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

DO NOT DRINK THE KOOLAIDE

LoanSafe Member
Oct 19, 2012
35
0
6
I appreciate all the feedback and contributions from everyone in this forum. It has been extermely helpful.

Can anyone tell me if NACA can help get a modification(through any of the different programs), of a first mortgage that is owned and serviced by HSBC. The other key parameter is the property was my primary residence but I moved to seek employment and the property is now a rental property. I meet the basic income requirements of Hamp 1 and Hamp 2. That is the payment of my first + taxes + insurance way exceeds 31% of my income.


If the answer is yes to the above which program fits best for a permanant modification?


My understanding from Cat from another thread is HSBC has not offered many modifications and when they do they are not permanant.
 

DO NOT DRINK THE KOOLAIDE

LoanSafe Member
Oct 19, 2012
35
0
6
Thanks to all the modrators and contributors to this forum.

I just reviewed this entire thread and I did not see one success story for HSBC or for Chase. I only see sucess stories for a handful of lenders/ servicers. What is the reason for that? Is it because NACA has reached out and only certain lenders / servicers responded to NACA's approach? Can some one more knowlegdeable than me explain.

If that is th e reason it is a sin because NACA is doing a large part of the work on behalf of the lenders / servicers organizing and eductaing borrowers and then are coming up with solutions that are win-win for borrower and lender / servicer.
 

zograp

LoanSafe Member
Jun 18, 2012
57
0
0
61
California, North Hollywood
I got a trial modification from IndyMac with NACA’s help ,when we went to the NACA’s event in LA, this October 9[SUP]th[/SUP].

We were with NACA since last year’s June 4[SUP]th[/SUP]. I want to give you some advice of my big experience with IndyMAC.

  1. What documents they are asking just send to them with several ways, FAX, email, NACA, certified mail and post on your own banks page. IndyMac has it’s own web page.
  2. Always call your bank or your servicer or who owns your loan, call several times during the week. Ask manager, and check your gross income and the numbers you have in your ARM.
  3. Call NACA and ask them what’s going on with your loan modification process.
  4. And go to the NACA’s events when they come to close to your county.
Do not give up, remember if you have a goal just get it. You will get angry, nervous and so on after each conservation by phone, but remember that tomorrow will be a new sunny day.
And thanks NACA for doing this great job, helping us. Encourage yourself and go to your goal.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Thanks to all the modrators and contributors to this forum.

I just reviewed this entire thread and I did not see one success story for HSBC or for Chase. I only see sucess stories for a handful of lenders/ servicers. What is the reason for that? Is it because NACA has reached out and only certain lenders / servicers responded to NACA's approach? Can some one more knowlegdeable than me explain.

If that is th e reason it is a sin because NACA is doing a large part of the work on behalf of the lenders / servicers organizing and eductaing borrowers and then are coming up with solutions that are win-win for borrower and lender / servicer.
If you read on NACA's site, you will see that the two lender groups that are actively helping NACA are Bank of America and Citigroup;

https://www.naca.com/nacaweb/partners/partnerOverview.aspx?language=

While NACA has agreements with other servicers, it is the investors that in most cases are not willing to yield.

NACA has legally binding agreements with all the major lenders/servicers and investors (i.e. Fannie Mae and Freddie Mac) covering over 90% of homeowners to achieve a mortgage restructure or forbearance. NACA works with all lenders/services and investors whether we have a contact or not. NACA will continue advocating with you to achieve a long-term affordable payment.
While the servicer has considerable discretion in changing the mortgage terms to achieve a NACA Restructure or forbearance, in some cases the servicer would need to obtain approval by the investor. If the servicer does not accept the NACA Solution or does not have the authority to approve, then NACA would request that the investor approve the NACA Solution. NACA has been extremely successful in achieving an affordable solution for thousands of homeowners. If the servicer and investor still refuse the Restructure Solution then NACA could work with you as part of the Homeowner Advocacy campaign.

The only homeowners not eligible are investors who own other properties.


Here is a member that was working with NACA and HSBC as the servicer;

http://www.loansafe.org/forum/wells-fargo-home-mortgage/44782-naca-hsbc-mortgage-services-success-loan-mod.html


but as the investor, there hasn't been much luck;

http://www.loansafe.org/forum/naca/51312-great-organization-even-though-naca-los-angeles-wasnt-able-help-me-i-blame-my-investor-hsbc.html

http://www.loansafe.org/forum/naca/29650-my-naca-hsbc-hfc-beneficial-thread.html
 
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christyhaz

LoanSafe Member
Feb 23, 2012
32
1
6
I'm back to let you all know I finally did get a restructure. After 3 YEARS of trying. Once I joined NACA, things went pretty quickly.

current scenario:

loan servicer or Bank : Wells Fargo
investor who owns your loan : Fannie Mae
current payment amt $2265
loan amount :$385K
length of loan :30 year
interest rate :6.75
type of loan fixed or variable :30 yr fixed - countless months behind. I was 2 days from the auction of my house.

new scenario:
new payment amount: $1200
fixed for life of loan (y/n) :y
length of new loan :30
new loan balance amt :$147K! - YES! They knocked $200k off the principal!
In the middle of my trial period, WF became the investor. This was NOT what I was offered and working towards, it was amazingly better. I don't know how this all happened, but I am thankful.
principle reduction (y/n) :y
how long did this all take :3 month trial period, then a couple of weeks for final docs.
new payment is what % of your total gross or total net income? :27% gross

I don't know if anyone mentioned it here, but from what I understand, and what I was told by WF, NACA has a "spot" at WF, and handles the loan mod requests that come through from NACA. The regular WF reps,etc. know nothing about what is going on with a NACA loan. I was told by a WF rep. "We just babysit NACA loans. They handle all of that." I assume that's why, after 3 years of trying the mainstream way to get a modification, it went through when I became a NACA member. What a great organization!
 
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Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I'm back to let you all know I finally did get a restructure. After 3 YEARS of trying. Once I joined NACA, things went pretty quickly.

current scenario:

loan servicer or Bank : Wells Fargo
investor who owns your loan : Fannie Mae
current payment amt $2265
loan amount :$385K
length of loan :30 year
interest rate :6.75
type of loan fixed or variable :30 yr fixed - countless months behind. I was 2 days from the auction of my house.

new scenario:
new payment amount: $1200
fixed for life of loan (y/n) :y
length of new loan :30
new loan balance amt :$147K! - YES! They knocked $200k off the principal!
In the middle of my trial period, WF became the investor. This was NOT what I was offered and working towards, it was amazingly better. I don't know how this all happened, but I am thankful.
principle reduction (y/n) :y
how long did this all take :3 month trial period, then a couple of weeks for final docs.
new payment is what % of your total gross or total net income? :27% gross

I don't know if anyone mentioned it here, but from what I understand, and what I was told by WF, NACA has a "spot" at WF, and handles the loan mod requests that come through from NACA. The regular WF reps,etc. know nothing about what is going on with a NACA loan. I was told by a WF rep. "We just babysit NACA loans. They handle all of that." I assume that's why, after 3 years of trying the mainstream way to get a modification, it went through when I became a NACA member. What a great organization!
Thank you for sharing your update Christy, that is such great news! I am so glad that you were able to get the modification through NACA, Congratulations, that is a great modification!! Every lender does have a separate dept. that deals only with the non profit modifications, so what WF was telling you was correct. Kudos to NACA as well!
 

Crystals Cave

LoanSafe Member
Oct 4, 2012
22
0
0
I'm still in litigation with Wells Fargo. We don't have a trial date and frankly I don't want to go to trial. I am working on discovery specifically on obtaining documents that will facilitate a forensic audit. WF is not being very helpful. I am acting pro se and have won a few court battles but expect to loose the war if I don't get some help but can't afford an attorney.

I have a $260,000+ mortgage which WF says we can shortsale for $158,000. They refuse to modify our loan for two reasons: 1. we participated in the Wachovia pick a pay settlement of 2011 which is now the subject of litigation because complainants say WF is not complying with terms of said agreement (we got a $174 settlement check). 2. WF says they modified our loan in 2010 but I remind them they just extended the term and decreased the interest rate temporarily but they didn't reduce the principal. WF’s attorney has told me on several occasions that Wells Fargo's does not reduce principal. Not sure which way to turn. Is NACA that good?
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I'm still in litigation with Wells Fargo. We don't have a trial date and frankly I don't want to go to trial. I am working on discovery specifically on obtaining documents that will facilitate a forensic audit. WF is not being very helpful. I am acting pro se and have won a few court battles but expect to loose the war if I don't get some help but can't afford an attorney.

I have a $260,000+ mortgage which WF says we can shortsale for $158,000. They refuse to modify our loan for two reasons: 1. we participated in the Wachovia pick a pay settlement of 2011 which is now the subject of litigation because complainants say WF is not complying with terms of said agreement (we got a $174 settlement check). 2. WF says they modified our loan in 2010 but I remind them they just extended the term and decreased the interest rate temporarily but they didn't reduce the principal. WF’s attorney has told me on several occasions that Wells Fargo's does not reduce principal. Not sure which way to turn. Is NACA that good?
NACA does work with many homeowners to provide a permanent affordable restructure of the loan, but as Tim mentioned above, the restructure can only go as far as the investor guidelines will allow. Some do not allow a modification at all, but since your loan had been modified previously, you may be able to get a modification working through NACA. If WF is telling you that there are no other options, NACA is worth a try at that point.

You may want to see if there are any Save the Dream events in your area first, or you can apply online. Here is the information for you;

https://www.naca.com/nacaWeb/index_main.aspx
 

cahomeowner

LoanSafe Member
Oct 18, 2008
727
3
0
Hi Everyone,

I'd like to see if we can keep this thread dedicated to just posting successful NACA restructures. This will help others quickly filter out and identify terms that match their scenarios. Please summarize your loan scenarios before and after the restructure.

If you have questions about NACA or need contacts or suggestions please refer to one of the other threads.

thanks
 

zograp

LoanSafe Member
Jun 18, 2012
57
0
0
61
California, North Hollywood
hello, everybody... I got my loan modification with help of NACA , last year in November 2012. I was fighting with IndyMac already 3 years without any success , and after being with NACA I got my loan modification . It took almost 1,5years with NACA , and fortunately we got it. I can say only one thing, be persistent and go to NACA every event, take all documents that needed and talk to the bank's representatives. It was very hard, time consuming, sometimes even too much , but see we got it. So I wish good luck to every one. Thanks NACA for being there for us. If someone wants any suggestion I can give it because of my big experience.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
hello, everybody... I got my loan modification with help of NACA , last year in November 2012. I was fighting with IndyMac already 3 years without any success , and after being with NACA I got my loan modification . It took almost 1,5years with NACA , and fortunately we got it. I can say only one thing, be persistent and go to NACA every event, take all documents that needed and talk to the bank's representatives. It was very hard, time consuming, sometimes even too much , but see we got it. So I wish good luck to every one. Thanks NACA for being there for us. If someone wants any suggestion I can give it because of my big experience.
That is great news, Congratulations!!
 

kenneth

LoanSafe Member
Jan 31, 2008
133
0
0
can someone on here thats higher up from NACA look at my file and see why i was tured down for a loan mod with bank of amercia i have to do something ASAP my naca ID 303874 please responed asap
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
can someone on here thats higher up from NACA look at my file and see why i was tured down for a loan mod with bank of amercia i have to do something ASAP my naca ID 303874 please responed asap
We do not have access to NACA file information here on LoanSafe, you may want to try posting this on the NACA forum here;

NACA Blog | NACA's Official Blog and Forums

And/or you can try contacting Kevin Winn or Tim Trumble here;

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


Tim Trumble
Online Operations, NACA
[email protected]
 

cahomeowner

LoanSafe Member
Oct 18, 2008
727
3
0
Just a friendly reminder to PLEASE ONLY POST SUCCESSFUL NACA MODIFICATIONS HERE

all other discussions should be handled on other threads. Thank You
 

razmik

LoanSafe Member
May 6, 2012
238
8
18
California
Hello Zograp(Zohrab) jan, how are you doing. How are the thing going with you and your property and the loan. Keep in touch. Thai sis RAZMIK!