CW/NACA Experience SUCCESS!!

[Moe Bedard]

helpmimi,



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

The investors are what is holding up the restructures............CW can only present it to them along with NACA, but they have to approve it...........

You may want to contact the dept. that takes care of the non profit accounts in CW and give them your NACA ID # so that you can get updates that way as well...............
CW Advocacy Team
1-877-327-9225

[helpmimi]

Not since last month, cw paid my taxes and added $700 to my mortgage payment.

[denised]

Originally Posted by gray517

it took around 30 days for anything to show up on our cw online account and that was back in October 08, they are much busier now and make take longer, I would call naca on tuesday if nothing shows by then and verify submission date and if cw actually got it, ( i think cw gets the proposals electronically)

Called NACA today. The rep said that it was submitted and all I really can do is wait. She said after 45 days (today is 30) I can call and if NACA had not heard from CW yet then they will submit a request for update but only after 45 days is she allowed to do that.

She also recommended that I do not call CW because they will try to offer me a crappy modification (my words ) because they dont like people working w/ these organizations.

[gray517]

that's pretty much how it happened to me, couldn't get a straight answer out of countrywide in september, so i went with naca, once they submitted the proposal on 10/6 and I called on 11/15 per the cw status and they were like who or what is naca, we don't know anything about that, but you are qualified for the 12/1 Ag settlement fax us your paystubs, I did as a backup plan. when ever i called cw for updates they always said wait for the package that is coming but would give no specifics and when I asked about naca's proposal they would always say we don't know anything about that but wait for the 12/1 package. I called the advocacy number several times and didn't know until near the end that I was really talking to home retention. It seems that they don't tell you when you call the advocacy number that you are really talking to home retention. I found out when I called them about my mod docs that were supposed to be coming, the rep I spoke with was like I don't know anything about a modification that was suppose to be approved and sent out, when I said well isn't this the advocacy dept? because that is who is handling my case and where the docs are coming from, she said no this is home retention, when I asked how did i get here? she told me most of the time when you call advocacy your call is re-routed to home retention. since they are very busy they don't ususally take calls. Advice, ask the rep what dept they are in when you call advocacy, they surely won't volunteer the info. I gave up on calling CW for status, as they are totally confused and most reps don't have access to the modifications being worked on from naca. I did call naca or use online chat at least once a week to check status even though they ask you not to, the waiting is the killer part. my fingers and toes are crossed for you denise

[dthom]

Hang in there denised. My 30 days with NACA is next week, and it is driving me crazy too. Made this months payment, but March is another struggle. To make matters worse, just brought my husband home from 6 days in hospital after contracting a bad infection in his leg. We have no health insurance due to his getting laid off. The hospital financial advocate says they may be able to a portion of it paid for by charity, about 70%, but we will have to pay on the balance, give you up to 3 years. After always having had health insurance, it is hard to think that now you are considered a "charity case". But all we needed right now was another bill to pay! When it rains it pours I guess. So we can't hear from NACA soon enough. I just pray that they will be able to work out something for all of us here working with them that will let us keep our homes. As for CW, NACA told us the same thing, no need to call them at this point. Even said that at some point CW may try to call us and attempt to give us a deal, and that sometimes they will even lie to get you to not work with NACA.

[denised]

Thanks!
Yes I don't think I will even call CW unless I have to. I know all they will do is give me false info.

dthom- Hope this works out for you and the clouds clear! The first 30 days seem to be the hardest to me. Now at least we are that much further.

[denised]

Anyone else notice NACA's online chat is offline lately?

[luisren]

yes, hasn't been available for quite some time now...

[teenut]

I have noticed that too. It has been down for about a week now. I have sent emails with no response. The best way for me to get through is to call the customer service number. The wait is usually about 40 minutues, but you will get to speak with a live person.

[SereneDean]

Silly me, back in Oct 2008, I took the "advice" Countrywide has posted on their site that reads "The sooner you call us, the sooner we can help". It should read, "The sooner you call us, the sooner you'll end up on the obituary page, because we are so inept, that we will drive you insane & give you a heart attack"...
I finally realized that I'd been wasting my time going directly through CW AND CitiMortgage..... I took the advice from LoanSafe & filled out the 10-step process on NACA's site. My first phone appointment went rather smoothly except the guy I spoke to told me that he was unable to open the pdf. files I'd uploaded because the files were too large(114 pages of docs, etc). I also had to guide him through the 5 sets of faxes I'd sent them in order for him to be able to find a certain document....(theri system was s.l.o.w.)That call took an hour...
I had to set up a 2nd phone appointment, which was set for 2 days later. I could hear the stress in that reps' voice & felt no confidence whatsoever in his ability (I actually felt so sorry for him). He also couldn't open the pdf files I'd sent. He continually mumbled & sighed & we had to hang up the phone twice so I could fax him several of the documents that I'd already sent in the pdf. I imagined him underneath a mound of paperwork. We were on the phone for at least an hour & a half & accomplished nothing, as I see it. Finally he needed me to fax him yet another document & he said, "How about you fax me that page and I'll personally call you back tomorrow at 8am?" I said, how about I fax it & you call me right back because I have to work tomorrow? He agreed to call me right back.... But he never did.... I only hope he was able to get the ball rolling.....
Just thought I'd share my experience so far with NACA....
I'm holding onto hope while imagining what my eulogy will read :-).....

[mgaud123]

I hope the president's plan helps. We have an ARM that reset (and will reset again May 1). We have struggled to stay current, and luckily both have our jobs. (can't refi underwater).

We have been waiting over 5 months. NACA today told me if I don't hear back by March 11, we should resubmit everything At this point I don't think they will be able to help. I feel like it is going to sit there until we stop making payments and even then there is no guarantee!!

[teenut]

wow 5 months!! So you said that you are current on the mortg. though. Maybe they are giving those who are in immediate trouble preference. They meaning CW and NACA. Have you been offered anything by CW yet?? Prob not, they seem to be sending those out once you reach the 90+ mark.

[mgaud123]

I know, we are paying over 50 percent to our mortgage now. We live very much within our means. The thing is, May 1st (next reset) there is no way we can do it. That is what needs to change. They need to start helping families who are on the line. I think about if my interest was dropped just a little, We could help stimulate the economy, mabye go out to eat once and a while!

[mgaud123]

Oh and No CW has not responded. We submitted to them in September, the received the information timely and we were assigned a CW negotiator. That is it. I don't even think they have sent a request to our investor (BONY) yet. They won't tell us anything anymore.

[teenut]

mgaud123 I know how you feel. Our first adjustment was in Oct. So right now we are at about 47% of our income. At the same time it adjusted, my husbands hours were decreased so this really hurt. I tried to work with CW for Nov when we couldnt make the full payment, but it was useless only offering me a payment plan which was double payments a month to bring it current. Of course we coudlnt do that. Once we hit the 90+ thats when they sent something out. The only help I really need at this point like you is a rate reduction. Even back to my orginal before the reset which was still high at 7.25%. My arm is due to adjust again in May, but because of the low rates. It wont go up, it will go from 9.375 to 8.0% so my mortg will be less than it is now, but 54$ more than it was before the first reset. Which I dont like, but I can live with if all else fails. But because CW wouldnt offer me any help before I became deliquent, they will add my past due amount of 7,000 to the end of the loan, thus increasing my payments anyway. You cant win!

[gray517]

I think they are working on loans that a) are delinquent 60 days or more and b) the borrower can not make the payment due to job loss or reduction in income or other serious hardship like a death or illness. With people that are current they figure you can afford your payment now (even though you may not be able to when it adjusts) so they are not offering any help until you actually can no longer make your payment.

[mrbsf]

I received the following e-mail from NACA yesterday (2/23). Could it be true?

.................................................. ........................................

Dear Homeowner,

NACA is now in a position to get your Mortgage Restructure Solution done! NACA's Accountability Campaign and Predator's Tour of the CEO's homes was a tremendous success. We now have all of the major Servicers/Lenders on board in accepting the NACA Restructure Solution - over 90% of homeowners are now covered by NACA agreements. Also, the difficulties we have had with some of the Servicers have now been resolved.

As you know the NACA Restructure Solution, is based on determining a mortgage payment you can afford by permanently reducing the interest rate and the outstanding principal, if necessary, to achieve this affordable long-term payment. While it is disappointing that President Obama's foreclosure prevention program does not address the mortgage crisis with a long-term affordable solution, NACA is the one bright light that does.

For those whose cases have been in review with the Servicers, many of you will soon get the great news that your NACA Restrucuture Solution has been accepted. While everyone should be hearing from us in the near future, if you have not been contacted by March 31st please call our Counseling Center at 1-888-404-6222. If your file has not been submitted to the Servicer and you are having difficulties reaching our local office, you can call NACA's National Membership Center at 1-888- 302-6222 for assistance.

I want to thank the thousands of homeowners who participated in the Predator's Tour and other advocacy actions. Your committment and participation is now making the NACA Restructure Solution a reality for tens of thousands of homeowners. We need to continue the advocacy to make sure everyone gets the the NACA Restructure Solution.

Thank you,

Bruce Marks
NACA CEO

P.S. If you are or have worked in the mortgage industry and can give us additional insight on the problems and abuses please contact Jim D 'Agostino at 1-888-297-5568 ext. 232. Also, visit www.naca.com to stay informed and continue your participation.

[gray517]

that was a blanket or mass type email, I got it too and our Naca modification is done and complete. I would call them if you don't hear anything by march 31 as it states, I read they signed up more lenders to thier program, which guantees those lenders will now look at the naca proposal, it doesn't gurantee they will accept it but it does put naca in a better working relationship with the lenders in order to get more mods done.

[mrbsf]

I figured out pretty quickly it was a mass e-mail, but it seems like NACA is making some progress with most of the major lenders. I'll keep my fingers crossed and hope for the best.

[FLgata]

I wonder why I didn't get that email. I am working with NACA. They submitted my proposal on 12-31-08 and sent a follow-up email to CW on February 6th. When I called on February 16th to ask NACA about my status, they told me that CW has not yet responded to their follow up request. GO FIGURE!

[denised]

Just called NACA!!!! She said that CW has made an offer on first loan only yesterday and they will submit the 2nd again.
I cant believe it...she said she will email it to me. I hope its good!
I want to cry

[FLgata]

I have my fingers crossed for you Denised! Hopefully, you will receive an offer that is acceptable and you can put all of this craziness behind you.

[denised]

Thank you!!!

Here is what the email says:

Countrywide has completed the review of your file and is proposing the following offer:

1ST MORTGAGE

New Loan Amount: $ 373012.77

# of Payments Capped: N/A

Capitalizing: $ N/A

New Rate: 6.13%

New Principal and Interest: $ 2337.28

New Principal and Interest + Taxes and Insurance (this is the total monthly payment amount): $ 2812.28

questions I have for them:

Is the new rate for life of loan? How many years?
Why does the loan amount go up fro 367k to 373k?
I do not pay insurance and tax in my loan payment now is that mandatory?

[gray517]

Originally Posted by denised

Thank you!!!

Is the new rate for life of loan? How many years?
Why does the loan amount go up fro 367k to 373k?
I do not pay insurance and tax in my loan payment now is that mandatory?

The rates as far as I know are fixed for the life of the loan and the term is how many years you have left on your loan (example if you owe 27 years on your mortgage after the mod you still will owe 27 years) they ususally don't change this, but you would need to get clarification from Naca.

The loan balance goes up because they add the past due interest portion of any missed payments into the loan balance and like my case they added the escrow shortage (they paid my taxes), that usually is standard with any type of modification.

personally I like having the escrow as that is 2 more large payments i don't have to worry about trying to keep up with, cw may require it as a condition to your mod, you would need to ask naca if it is mandatory

[denised]

OK thanks, I have already sent the questions off to NACA.
I am not past due on any payments though?