CW/NACA Experience SUCCESS!!

[denised]

Everything finally submitted. Now if I could only get my counselor to call me

[MacChad]

I am hesitant about this NACA place. It feels a little fishy, almost like a credit counseling service. Can someone give some details on how it all works and why it's worth even a $20 membership fee (annually), or the bigger amount of $50/month with your "restructured" mortgage. I'm skeptical about this. Someone ease my fears. Please.

[Moe Bedard]

You are looking in the purchase/refinance section..............the home save modification services are free.........NACA has been a non profit homeowner advocate for over 20 years.

here is the link for the home save steps..........you can also view the most recent NACA success stories in the success section of the forum.

https://www.naca.com/refinance/refinanceTenStep.jsp

[tandknix]

MacChad,

Myself and another member have just finished using NACA to restructure our loans. They are worth it. Please go read through my story. To restructure your loan NACA only asks that you volunteer to speak at 5 classes a year or give time in their office. Unless, like Grey, you are too far from an office. Then their services are really free since you can't volunteer. NACA got our rate dropped from a 10.45% ARM to a 5.25% FIXED

NACA all the way!

[denised]

Darn! Week is over and I am not submitted to CW yet.
They finally got my paystubs that they can read however they weren't uploaded to my account or something. I had made the phone appointment and a diff counselor called me. She said her supervisor needed to take the paystubs and submit to my account. Apparently the other girl hadn't done it.
This girl from today said she would call me back in 5 minutes and I never head from her. I made a second appointment today and never head. Now they are closed.
Oh well ... I guess Tuesday will be my next try.

[tandknix]

Don't give up Denised...keep at it. It just takes time and patience, but it is well worth it.

[emorybetsy]

I just posted this in another thread looking for help with NACA

I spent two hours on the phone with them today! (on hold with her most of the time while she talked to someone else about me). She pulled my credit report and for some reason she thinks I own two homes? Apparently there is a gap when we went from 100,000 to 200,000. She starts asking me about a 12 year old loan that has been refinanced several times over the years. Does she really think that a bank would allow me to hold one mortgage on two different homes? She is going to call back tomorrow to talk to my husband but he cant remember either. She acted like I was lying to her. I felt like she was passing judgment on my financial decisions, is that part of the deal? Is she a credit counselor? The bottom line is I have 1 house worth more than I owe on it and considering how low values are right now, I made appropriate improvements to my home! What is the problem? What are they looking for? Has anyone else found them difficult to deal with? I feel like giving up with them.fficeffice" />>>

[denised]

Just got off the phone with my counselor Tami! She is so nice.
We are going to be submitted to countrywide at 6.125% with a huge savings.
I am so scared and now have to be patient and wait

I really hope this works. She says I am in a predatory loan and cant see why they wouldnt approve. I however can see them denying it!

So far working with NACA has been pretty good. They are VERY busy so you do have to be patient.

She told me call in 45 days for the status update.
And that it will take up to 60 however from the experience I have read I am banking on 90 days.

thanks everybody for this great opportunity!

[emorybetsy]

I wanted to post an update to my NACA experience

NACA called back today, the first thing she said to me is "I want to apologize for the way our conversation ended yesterday, I continued to read the information you submitted after our call and saw that you had already explained that you doubled the size of your house by adding a second floor addition. I should have looked at all the information, I was just concerned about where all this money went. But it does make perfect sense now." It was a long call again, 2 1/2 hours, but I do feel much better about working with them.

She feels very confident that BoA will be responsive to our request that it was a great proposal all around. She came up with a figure of 5.375%, 30 year fixed, this proposal will reduce our monthly payment by almost $1200 a month. It is EXACTLY what we wanted/needed to accomplish! I have my fingers crossed. Should I continue to pursue FHA and keep trying to talk to BoA myself? Is that too much? What now? Just wait?

[denised]

Yep and that is going to be the hardest part,,,,the wait. I have also started creating a letter that I can send out to senators etc in case this doesn't work out.

[emorybetsy]

denised
Keep me posted, sounds like we submitted on the same day!

[denised]

Yes! Are your loans also with CW?

[emorybetsy]

No, they are with Bank of America

[tandknix]

emorybetsy...BofA bought out CW so I am sure NACA will have just as much success helping with your loan!

On a side note, I was told something interesting when I called CW to ask about our loan and it's online status. The lady I spoke with had no clue what was going on and tried to tell me that I owed like $13,000! I had to explain about our restructure and she says "Oh, yes...I see it now." THEN she tried to tell me our payment was $2,000 something. I cut her off when she said $2-thousand and stated what our payment was and she again replied "Oh, yes...I see it now." THEN she told me we qualified for the National modification plan and asked if I wanted to see their offer for it. I was like...can they do better than 5.25% FIXED for the life of the loan??!?! She just kinda sat there...

CW reps are not very well informed (and that's being nice )...

[emorybetsy]

Are the CW reps BoA reps now or do you still call CW?

[emorybetsy]

I haven't really spoken to BoA yet, I called and asked for help and they told me to send my hardship letter and paystubs. I called them the same day I faxed them to make sure they had gotten the papers and they did but the information was not availble to view by the person I spoke to. Later that day she sent me an email saying the phone number she has for me is invalid, send it to her via email because she has some information that may be helpful. She said she only works Mon, Tue, Wed. Of course it was Wen at 6:00 when I got the email at home, so I hope to hear from her tomorrow, if not I will hunt her down for this information. So no problems with them yet! Are you planning to stay on CW's back or are you just leaving it up to NACA now? Did you get a definate NO before you contacted NACA? BoA told me they did not think I would qualify for any of the programs they are offering, but call back next week once the info was in the computer.

[gray517]

tandknix
my online status now shows the mod under the docs but nothing else has changed, I called today to see where to mail my 2/09 payment, the rep said they could take a payment for 2200 (old amount) told her no, we got a mod and new payment was 1400. she said didn't know anything about it and that we were qualifed for the 12/1 program (duh! still haven't gotten anything on that yet), told her never mind, would mail in payment. what a cluster you know what! got the mod with new low rate from naca, now we got to fight with the idiots again to get the new terms posted to our account? gonna stick with the naca approval, afraid cw will come back with here's a mod for 4% but its only for 5 years, don't trust em.

[denised]

Wow CW is just so horrible. I feel like the only thing they keep record of is if you paid or not. Every time you call and talk to them they dont even take notes most of the time. How can they not know you have a new payment and rate if it was approved by them. That is a little scary. Can't believe they are not in more trouble!

emorybetsy-
I have already tried to get modification with CW and was denied. I think I will call CW and check up on them during this NACA process. CW is really hard to deal with though. They have told me so many things that don't match. Not sure if BofA will be the same. For you I hope they are not!

[Byram_MS]

Please explain what a 12/1 is. Is this some new Federal Legislation? My mortgage company is Wells Fargo. Thanks.

[Moe Bedard]

Byram,

It is the December 1st. program homeownership retention program that is for Countrywide customers in certain states as a result of a suit brought against CW from their state attorney generals.

[denised]

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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 shouldn't be.

[MP927]

Can someone help me with a silly question re: NACA and CW. We have not spoke with CW at all yet, is it smart to bypass them completely and let NACA go to bat for us?

[denised]

Hi MP927
Im not sure what is the best way to go. I personally went with CW first and when I was denied found out about NACA from this forum. I wish I could have started with NACA first since I was denied but you never know. I guess it all depends on your situation. I was basically told by CW I didnt get approved because I am still current on my payments.

[MP927]

Originally Posted by denised

Hi MP927
Im not sure what is the best way to go. I personally went with CW first and when I was denied found out about NACA from this forum. I wish I could have started with NACA first since I was denied but you never know. I guess it all depends on your situation. I was basically told by CW I didnt get approved because I am still current on my payments.

Thanks denised...I am contacting NACA first but we may call CW and tell them we are, so they can be aware and notate our file (whether that will help or not remains to be seen)

[whatsinaname]

This is very interesting. I tried calling NACA for the first time and could not reach a single human being - recordings everywhere. Also, there counseling session is 100 miles away from here.