CW/NACA Experience SUCCESS!!

[denised]

I thought I would start a thread talking about my NACA experience.
I was denied by CW for any loan modification. I am not in default so they think I am not in any hardship.
I tried to apply again the other day because of loss of extra money that was coming in and he told me there is nothing we can do for you. One of the reps told me the investor is WElls Fargo.

He told me that if my situation changes and I get that money back I should definitely call and try again. I told him that was a dead end already and that I was denied with the money already so why even suggest it.

Anyway, the extra 600 dollars on top of our usual payment (all goes to interest) is making things impossible (as many of you know all tooo well!)

I decided to check out NACA. First off I went to website to apply.
I couldnt get past step2 where I was to sign the agreement. It keeps telling me that my email address doesn't exist even though I received my id in my email.
I sent an email to their support so we shall see what happens next.

[robijamie]

Good luck, so far I've been very pleased with NACA. We just started the process, but the emails and the phone consulations have been on time and great. Hopefully it works out for both of us.

[tandknix]

We just finished our loan restructure through NACA and are relieved! It's a long process, just be patient and do what they ask...

[mto66]

approximately how long did it take? I am just starting it with NACA now.

[tandknix]

Well, we first contacted NACA and did our class the third weekend in September. We met and did our intake the week after and they submitted our file to CW on September 26th.

[tandknix]

I want to add that you can read our full story here: NACA/CW Success Yippee!!!

[gray517]

here's our experience with naca also, waiting on docs, but I am pleased with the new low rate and payment restructure: CW Mod & Naca, almost a Success!

[denised]

I am still waiting to get my issue fixed. I cannot complete the online submission.....trying to contact them again today. So far no response but as you all say it is a long process

[tandknix]

Denised...I also had problems getting the paper work completed online. I finally called them and just signed up for a class over the phone. I would recommend doing that if you haven't had the class already. At the class we grabbed the card of the NACA Counselor we really liked and called that following Monday to set up an appointment with her. I just took all the paperwork I needed with us to the appointment. We needed additional paperwork which I faxed in to the ASAP. So if you can't get it all online don't stress...get an appointment to attend the class and then set up your couseling session. I explained to our counselor that I was having computer problems and the computer wouldn't let me go any farther and she scanned in the items I had brought that I needed. If you are wanting to do a phone appointment then you can fax in the information they are asking for with your NACA ID on the coversheet and it will automatically be applied to your account.

[denised]

Ok great thanks for the reply!
I hope that NACA will work with me even though my payments are not late!

[tandknix]

I looked at your original thread where you laid out your loan terms. It's an ARM so NACA will definitely help you regardless of whether you are late or not!

[denised]

GREAT! I am going to think positively!
Thanks

[Mickeyfickey]

Hi Denise,

I think we are in a similar situation. I have an arm that will adjust in May from 7.8 to over 9. NACA will definately help you submit a proposal, but it is still up to wells to approve anything. If I was the investor on your loan and I saw that you were current, I would shake every penny out of you before even thinking about helping out. All they care about is profit.

Logically if all things were equal and one person was current and another is months late, mod would probably go to person who is late. They make more money that way. They will suck you dry and address your issues a couple months down the line when you're really broke.

I don't know...just my 2 cents...don't take financial advice from a bum. Proceed as you wish and the best of luck.

[Mickeyfickey]

Seriously, I should not be giving advice without knowing your particular situation. NACA counselors are very helpful. When you make a face to face meeting to go over your financials they will advise you on what to do.

[denised]

Thanks for the suggestion.
I have a phone appointment set with NACA Monday at 1pm.
I already submitted my expense info online. One problem I noticed was some of the items were not saved like my hardship letter. When I have my phone appointment I will surely mention it. I figured they will go over it again anyway. Also, I bought the house with my boyfriend and he wasn't on the loan because the broker decided it be better. I tried adding him as a household member and it wouldn't save him. Maybe because he isn't on the docs? I did include his expenses and tried to include his employment but had to use my name.
Oh well we shall see Wish me luck!

I was reading my Adjustable rate paperwork and see that 6 months from the last adjustment it goes up 1.5%!!! After that we certainly will not be able to make any payments~!

[gray517]

we had a similar problem trying to put me and husband on the naca submission online, when I did my phone counseling session, the naca rep fixed all of that, you will need to fax your paystubs to them, if you can do it before your phone session it would help. (go to doc submission and printout fax cover sheet) we ended up needing a second phone appointment so I could fax paystubs, mortgage statement, property tax and homeowners insurance to them. good luck!

[denised]

Oh wow thanks for that gray517! I will get those items in. Has anyone done the email or upload option? I don't have a fax machine here.

[zionman]

Yes! the email works. Just email it to your personal email and it will automatically landed in your file. It worked for me.

[denised]

thanks I went ahead and sent the email with attachments
Im on my way!

[denised]

What is the story with the volunteering for NACA if your a member? Curious if anyone has experience with that. What exactly do you have to do?

[downandout]

After reading your situation I decided to go forward with NACA. I have read alot of information on this forum about them. Free assistance, while I was filling out the on line paperwork I ran across this

6.The Homeowner Member executes a promissory note and lien securing his/her promise to repay the assistance obtained from NACA, on such terms as NACA may establish. The Homeowner Member must sign the Neighborhood Stabilization Agreement at mortgage application, which incorporates his/her agreement to repay any assistance that may be obtained. While the NACA lien ensures owner-occupancy and re-payment of the post-purchase financial assistance provided by NACA, it also protects Members from putting their home at risk with an unaffordable second mortgage. Since the NACA lien is considered a soft-second, a lender providing a second mortgage will ordinarily request that the NACA lien be subordinated to its lien. NACA will not subordinate for debt consolidation and in most other circumstances, except for renovations to the home or for a Member’s education expenses. NACA will evaluate the Member’s financial situation, the terms of the second mortgage, and the proposed use of the funds in making its decision as to whether to subordinate. Hence, Members must understand that it is very unlikely that they will be able to utilize any equity in their home to obtain a second mortgage. NACA has sole discretion on this issue and its decision is final and not subject to review or challenge in any court or arbitration proceeding brought by a Member.
I guess I am extreamly confused. Maybe someone can explain. After reading this I understand that there is a lein that you'd have to repay. How is this free? Thanks for you help.

[jager]

Downandout -

I am also confused about that. Glad to know I'm not the only one. I also wanted to start with NACA.

I hope Tandknix and Gray can shed some light for us since both of them were successful in getting their loan modified through NACA.

Tandknix... Gray.... please help!

[jager]

Denised - You are also starting with NACA... Did they say you have to repay them for the service? Is it monetary or work?

[Moe Bedard]

You are in the refinance section of NACA that is totally different.........for the Home Save Program which is the modification program it is done for FREE....................all they ask is that you volunteer some time to help out NACA in the future after receiving your modification and there are a number of ways you can do that............
here is the link for the Home Save program..............
https://www.naca.com/refinance/refinanceTenStep.jsp

[denised]

I haven't talked to them yet. I will talk to them tomorrow and let you know.