CW/NACA Experience SUCCESS!!

[gray517]

Originally Posted by denised

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

then the 6000 difference may be funds or reserve amounts needed to set up an escrow account based on when your taxes and insurance are due for example if your property taxes are due 11/1/09 (like mine) you only have 9 payments till 11/1 so they would need an amount = to 3 payments worth of escrow funds + 2 months reserve for the escrow account. Also even though you are current they may be giving you a 1-2 month payment break and adding that into the modification.

[denised]

Ohhhh ok thanks that makes sense. So we shall see what NACA replies with.
I cant believe this is happening!

[jrolfedrev]

NACA submitted my restructure 17 Feb 09 and next month will be my 4th month not paying the mortgage. I have a pending loan mod with CW since Nov 17 last year. I received a NOI thru certified mail and indicate they will start pre-foreclosure if payment not receive by March 7. Since left does not know what right is doing, will countrywide put me in a foreclosure mode? I do reside in California.

[denised]

This is interesting I am talking to someone at NACA over chat:

Well first of all, I would like to clarify that this offer is not set in stone, unfortunately. We just got word that CW sent us several erroneous offers and we're not expecting the finalized deals until early next week.
[ - - Member Services Center] To answer your questions, however, the rate would be for the life of the loan
[Denise NACA ID ] oh?
[ - - Member Services Center] The loan amount would go up due to any late fees, delinquent taxes or interest, or a modification fee placed at the end of the loan for you to pay off over time
[ - - Member Services Center] and if you want to continue paying your taxes and insurance on your own that is fine
[Denise NACA ID ] i do not have any late payments late anything
- - Member Services Center] Then like I said, CW sent us many incorrect offers
[Denise NACA ID ] oh man
[Denise NACA ID ] so this could really be not accepted at all?
[ - - Member Services Center] No ma'am, I'm just saying that the offer is wrong
[Denise NACA ID ] ohhh ok
[Denise NACA ID ] so we wont know how wrong until a week?
[ - - Member Services Center] You should be receiving a much nicer deal early next week

[denised]

Originally Posted by jrolfedrev

NACA submitted my restructure 17 Feb 09 and next month will be my 4th month not paying the mortgage. I have a pending loan mod with CW since Nov 17 last year. I received a NOI thru certified mail and indicate they will start pre-foreclosure if payment not receive by March 7. Since left does not know what right is doing, will countrywide put me in a foreclosure mode? I do reside in California.

I would probably call NACA and ask what to do.

[emorybetsy]

Congratulations!
Are you happy with the offer? What were your original terms?

[novalynn82]

I have a question maybe you guys can help me out. I had my counseling appointment with naca back at the end of january by phone. She took all my info and came up with my new interest rate she was going to have submitted. She said it would be submitted in a couple days and that I didn't need to do anything else unless they emailed or called and asked for more info. She also said if I hadn't heard anything in 30 days to call them back. I just called naca today to get an update on my file and they scheduled me for another counceling appointment on Saturday to go over everything before it is submitted? Am I missing something or is this normal?? Any info would be appriciated.

[novalynn82]

I decided to follow up on chat and ask all over again for an update and see what they said this time. This is what I got....

[Darci] ok I'm just a little confused sorry....is it the normal procedure to take the 30 days to submit or was I supposed to contact you guys again and that delayed it?
[Jackeline - Member Services Center] Looks like your file should of been submitted looks like the last rep that spoke to you played it safe by rescheduling i will email the person in charge of this also for the meanwhile


I am not quite sure what to think of this? Anyways I guess it is supposed to be submitted for real this time on Saturday. I just feel like 30 days have been wasted sitting here thinking everything was moving in the right direction already when the whole time nothing has happened. Sorry just a little bummed and needed to vent.

[dolfanpete]

I'm sorry if this has already been mentioned, but do you have to have a really good credit rating in order to get help from NACA? I'm not sure what my credit rating is, but i'm sure it is pretty bad now, ( missed 7 mtg payments, and some cc payments) I hear NACA has helped out a lot of people, just want to know if they would help me even with my credit standing be what it is. Thanks, Pete

[FLgata]

Originally Posted by dolfanpete

I'm sorry if this has already been mentioned, but do you have to have a really good credit rating in order to get help from NACA?

Obviously not because they have agreed to help me, lol. I started to let things slide years ago just in order to maintain my crazy mortgage payments. I have no clue what my rating is, but I know it is NOT GOOD.

[dolfanpete]

Lol, i started reading the membership agreement, you have to attend all kinds of meetings and stuff like that? like 5 meetings a year? I didnt understand that

[FLgata]

Actually, they request that you volunteer your services but it is not mandatory. If they help me save my home, I will go out of my way to assist them if needed.

Also, since you are in Naples, if you decide to utilize their services you can probably schedule a phone counseling appointment with them rather than attend the workshop in Tampa. That's how I got my ball rolling.

We have a Fort Myers success story here in the forum. Her username is Gray517 and she has been very helpful with questions about NACA.

[dthom]

denised, congratulations! When did NACA first send your offer to CW? It looks like your offer went in about middle of January. They sent ours over Jan 23, called this week and NACA told us to call back again in 10 days. I sure hope we hear something good then. As of this week CW had not yet responded so they sent over an update request.
I already have taxes and insurance escrowed. I like it that way, like gray517 said I don't have to worry about it. We had 2/28 originally and had to pay both ourselves. Insurance not so bad, but ended up having to get a loan to pay the taxes, still paying for that. I love having them escrowed, one less bill to think about.

[pwrought]

Naca and Hope is a bunch of lies. The only thing they do is call the collection dept with you on the line and then start the harassment to get a payment from you. They don't know anything about loan modification. They tell you to make payment when you didn't supposed to being making payment. That's what happened to myself until I get ***** and fight the bank myself without those clown. The only way to win is fight back and don't let anybody full you. NACA and HOPE will make sure that the collection dept talk to you before anything so they can get a payment from you. How do you think those organizations get funds from? THE BANKS thaaaaa...

[Dan Bailey]

pwrought,
Many of our members have had great success with NACA, which is a voluntary orginization. They do not receive "funds from the banks" Not only our members have received help from them, but many, many others who have been to their events.

If you were unable to get a mod with them helping you, it was surely due to your specific situation.

[gray517]

Originally Posted by pwrought

Naca and Hope is a bunch of lies. The only thing they do is call the collection dept with you on the line and then start the harassment to get a payment from you. They don't know anything about loan modification. They tell you to make payment when you didn't supposed to being making payment. That's what happened to myself until I get ***** and fight the bank myself without those clown. The only way to win is fight back and don't let anybody full you. NACA and HOPE will make sure that the collection dept talk to you before anything so they can get a payment from you. How do you think those organizations get funds from? THE BANKS thaaaaa...

have you actually gone thru the naca submission and counseling process? I have and I am a success story! without naca I would have ended up with a temporary 5 year solution or even foreclosure. Naca got me a 6% fixed for entire life of the loan modification, it is 100% done and completed. they never got me on the phone with them and countrywide and even discouraged me from calling them. I spoke with Naca and they not CW prepared an affordability budget and submitted a proposed restructure/modification to CW on my behalf, I was not asked for any funds from Naca or CW for the mod to be completed. If someone tried to connect you with your lender's collections dept then you were NOT talking to anyone at Naca!

[FLgata]

Good Morning PWrought,

I think Gray did a fabulous job explaining the NACA process but I wanted to point out again that NACA and CW are two completely different entities. NACA is not a division of CW or for that matter, affiliated with them. They are helping many homeowners save their houses right now. They help people with all types of loans and negotiate with many different banks, not just CW. I have a feeling you may be confusing them with other CW departments like "HEART" maybe. I only wanted to point this out because many members here are utilizing their services and you made some very strong comments against them. I don't want other people in the forum to get confused or discouraged by these remarks. Please look over the link Gray sent you in your thread.

[Justme89]

Originally Posted by pwrought

Naca and Hope is a bunch of lies. The only thing they do is call the collection dept with you on the line and then start the harassment to get a payment from you. They don't know anything about loan modification. They tell you to make payment when you didn't supposed to being making payment. That's what happened to myself until I get ***** and fight the bank myself without those clown. The only way to win is fight back and don't let anybody full you. NACA and HOPE will make sure that the collection dept talk to you before anything so they can get a payment from you. How do you think those organizations get funds from? THE BANKS thaaaaa...

I dont think are about lies as much as they are overwhelmed and understaffed. Naca assisted me in the process and emailed my file to CW twice. CW merely ignored it but I emailed Senators, Congressmen, My investor, the Office of CW's president and new station in the CC portion of my emails to them. They eventually acted and offered me a good deal but it had NOT gone through Naca. Then I showed it to Naca via fax, upload and calling them everyday for 8 days. I waited as long as I could and gave in and sent the agreement back. I got a great deal but I know Naca could have done better.

I feel a bit screwed that I wasnt helped nor were my phone calls returned but what can I say? They do not promise a solution, and they fairly warn that you should not put all your eggs in their basket. It is most important that you have an alternative action plan if they do not come through and even more important that you do all you can to help yourself in the meantime with CW.

[denised]

Originally Posted by emorybetsy

Congratulations!
Are you happy with the offer? What were your original terms?

Well yes I am happy with a fixed loan instead of every 6 months it goes tooo high so I lose my house!

I am still a little worried that it isn't true....especially because the NACA guy from the online chat told me that they got a bunch of bad offers from CW. I mean he did say that it will be fixed next week however what if mine was a total mistake.
I do not even have anything on CW site under workout link!
I really hope I am not being told I was approved only to be told No again!! (happened to me when I was working directly w CW)

[denised]

Originally Posted by pwrought

Naca and Hope is a bunch of lies. The only thing they do is call the collection dept with you on the line and then start the harassment to get a payment from you. They don't know anything about loan modification. They tell you to make payment when you didn't supposed to being making payment. That's what happened to myself until I get ***** and fight the bank myself without those clown. The only way to win is fight back and don't let anybody full you. NACA and HOPE will make sure that the collection dept talk to you before anything so they can get a payment from you. How do you think those organizations get funds from? THE BANKS thaaaaa...

What happened that makes you feel this way?
So far NACA has been the nicest group of people and it is such a relief to even talk to them!
As far as I can see they are helping people and don't take any money from us.

[denised]

Originally Posted by dthom

denised, congratulations! When did NACA first send your offer to CW? It looks like your offer went in about middle of January. They sent ours over Jan 23, called this week and NACA told us to call back again in 10 days. I sure hope we hear something good then. As of this week CW had not yet responded so they sent over an update request.
I already have taxes and insurance escrowed. I like it that way, like gray517 said I don't have to worry about it. We had 2/28 originally and had to pay both ourselves. Insurance not so bad, but ended up having to get a loan to pay the taxes, still paying for that. I love having them escrowed, one less bill to think about.

NACA first sent offer jan 17th. Im still a little worried that this is not a real offer though since NACA said CW screwed up and sent bad offers ....

[Moe Bedard]

If the offer that comes to you has a rate freeze of a lower rate for a short period of time..............like 5yrs or even 10yrs............then it is not from NACA.
Your NACA proposed modification will be be a low rate that is fixed for the entire loan term.

[denised]

This offer is for life of loan but naca said that cw sent them bad offers this week and they need to fix it and re-send next week.

[dthom]

Let NACA check it out. Today on our CW account under workout we had a long notice that said we were in active processing etc etc. I posted it under my thread NACA OFFER. That is when I checked and noticed that I could not pay online any longer. Now I am wondering if it is the NACA offer, or if CW is just now looking at the info I sent in way back at the beginning of November. Maybe I will email NACA this weekend and see if they are aware of the offer just to be on the safe side. Our whole income has changed drastically since November, plus when I did call to let CW know husband got laid off and could they do anything for me they said they were sorry they couldn't help. NACA website still says Submit to Servicer, Restructure. I will be very cautious of any offer I get. Since NACA told me what they were requesting whatever I get should be close to that offer I would think, Same for yours. This whole process just gives me a headache.

[denised]

Yes that is good. I only pay attention to what NACA reports to me. Unfortunately even that didn't quite work out ....Yet... .
I will have to see next week what happens....