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ama125 · 06-25-2009, 08:18 PM

I got some clarification today on the forbearance plan and why I was offered this. Sadly, this all had to come from someone working for a third party servicer hired by BofA to handle all recipients of the forbearance letter.

I left a message last night with the Home Retention Team to have someone call me back regarding my questions. The lady I spoke to works for Stewart Title and after explaining all my confusion over my situation, she told me she was going straight to her manager to get me some answers...and she DID!

I got a call back a short while later and it was explained to me that based on the information regarding my husband's monthly gross income that I gave them in April, we did not qualify for the HAMP. He recently received a promotion and I had called BofA on June 10 to notify them of the change in income. They told me that they could not change the number but would note it on my file.

We actually ran our numbers using the NPV model on the FDIC's website and we knew we would fail based on what he was making prior to his promotion. Interestingly, on Fannie Mae's website, servicers are now being instructed to modify all Fannie Mae loans (with a few small exceptions: no FHA or VA, condemned properties, or properties subject to full lender recourse) REGARDLESS if the NPV result is pass or fail. It is clearly stated that servicers are to run the NPV test but not to use the outcome to determine who qualifies for the HAMP.

So, we now basically have to re-apply for the HAMP based on my husband's new income and wait another 45 days (at least that's what I've been told). Given the situation, I am still not accepting the forbearance. So, long story short, I guess they aren't being shady...just unclear. It was also explained to me that while under forbearance, borrowers will be reviewed for other modification options (it states so, I just misunderstood it from how it was written up). If anyone else has received the forbearance offer, I would encourage you to find out the reasoning as to why they are saying you are not eligible. If you have a loan backed by Fannie Mae, it seems to me almost anyone should get the HAMP.

Good luck!

06-25-2009, 08:18 PM	#27 (permalink)
ama125 Senior Member Join Date: Jun 2009 Location: Reading, PA Posts: 1,495 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Forebearance?? Yea or nay? I got some clarification today on the forbearance plan and why I was offered this. Sadly, this all had to come from someone working for a third party servicer hired by BofA to handle all recipients of the forbearance letter. I left a message last night with the Home Retention Team to have someone call me back regarding my questions. The lady I spoke to works for Stewart Title and after explaining all my confusion over my situation, she told me she was going straight to her manager to get me some answers...and she DID! I got a call back a short while later and it was explained to me that based on the information regarding my husband's monthly gross income that I gave them in April, we did not qualify for the HAMP. He recently received a promotion and I had called BofA on June 10 to notify them of the change in income. They told me that they could not change the number but would note it on my file. We actually ran our numbers using the NPV model on the FDIC's website and we knew we would fail based on what he was making prior to his promotion. Interestingly, on Fannie Mae's website, servicers are now being instructed to modify all Fannie Mae loans (with a few small exceptions: no FHA or VA, condemned properties, or properties subject to full lender recourse) REGARDLESS if the NPV result is pass or fail. It is clearly stated that servicers are to run the NPV test but not to use the outcome to determine who qualifies for the HAMP. So, we now basically have to re-apply for the HAMP based on my husband's new income and wait another 45 days (at least that's what I've been told). Given the situation, I am still not accepting the forbearance. So, long story short, I guess they aren't being shady...just unclear. It was also explained to me that while under forbearance, borrowers will be reviewed for other modification options (it states so, I just misunderstood it from how it was written up). If anyone else has received the forbearance offer, I would encourage you to find out the reasoning as to why they are saying you are not eligible. If you have a loan backed by Fannie Mae, it seems to me almost anyone should get the HAMP. Good luck!