CW/NACA Experience SUCCESS!!

[denised]

Yes we got 2 loans to buy the place. Right now 1st adjusted to 9.15 and 2nd is fixed at 10.5%. Both are with CW so NACA said it is easier to try to get them both modified. Looks like it worked!!!!!
It is a huge weight off but I'm a little worried about this 20k they are trying to add to our balance....But still the payment is beautiful!!!
Thanks for all the congrats! and good luck to you!

[denised]

Originally Posted by luisren

OMG Awesome Denised!!!! Now I really really feel its just a matter of time for mine.... Congrats!!!!

Thanks! Ive got my fingers crossed for you!!!!!!!!!
Soon I hope you get it!
I feel like the call on Tuesday to NACA helped because my counselor said she would email to get a response and my documents have the date of May 6th on them.

[denised]

Originally Posted by emorybetsy

Denised
Congratulations, hope you are celebrating tonight! You've been waiting for so long, all your hard work has paid off!

Thanks!!! We will celebrate all weekend

[Rumor]

Wow..that's awesome! I wish you nothing but the best and many, many happy years in YOUR home!

This gives me a lot of hope that both our loans can be modified.

[denised]

Did they submit you for both loans? I know some other people on here got both loans modified also. I think it will work out for you!

[Rumor]

They said that they would submit me for the 1st loan and then the negotiator would "try" (key word) to negotiate the second loan also. The counselor said that they couldn't try for both really. I said it was fine. Even lowering the first one would allow us to pay on the second regardless that the interest is almost 12%! They asked for info on both loans though and asked me about the second loan also. I hope that they can work something out to lower our payment. We've been trying to refinance for over 1 yr to get the second lowered but no one would because the value of our house has fallen over 40k in the last year. I guess it's not as bad as over people that have posted. Wish me luck!

[denised]

I seem to remember my NACA counselor saying the same type of thing.
Luck luck luck luck luck to you!

[denised]

So I called NACA to find out if I could get any information about this added interest. I am still waiting for my negotiator to call or email me about it....
My guess is this is going to be another waiting game for corrected documents and who knows if those will be right.

[sarge]

Keep the faith! You've come a long way and the end is just around the corner.

[cobra]

Hey Sarge;

Have you heard any news yet? We were submitted about the same time.

Cobra

[debdog]

I haven't heard anything yet, mine was submitted on April 18th.

[cobra]

Thanks Debdog. Wondering ALL THE TIME when we all might be hearing!

Cobra

[sarge]

No Cobra I haven't. I had just responded in another thread before I read this one. We are a week apart from submission.

[denised]

Originally Posted by sarge

Keep the faith! You've come a long way and the end is just around the corner.

Thanks Sarge! I will try....just hard to believe that these papers are due end of week and now I can't even send them in because they most likely wrong....but you are right it has been a long long way!

[denised]

I'm really starting to freak out. I need this paperwork sent in by end of week notarized etc. If the paperwork isn't right (which it doesn't seem to be) does this mean I have to start ALL OVER again? I hope NACA emails/calls soon!

[sarge]

Hey denised,

Have you tried to contact BofA and see if they give a straight answer?

[denised]

You know you may have something haha I just always assume they wont help me maybe I will call BofA.

The NACA negotiator emailed me today but this is what she said and I still have questions. I replied right away and probably will need to call again.
I just have too many questions and want to send this thing out friday!

Email from NACA:



I am contacting you in reference to the modification that you recently received. I understand that you have questions about the "interest" amount. This amount is made up of unpaid/unapplied payments, delinquent interest and any payments made on your behalf. If there are payments that have not been applied those payments will be backed out, thus reducing the Principal balance and interest amount by however many payment that were set aside.

I hope this explains this for you. If you have any additional questions, please contact me.

[sarge]

Didn't you say before that you were current? I would be confused too. Maybe the key word here is unapplied payments.

[denised]

Yes I am current except for May.
And I looked at my account transaction history and see the payments are applied. Maybe that part is wrong. I mean if its that simple I hope they can just tell me so I can notarize and send back.
I called bofa and they said call in the morning...

[giantsfan]

We have been dealing with NACA since Jan 09. They submitted our paperwork on Apr 2, 09. We were told by our NACA person that they were going to try to get our payments down to 34% of our income since our payment is now about 50% of our income and put what we owed on to the end of the loan. We called today to check up and see where we were with the mod and for some reason decided to ask what they were asking for in our mod. Our monthly mortgage payment now is $3049 a month and they were trying to get us a payment for $3158 a month. We were totally blown away. We told them that is more than what we can't afford to pay now. We now have another phone appt on Friday night to see what is happening. Hopefully we will not have to start from the beginning again since we are now 10 months behind on our payments and have already received a foreclosure notice but no date assigned yet. I just can't believe this is happening. I had alot of faith in NACA and thought they would be the only ones that could actually help us with this situation. Sorry to be so down on NACA but we went over all the paperwork at least 10 times before they submitted so I just don't understand what went wrong. I guess we have to wait until Friday to find out. I am still hoping that NACA can help us. The stress of all this is really bad.

[denised]

It just boggles my mind that they can put 19k on top of a loan and not say why! I mean come on!
I guess at this point my mind shouldn't be boggled by anything they do

[unemployedinaz]

Naca was upfront with me and said they can't tell you to be late on your payments, but basically the lenders put you on the back-burner if you're current and the people who are late go to the top of the list. Unfortunately, that's what I had to do although I hated ruining my great credit rating. It really wasn't going to get me anywhere anyway since lenders always seem to find some reason to discount it. Makes me sad. My credit cards have been cancelled or limits lowered that reduced my rating and it had nothing to do with the way I was paying they said. So, what's a gal to do? Rebuilt credit, I guess. Phooey.

[denised]

Originally Posted by giantsfan

We have been dealing with NACA since Jan 09. They submitted our paperwork on Apr 2, 09. We were told by our NACA person that they were going to try to get our payments down to 34% of our income since our payment is now about 50% of our income and put what we owed on to the end of the loan. We called today to check up and see where we were with the mod and for some reason decided to ask what they were asking for in our mod. Our monthly mortgage payment now is $3049 a month and they were trying to get us a payment for $3158 a month. We were totally blown away. We told them that is more than what we can't afford to pay now. We now have another phone appt on Friday night to see what is happening. Hopefully we will not have to start from the beginning again since we are now 10 months behind on our payments and have already received a foreclosure notice but no date assigned yet. I just can't believe this is happening. I had alot of faith in NACA and thought they would be the only ones that could actually help us with this situation. Sorry to be so down on NACA but we went over all the paperwork at least 10 times before they submitted so I just don't understand what went wrong. I guess we have to wait until Friday to find out. I am still hoping that NACA can help us. The stress of all this is really bad.

Shoot that really sucks giantsfan!!!I really hope NACA will straighten this out for you!
Why did they submit you in April if you have been working with them since Jan?

[sarge]

After all we have seen and heard here, I am not surprised by anything. You have to have the docs postmarked by Friday?

[denised]

Actually they send a fedex return envelope with priority and it says it needs to be back by 5/17 Sunday. I figured I should send them out tomorrow

One of the loans is 5/20 though.

One of the NACA ladies said that the lender is sending these out to members and giving them short amount of time to get them back and they are aware of the problem so Im not to worry but all I can picture is I dont worry about it and next I hear from bofa saying sorry start over you didnt send it in on time!