NACA submission for Wells Fargo / Citigroup (investor)

[slbedell]

Hello Everyone,

I have been lurking but am just now jumping in to post. Thank you all for all your stories and words of support. I am getting to the nervous break down point with this whole process. Wells Fargo turned me down flat in April - with all necessary docs. Said that my investor (Citigroup) required me to be in default before they would modify.

So..... NACA submitted by loan modification pkg to Wells Fargo on May 1, 2009. I have sent them a few docs since then - per my tasklist with NACA - but have been told by NACA that I must wait 45-60 days for an update.

While I think what NACA does is beyond wonderful, I am very, very anxious regarding the status of my modification. I can no longer get into my WF mortgage online payment information, and I cannot get any update information from NACA, as they have told me I am asking too soon.

My money is gone. If WF/Citigroup will not modify my loan, then I need to stop making payments now. I need money to be able to move back in with my mom. My poor mom. 42 yr old daughter, unemployed son-in-law and 5 animals are about to take over.

I keep looking on these forums and trying to find anyone who has had a recent successful modification thru NACA and WF, but I don't see one. Does anyone know of anyone who has had their WF loan modified successfully thru NACA?? I am not in default, but am now deeply in credit debt, as my husband was laid off from his architecture job 8 months ago. Are there are any current words of NACA/WF/Citigroup success out there for me to live on for the next month???

Thank you again for reading and being such a supportive group.
Susann BeDell

[slbedell]

I applied with WF for a modification April 1, 2009. Denied on April 25, 2009, for lack of evidence that I was unable to maintain payments (Citigroup is investor).

My first is with WF for 281K
and HELOC with WF for 29K

My husband lost his job October 2008 and at that time we had no credit debt. We now have $10K in credit debt. We have lived off the credit card and paid our $2200 a month mortgage with it and my measely income. My mod package is with NACA now and was submitted to WF on May 1st.

I am approx 100K underwater and today - I CANNOT MAKE MY JUNE PAYMENT. It is killing me. I called NACA - they said to call WF and ask them what they want me to do. WF (executive line and very nice) stated that all my docs were received and that it is taking a long time to get things thru. I asked if they wanted a partial payment and she said that it would be put into a suspense account until the amount accrued to a whole month's payment amount. So, I might as well not give them a small amount that I can't afford anyway.

This modification waiting game is killing me.

Additionally, there is no income nor expense information on my loan docs. NACA says it looks like a predatory loan, but I would have to take that up with an atty.
Any thoughts or good news re WF and modifications for hardship???
Thanks
Susann

[Moe Bedard]

Hi Susann,


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


I realize that you are nervous.............that is a justified feeling for everyone going through this process............but you have already started the process with NACA and you have to give them time to work on a proposal...........there are three ways to stay in touch with NACA for updates.........but the process does take anywhere from 60-90 days to complete.........sometimes longer..........the investor will have to give the final approval to any type of workout.................

to contact NACA for updates you can either............
use the online chat at the top of the NACA home page when available
call 1-888-404-6222
email homesave@naca.com