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wattsm: NACA restructure

Discussion in 'NACA' started by rameda18, Apr 7, 2010.

  1. rameda18

    rameda18 LoanSafe Member

    have u gotten any updates online? what about the naca web file? I keep getting offers through NACA ...hmmm

    I am so scared...my online banking has not updated the new terms yet..
  2. TerrinPhx

    TerrinPhx LoanSafe Member

    I got my loan mod pkg Feb 18th and the online servicing just got my info loaded with the new terms last week. I called loss mitigation prior because I was concerned that it didn't go through, but they assured me that it takes up to 90 days to get everything squared away with the servicing department. I have other friends that have gone through the same situation and it got worked out. Just call and keep on top of it.
  3. wattsm

    wattsm LoanSafe Member

    Rameda, I'm sorry, I didn't see this post until today. Looks like your online status was finally updated? I stopped checking the NACA status once my account was updated on the BofA website. I had a few questions but the NACA people weren't able to help, so I just decided to start talking to BofA only. It does seem to take a while for them to get everything squared away, but once I saw the figures on the BofA website change then I knew I was home free. I'm sure the little details will get sorted out, and I can wait a month or two to have the ability to pay online.
  4. rameda18

    rameda18 LoanSafe Member

    hmm so you have perm mod payment in the partial balance column too? and it hasn't applied to PITI yet?

    I still see on the left side of the right PI amount but not the right PITI amount...and there is also a past due amount too...I am hoping it will update as my next statement is the end of this week. However I see the right principal and interest rate in the account overview box.
  5. NACA Answers3

    NACA Answers3 LoanSafe Member

    Rameda18,

    If you have any questions and need some assistance, please email me at lwillhite@naca.com
  6. yohyme

    yohyme LoanSafe Member

    This is easily explained. When a customer goes through a modification especially with BOA it takes some time for the loan to be complete in their system or should I say return to normal servicing. If it has not returned to normal servicing a lot of times they place your payments in partial balance/ suspense account. Once it has returned to normal servicing then the payments should be applied correctly and sometimes it does not. Working in this business I have noticed a lot of discrepancies with BOA's system. If this is happening to you please contact me @ kholmes@naca.com. I deal with this on a daily basis.
  7. rameda18

    rameda18 LoanSafe Member

    Wattsm: I can be able to pay online now. They did apply my may payment and did not apply the escrow at all. Well only 1 cent. The rest is still in the partial account.
  8. yohyme

    yohyme LoanSafe Member

    I would have to see a payment transaction history to determine how your payments were applied. You may be able to print one online or contact the bank to send you one. kholmes@naca.com
  9. rameda18

    rameda18 LoanSafe Member

    Yohyme, can you help me figure this out?

    Anyways...here is a pic of my trans and escrow. They said I still have a shortage in escrow even with the $805 they put in from the 16k added. I called in today and they took the money from partial to pay for june payment which adjusted the shortage. But now, the payment is still not the same as agreement because of the Total Reserve Requirement for escrow. So in July, I have to pay around $199 for escrow instead of 171.01 they projected in the papers. Is this how it should be?

    escrow
    [​IMG]

    transactions
    [​IMG]
  10. yohyme

    yohyme LoanSafe Member

    As far as the shortage for the escrow, yes that is how it should be. The bank wants to keep you from falling below 0 with your escrow by the end of the yr. They also estimate and changes that may occur with the next analysis. Usually they calculate 16.6% escrow shortage amount. That is the reason the esrow amount changes. The banks have no control over your escrow amount changing. If your taxes or insurance increase then yes your payments will as well no matter what was agreed to in the modification. The only thing that shouldn't change is your P&I payment which is your principle and interest payment. If that changes then you have a problem somewhere.
  11. rameda18

    rameda18 LoanSafe Member

    Thanks yohyme. That's all I needed to know. My PI didn't change at all.

    I guess my account is all good for now I think.
  12. mikedonovan85

    mikedonovan85 LoanSafe Member

    wattsm, was the trial payment the exact number used for the mod you got. i wonder if they go up on that amount in preference to going down so the rate they quote you also would go down. ie they work with the forbeared amount being the end payment and work backwards to get to an interest rate which should be close but not necessaarily exactly what they told you before going on the trial

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