, that cw will only accept the old one. thanks!

[tandknix]

Our NACA rep said it will take them several months for the system to catch up and reflect our new payment amount to just make the payments that are stated in the loan mod. So we paid via check through the mail

[gray517]

have you gone online to see what they did with the payment (transaction history)

[tandknix]

I just did...it is still showing the old history with this added under workout information:

Documents Receive:

I am not seeing the payment yet. We mailed it out on the 2nd because of the holidays so they are probably just now getting it. I will keep an eye out for it.

[gray517]

thanks I guess that is what we will do is mail it, i was hoping to be able to pay online like always, we waited forever to get approvals, now waiting on docs, i guess will then have to wait for the idiots in cw-land to process it too. will post when i get docs, hoping that there is no suprise there, naca contacted cw on 1/7 to find out what the delay was, but have not gotten thier reponse yet, but logged in on 1/7 and poof! modification approved, so hopefully thats a good sign.

[tandknix]

Yeah...us to. I am actually going to set up direct drafting for every other week so it's easier on us once they get the system straight. Our NACA rep even told us that the monthly statements we will be getting will reflect the wrong amount for a few months, but to pay the amount agreed upon.

You are going through the same thing we did. I am starting to see a pattern! LOL...

[gray517]

UPDATE, HOORAY!!!


Fedex just arrived, got my modification, it says exactly what Naca said it would, past due interest rolled into loan, new fixed rate of 6% for the life of the loan, payment is now affordable. But get this, the letter that came with the mod is dated 11/26, so they approved this way back, I guess it is taking 30 days or more to actually get the docs sent out.

[tandknix]

See Gray! Ours was dated 11/18! When is your first payment due? Still 2/1?

[Moe Bedard]

This is GREAT!! Another official Success with the help of NACA......

Congratulations!!

[gray517]

Hooray!
I get to keep my house (we have owned it since 1997) now if I could just find a job, lol! best advice- keep at it, don't give up and Naca is a godsend! we wouldn't have gotten this far without them, the process is slow, but it is definately worth it, the mods are for the life of the loan and not just a band-aid.

[RShome94]

Congrats Gray!

Could you possibly post blanked out versions of the affordablity sheet and docs that NACA is using?

Thanks

[gray517]

there are no docs or affordabiity sheets, we did a submission online of our financial information, faxed paystubs and had a phone counseling session where they went over our expenses and income and came up with an affordability budget based on that information. if you don't live close to a naca office you can do the phone counseling instead of workshop

https://www.naca.com/refinance/refin....jsp?menu=refi

[elpjohnson]

CONGRATULATIONS on your success!

[gray517]

Thank you *** and Elp!!
I am estatic! we get to keep our home which was my goal when I set out on this journey. and a great big thank you to Naca, who made it possible, I just checked fed ex tracking and Countrywide has gotten our docs back. Loansafe is one of the best forums I have found, you offer advice or just a place to vent and connect with others in the same situation, takes some of the stress off the whole mess. I have been telling everyone I know about this forum and naca, without these tools, we could have ended up home-less!

Hooray for Loansafe and Naca!

[elpjohnson]

I know exactly how you feel! I was very excited when we got our mod.....exhausted but excited! Now you can relax and enjoy your family and your home!

[mrheberman]

I have a question. We are working with NACA. I think they are awesome! anyway, we are in a Chapter 13. NACA is proposing a 5.5% interest rate for our loan mod with CW. Does that include the past balance too? Or do we still have that too? We are also part of the Dec 1st program mod too.
Thanks

[gray517]

Mrehberman
they attached the past due interest and the escrow short to my loan balance (6 payments including january) we did not have to pay anything up front, the next payment is due 2/09. I think naca is great too! we qualfied for the 12/1 thing but never got anything on that or even what we qualfied for. thank god for naca as they helped me keep my home

[denised]

Hi Gray517. I was curious what your experience was when you and NACA came up with something to submit to CW. We completed our conversation with NACA on Saturday and she said check back in 45 days. I do not see a status change on NACA's site. Will I ever be able to check my status by looking online?
Thanks and congrats again!

[gray517]

after you login into your naca account, look under process (steps) mine showed (it still shows) submit to servicer - restructure; I also got an email from naca when they submitted my file to cw. nothing else after that except me bugging them for updates, until I called for update and was told cw approved it, I asked her for an email update which they sent. I then called back again to find out when i would get docs and got an official looking email from naca counselor saying that they had accepted the cw terms on my behalf. then when i didn't get my docs in 2 weeks emailed again and they must have called cw, cause I got my docs 2 days later. check this out my docs were dated 11/26, which means cw approved the naca submission thing way back when but didn't bother to tell anyone including naca, who kept asking them for updates. not sure if CW is draggin thier feet on purpose or just extremely incompetent or both. good luck and be patient! it took approx 60 days from submission and another 30 to get the actual docs.

[denised]

Oh thanks! Yes mine also says Submit to Servicer - Restructure.
I have not received an email though. Maybe I will contact tomorrow to be sure that all is OK.I totally believe that CW would sit on these docs for that long! That is just so horrible!

[denised]

Haven't been able to contact NACA this past week online. They must be extra busy. One time I had the chat up for hours and at the end of the day they went offline and my chat was still waiting for an operator. I guess I can try again next week. I never received an email that my info was submitted to CW so I just want to make sure I am not waiting and counting the days when I shouldnt be.

[tettyboop]

Congratulations on the loan mod! I too am working with NACA and I hope the end result is successful. My loan servicer ASC is extremely difficult to talk too. They are very unprofessional and because I am in chapter 13 will usually refuse to speak to me (only transfer to the bankruptcy dept). My NACA counselor advised me not to talk to them about anything. All document submissions are done via email to Wells Fargo and ASC would not have the information. I am just hoping and praying that the restructure is accepted.

[gray517]

ok, online it shows CW got the mod docs on 1/16 (bs they got them 1/13, i guess it took that long to scan them in) still waiting for my account to reflect the new terms of the mod, I contacted naca for an update just to make sure no problems, waiting on cw once again!. I am sure glad this whole process is almost completely over. It took 90 days to get the Naca mod approval and the docs, but it was well worth it. anyone thinking of going with Naca, don't hesitate as it does take some time for the process, but it is most definately worth it, Whew!