Did you receive a successful NACA Restructure? Please post your results to help others

[cahomeowner]

In reading all the different experiences with NACA it seems that the results differ depending on a number of factors the main one being who owns your loan.

If you received a successful NACA restructure we would like to hear from you. This will help others as they start their journey. This is just a guideline

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank
investor who owns your loan
current payment amt (indicate if this is interest only or PITI)
loan amount
length of loan
interest rate
type of loan fixed or variable
number of months behind

new scenario:
new payment amount (is this PITI or Interest only)interest rate
fixed for life of loan (y/n)
length of new loan
new loan balance amt
principle reduction (y/n)
how long did this all take
new payment is what % of your total gross or total net income?

I think this will help if we had 1 place where people could go to see scenarios where people received successful NACA restructures. In reading various postings it looks like Fannie Mae, Freddie Mac and FHA loans are the ones that are having issues and those loans are being directed to the HAMP program.

I know there are a lot of factors and every situation is different. I would like to see if we can narrow down some of the commonalities especially for those receiving 2-4% for the life of the loan restructures.

I welcome your comments and suggestions.

 

[pdsfoley]

I received a restructure.......just haven't received DOCS yet....when I do I'll post details!

 

[cahomeowner]

I received a restructure.......just haven't received DOCS yet....when I do I'll post details!

go ahead and post what you have so far. thanks

 

[pdsfoley]

go ahead and post what you have so far. thanks

2% I/O (with taxes) for 5 yrs...then 2% for life of loan PITI...we had to take the I/O to make it affordable...because BAC is adding on all missed payments and interest to back of loan...

 

[sannvil]

2% I/O (with taxes) for 5 yrs...then 2% for life of loan PITI...we had to take the I/O to make it affordable...because BAC is adding on all missed payments and interest to back of loan...

Congratulations pdsfoley! That is great!, I would be happy if they will give me that kind of offer too.

 

[sannvil]

Thank you for starting this thread cahomeowner. This sure will help a lot of people.
I'll be posting mine when i get a result.
More power.

 

[ktakos]

I was denied by chase because of not enough income

 

[SillyWorld]

I was denied by chase because of not enough income

Like what or how much less income did you have at the time of denial..???

 

[cahomeowner]

I was denied by chase because of not enough income

I think you need to show at least a $200 surplus to be considered for loan mods. a deficit would make you ineligible based on what I have seen.

 

[kdpamd]

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank - BofA (Countrywide)
investor who owns your loan - BONY
current payment amt - 2565.00 10yr I/O
loan amount - 456000
length of loan - 6 yrs
interest rate - 6.75
type of loan fixed or variable - fixed
number of months behind - 9mo behind

new scenario:
new payment amount - 1891.00 Interest and Principal
fixed for life of loan (y/n) - yes 2% fixed
length of new loan - 30 yrs
new loan balance amt - 472,000
principle reduction (y/n) y. They knocked our second off which was 42k. Servicer BofA
how long did this all take - We were submitted in July 10th and approved Sept. 25th through NACA.
new payment is what % of your total gross or total net income? 31% exactly.

 

[minknmelissa]

I was offered throught naca 1800 my current is 1865 My investor is citibank and my servicer is bank of america my interest rate is 6%now it would be 5.8% it is not a good offer to me they proposed 1271 with taxes and insurance thats what it would be at 2.6% I can't take it because i will end up in default again I am trying to figure something else out.

 

[CW California]

I was offered throught naca 1800 my current is 1865 My investor is citibank and my servicer is bank of america my interest rate is 6%now it would be 5.8% it is not a good offer to me they proposed 1271 with taxes and insurance thats what it would be at 2.6% I can't take it because i will end up in default again I am trying to figure something else out.

Naca proposed 2.6% and Citi came back with 5.8%? That's awful. I would reject it too. Maybe NACA will be able to get you better. Was the 5.8 submitted to NACA or directly to you thru BofA?

 

[minknmelissa]

Through Naca they are going to call me today Jonathon Murphy and see if they could do any better. I am not hopeful though I hate to sound so negative but I was so excited twice before this time I want to be prepared so if it is the same thing I will have to make up my mind to release naca and try again for MHA. I pray he can do better Thanks

 

[minknmelissa]

Guys I didn't get a call from Jonathon but i did get a call from naca they offered fixed 2.85 for the life of the loan no balloon and instead of 37 years it is 27 years. I am so excited and scared because it seems to good to be true I have been down this road and then disappointment. Any advice as to what happens after you say yes to loan mod with naca. I also notice not that it matters alot that they were wrong on how many months behind I was they added six months its three payments but should i even bother to make a big deal it seems like they didn't use the payments in the suspense account I am so prayful that this is correct yesterday I changed my pray to whatever your will is God I will accept it I hope this was his WILLLLL!!!!!!!!!!!

 

[CW California]

Guys I didn't get a call from Jonathon but i did get a call from naca they offered fixed 2.85 for the life of the loan no balloon and instead of 37 years it is 27 years. I am so excited and scared because it seems to good to be true I have been down this road and then disappointment. Any advice as to what happens after you say yes to loan mod with naca. I also notice not that it matters alot that they were wrong on how many months behind I was they added six months its three payments but should i even bother to make a big deal it seems like they didn't use the payments in the suspense account I am so prayful that this is correct yesterday I changed my pray to whatever your will is God I will accept it I hope this was his WILLLLL!!!!!!!!!!!

That's awsome. Make sure you stay after NACA to accept it then follow up with Jonathon to get the docs sent out timely. Congratulations!! Good Job!

 

[pdsfoley]

Guys I didn't get a call from Jonathon but i did get a call from naca they offered fixed 2.85 for the life of the loan no balloon and instead of 37 years it is 27 years. I am so excited and scared because it seems to good to be true I have been down this road and then disappointment. Any advice as to what happens after you say yes to loan mod with naca. I also notice not that it matters alot that they were wrong on how many months behind I was they added six months its three payments but should i even bother to make a big deal it seems like they didn't use the payments in the suspense account I am so prayful that this is correct yesterday I changed my pray to whatever your will is God I will accept it I hope this was his WILLLLL!!!!!!!!!!!

Congrats MINK!!!!!!! Just stay on them to get your docs!!!

 

[minknmelissa]

Thank you I am very Hopeful How long do you think I should wait if I haven't gotten the package? I wonder if it was OCC that got things moving or Jonathon Murphy new what he was doing and the other negotiators didn't

 

[CW California]

Thank you I am very Hopeful How long do you think I should wait if I haven't gotten the package? I wonder if it was OCC that got things moving or Jonathon Murphy new what he was doing and the other negotiators didn't

Mink, first step is to make sure NACA has communicated your acceptance to BofA. Call Jonathon and confirm.

 

[cahomeowner]

I got up at the crack of dawn to attend the NACA Save The Dream Event today in San Francisco. I am happy to report I received a successful restructure. here are my details

current scenario: (provide info on 1st & 2nd)
loan servicer or Bank Wells Fargo
investor who owns your loan Goldman Sachs
current payment amt (indicate if this is interest only or PITI) Interest Only
loan amount $500K
length of loan 30 year
interest rate 4.875%
type of loan fixed or variable 5 year interest only set to recast in jan 2010
number of months behind 12

new scenario:
new payment amount (is this PITI or Interest only)interest rate 2% PITI
fixed for life of loan (y/n) y
length of new loan 40
new loan balance amt $500K
principle reduction (y/n) n
how long did this all take 1 day at the Save the Dream Event
new payment is what % of your total gross or total net income? 29% Gross

I am still in shock. how is it possible that NACA's event can get a decision in 1 day??? I have been dealing with my lender for the past 12 months trying to get a loan modification.

This new plan saves me $500 a month. I was hoping for more at least a $1000. The NACA budget did not include a lot of misc items and I am not sure how much room the lender had. I was too excited about the 2% that I should have pressed a little harder and reviewed those financials again.

The good news is that the lender is forgiving the $30K in past due and not adding it back into the loan as others have reported. The lender is restructuring my loan to a PITI and my 1st payment is not due until january! They mention some legal fees that may or may not be rolled into the loan. One thing the lender mentioned is that the NACA guidelines allow for a $200 surplus. My lender is allowing a $500 surplus.

For those of you reading the posts, I believe there are number of factors which determines where you fall in the investor guidelines. I am hoping everyone posts their success stories here so we can figure out what factors were common among all of us which will help new folks entering the process.

NACA worked for me! I thank everyone on this forum you have been extremely helpful.

 

[townie271]

Congratulations on your 2% !!!!!!!!!!!