CW Mod NACA, a Success Story Twice !!

[gray517]

We have owned our home for 10 years, but now we are in desperate situation, I ended up falling victim to Countrywide’s Full Spectrum Division last year when they re-financed my home. They initially qualified both of us for the mortgage on a pre-approval basis, after we submitted everything required, we were told the credit score guidelines for our program changed overnight and my husband no longer qualified for the loan, they then qualified only me for a Mortgage using only my income, (which was not sufficient to make the payment) and not my husband’s income do to his credit rating. The mortgage started out as a refinance of a first & second mortgage at 7- 8%. But everyday the rate kept changing (going up) and we were told we could not lock in a rate since we did not have final loan approval. But by the time the loan was approved and we went to closing, the terms were totally different, we ended up with a fixed 11.125% loan with an outrageous mortgage balance, as they required me to payoff my truck and refinance it into the mortgage, which added $25,000 to my loan balance and they charged us 5% discount points in addition to other fees. When we told them this is not what we had originally agreed nor what was disclosed to us, and that we did not want to payoff the truck loan and roll it into the mortgage; the loan officer informed us that Wells Fargo our current lender at time of refinance had told them they would start foreclosure if we didn’t take the new loan ( by the time we got to the closing table, we were 2 months behind on our mortgage, the loan officer @ Countrywide told us not to make our mortgage payments while we were in processing as this could delay the payoff of the 1^st mortgage and the loan approval, he was certain the loan would be approved and that the loan just needed to be "tweaked" for final approval) In Feb 2007 I inherited a small amount of money from grandmother, we paid off our pool loan and other bills with this and put the rest into repairing and updating our house, so if we lose it now we will lose my inheritance as well. My husband took a pay cut in February of 2008, we went to Countrywide immediately and asked for help since we fell behind at that time, they gave us a modification, I asked for the rate to be lowered and they refused, only added past due to account, which while it brought account current, it increased the monthly payment due. NOW I have lost my job as of June 2008, my husband is still working but has taken another pay cut in October 2008, we can afford a mortgage payment not just the one we were bullied and pressured into taking, but we are in desperate need of help, not sure what to do, but since we have lost value ($100,000) so far in the last year, can't even sell house. I have tried to call Countrywide on numerous occasions, but constantly get the run around and transferred all over the place. So after doing some research I went to NACA in September in search of help, NACA submitted their plan for restructure of the mortgage to Countrywide on October 6^th, 2008; Countrywide has finally received it on October 12, 2008 and has our current status as being referred, whatever that means.


Not sure what to do ?? from reading all of the horror stories about CW, should i just wait to see what Naca does or what Dec 1 brings or should started calling the number that *** posted on other sites? Has anyone gotten a successful mod with naca? Please help me, can't sleep at night anymore

[Moe Bedard]

Hi gray517,

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

There is a separate dept. in Countrywide taking care of the customers that qualify for the Dec. 1st program so you would need to call and see if your loan qualifies............if it qualifies once you are able to take a look at the new program then you can compare it to whatever NACA is offering and make a decision from there.............

1-800-669-6607


Please keep us posted on your progress........

[gray517]

when I log into my loan on the CW website it gives the phone number that you posted, but lists it as acustomer service number, is that the best way to contact them? Also do you or have you read of anyone having success with Naca obtaining a modification? they are so hard to get a hold of, I am now starting to worry. you posted a phone number the executive team which i kept, but is this for CW? also do you have any contacts for emailing calling or faxing the bigwigs at CW/BOA? I plan to start this after the 11/13 date (CW posted not to call before that date) I am giving them the time the suggested to come up with plan, then I am starting a full out campaign to contact anyone and everyone to try and save my house.

[Moe Bedard]

the number that I posted is directly to the dept. that is currently qualifying customers for the program that is beginning on Dec. 1st....so you are able to call now and see if that is a possibility....we have numerous members working with NACA currently.......the process does take a while..........here on the forum all success stories are in the success section of the forum..........look for NACA in the title.

[gray517]

Ok can you post or email me the best contacts for getting ahold of the major players for CW. I have letter and all info ready and done and plan to do this starting Monday if the CW posted date of 11/13 comes and no new info given. thanks so much for your help

[Moe Bedard]

since BofA has taken over CW their are not any major players left with those offices.............

you can call the CW executive team after the 13th and see if they can help........
1-800-405-0078

[gray517]

ok thanks ***, I am getting my big ducks in arow in case I need to all out to go after them (from what I have read on the threads here I most likely will have to. I am so glad I found this website, reading that others have gone through my nightmare makes me feel not so alone, Will let you know what happens after the 13th,

[tandknix]

Gray,

We are in much the same situation as you and your story sounds so much like ours. We started with a lower rate, but each time we spoke with our broker we were told we would have to put more down (which we did thinking it would help lower it more) and ended up with 10.45%. Ours is set to adjust next August, but my husband has lost about 1/2 of his income. We have been trying to get help from CW since January and decided to try NACA last month. We are currently waiting to hear from CW now also. I call CW about everyother day to check on my account and reaffirm that we qualify for the Dec 1 program. I pray daily that the offer NACA submitted will be accepted. At this point, just like everyone else here, we are doing everything we can to save the home we have always dreamed of having.

[gray517]

Hi Tandknix, u are the first person I have seen that is actually working with naca, how is that going? we started the process with Naca though, have not gone to CW, I am letting Naca try their proposal first. In February we got a Modification to bring the loan current (hubby's 1st pay cut) but all that did was make the payment higher, we were told we didn't qualify for a rate reduction in 2/08 since we had a fixed rate of 11% and not an adjustable, but the programs have since changed to include fixed and the new program on 12/1 does include fixed sub prime loans. I had such a horrible time communicating and getting information or help from anyone at CW the first time around in Feb, I chose to try Naca first, then if that doesn't work then go the CW route.
tandknix when did your naca proposal get submitted to CW? what did they tell you when you told them (CW) that u were working with naca? oddly enough I have not gotten any collection calls, just a letter a few months ago that said I would be in default come 10/2 and then I got another letter prior to the naca submission that said I may qualify for a modification program that I needed to call them with my info, I didn't call them yet as I was waiting to find out about the naca thing first. don't want to get too many things going at once, as it seems to confuse an already confused bunch of people at CW.

[tandknix]

Gray,

You can read my story here:

We started our NACA process around September 20th. Did our counseling appointment and NACA submitted their proposal to CW on September 23rd. We were told we had to wait 30 days to check on it. We are still waiting. Our NACA counselor is good about getting back to us but still says we will hear from CW (probably by letter) before they will hear anything. They (NACA) wants us to cal them if we hear anything. When I call CW to check they just reaffirm that we are using a 3rd party and that's it just about. They always tell me that we qualify for the Dec 1 program and to be waiting for our letter.

We actually had a sale date set on the house of Nov 4 and contacted our NACA counselor with this information so they could get it postponed. I also called CW myself and was told that I had to call back within 2 weeks of that date to postpone it so I set the date on my calender (it was burned into my brain anyways!). I called them on the 21st and was told that there was no sale date posted. I am assuming NACA got it postponed for me like they told me they would. I have been calling about everyother day since then to double check and make sure there isn't a date. We have never been so scared in our lives.

[gray517]

tandknix
finally got through to someone at naca via online chat said not heard from my lender but would ask underwriter to contact them for status. they advised not calling CW, but don't know what to do at this point here is what my status at CW says, what does yours say??

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 11/13/2008. If your status remains unchanged after 11/13/2008, please call and speak to a customer service representative. Please do not call back before 11/13/2008 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:	10/30/2008
Workout Stage:	Referred

[tandknix]

Hm...thanks for telling me Gray. I will try to contact someone at NACA online also and see what they say. Maybe my counselor has it mixed up? I am going to double check. She said to give them 60-90 days since they are so backed up right now.

[tandknix]

Gray, how did you get online chat help? I am not seeing it on the NACA website...

[gray517]

when you go to their websie it is at the top of page says live support at top right, you want to wait till it says online to get a live person

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

tandknix,
if you don't mind me asking, what does your workout status say on the CW website when u log in

[gray517]

I tried to be sneaky and call the 800-669-6607 after hours to see what automated info i could find out, all it says is if you are calling about the settlement you should receive a letter after 12/1 if you qualify, when I tried to get account information it said it was not available for my account and got transferred to the workout dept which is currently closed? what is the workout department, hopefully where they do the mods?? ***, anyone know?

[Moe Bedard]

Yes that is the mod dept.............I am surprised you didn't get routed to India.......

[gray517]

***
it could be cause I called after hours, going thru my stuff, i got a letter back in october that was dated the 3rd, saying they were considering me for mod that could lower rate and other options, but I got it after Naca submitted thier proposal, they wanted me to call with financials, I didn't I have kinda of taken a stand back approach for now, letting the naca thing try and work first. from what i read i meet the guidelines for the subprime fixed streamlined rate reduction on 12/1. from reading the stories posted all over the web I think CW will make me lose my mind before its done, lol ok trying to lol. thanks

[tandknix]

Mine says the same basic thing yours does Gray:

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

It's after 10/23 but everytime I call no one can give me specifics so I figure they are backed up. I am going to do the NACA chat thing when someone is online...thanks for the advice!

[JSAM223]

Since we are sharing and this may be helpful, below is my workout information per the CW website. I am not sure what it all means exactly because I see the wording is different from others that have posted their workout status. I am supposed to call today to verify that they've received my proof of income docs.

Workout Status Details:	Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 11/25/2008. If your status remains unchanged after the 11/25/2008, please call and speak to a customer service representative. Please do not call back before 11/25/2008 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:	11/04/2008
Workout Stage:	Processing
Phase/Sub-Phase:	Active Processing

[gray517]

JSAM223 did you go to CW directly?? me and tandknix went through naca, I guess that is why ours is different, today is the 13th, I will give CW till the tomorrow to post any updates and then I am going to call and keep calling till I get an answer from someone, I know they are overwelmed, but so are those of us about to lose thier homes in this mess. if they had competant people answering the phones, instead of reading a script, it wouldn't be so difficult

[JSAM223]

Yes - I went directly to CW and I pointed out how I was lied to about the loan and was not provided information that I needed and was promised (appraisal). I sent a letter to the email addresses listed on this site and I received feedback fairly quickly. I have one point of contact now so I don't have to talk to 10 different people. Her name is Felicia and I assume she may be the negotiator although she did not specifically state that she was. Any time I call I am forwarded directly to her.

I agree, they are overwhelmed but I have no sympathy for them since they have none for the millions they ripped off.

[gray517]

JSAM223, I totally agree with you, they should use some of the money to hire competant people. may I ask what are your email contacts. some of the ones I saw on here are from older posts, and with BOA buying CW those people are no longer there. I am trying to gather up as many contacts as I can so that come monday I can start pouncing, since I am not sure if Naca is getting anywhere

[Moe Bedard]

gray............the contacts go directly to the dept. that I gave you the direct line for, don't waist your time with emails that bounce back.........make the call....they will answer.....................if you call they will be able to direct you.......
and they are the highest dept. you can go to in CW
Executive Team
1-800-405-0078

[gray517]

thanks ***, starting to hit the panic mode, nothing from naca except that it was submitted to CW and CW is behind. and I have not gotten even 1 call from CW and I am 4 payments behind. giving them till tomorrow

[gray517]

ok update: I tried to call Naca and was on hold forever so, I called CW at the 1-800-669-6607, they told my loan was eligible for 12/1 program, but they would need to connect me to home retention dept. 1800-669-0102, at this department I spoke with Ken who told me my loan did qualify for the 12/1 program and all they needed was proof of income to get the process started and to fax my husbands pay stubs within 10 days and then I would get a packet of information on what the new progam was going to do for my loan, but he thought it was a rate reduction mod based on my loan type. ok so now I have that working and the naca thing, cross your fingers, ken made sound real easy, but I am skeptic from what I have read hear