I want to offer my story in the hope that someone will see some benefit from my post. I was lucky enough to find this website 9 months ago and it proved to be a great resource for me throughout my quest for a modification. I have thus far only been successful getting my trial started as I have a FedEx tracking number (verified) for a delivery of my terms for 3 months that will be delivered tomorrow; but I dont think I would be here without the help of this website and the benefit of the information that is this board.
I applied for the MHAP and was denied 3 times in 5 months (1. no explanation given, 2. lost paperwork, 3.old financial documents ) These 3 applications and supporting documents were sent via fax or FedExed)
I then applied for the MHAP with a Bank of America Service Center with an in person representative who insured me that I again ...qualified based on initial screening, and had given her all of the documents per the checklist. 45 days later and after many faxes of additional documents and explanations. I was denied again. No reason given.
I then was was told I was being considered for an INHOUSE mod.
These are the steps i took.
- I called everyday ...EVERYDAY to insure they had everything they needed and also to ask about my file.
- My negotiator was changed weekly for 4 weeks but It seemed like I was making some progress
- Called everyday
- Just in case; I contacted the office of the president after I was given the runaround and felt like i might be headed for a 5 denial. I got the contact information from this website and sent an email detailing my loan info ...and sequence of events. Got a call from someone in the OOP office 48 hours later
- Was told by the representative from OOP that the information my 4rth negotiator was telling me was accurate and that I was in underwriting
- Called everyday
- Called everyday
- Responded with info via fax...immediately
- 2 weeks later I was I was told by my regular negotiator that my "inital draft" of possible permanent modification was accepted by my investor. Terms were given and explained
- Next day I called OOP representative to insure this was accurate and it was
- 2 days later I was given a FedEx tracking number for my letter which included the terms of my 3 month Trial period.
- I picked up the package today. And my first trial payment is due in October.
Orginal Loan $650,000K 2008
Original Rate 6.75%
Payment $4900 ($4000 PI aprox., $600 tax, $240 flood and hazard insurance)
18 months behind ($94,000)
Current Value of home $600K (Realistic)
27 months remaining approx on mortgage
3 month Trial
2% Payment 2800 PI,Insurance and Tx
Terms of Permanent (Which has not been sent to me but according to them will be sent upon completion of my trial)
40 year loan
no Balloon at the end
$9,000 paid when the modification is made permanent (I have this money as I have a triplex, I live in one unit and the other two are rented)
2% 1-5 3%6 4%7 4.15%8-40
$94,000 in arrears recapitalized making my new base $730,000 approx.
I will believe it when I see it. But I do have the trial papers in front of me. I will make payments ontime, send certified or delivery confirmation, and call to confirm receipt. I will call my contact at the OOP until she no longer accepts my calls to insure I get the Permanent. But I almost broke down when I got the call that I had the trial and that these will be the terms of my permanent as long as I make the payments.
Its not done until its done ...but maybe this helps someone go forward tomorrow. I know i would not be here without having learned from all of the other posts what to do and NOT DO. I will repost when I get info on my permanent modification.
Good Luck. Keep going ..and thank you.