[Housebroken13]

That's a great document.

I am in a HomeSaver Forbearance currently. So I guess that means I did not qualify for HAMP correct?

When I last talked to BOA, they said my loan would be modified at the end of the Forbearance period which ends on 2/1/2010.

Typically, a modification involves making one or more of the following changes:

Change the mortgage loan type (ARM to FRM)
Extend the mortgage loan term (e.g., from 30 to 40 years)
Implement a below-market step rate for 2 to 3 years
Capitalize delinquent P&I into the loan balance
Implement a temporary or permanent reduction in interest rate

To execute the modification:

Prepare the Loan Modification Agreement (Form 3179, 3161 or 3162, as applicable) and obtain the signature(s) of the borrower(s)
You may only sign the Loan Modification Agreement for an MBS loan after the loan has been reclassified
Obtain subordination agreements from junior lienholders and record the modification if required by Fannie Mae in its written approval of the modification - Does that mean they will talk to my 2nd Mortgage Services to subordinate? Should I stop paying on my second and put that money aside?
Submit original agreement to document custodian within 30 days