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

[cali92262]

Hello Ms. Willhite,

I just wanted to say that I tried reaching out to you by email thru NACA about 2 weeks ago, and received a response from Tim Trumble, stating that you are no longer with NACA? Are you still with NACA?

Hello shahriarsadeghi,

While we cannot go into any detail on this public forum for privacy reasons, your specific type of loan is very often difficult to modify without the payment going up. Plus, any time any mortgage is modified, taxes and insurance will be put into escrow without exception if it was not already part of the mortgage payment.

NACA is willing to continue to work with you on trying to achieve an affordable payment if you wish. The DOJ settlement does not mean that loans will automatically receive principal reductions if they are eligible. You must still actively seek a mortgage modification. Also, the DOJ settlement will affect only a very small percentage of mortgages. While yours may potentially fall into that category, you will again have to actively seek a mortgage modification to find out for sure.

The reason BOA reps told you “we can not talk to you” is because our contract with them specifies that all communication must go through your NACA file. This is the only way we can guarantee that your file has a complete and accurate record of the entire modification process.

There are many ways of reaching NACA, so I am not sure why you had such trouble contacting us. We can be reached by phone, e-mail, NACA Forum, Facebook, Twitter and many other means.


Should you go through foreclosure, short sale or bankruptcy, you may not be able to buy another home for at least two years. The quickest way to restore your credit is to achieve a modification which brings the loan current, then shows payments being made on time going forward.

Regarding the HELOC, what PFCU does depends on the terms of your loan, which makes it basically a legal question that NACA (or probably anyone else here) is not qualified to answer specifically.

If you wish to continue to work with NACA, please let us know. Should you choose otherwise, we certainly wish you the best in your efforts to save your home!

 

[Etherplain]

I can tell you right now that the DOJ settlement won't apply since you cannot be behind. At best you can only have missed one payment in a 12 month period, but even then, again, you have to be current.

 

[Cat Damiano]

Etherplain,


The National Mortgage Settlement has different levels of help, one being modification. You wouldn't be able to be in default for the refi option. Is that what you are referencing?

 

[cobweb]

I have been so fortunate to find this site. It gave me great encouragement, there were times when I felt down reading some of the stories here, so I tried to only read success stories after a while I haven't made a payment in 24 months, I received a letter of foreclosure, to which I responded asking the court for more time, ideas for which I found here on this site.Through this forum I was able to get executive contact phone numbers and also a site that I could log into to check on mod status (posted by Cat) without having to call the bank 5 times per day! I was able to obtain info on exec line that I could not get from the loan specialist such as the level the mod was at. One actually told me that it was being reviewed for approval and this is great and it means they have a plan in mind, I was able to sleep better that night.

I felt like I had company while I held my breath and waited at the mercy of WF. Well long story short I got my trial payments approved and I wanted to share with you all. Also the site link I got here to log in and check status is where I first learned results which loan specialist called me with the next day. I just went along, of course I had stopped worrying and celebrated the night before lol

Also another testimony that NACA works, especially if you have the required proof of hardship. I am a business owner so they had a hard time figuring my income from real expenses. NACA helps you in presenting your documents in the exact way the bank wants them so you don't have to keep faxing back & forth. I just kept hitting redial on my fax very often for just about a year! After I went to save the dream spent just about 3 days going back & forth gathering stuff, getting docs signed and going back to conference. I also inadvertently mentioned that the non borrower only contributed partial income only later to realize it's a good thing I did because NACA wont tell you this, they just put all the household income out there and tell you it has to be so. If it had remained so I still would not be able to afford the payments as he only contributes a portion of it. I decided to dedicate the time to do it and it paid off.

I encourage everyone to keep fighting as long as you have supporting documents that show hardship such as a reduction or loss of income and also to show that you can afford to make future payments, this is what they are looking for...go for it!

I wanted to say many thanks to Moe Bedard and to you Cat, you guys are awesome and deserve awards...cheers!

 

[cobweb]

shahriarsadeghi,
I would advise you not to opt out of NACA. You need to create an account on their site if you haven't already and have contact them thru that account, you can also make appointments on site, there were times when I called several times per day before reaching someone. You should contact your congressman or hud agent to see if you qualify, or anyone you can to advocate for you. Not sure what type of loan you have why they are giving you such a hard time, are you going thru a hardship that you can prove?

Hello shahriarsadeghi,

While we cannot go into any detail on this public forum for privacy reasons, your specific type of loan is very often difficult to modify without the payment going up. Plus, any time any mortgage is modified, taxes and insurance will be put into escrow without exception if it was not already part of the mortgage payment.

NACA is willing to continue to work with you on trying to achieve an affordable payment if you wish. The DOJ settlement does not mean that loans will automatically receive principal reductions if they are eligible. You must still actively seek a mortgage modification. Also, the DOJ settlement will affect only a very small percentage of mortgages. While yours may potentially fall into that category, you will again have to actively seek a mortgage modification to find out for sure.

The reason BOA reps told you “we can not talk to you” is because our contract with them specifies that all communication must go through your NACA file. This is the only way we can guarantee that your file has a complete and accurate record of the entire modification process.

There are many ways of reaching NACA, so I am not sure why you had such trouble contacting us. We can be reached by phone, e-mail, NACA Forum, Facebook, Twitter and many other means.


Should you go through foreclosure, short sale or bankruptcy, you may not be able to buy another home for at least two years. The quickest way to restore your credit is to achieve a modification which brings the loan current, then shows payments being made on time going forward.

Regarding the HELOC, what PFCU does depends on the terms of your loan, which makes it basically a legal question that NACA (or probably anyone else here) is not qualified to answer specifically.

If you wish to continue to work with NACA, please let us know. Should you choose otherwise, we certainly wish you the best in your efforts to save your home!

 

[Cat Damiano]

Hi cobweb,


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

I am so happy that the information that I have posted here on the forum was able to help you. Congratulations on getting the approval to begin the modification, that is a big hurdle to overcome! Please keep us posted on your progress throughout.

 

[Etherplain]

Etherplain,


The National Mortgage Settlement has different levels of help, one being modification. You wouldn't be able to be in default for the refi option. Is that what you are referencing?

Yes that's what I was referring to. Sorry for the delayed reply, thought I had email notifications on.

 

[Cat Damiano]

I see you had already found the thread for the discussion National Mortgage Settlement;

http://www.loansafe.org/forum/bank-america-home-loans/47333-national-mortgage-settlement-4.html

Here is where you have to call for GMAC to find out more about the settlement;

https://www.gmacmortgage.com/finform/hhstart.htm

 

[christyhaz]

How do you all get that far? I have joined NACA. I work 2 jobs that pay monthly, and have 2 different pay stubs. I have had two counseling sessions with NACA over the phone, and the first time, only one of my pay stubs was used for income. I scheduled another session, and explained about the two pay stubs. After that, only the OTHER pay stub was used. I have a NACA budget that is missing 1/2 my income and it has been submitted already. 1/2 my income is not enough. And the auction is June 14. I really am lost. NACA seems to be as bad as trying to deal with Wells Fargo. Can someone direct me where to go? I had such high hopes for NACA. I know this may not be the place to post this, but if all of these people were successful, maybe someone can tell me how it's done.

 

[Cat Damiano]

Hi christyhaz,


Try contacting NACA supervisor:

Kevin Winn
[email protected]
1-617-250-6222 ext. 1254

and also post this question in the NACA forum here;

Forums | NACA Blog

 

[christyhaz]

Thank you,Cat.

I emailed Kevin and was contacted by Arielle the next day. She first called my cell,and then actually called me at work, which I really appreciated. She fixed everything in my file, and made sure I received the Homeowner's Guide that I should have received a week ago - that's why I was so clueless. I had no idea how anything worked. She explained that they don't even contact the servicer until a week before the auction. I will stay on top of this and hope it all works out. Thanks again for the fast response.

 

[Cat Damiano]

Hi christyhaz,


Oh good, I am so glad I was able to help you get this straightened out, I do hope it all works out soon. Please keep us posted.

 

[christyhaz]

Update: Friday I got an offer from Wells Fargo that is far better than I ever imagined. My payment will go from 2365 to 1264 at 2% for 6 years, then to 1400 for another year at 2% and finally 1500 for the life of the loan at 3.6%. I have accepted the offer and am terrified they will take it away from me! Trial payments start in July. Wells Fargo has to honor this, right? If I make the payments they can't take the mod. away from me can they? It's just so good I can't believe it! Thank you so much everyone.

 

[Cat Damiano]

This sounds like a NACA restructure and they do help to get the payment to an affordable level. That is a great modification, just make sure that you remain in contact with Arielle throughout the process since she was able to help get the file escalated. I have not seen any NACA restructures that were reneged that were posted on the forum since its inception.

 

[lwillhite]

Hello christyhaz,

Just make sure you make all the trial payments on time and there should not be any problem with the modification becoming permanent.

FYI, one increasingly common occurrence these days is the servicer (Wells Fargo) taking 30 to 60 days to get the permanent modfication documents out to the homeowner after the trial period is completed. The simple reason is the huge backlog of modifications they are processing. If it gets close to another 30 days after making the third trial payment and you have not yet received the permanent modification documents, make another payment just as you have done with the first three, and contact us so we can make an inquiry about the documents.

Congratulations on your modification!

Tim Trumble
Online Operations, NACA
[email protected]

 

[christyhaz]

Thanks for the new info. Tim. One last question for now: What is the best way to send in a payment, so I can prove it was sent and arrived on time? Is automatic payments the way to go?

Hello christyhaz,

Just make sure you make all the trial payments on time and there should not be any problem with the modification becoming permanent.

FYI, one increasingly common occurrence these days is the servicer (Wells Fargo) taking 30 to 60 days to get the permanent modfication documents out to the homeowner after the trial period is completed. The simple reason is the huge backlog of modifications they are processing. If it gets close to another 30 days after making the third trial payment and you have not yet received the permanent modification documents, make another payment just as you have done with the first three, and contact us so we can make an inquiry about the documents.

Congratulations on your modification!

Tim Trumble
Online Operations, NACA
[email protected]

 

[lwillhite]

Hello christyhaz,

The trial payment document you received should include information on how to make a payment and where to send it if done by mail. Typically, payments can be made by phone, which is secure, effiecient and trackable. Otherwise, mailing in a payment should always be done by Certified Check and mailed according to the instructions in the trial payment documents.

Tim Trumble
Online Operations, NACA
[email protected]

 

[christyhaz]

My trial payment approval paperwork came Friday from Wells Fargo. The instructions on the paperwork said to call the number listed to accept the proposal, and that if I didn't do this in 14 days I would no longer be eligible. I did this, and the rep. told me to sign and date each page and fax it in to Wells Fargo for my file. I thought everything was to go through my NACA file. I haven't done anything yet, because I am now confused. Haven't I already accepted the proposal through my NACA file? On June 9, I accepted the proposal through my NACA file. The paperwork I received did not include the terms of the final mortgage restructure that is listed in my NACA file. It listed the trial payments, and then said if those are successfully completed I MAY qualify for a modification. But the exact terms were not listed. I don't want to accept something that is not the same as what I already accepted through my file. In my NACA file, the terms of the final restructure are spelled out. I am really confused now. Have I accepted the proposal, or do I need to sign, date and fax to Wells Fargo all the paperwork like the rep. told me I needed to do. There is no place on the paperwork for a signature, and it just said to call to accept. I am so confused!

 

[lwillhite]

Hello christyhaz,

The documents you received are perfectly normal, and everything is okay.

Any modification offer is going to require a trial payment period, normally three or four months, before the permanent modification is put into place. This happens for a very simple and common-sense reason. Unfortunately, there are so many people out there who are so desperate to save their home that they would accept any offer put in front of them just to stall the inevitable just a little while longer. Therefore, the servicer has you go through a trial payment period to make sure that you are actually able to make the proposed new payment amount. Once you have completed the trial period successfully, they do a quick review of the file, double check the numbers for accuracy, and send out the permanent modification documents.

You received the documents via FedEx for the simple reason that they are legal documents which require a physical signature and must be returned to the servicer with the original signature. Technology can do some amazing things, but original physical documents bearing an original signature still have to be handled by hand. Please do fax a copy of them into your NACA file for reference purposes. As for calling them to accept the offer, go ahead and do so. Even though you already accepted through the NACA file, there’s nothing wrong with telling them twice!

Make sure to get the trial payments made on time each and every month without fail. In the event you complete the trial period and the permanent documents have not shown up within thirty days, make another payment exactly the same way as you did the first three, and contact us to let us know the permanent documents have not arrived yet so we can make an inquiry for you.

Congratulations on your modification!

Tim Trumble
Online Operations, NACA
[email protected]

 

[Cat Damiano]

Thank you Tim for helping members of our forum with their NACA questions. Is lwillhite still with NACA as they were helpful as well, but I see that you are posting under their username so I wasn't sure?