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Originally Posted by Skipper  First, since it was submitted by the BofA negotiator to the investor (FM) as a MHA modification request, does this indicate that I have qualified for the MHA modification? The person at BofA indicated yes, but did not sound sure of it. |
I recall being told this early on when inquiring about the program. I do know that on Fannie Mae's site there is a loan workout hierarchy and in it, it is stated that a forbearance agreement does not require their approval. I am assuming that a modification does require the investor's seal of approval before it can be offered to the borrower. I'm not sure about Freddie Mac, but I'm sure they are quite close.
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Originally Posted by Skipper Second, I was told that the three month trial would start upon the approval of the investor (FM) for the MHA modification, and that I could expect to wait up to eight (8) weeks before we have an answer from the investor (FM). Does this sound right? |
I couldn't honestly answer this question, but all I can say is WOW that's a long time!
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Originally Posted by Skipper For a little background, I am current (barely). I took a 60% pay cut year over year, so now my mortgage is roughly 50% of my gross. My home value is roughly $50k less than what is owed on the mortgage. I am working with a HUD counselor for the credit counseling requirement, as the MHA program will require this due to the level of my other debts (unsecured-currently on-hold). I have been living off my 401k, but now that is really no longer an option. |
Our situations are nearly identical...60% less income, our mortgage is roughly 75% of gross, home value is $55K less than what is owed and working with a HUD counselor but not for the credit counseling requirement. We are working with HUD because we HAD been living off the 401k and stopped doing so when we only had about 3 months worth of payments left to withdraw from it and had to fall behind in payments. After receiving the first foreclosure notice, we went to HUD for foreclosure prevention counseling.
Hope this helps and best of luck...keep us posted
