BofA Making Home Affordable program

[CHERYLG55]

Should I be concerned that I might now get the final mod after I make all payments on time during the trial period.

Jasgal - Everything that I have read here indicates that things have changed for the much better with the trial payments. I just made my first trial payment today. Even though she can not absolutely 100% guarrantee, she said as long as you make timely trial payments, it will become permanent. So, just make your payments and relax!

[Jasgal]

Well, My rep called me back last night and we went over all the questions and concerns about the loan. He stated that my account is in a hold status for me to make the 3 payments. once all three are made the mod will be done. I asked is there anything to prevent me from getting it after the 3 payments and he stated with the process as of now NO. I just have to have my payments in no later then the 1st of each month. So he is going to call me 1 week before each payment is due and take my payment then so I will not be late. I sure hope this is all true. I really want to tell you this site sure is a big help. Keep up the good work here.

[Evan Bedard]

Thanks so much for the kind words Jasgal I'm glad you enjoy the forum! I wish you the best of luck and please keep us posted on your progress!

[Jasgal]

OMG!!! i am sick to my stomach. I just got a certified letter "Notice of Intent to Accelerate" its dated 6/6/12 and on 6/8/12 I called to confirm they had all my paperwork and i was good with the trail plan. I have called CRYING!! to see if someone would talk to be about this and all i get is voice mails. I dont know what to do. Does anyone here have any clue if this is normal. I am a mess. I really thought I could relax.

[Evan Bedard]

This is very normal and common practice once you fall behind on payments. It is just a standard letter making sure you are aware of the past due amount but it does not mean foreclosure proceedings have begun.

[oozze]

OMG!!! i am sick to my stomach. I just got a certified letter "Notice of Intent to Accelerate" its dated 6/6/12 and on 6/8/12 I called to confirm they had all my paperwork and i was good with the trail plan. I have called CRYING!! to see if someone would talk to be about this and all i get is voice mails. I dont know what to do. Does anyone here have any clue if this is normal. I am a mess. I really thought I could relax.

Hi Jasgal,
Dont worry too much on that letter.
I am no expert but BofA has different departments that do not know what other department is doing.
Notice of intent to accelerate doesnt mean a thing. It is only the 1st step and since you have made your trial payment that should slow it down. And, it will take a least 30-60 days before you receive notice of foreclosure, than it will take another 30-60 days before you get actually sales date. <-- based on my experience.
By then, you may have been mod permanently.


Unlike me, I am also approved for trial payment.
I made 1st payment on june and I still have sell date posted on June 29th, where 2nd payment is due on July 1st.
I really dont know what BOFA is thinking.

Hang in there!

[Jasgal]

thank you for the positive support. My BofA rep called and said its standard and to just make sure my payments are made on time. I just hate this feeling of helplessness. it doesnt help me by me trying to get my son to get help, last yr he tried to kill himself by stepping in front of a train. I know that as an adult I have a responsiblity to pay my house payment. but life sure can weigh you down. So I just want to get on my new plan and move on the carring for my son.

oozze: thanks for the encouraging words. i dont have anyone else in my life to share what i am going through at this time.

[Evan Bedard]

I'm so sorry to hear about your son I hope everything gets better soon, and I'm glad you have joined the community as we will do everything we can to help you achieve a modification. Do not stress about the notice of acceleration as foreclosure proceedings should be placed on hold while you undergo the trial period.

[Jasgal]

I have a question. Would I be given a chance to catch up on my payments if after I make my 3 ontime payments and they decide not to follow through with the Mod? I know I have gotten the letter of intent to accelerate and I have been told and read that while I am making my payments they do not proceed with a foreclosure.

[Evan Bedard]

Yes you will have the opportunity to reinstate your loan is a permanent modification is not offered. However, be aware to do so you must come up with the entire past due amount along with nay fees you have acquired..

[Jasgal]

So as of today my 1st loan mod payment for july 1st has been taking out of my checking account. My rep did as he promised and called me between the 20th and 22nd to take the payment. the stress is still here, but not as bad. He keeps promisissing me that the letter of intent is normal but foreclosure is postponed due to my current trail period. I think I will be nervous till get the final paperwork signed and in.

[oozze]

Jasgal,
I dont want to add to your nervousness but I am told that you should make your payment for July 1st in the month of July; and not to do it early.
I even was told that you can make the payment up to July 30th for July 1st payment.
I am told by my CRM, Michael (loan mod help center) and someone at the office of president.

However, for my case, I like to do it in beginning of the month since I have a "on hold" sales date on my property, so i dont want to wait until end of the month.

Maybe your case is different.

oozze

[Jasgal]

Jasgal,
I dont want to add to your nervousness but I am told that you should make your payment for July 1st in the month of July; and not to do it early.
I even was told that you can make the payment up to July 30th for July 1st payment.
I am told by my CRM, Michael (loan mod help center) and someone at the office of president.

However, for my case, I like to do it in beginning of the month since I have a "on hold" sales date on my property, so i dont want to wait until end of the month.

Maybe your case is different.

oozze

On my paperwork it states very clearly that my payment must be received no later than July 1st and if after that my trail period would be terminated. So i am going by that. my Rep has also stressed that to me several times. He did tell me once my 3rd payment is made then I would go back to the payment due between the 1st -16th before there is a late fee. I am keeping all paperwork and take notes of every phone call to support what i am doing. thank you for your input it always helps

[Jasgal]

Well wanted to give an update. Made 1st payment on 6/22/12 and payment is showing on my account but in hold. According to my rep at BofA things are good. He is going to call me back around the 20th of July and take the Aug payment. My July statement came in the mail and it shows the partial payment and had a statement on it saying " If you and BofA have entered into an agreement to address your monthly payments please make sure payments are in accordance to the agreement." I hope this means they might be getting their systems all on the same page. Stress level is lowering but I am wondering if I will be getting anything in the mail about my notice to accelerate since today was the big day that I was supposed to bring the account current. UGHERS I want to thank everyone here for their continued support.

[Bradyw]

My trial period agreement (thru Chase - HAMP) says that trial payments are held by the lender (servicer) in an interest-free account until the amount held is enough to cover the first delinquent payment. Then they hold the next trial payments until they equal the second delinquent payment, and so on. When they do the permanent mod, any delinquent amount remaining (except for late fees - those are waived) is added to the loan balance, and the modification terms are based on that. So, if you're current and get a trial payment plan, the payments are applied to your current balance, but at the end of the trial period, since you're not making your full normal payments, you'll have a delinquent amount that will be added to the loan balance. If delinquent, you'll be paying down your delinquency with trial payments, but the way I understand it is that they can still proceed with the foreclosure process but they can't sell your home while you're in the trial period. My agreement says that the trial period doesn't provide any waiver to the foreclosure procedure. But when the permanent mod is done, the foreclosure process stops. That's my understanding, anyway, after reading several pages three times. It also says that any payments that are made by the lender to a third party - taxes, insurance, for instance if you don't have an escrow account - you will have to pay back either while making trial payments or after the trial period. And yes, the trial payments have to be made by the first day of the month, absolutely.

[Bradyw]

Jasgal,
I dont want to add to your nervousness but I am told that you should make your payment for July 1st in the month of July; and not to do it early.
I even was told that you can make the payment up to July 30th for July 1st payment.
I am told by my CRM, Michael (loan mod help center) and someone at the office of president.

However, for my case, I like to do it in beginning of the month since I have a "on hold" sales date on my property, so i dont want to wait until end of the month.

Maybe your case is different.

oozze

Trial payments must be made by the date they're due and not a minute later. NORMAL, CURRENT payments can be made up to the 30th, with a late fee assessed. If you make a trial payment after the lst, your plan will be terminated.

[Cat Damiano]

BradyW,




You have an FHA loan and the FHA HAMP is different than a regular HAMP. What you are posting is not correct information for a HAMP trial modification. For a HAMP trial modification the trial payment would need to be made prior to the last day of the month in which it is due.


Borrowers who do not make current trial period payments are considered to have failed the trial
period and are not eligible for a permanent modification. For TPPs with effective dates on or after
June 1, 2010, “current” is defined as the borrower having made each trial period payment by the
last day of the month in which it is due. For TPPs with effective dates before June 1, 2010,
“current” is defined as the borrower having made all trial period payments by the last day of the
final month of the trial period.

Even in the HAMP trial paperwork for Chase it states;

"If each trial payment is not received by us in the month in which it is due, this offer will end, your loan will not be modified under the HAMP program."



Even for the FHA HAMP the trial plan would not be broken unless the payment is received after the 15th of the month in which it is due.

For FHA HAMP;

A trial payment plan is considered to have failed and is deemed broken when any of the following occurs:

The mortgagor vacates or abandons the property;
or The mortgagor does not make the scheduled trial plan payment within 15 days of the trial payment plan due date.

[Bradyw]

BradyW,




You have an FHA loan and the FHA HAMP is different than a regular HAMP. What you are posting is not correct information for a HAMP trial modification. For a HAMP trial modification the trial payment would need to be made prior to the last day of the month in which it is due.


Borrowers who do not make current trial period payments are considered to have failed the trial
period and are not eligible for a permanent modification. For TPPs with effective dates on or after
June 1, 2010, “current” is defined as the borrower having made each trial period payment by the
last day of the month in which it is due. For TPPs with effective dates before June 1, 2010,
“current” is defined as the borrower having made all trial period payments by the last day of the
final month of the trial period.

Even in the HAMP trial paperwork for Chase it states;

"If each trial payment is not received by us in the month in which it is due, this offer will end, your loan will not be modified under the HAMP program."



Even for the FHA HAMP the trial plan would not be broken unless the payment is received after the 15th of the month in which it is due.

For FHA HAMP;

A trial payment plan is considered to have failed and is deemed broken when any of the following occurs:

The mortgagor vacates or abandons the property;
or The mortgagor does not make the scheduled trial plan payment within 15 days of the trial payment plan due date.

Sorry!!

Doesn't having the whole month to make a trial payment kind of defeat the purpose? If the servicer and investor want to make sure the borrower can make the trial payments, getting a payment in by the end of the month in which it is due doesn't really mean a lot to me.

My agreement doesn't give me 15 days - it says it must be paid by the 1st, so that's what I plan to do.

[Cat Damiano]

Right, but is your agreement an FHA HAMP Trial or is it a Type II Forbearance Trial?

[Bradyw]

It's definitely HAMP - reduced my payments $250, so I'm pleased.

[Cat Damiano]

That is a good amount of reduction, and yes FHA HAMP trial is outlined a bit different with BofA as the servicer, stating that all payments are to be made on or before the dates due.

[Jasgal]

Yeah mine clearly says before or on the 1st but no later and my rep has made that completly clear to me several times. My rep and been very helpful too. wasnt expecting them to be so nice.

[Bradyw]

That is a good amount of reduction, and yes FHA HAMP trial is outlined a bit different with BofA as the servicer, stating that all payments are to be made on or before the dates due.

Mine is with Demon Chase. I'm surprised that it went as easily as it did, all things considered. My "rep" finally got around to calling me yesterday with the "news", which I have known for a week, because I dragged it out of someone else who answered my call. (I've found that the male reps are always more willing to tell you stuff than the women.) But she was very nice, so I didn't mention her delay in calling me. She asked if I was going to accept the trial mod, and I asked if I had a choice. She said I could always just go back to paying the original mortgage amount, and I said no, that's OK, I'll go with the mod! This was the first conversation I had with her that was a good one - they always seem to be a little antagonistic, at least to me. I don't know any details, whether they did a reduction of principal, etc., but this will definitely help, so I'm thankful.

[eurocoolpants]

Trial payments must be made by the date they're due and not a minute later. NORMAL, CURRENT payments can be made up to the 30th, with a late fee assessed. If you make a trial payment after the lst, your plan will be terminated.

This is NOT true!!! You still have the 15 day "grace" period, I know this as I always paid mine between the 1st and whenever I had the cash before the 15th!!, and i made 11 trial payments with NO problems, and got permanent FHA modification!!!

[Jasgal]

well trying to reach my rep to pay my August payment. his voice mail doesnt have his greeting anymore... I dont need this stress now. and I called other numbers he left and left messages. Everytime I call I have to enter my account number and it puts me back into my reps voice mail. I cant get anyone else. Does anyone have a number I can try

[eurocoolpants]

I had this happen. A few times! Don't put your account number in, and you will get sent to an operator, tell them you need to make your payment and don't need to speak to your rep, they should take your payment! , you could go to a branch to pay too!, one time when I called to pay, my CSM made a HUGE. Error and not only took my payment out of my checking account, BUT also took payment for a lady in Illinois, they did fix this, but I had bank charges for going overdrawn!!!!

[CHERYLG55]

I was told to NOT go to a branch as they wouldn't know what to do with payment? My third trial payment is for August 1st, too -

[Cat Damiano]

This is NOT true!!! You still have the 15 day "grace" period, I know this as I always paid mine between the 1st and whenever I had the cash before the 15th!!, and i made 11 trial payments with NO problems, and got permanent FHA modification!!!

Thanks eurocoolpants,



I had already addressed the post by Bradyw in my post 57 by posting;


Even for the FHA HAMP the trial plan would not be broken unless the payment is received after the 15th of the month in which it is due.

For FHA HAMP;

A trial payment plan is considered to have failed and is deemed broken when any of the following occurs:

The mortgagor vacates or abandons the property;
or The mortgagor does not make the scheduled trial plan payment within 15 days of the trial payment plan due date.

[Jasgal]

so I called an differnet department and she told me to give my rep till monday to call me and if he doesnt call her back and she will either get him or his manager on line to take my payment. She said my account clearly states i am on a trail payment period.... Made me sleep better. I do have more than a week to get it done, but I am really happy with this payment and dont want to mess anything up.

[Cat Damiano]

I hear you about not wanting to mess things up, at least you have another contact just in case.

[Jasgal]

I was able to get a rep to take my payment and post it for saturday. then she tells me I have a new rep to handle my account. I guess a letter has been sent to me to let me know. the only thing that bothered me was she then tells me, you know you are not guaranteed the mod even if you make all your payments. WTH, my rep who was going through this with me sounded so much more confident. made me a little worried. I guess I will have to deal with it when the time comes. i know its not set in stone till i sign the final paperwork, but she sure wasnt a very positive person. then she asked me if i would like to pay anything else to my account other than the trial payment since i do have a past due... My paperwork clearly stated if I pay more then the bank will think i can afford my old payment. ugh

[illstay]

I was able to get a rep to take my payment and post it for saturday. then she tells me I have a new rep to handle my account. I guess a letter has been sent to me to let me know. the only thing that bothered me was she then tells me, you know you are not guaranteed the mod even if you make all your payments. WTH, my rep who was going through this with me sounded so much more confident. made me a little worried. I guess I will have to deal with it when the time comes. i know its not set in stone till i sign the final paperwork, but she sure wasnt a very positive person. then she asked me if i would like to pay anything else to my account other than the trial payment since i do have a past due... My paperwork clearly stated if I pay more then the bank will think i can afford my old payment. ugh

I know some people may not want the additional expense, but I mailed all 3 of my trial payments to the address in the modification papers. I send it priority mail and it gets there in two days. I also do tracking so that I can track its receipt. It usually shows up in my account about 2 or 3 days later, but the transaction date is usually two or three days after I mail it. It costs $8.00 and some change. I then always email the receipt to my rep. and she has always responded with "payment received and posted to your account."

[Jasgal]

well on Monday someone came out to the house to verify I was living in it. Kind of bothered me. he told my boyfriend to tell me i need to stay in contact with BofA. I called them and they said they didnt have a valid phone number for me. which isnt true cause i speak with them a few times a month. They said that there was no foreclosure process being done on my account. I then have them post my Sept payment for 8/31/12 (my 3rd payment of the trial period). I am so nervous right now, because there is always the chance they wont go through with the mod. Can anyone here advise me of what will happen to me if they change their minds? I am 3 months behind on my house, will they work out something else to allow me to catch up? will they demand all up front? Also can anyone tell me if they were denied after making all 3 payments? any info would help me

[Cat Damiano]

well on Monday someone came out to the house to verify I was living in it. Kind of bothered me. he told my boyfriend to tell me i need to stay in contact with BofA. I called them and they said they didnt have a valid phone number for me. which isnt true cause i speak with them a few times a month. They said that there was no foreclosure process being done on my account. I then have them post my Sept payment for 8/31/12 (my 3rd payment of the trial period). I am so nervous right now, because there is always the chance they wont go through with the mod. Can anyone here advise me of what will happen to me if they change their minds? I am 3 months behind on my house, will they work out something else to allow me to catch up? will they demand all up front? Also can anyone tell me if they were denied after making all 3 payments? any info would help me

At this point you are still in the process of modification, so no denial, and you have not missed any trial payments. They will check occupancy status, that is the norm.

[Jasgal]

I have made all my payment at least 1 week before the 1st of each month to make sure they had them on time. I sure dont want to mess this up. What they have afford me helps out so much with my cost due to my medical condition. I think thats what scares me the most, My condition will never go away. its a life commitment.

[Cat Damiano]

I have made all my payment at least 1 week before the 1st of each month to make sure they had them on time. I sure dont want to mess this up. What they have afford me helps out so much with my cost due to my medical condition. I think thats what scares me the most, My condition will never go away. its a life commitment.

I hear you, and you are thinking ahead, however, you haven't gotten to that point yet. No sense in crossing that bridge or worrying about it before you even get to it. We have helped you along with the process up until this point, and if a denial ever were to happen, (which I do not think it is going to) we will help you get through that too.

Since that was your third trial payment, just give it until the first week of Sept. to be updated in the system and then call to ask when the permanent modification docs will be generated and sent.

[Jasgal]

Yes you guys have been great, I really dont know how I would have made it through this far without everyone here. Talk about support system. there were times I would have given up with out this place.

[Jasgal]

well my 3rd payment posted 8/31/12 for the sept 1st payment. I printed it from my online account for proof.... LOL so I sure hope i get the final paperwork soon. I really dont want to have to feel so scared for another month or 2. It did feel good to pay that 3rd payment but i know I can still be denied. the ball is in their court.

[Cat Damiano]

well my 3rd payment posted 8/31/12 for the sept 1st payment. I printed it from my online account for proof.... LOL so I sure hope i get the final paperwork soon. I really dont want to have to feel so scared for another month or 2. It did feel good to pay that 3rd payment but i know I can still be denied. the ball is in their court.

It will happen and you should call at some point this week to check, probably more like Thursday or Friday due to the holiday weekend.

[oozze]

Jasgal - CherlyG55 and me received the perm. Mod documents sometimes in Mid Aug (our 3rd trial payment is in Aug), and must sent back before Aug 25th.
So, I believe you can expect to receive yours sometimes in Mid September, and perm. payment by Oct.
I contacted my CRM once every week to check if he saw any new notes on my account.
But, all the time, I found out more than him (received FedEx of the Perm. Mod when he told me no status update the same day).

Hope you will the same turn around as ours!
good luck to you.