When naca says to you,..i am going to help you and it turn to be a joke

LOST&FOUND

LoanSafe Member
Aug 25, 2012
48
1
8
53
:wacko:Hi everyone: I contacted one of the supervisors at NACA to help me with a file. Oh boy it is nightmare to get some type of help. I had in the past a great experience working with NACA but I think they have decreased the level of good services since then. I spent almost 2 hours in a interview and the lack of knowledge of the woman was very noticeable. I explain to her once, twice my friend's situation an we didn't get nowhere. Anyways, I finally contacted one of the supervisors and I would like somebody to help me to work with this bank that does not have a biding contract with NACA. The woman at NACA told me if they don't have a biding contract with NACA is almost impossible to get somewhere. Is this truth?,, Please any supervisor or somebody with authority at NACA reply back to me. My friend and his wife are people with disabilities and they need help to save their primary home. At this point, time is running shorter and I am will very much appreciate your HELP. Also, my friends received a denial letter from their bank quote "The principal reason(s) for credit denial, termination or other action taken concerning credit is because Excessive Obligations in Relation to Income". They don't want to provide to my friends a fully detail of the income and expenses used for their denial. Please what other resources I can utilize to force the bank to provide this info?,, by filling a complain with the OCC will this help?,, Ok, any input will be appreciate. Thanks a lot ,, lost and found.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
:wacko:Hi everyone: I contacted one of the supervisors at NACA to help me with a file. Oh boy it is nightmare to get some type of help. I had in the past a great experience working with NACA but I think they have decreased the level of good services since then. I spent almost 2 hours in a interview and the lack of knowledge of the woman was very noticeable. I explain to her once, twice my friend's situation an we didn't get nowhere. Anyways, I finally contacted one of the supervisors and I would like somebody to help me to work with this bank that does not have a biding contract with NACA. The woman at NACA told me if they don't have a biding contract with NACA is almost impossible to get somewhere. Is this truth?,, Please any supervisor or somebody with authority at NACA reply back to me. My friend and his wife are people with disabilities and they need help to save their primary home. At this point, time is running shorter and I am will very much appreciate your HELP. Also, my friends received a denial letter from their bank quote "The principal reason(s) for credit denial, termination or other action taken concerning credit is because Excessive Obligations in Relation to Income". They don't want to provide to my friends a fully detail of the income and expenses used for their denial. Please what other resources I can utilize to force the bank to provide this info?,, by filling a complain with the OCC will this help?,, Ok, any input will be appreciate. Thanks a lot ,, lost and found.
The denial reason is stating that their back end debt ratio is well over 55 percent to their gross income. Do you know at what percentage to their gross income the actual mortgage payment is at? If this is the case, they may be better off obtaining HUD assistance so that they can get the budget in order because it sounds as though the mortgage payment is not what is causing the hardship.

Can you post the following information for Michael to take a look at please;

1. Loan Balance Now=
2. Past Due if any=
3. Gross Monthly Income for Borrower and Co Borrower=
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) =
5. Real Estate Taxes per month=
6. Hazard Insurance and/or HOA per month=
7. Home Value (check zillow.com or chase home value estimator)=
8. Mortgage servicer and Investor (check if fannie or freddie or MERS below links)

For Fannie Mae: 1-800-7FANNIE (8am to 8pm EST)
www.FannieMae.com/loanlookup

For Freddie Mac:
1-800-FREDDIE (8am to 8pm EST)
www.FreddieMac.com/mymortgage


9. Other monthly debt payment total for credit cards and collections =
10. Current interest rate =
11. Fixed Rate or Adjustable Rate? =
12. Have you been modified before?
13. When did you get this loan, what year? =
 

LOST&FOUND

LoanSafe Member
Aug 25, 2012
48
1
8
53
Oh CAt.. thank you very much for taking the time on responding to my email: Loan Balance Now= $ 567,000.00
2. Past Due if any= 36462.00
3. Gross Monthly Income for Borrower and Co Borrower= self employed $ 11, 005.00
4. Mortgage Payment without taxes and insurance (do not include taxes and insurance) = 1774.68 interest only
5. Real Estate Taxes per month= 668.00
6. Hazard Insurance and/or HOA per month= 495.00 + 325.00 HOA
e (check zillow.com or chase home value estimator)= 619,000.00
ge servicer and Investor (check if fannie or freddie or MERS below links)

For Fannie Mae: 1-800-7FANNIE begin_of_the_skype_highlighting
1-800-7FANNIE FREE end_of_the_skype_highlighting (8am to 8pm EST)
www.FannieMae.com/loanlookup

For Freddie Mac:
1-800-FREDDIE begin_of_the_skype_highlighting
1-800-FREDDIE FREE end_of_the_skype_highlighting (8am to 8pm EST)
www.FreddieMac.com/mymortgage


9. Other monthly debt payment total for credit cards and collections = This is the problem, he is not paying any cc

ble Rate? =
12. Have you been modified before? no
3. When did you get this loan, what year? = 2005
 

LOST&FOUND

LoanSafe Member
Aug 25, 2012
48
1
8
53
Sorry CAt, my reply is a little be messy.. let me do it again: Loan Bce. is aprox. $ 567,000.00. Past Due: Aprox. $ 36,462.00. Gross Montly Income: His is self- employee $ 11,005 (Net), disability income is: $ 758.00. Mortgage Payment: Interest Only Loan: $ 1,774.68. Escrows: $ 1,163.00. HOA $ 325.00. Home Value per Zillow: $620,000.00. Mortgage Servicer: NYCB MORTGAGE COMPANY LLC ( OHIO SAVINGS BANK ). I Think they service the loan and own it. In regard of the credit cards: I can send you what NACA pulled from him. He is not paying all his credit cards. He has 2 car payments for $ 1585.00. Current Interest Rate: 3.75 which adjust on 6/1/2013. We don't know how much. This is interest only loan. He has never been modified. He purchased this house back in July 2005. Cat, thank you for all your help. When you mentioned to go to HUD, please guide on how to. They don't want to lose this house. Lost & found
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
From what is posted at this point with the interest only period, the payment to the net income is at 29 percent, however, it would be even lower due to the lender using gross income for the calculations and also grossing up the non taxed disability income. Since NACA seems unable to help, HUD would be another option to try for free. Here is how to find a local HUD counselor;

U.S. Department of Housing and Urban Development (HUD)
 

LOST&FOUND

LoanSafe Member
Aug 25, 2012
48
1
8
53
this is it cat,, to work with all these nonprofit agencies, are a paying. the success rate is low. Now, I am expecting to reapply with a higher income. The problem with this bank they are factor in the credit cards that are active on his credit report eventhought his is not paying. How come they can do this. He has another rental house that he modified with ASC using the same income, same expenses and he got a great modification. However, his primary with this bank is a pain. Any other suggestion? thanks CAT
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
this is it cat,, to work with all these nonprofit agencies, are a paying. the success rate is low. Now, I am expecting to reapply with a higher income. The problem with this bank they are factor in the credit cards that are active on his credit report eventhought his is not paying. How come they can do this. He has another rental house that he modified with ASC using the same income, same expenses and he got a great modification. However, his primary with this bank is a pain. Any other suggestion? thanks CAT
The rental would prevent them from working with NACA anyway, NACA will not work with anyone who has properties in addition to their primary residence, so that route would be a no go.

You could have them get in touch with Michael from the Loan Mod Help Center, he does not charge an upfront fee to work on a modification, payment is made once a successful trial modification is offered and agreed upon.

You can try contacting Michael from Loan Mod Help Center directly with the inputs that you posted, he can help determine what they may qualify for based on the information. He has been able to help many members of the forum to successful outcomes.

He can be reached here;

[email protected]
OR CALL 855-678-6690
 

LOST&FOUND

LoanSafe Member
Aug 25, 2012
48
1
8
53
Dear Cat: My friend received this letter from the bank: its says the Net income they used was $ 8,681.60 and expenses total of $ 12,828.65 short fall negative cash flow of : $ 4,417.65. Now, when we prepared the P & L because he is self employee , the net amount deposited into his checking account was in a average of 4 month from January 1 thru april 30,2013 $ 8,804.00. This amount came from $ 45,526.54 of gross income minus $ 10,308.00 of expenses equal $ 35,218.54 divided by 4 months equal $ 8,804.00 monthly. I don't know how to calculate any tax to be deducted from the net. Second, he receives $ 758.00 disability income. So, for what I see, he has to make an income of $ 12,500.00 ( Net income ) to break even. Please give me your opinion about this. The bank gaves 30 days to appeal and I need your help. Thanks CAt your opinion is so valuable. thanks lost & found
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Dear Cat: My friend received this letter from the bank: its says the Net income they used was $ 8,681.60 and expenses total of $ 12,828.65 short fall negative cash flow of : $ 4,417.65. Now, when we prepared the P & L because he is self employee , the net amount deposited into his checking account was in a average of 4 month from January 1 thru april 30,2013 $ 8,804.00. This amount came from $ 45,526.54 of gross income minus $ 10,308.00 of expenses equal $ 35,218.54 divided by 4 months equal $ 8,804.00 monthly. I don't know how to calculate any tax to be deducted from the net. Second, he receives $ 758.00 disability income. So, for what I see, he has to make an income of $ 12,500.00 ( Net income ) to break even. Please give me your opinion about this. The bank gaves 30 days to appeal and I need your help. Thanks CAt your opinion is so valuable. thanks lost & found
You should have your friend contact Michael from the Loan Mod Help Center with this information, he is the numbers guy and is able to help members of LoanSafe see if they would be able to qualify for a modification, or why they are getting denied.