Loans, Debt & Credit - View Single Post - Home Affordable Mod- So frustrated! Any suggestions?

Sunny11 · 06-03-2009, 05:47 PM

I did receive The Making Home Affordable package from BofA after receiving the first FedX package saying we may qualify. It includes a three month trial payment agreement and a list of docs to send back to determine qualification. What the trial agreement says is we make a payment for three months on time based on the income verbally given to them and if they determine we qualify based on the docs we provide, they will send out another agreement making it permanent. The payment is about $400 less than what we currently pay. The problem is, it does not address our second mortgage at all.

Our file was submitted by NACA on 5/29. NACA's proposed payment for both our first and second is slightly lower than what the MHA payment is for the first only!

I contacted BofA three separate times to find out about a modification on the second and was told that MHA will not include seconds. Said I was wrong when I told them it was a new addition just added and any seconds are supposed to be automatically included for modification. They said if I wanted a modification on the second I had to apply separately for it, but no guarantees.

I did tell them I had been trying to deal with them directly since January to get a modification and finally gave up and contacted NACA who had just recently submitted a proposal. I told her I did not want to muddy the waters by proceeding with the MHA at the moment...could I reapply if it does not work out with NACA? Basically, she told me that MHA was the best deal I was going to get and if I missed the deadline, that was it. I'm pretty sure she is wrong about that??? She said working with NACA guarantees nothing.

Anyway, we decided that the savings we would see with NACA's proposal was worth risking the $400 savings with MHA. If it does not come through, we will try for the MHA again and maybe by that time, BofA will know they can include seconds.

Praying and keeping our fingers crossed! I've seen a lot of NACA success stories, hopefully we will be one soon! On the other hand, does anyone know of NACA submitting a proposal and having it totally rejected or have BofA come back with something totally off the wall?? That is a fear in the back of my mind!

06-03-2009, 05:47 PM	#11 (permalink)
Sunny11 Senior Member Join Date: May 2009 Posts: 41 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Home Affordable Mod- So frustrated! Any suggestions? I did receive The Making Home Affordable package from BofA after receiving the first FedX package saying we may qualify. It includes a three month trial payment agreement and a list of docs to send back to determine qualification. What the trial agreement says is we make a payment for three months on time based on the income verbally given to them and if they determine we qualify based on the docs we provide, they will send out another agreement making it permanent. The payment is about $400 less than what we currently pay. The problem is, it does not address our second mortgage at all. Our file was submitted by NACA on 5/29. NACA's proposed payment for both our first and second is slightly lower than what the MHA payment is for the first only! I contacted BofA three separate times to find out about a modification on the second and was told that MHA will not include seconds. Said I was wrong when I told them it was a new addition just added and any seconds are supposed to be automatically included for modification. They said if I wanted a modification on the second I had to apply separately for it, but no guarantees. I did tell them I had been trying to deal with them directly since January to get a modification and finally gave up and contacted NACA who had just recently submitted a proposal. I told her I did not want to muddy the waters by proceeding with the MHA at the moment...could I reapply if it does not work out with NACA? Basically, she told me that MHA was the best deal I was going to get and if I missed the deadline, that was it. I'm pretty sure she is wrong about that??? She said working with NACA guarantees nothing. Anyway, we decided that the savings we would see with NACA's proposal was worth risking the $400 savings with MHA. If it does not come through, we will try for the MHA again and maybe by that time, BofA will know they can include seconds. Praying and keeping our fingers crossed! I've seen a lot of NACA success stories, hopefully we will be one soon! On the other hand, does anyone know of NACA submitting a proposal and having it totally rejected or have BofA come back with something totally off the wall?? That is a fear in the back of my mind!