NACA Answers 4

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lwillhite

LoanSafe Member
Dec 21, 2010
149
1
18
Charlotte, NC
Hello Lfreitas,

Every modification proposal is reviewed for HAMP first, without exception, because the government pays incentives to the banks for each HAMP modification done. The problem I see here though is that there are no narratives from the servicer in the NACA file to support the statement regarding the denial dates. BOA’s contract with us requires that the declines be noted in the file as they are decided upon.

The sad fact is that it is much harder if not impossible to get a modification when the mortgage is current, and it has nothing to do with the modification being HAMP or in-house. The bank cannot see that you are sacrificing elsewhere to do the right thing and meet your obligations. All they can see is that you are making the mortgage payment on time every month. It becomes a case of “actions speak louder than words”. You may apply for a modification, but the fact that you pay your mortgage every month tells them that you do not have a problem paying because you ARE paying.

I have seen many cases where people actually borrow money from another source to make the mortgage payment. When people borrow money to make an unaffordable mortgage payment, they make TWO huge mistakes: First, by making the payment, they again tell the bank that they can make the payment without problem, because they ARE making the payment. Second, by borrowing money for the payment, they are only transferring debt from one source to another. Any consumer or financial advisor will tell you that is a guaranteed path to disaster. You now have two debts you can’t pay back instead of one.

That being said, NACA will never tell you to not make your mortgage payment if you can afford to. Responsible home ownership is the foundation of NACA’s mission. But many people who can’t afford the payment make a mistake by draining their 401-K, credit cards, etc. to make the payment. Eventually it will only make the problem worse since you make it harder to get a modification and you are also depleting your retirement or creating another huge debt you can’t afford.

Many servicers and/or investors do have a “gray area” called Imminent Default. Basically, you must prove that you are about to go past due on the mortgage and cannot do anything about it, and one of the "Four D's" must also be a factor: Death, Divorce, Disability or Disaster. Reduced income through unemployment or business decline will not qualify.

Nearly all investors do require that the mortgage be at least two months late or qualify under Imminent Default to grant a modification. In some cases, the lender can grant a three month forbearance if you can show genuine hardship but are still current. This allows the loan to technically become delinquent and thus become eligible for modification when it would not otherwise.

I have escalated the file and requested a second review on your behalf. Please continue to monitor your file and contact me directly if there has been no response in two weeks, since it may be necessary to update and resubmit the file.

Tim Trumble
Online Operations, NACA
[email protected]
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
Ok so my representative at Wells Fargo called and left a message. I returned her call and she sounded a bit strange. I have appealed the denial decision. I faxes over recent paycheck stubs indicating that I had worked overtime. She asked me if they were the only documents I want to be reviewed. She asked me as if to say is this is. I may be paranoid but this is how she sounded. I will email this to Mr Trumble to see what he suggests.
 

lwillhite

LoanSafe Member
Dec 21, 2010
149
1
18
Charlotte, NC
Hello kdarcel,

One of the very worst things you can do is to try and read things into a conversation or any other communication with your servicer. Most likely, the rep was simply being thorough in asking if those were the only new documents being submitted for review. If there had been other documents and she hadn't asked, you might have been suspicious of that as well.

I have seen cases where people were truly paranoid and it wound up costing them their home. One couple I remember were so sure that the bank was out to steal their home that they immediately rejected what was in fact an excellent modification offer for fear that it was "a trick so they could forclose" on them. It took us six weeks to convince the bank that the homeowners had made a mistake and get the offer put back on the table.

Remember that this is a process and that there's no guarantees that it's fast or easy. You can't let your frustration get the best of you.

Tim Trumble
Online Operations, NACA
[email protected]
 

Lfreitas

LoanSafe Member
May 5, 2013
24
0
0
Hi Tim,

Thank you for your reply and submitting file for a second review. I'm having a difficult time understanding why we are asked to submitt our budget with file which clearly shows that after some of the bills are paid that there are no cash reserves. I'm curious to find out what information are they looking at when they say I have money and other assets. My priority is to continue to pay my mortgage first before all other bills are paid. I used to own a rental property and was unable to pay that mortgage when I had to take work furloughs at work. I asked b of a for a long modification on that property which they denied numerous times and immediately sent it to be auctioned off. I was able to short sale it a year ago. I'm still on work furloughs and rented out my rooms in my house to make up for lost income but even with that I still have bills I cannot pay. So not making my payments is not an option. I will continue to fight no matter how long this takes.

I would like to know how is b of a going to be held accoutable for not imputting there narratives in NACA web portal and continued to lead me on. Last denial letter I recieved was May 1st 2013 but from response from NACA escalation it states I was denied 2/12/2013 for non hamp. B of A has contract with NACA and they continue with there incompetence. I will be writing a letter to my state attorney addressing b of a's incompetence.

Are you able to contact b of a contact who wrote last narrative to find out why I was being told by CRM my case was pending when in fact it was denied?

Thanks again for all of your assistance and information.
 

lwillhite

LoanSafe Member
Dec 21, 2010
149
1
18
Charlotte, NC
Hello Lfreitas,

I have referred your file to our Servicer Manager for BOA with a request that they make an inquiry about the inconsistencies in your file. Please continue to monitor your file and let me know if there has been no answer in two weeks.

Tim Trumble
Online Operations, NACA
[email protected]
 

Lfreitas

LoanSafe Member
May 5, 2013
24
0
0
Tim,

Thank you for your quick response. Do you think the service manager will have them review my file again or will I have to reapply?
 

Lfreitas

LoanSafe Member
May 5, 2013
24
0
0
Hi Tim,

Just wanted to let you know that I haven't heard anything for NACA or Bank of America. Checked my NACA webportal and last input on narrative was on 6/6/13 informing me of denial. I'm still waiting for find out if I have to reapply and also the inconsitencies that happened with my case with NACA webportal/B of A CRM's. Any assistance you can provide is greatly appreciated. (I'm hoping they can just relook at my file).
 

lwillhite

LoanSafe Member
Dec 21, 2010
149
1
18
Charlotte, NC
Hello Lfreitas,

Having just reveiwed your file, I'm afraid it looks like you are going to have to apply again. Please update the income information in your file and conact me directly when you have done so in order to get the process moving for you.

Tim Trumble
Online Operations, NACA
[email protected]
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
On Friday June 28, 2013 I received a letter from Wells Fargo saying that they have assigned me a new point of contact. Saturday June 29, 2013 I get a letter informing me that my appeal has been denied. I think this may be my 8th denial. lso I thought this was all supposed to be done thru NACA. They did not respond on NACA. A submission was done on 6/22 and no reply yet. I am gfoing to hang in there.
 

Lfreitas

LoanSafe Member
May 5, 2013
24
0
0
Hi Tim,

Thank you for getting back to me. It's disappointing to me that I waited for months with b of a giving me the run around with my file. Before, I start this process again I want to close my escrow account with b of a. I have been trying to work with them for the last three weeks in getting them to close my escrow account. They accepted my full payment for my escrow but said they can't close it because of a NACA code that needs to be removed before they can close my escrow. My mortgage payment for this month is a thousand dollars more which I cannot afford. Since I have been denied a loan modification I don't want my account impounded. I have left messages for CRM's with no returned calls back. I have never been late on my payment so if this doesn't get taken care of I'm not going to be able to pay that extra thousand dollars. I'm at my wits end here.......Are you able to get NACA to contact b of a contacts to remove NACA code so that my escrow account can be closed?

Thank you for your assistance
LFreitas
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
They accepted my full payment for my escrow but said they can't close it because of a NACA code that needs to be removed before they can close my escrow. My mortgage payment for this month is a thousand dollars more which I cannot afford. Since I have been denied a loan modification I don't want my account impounded. I have left messages for CRM's with no returned calls back. I have never been late on my payment so if this doesn't get taken care of I'm not going to be able to pay that extra thousand dollars. I'm at my wits end here.......Are you able to get NACA to contact b of a contacts to remove NACA code so that my escrow account can be closed?
Hey LFreitas,

Did the denial letter give you an explanation why you were denied for assistance?
 

Lfreitas

LoanSafe Member
May 5, 2013
24
0
0
Hi Tim,

I'm still unable to get escrow account closed. I just received letter in mail stating "we recently received your request to delete your escrow account. We are unable to complete your request for one or more reasons. "The trial or permanent modification program approved for your loan requires an escrow account for the duration of the trial period or for the life of the loan if permanent modification is approved".

I was denied a loan modification and I want my escrow to be separate from mortgage payment like is was before I started loan modification. They had no problem excepting my escrow payment of $3000.

I feel they are giving me the run around and want me to default on my payments which I have always been current. Now they want me to pay an extra thousand dollars which I cannot afford. No one returns my calls about getting this escrow account.

Again, I'm asking you to please contact the b of a contacts to get a supervisor or manager to close my escrow account ASAP. I have only until July 15 th to pay my mortgage and I'm hoping this gets resolved so I can just pay my regular payment.

Thank you for your time and consideration.
lfreitas
 

Lfreitas

LoanSafe Member
May 5, 2013
24
0
0
Hi Evan,

please see my post dated 6/7/13 which explains denial and inconsistency. Also, I received the following on my NACA narrative dated which I have no idea what it means. If you understand it then please let me know. Thank you for your time and consideration. Lfreitas.

07/02/13 Servicer


07/02/13 Servicer


NPV has failed at 2% interest rate with 60% pti.
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
Naca event

I am two years into the loan modification game. Mr Trumble has been helping me. The Save the Dream Event will be in Philadelphia Pa. I was wondering if I should go. I am already in the NACA progarm. I am trying really hard to avoid having to declare bankruptcy to save my home. I treid the HHF in New Jersey but these people were no help at all. They denied me because they say I am not eligible. Then I appealed the decison and they say medical is not a criteria for help. I am writing to my congressman about this.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I am two years into the loan modification game. Mr Trumble has been helping me. The Save the Dream Event will be in Philadelphia Pa. I was wondering if I should go. I am already in the NACA progarm. I am trying really hard to avoid having to declare bankruptcy to save my home. I treid the HHF in New Jersey but these people were no help at all. They denied me because they say I am not eligible. Then I appealed the decison and they say medical is not a criteria for help. I am writing to my congressman about this.
You may want to email Tim and ask if going to this event is going to have any effect whether negative or positive on the NACA process you are already in the midst of.
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
Still in need of help!!!

I attended the NACA EVENT in Philadedlphia. They were very helpful. I sat down with my lender and they told me that all they needed was drive by to see if I still live in property. Okay so the rep told me that would take 48 hours. That was on Thursday 7-25-2013. Today 7-29-2013 I called to see if the drive by was done. It had not been done. So I got the bus over to Philadelphia and they said that it was a waste of time to wait that day because the drive by had not been done. Now here is my dilemna. Also on 7-25-2013 I had a mediaition with the State of NJ. As with everything else this was BULL. The attorney for wells Fargo tried to get me to sign a paper right then and there saying that withdraw my answer. They say if I withdraw they will give me three more months and if I do not withdraw they will schedule foreclosure sheriffs sale as soon as possible. I declined to sign but they are giving me until 7-31-2013 to sign. I faxed the papers over to NACA and tried to schedule a telephone appointment but they have no appointments. Please I need to know what to do regarding these papers. THANKS!
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
I went to the SAVE THE DREAM event in Philadelphia on July 25, 2013 and I was told that Wells Fargo needed to do a drive by to make sure I still lived in the property. I have not heard anything back from them yet. At the event they said it looked good just waiting for drive by. Is there anything I should be doing. I called NACA today and no help. They said they don't know what is going on. Also I had a court date scheduled for Aug 12, in foreclosure court and it was postponed until Sept 30, 2013. Any help would be welcomed. THANKS!
 

kdarcel

LoanSafe Member
Feb 9, 2012
89
1
8
Okay so here is my story. On July 25, 2013 I went to a NACA Save The Dream event, met with my lender Wells Fargo,
they said everything looked good they just need a drive by the property to make sure someone is living at the property and should take no longer than 5 days at the most. Okay so I bugged thme and they say they are working on it. On the same day I went to mediaition where Wells Fargos lawyers tried to get me to sign a paper (right then and there) saying I no longer wanted to contest foreclosure. I did not sign. Move on to September 19th I went to a Wells Fargo Home Preservation workshop sat with my lender Wells Fargo for 3 hours. They say file looks good ( I had all the necessary paperwork) and it should take no longer than 5 days 10 at the most. Everytime I called they say it is still with the underwriters. Ok I get another invitation from Wells Frgo to attend another workshop on October 29, 2013. I attend this event sit down again with Wells Fargo with updated paperwork, they say my Home Preservation specialist has changed but they can talk to her right now. They do not need any new paperwork as file is with underwriters. This should take a few days. I have been calling they say file is still with underwriters. I called on November 26, 2103 file is till with underwriter no new paperwork needed. Does anyone know how long this takes? Also now Wells Fargo says I am working with them not NACA. Thanks for any HELP!!

 
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