TTrumble

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Viewing 15 posts - 6,766 through 6,780 (of 6,793 total)
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  • in reply to: Wells Fargo breaking NACA contract #491
    TTrumble
    Member

    Hello SlicedBread,

    There’s certainly no apologies necessary. Your pick-a-pay type loan is in fact one of the types that most frequently receives significant principal reduction, and I’m hopeful that you will receive a reduction. I just needed to clarify for everyone here that they are never automatic.

    The bottom line here for you is to keep remembering to never give up. As long as you are willing to keep fighting for your home so are we.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Wells Fargo breaking NACA contract #474
    TTrumble
    Member

    OOPS… Sorry, that should have read, “Hello motherof two,”

    (Still getting used to this new forum myself!)

    in reply to: Wells Fargo breaking NACA contract #473
    TTrumble
    Member

    Hello SlicedBread,

    I was hesitant to even make mention of the new program because I knew that I would get premature questions about it. The final details are still being worked out, which is why we haven’t officially announced it yet. I suspect it will be in advance of a West Coast American Dream Tour schedule in July and/or August.

    Until the details are worked out and the program formally announced, I really can’t say much of anything other than “stay tuned”…

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: How Much longer?? #470
    TTrumble
    Member

    Hello wac812,

    Wecome back, and thank you for the kind words! In reviewing your file, I see nothing bad or unusual at all. The simple fact is that the servicers are so badly backed up with modifications it has become commonplace for it to take 30 to 60 days (or even more) for permanent modification documents to be sent out after a trial period is successfully completed. Nothing more, nothing less. As long as they are continuing to acknowledge that your file is in the final review process, which they are doing in your case, we’re in good shape.

    I recently had one (very extreme) case in Atlanta where it took five (count ’em, FIVE) months for the final documents to come through! She simply kept making the monthly payment on time, the bank continued to acknowledge that she was still in the review process, and she eventually got the documents.

    No, we never found out why the wait was so extremely long, but the bottom line is she stuck with the plan and everything came out okay.

    Don’t forget the mortgage isn’t officially modified until those final documents are sent out, signed and returned. Until then, they will continue normal collection activity, so there’s no need to be concerned. If you receive something you feel you need to have clarified, you can always send me an e-mail.

    You know my mantra, “patience and persistence”. Find some fresh fuel for that patience and you are going to be okay.

    It’s nice to see another member of the “forum family” back!

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Wells Fargo breaking NACA contract #469
    TTrumble
    Member

    Hello SlicedBread,

    First, let me address the general issue of principal reduction for everyone here. While principal reductions certainly do occur, there is a common misconception that a homeowner is due a principal reduction simply because the value of their home has declined and they now owe more than the home is worth. Nowhere in the mortgage contract does the lender take responsibility for the value of the house. If there were, then they would conversely be able to increase the principal balance on the loan if the value went up. It isn’t an issue of how much the home is worth. It’s about how much money you borrowed from them to buy the house.

    Another way to look at it is, we have always been told that buying a home is “the largest investment most of us will ever make”. But we also commonly hear that “all investments have some element of risk”. We just don’t typically put the two together because a home has traditionally been the most stable investment we can make.

    That having been said, principal reductions DO occur and NACA advocates for it whenever possible, and they are occurring more and more frequently these days. In fact, we are getting ready to announce a new program in cooperation with the California Housing Finance Authority next month that will help thousands of California homeowners get reductions of up to $100,000 on the balance of their loans. But we can never reasonably advocate from the standpoint that it is due simply because the value of the house went down.

    By the same token, SlicedBread, anything documenting the decline in the value of the home, especially if it shows the home as significantly lower than the value they used to determine NPV, will be to your benefit. Not just offers to buy your home (since that could have just been from a con artist trying to steal your home), but what other similar homes in your neighborhood have sold for, the current assessed property tax value from the County Assessor’s Office, etc.

    Specifically asking for a payment that equals 25% of your gross income is a strategy that simply will not work. Any new payment figure they will come up with will be based on affordability. If your cash flow shows that you can afford a payment that will equal the maximum percentage of gross income allowed by the investor guidelines, then that will be the offer. In a traditional (non-HAMP) modification, the investor’s top end could be 38% to 40% of gross income or even higher. A payment that equals 25% of gross income would be granted only if that is the maximum dollar amount of cash flow available and both the 25% figure and the interest rate corresponding to the proposed payment amount fall within the investor’s guidelines for modification. Even a HAMP modification will be based on 31% of the gross income and must equal an interest rate of at least 2%.

    Once a modification request has been denied, the file is closed. There would have to be substantial irrefutable proof of an error on the servicer’s part to get a second review. It is far easier to create and submit a new proposal and introduce any new relevant information at that time.

    Toward that end, I will be sending you an Action Plan which will list the documents we need to update to create the new proposal. Please submit the documents, plus any other you feel are relevant such as those mentioned above, into your NACA file as soon as possible. You will also need to log into your NACA file online and schedule a telephone appointment so the file can be updated and the new proposal created.

    As for your servicer communicating with you directly and outside of the NACA file in violation of their contract with us, every time you talk to them you are allowing them to get away with it. Take a tougher stance, demand that they abide by the terms of their legally binding agreement with NACA and refuse to communicate with them otherwise.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: irs taxes #467
    TTrumble
    Member

    Hello momofthree,

    Circumsthances vary from case to case of course, but I would anticipate having to show a six-month record of on time payment.

    in reply to: Kansas City #462
    TTrumble
    Member

    Hello Pearlnecklace77,

    Thanks for the clarification. Had to make sure since there are so many people out there who try to “poach” our members, use the NACA name illegally and even try to steer members to scams. (We actually have one person in our legal department whose sole function is to track and shut them down! The price of success I guess…)

    Thanks again. It’s nice to see NACA members sharing information and support!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: credit accounts #460
    TTrumble
    Member

    Hello soanxious,

    Everything you listed can be used as alternative credit so long as consistent on-time payment history can be documented. Coming to the event next week is probably an excellent idea. We’ll get you to the place you need to be in the process.

    Your best bet is to arrive at the event as early as possible on the first day possible. Doors will be open 8am to 8pm each day. See you in Atlanta!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Paying Medical Collections #457
    TTrumble
    Member

    Hello TanyaMo,

    My suggestion is toward paying with the debit card. First, most collection agencies will automatically reject a check with a restrictive endorsement. They will simply return the check to you uncashed. Paying by debit card is quicker and also provides some additional security as well. You will have the ability to challenge to amount in the event an unscrupulous agency (or individual collector who is paid on commission) should try to debit you for more than the agreed upon amount or try to collect more after you have already paid.

    In either case, make sure you have the settlement amount in writing from them before you send a penny, and demand that they also follow up with written verification that the payment has been received and that the account has been settled in full.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: irs taxes #453
    TTrumble
    Member

    Hello momofthree,

    As long as there is a written agreement and you can demonstrate that you have been paying in a timely fashion it should be considered no different than any other debt. You may want to consult an attorney though regarding any possible lien that the IRS could potentially place on the home once you have purchased it.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Downpayment Assistance Programs-California #452
    TTrumble
    Member

    Hello cristelh,

    No apology necessary! Asking questions, seeking help and sharing information is exactly what the Forum is for!

    I know that there has to be an applicable program for you out there somewhere. I’ll keep my ear to the ground for you. Let’s see what other members can add from their experience.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Tips for Newbies #450
    TTrumble
    Member

    Hello lrmatthews18,

    Thanks for re-posting FaithAction’s advice. As I noted on another thread, we were unable to save the posts from the old forum, so I’m glad you had this on hand to share her on the new forum. I’m hoping someone out there has the thread from the Home Save category on the effects of the extreme stress and anxiety people experience when trying to save their home from foreclosure. I also see that there have already been some other good threads established sharing information between members.

    It’s good to see all the familiar names that are popping up here in the first few days of the new Forum!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Tips for Newbies #448
    TTrumble
    Member

    Hello adamnbrit,

    The ability to show a savings pattern even before beginning the NACA process will definitely be helpful and will certainly be an excellent jump start toward having your MRF (Minimum Required Funds) ready to go to help cover the costs of inspections, the first year’s homeowner’s insurance, etc. Any present savings beyond the MRF can be applied toward buying down the interest rate.

    The payment shock amount must be determined by your MC as part of the process, and your current savings will most likely not count. You will have to show a savings pattern once the Payment Shock amount is determined. Since you already have a savings pattern established, you may only have to show a minimum of 3 months Payment Shock Savings to become qualified.

    Many banks have ceased sending the physical checks back to their customers with the monthly statement. The printouts from the website should suffice as long as they show both the front and the back of the cancelled check.

    I wish you the best in your journey to home ownership!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Submitted to Underwriting Today #447
    TTrumble
    Member

    Hello malekc09,

    All the information you will need to begin the process of seeking a mortgage modification can be found on our website, http://www.naca.com. Simply click on the blue “Home Save” button and start from there.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    in reply to: Cant Read Webfile on Mac #446
    TTrumble
    Member

    Hello Chef06,

    In reviewing your file, I see that all relevant information is being communicated with you by e-mail and that you status indicates you are in the mortgage processing stage. Typically this only takes a few days, so if you have not received an e-mail update within a week, contact me at the e-mail address below and I will follow up for you.

    Thanks!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

Viewing 15 posts - 6,766 through 6,780 (of 6,793 total)
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