TTrumble

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Viewing 15 posts - 6,751 through 6,765 (of 6,793 total)
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  • in reply to: BofA HELOC Mod Denied, After modifying 1st #525
    TTrumble
    Member

    Hello nacasark,

    You simply are going to have to apply for modification on the HELOC again. Something doesn’t quite add up in the reason you related for the denial though. Servicers never modify a second/HELOC until after the first has been modified, so denying you for the reason you stated simply doesn’t make a lot of sense. If it did, then no second would ever get modified.

    Are you sure that they didn’t decline the modification because after the modification on the first mortgage, the HELOC is now affordable? They may have looked at total DTI (Debt To Income) Ratio after the modification and determined it was already within their guidelines. That is an entirely different situation.

    In either case, you are simply going to have to try again with BOA to get the second loan modified. Please feel free to e-mail me if you have any additional questions.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Should I reschedule? #520
    TTrumble
    Member

    Glad we could help!

    in reply to: Paying Medical Collections #519
    TTrumble
    Member

    Hello soanxious,

    I’m afraid that is far too vague a question to answer. Why did the MC tell you you didn’t have to pay it? Is it not a legitimate debt? Was it somebody else’s debt you signed on to as a guarantor (i.e. co-signer)? Was supposed to be covered by insurance?

    The NACA program is about responsible home ownership, which starts with demonstrating the ability to manage money effectively. If your MC advised as you state, you will have to discuss the reasons why with him or her.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Payment Shock or MRF? #518
    TTrumble
    Member

    Hello 1fabgal,

    Payment shock and MRF are different items. Payment Shock Savings are the difference between your current monthly rent and your anticipated mortgage payment. You must be able to show that you have saved this amount each and every month right up until closing, for a minimum of three to six months. This proves your ability to make the new mortage payment.

    Minimum Required Funds (MRF) are required to cover expenses such as inspections, first year’s insurance and one to two months of mortgage payments in reserve for emergencies.

    Even though the MRF goal has been reached by building up savings through Payment Shock and other methods, you must continue to save Payment Shock each and every month right up until closing.

    So lrmatthews18 is correct. Both.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: frustrated #517
    TTrumble
    Member

    Hello pgriffin9166,

    If you have a new counselor who has inherited your file, then he has most likely inherited dozens of others in addition to the caseload he already had. One thing that I continually preach here is how patience is an absolute requirement to get through the process.

    Were you given a task list at the follow up meeting? You cannot be submitted to underwriting until everything on the task list is completed. If you do have all of the necessary items completed, continue to check your file on line to follow its progress and let me know if there are no new developments in two weeks.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: MO Downpayment Programs #516
    TTrumble
    Member

    Hello Struitt,

    To be a little blunt, I’m afraid your friends have misled you.

    NACA is fully able and in fact encourages our members to take advantage of any relevant down payment assistance programs so that those funds can be used to buy down the interest rate on the loan even lower than the already below-market fixed rate.

    The references to “how the national product is packaged” and “several nuances makes NACA difficult to engage” are indeed vague criticism, and I’ll be happy to address any specifics. The NACA Mortgage Consultants are difficult to communicate with sometimes because of the extreme caseload each one carries, but that should in no way hinder your ability to work with coordinating programs.

    You make reference to “the state offers an additional, forgivable loan at 0% interest for up to 3% of the home value for closing costs.” I’m sure it’s a great program, but the NACA program has NO CLOSING COSTS. They are absorbed by the lender. So why would you want to borrow money to pay for costs you aren’t going to incur?

    Since programs do vary greatly from state to state and even city to city, your NACA Mortgage Consultant can advise you on which specific programs can be used in your area. The entire purpose of the NACA program is to maximize your opportunity to become a homeowner, and we do indeed work with all relevant programs to help you reach the goal of home ownership.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    TTrumble
    Member

    Hello chriso,

    Those are indeed good signs. The continued postponements mean that they are actively looking at the modification proposal. Additionally, the investor review seems to be because your mortgage appears to potentially fall under the recent agreement between the banks and the 49 state Attorneys General, which is a very hopeful sign!

    You’ve got the right attitude. Don’t give up!

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Modification offers based on % of Gross income? #513
    TTrumble
    Member

    Hello chriso,

    You’re actually over-thinking this a bit. The servicer will typically try to solve for a payment that matches a certain percentage of the gross income, as determined by the investor on the loan. That percentage will vary with different investors. Our objective is to show that your efforts to pay back the business debt result in you not having enough cash left over each month to make the mortgage payment that would result from the standard percentage figure. By doing so, we can then steer them toward finding an alternative solution for you within your current affordability. This is why you need to show the repayment of the business debt in as much detail as possible.

    It’s not rocket science, just common sense.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: BANK OF AMERICA FAILED TO ADHERE TO PERMANENT SOLUTION #512
    TTrumble
    Member

    Hello UNDERWATER,

    Please send your name and NACA ID number to me at the e-mail address below so I may review your file and best advise you how to proceed.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: PM or E-Mail Members/Admins #500
    TTrumble
    Member

    Hello Jack_Toepfer,

    The new forum does not have the PM and e-mail abilities of the previous forum, but even if you didn’t have my e-mail address previously, it is at the bottom of every message I post here.

    Please refer to my response to your post in another section regarding the HAND question you posted.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Closing seems to be in holding pattern… #499
    TTrumble
    Member

    Hello Jack_Toepfer,

    As you will see in you file, the confusion regarding the HAND items showing in your file is already being addressed.. Send me an e-mail if you don’t hear anthing in the next couple of days.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Any help would be received gratefully! #498
    TTrumble
    Member

    Hello serenedi,

    Jack_Toepfer makes some very good points. Even though a sherriff’s sale date has been posted, those are frequently postponed while a solution is being sought.

    Since you posted this in the Member Assistance Program (MAP) section of the forum, that implies you bought the house originally through NACA. Is that correct?

    You need to contact us immediately at 888-404-6222.

    You only lose when you give up.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Overcoming Bankruptcy Past #497
    TTrumble
    Member

    Hello haroldm603,

    I would hardly use the word “powerless”. Even though your loan is subject to underwriting approval (just like every other loan), we make sure that you are ready and have no issues that we know of that would prevent a prompt approval.

    Plus our contracts with BOA and CitiMortgage outline the details of our character-based lending program and the guidelines they will go by when reviewing our members’ loan applications. That is why those who stick with the NACA program have a near-100% probability of getting the loan.

    That’s actually pretty powerful!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Should I reschedule? #496
    TTrumble
    Member

    Hello tjmartin84,

    Nupe1911 is right. Keep the appointment. You wouldn’t want to cancel the appointment and then find out three months later that there is something else you need to take care of that could have been done during the three months you waited.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Tips for Newbies #495
    TTrumble
    Member

    Hello Pearlnecklace77,

    You are definitely going to have to create a paper trail proving the rent payments, especially since you are renting from relatives. Start providing them with a rent check regularly every month. Having the bank mail them a check each month is probably a good idea with what you describe.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

Viewing 15 posts - 6,751 through 6,765 (of 6,793 total)
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