I, too, have received this offer for the HomeSaver Forbearance Program. I am NOT signing on to this and here is why... BofA is not following Fannie Mae's loan workout hierarchy. See here:
https://www.efanniemae.com/sf/servic...tfactsheet.pdf.
They are supposed to
first determine if the borrower is eligible for the Home Affordable Modification Program (HAMP). If not,
then determine if the hardship is temporary or long-term.
If it is long-term,
then they offer the HomeSaver Forbearance Program and within the first three months of the forbearance program, must explore alternatives in this order: Modification, Pre-foreclosure sale, Deed-in-lieu.
Furthermore, the agreement that I was sent for the forbearance program has the following statement "
No Modification. I understand that the Agreement is not a forgiveness of payments on my Loan or a modification of the Loan Documents. I further understand and agree that the Servicer is not obligated or bound to make any modification of the Loan Documents or provide any other alternative resolution of my default under the Loan Documents". Now, I'm no expert, but it seems to me that if I were to sign the agreement for this forbearance program, I would be waiving my rights to any other further considerations for a loan modification. Fat chance!!!
The letter detailing this forbearance plan states that I am not eligible for a loan modification and instead offers me this plan. It does not state anywhere which loan modification program I am not eligible for and nowhere does it have the Making Home Affordable logo. I received a solicitation letter with Countrywide's logo on it back in April identifying me as someone who may be eligible for the Making Home Affordable Modification Program. I called the number and gave them my income data as requested. I was told to wait for another Fed Ex letter and this is the BS they sent me! And when I called to inquire about this, no one has any record of the solicitation letter that was sent to me in the first place and are telling me that they (customer service) have been instructed to tell people to sign up for forbearance and then they will be reviewed for the HAMP! I say to anyone who has received this offer, DO NOT SIGN it! They are being shady!