Denied DOJ Modification based on Property Value

[jcnevels]

Applied for HAMP and was denied based on NPV. Appealed because some of the NPV values were incorrect and was denied again.

Applied to DOJ Settlement and was denied last week: "Your loan is not eligible for a loan modification because the NPV results showed that the modification is not in the financial interest of the investor that owns your loan." Once again some of the NPV values are incorrect or missing. My friend (who recently got her modification approved after BofA sold her loan) believes it was denied because our property value is not low enough to make it worth their while.

Any thoughts on this?

Also, our negotiator "thinks" we can't appeal the denial and our only options are a short sale or deed in lieu of foreclosure. At this point, we think they just want us to walk away from our house so they can turn around and sell it at fair market value.

I filed a consumer complaint through the attorney general's office.

Anyone else in this situation? Suggestions on next steps?

[TomEason]

Applied for HAMP and was denied based on NPV. Appealed because some of the NPV values were incorrect and was denied again.

Applied to DOJ Settlement and was denied last week: "Your loan is not eligible for a loan modification because the NPV results showed that the modification is not in the financial interest of the investor that owns your loan." Once again some of the NPV values are incorrect or missing. My friend (who recently got her modification approved after BofA sold her loan) believes it was denied because our property value is not low enough to make it worth their while.

Any thoughts on this?

Also, our negotiator "thinks" we can't appeal the denial and our only options are a short sale or deed in lieu of foreclosure. At this point, we think they just want us to walk away from our house so they can turn around and sell it at fair market value.

I filed a consumer complaint through the attorney general's office.

Anyone else in this situation? Suggestions on next steps?

Welcome to the forum.

You might download the appropriate (depending on your lender) Consent Judgment doc; you'll find the specific LTV criteria therein.

[chowder]

Applied for HAMP and was denied based on NPV. Appealed because some of the NPV values were incorrect and was denied again.

Applied to DOJ Settlement and was denied last week: "Your loan is not eligible for a loan modification because the NPV results showed that the modification is not in the financial interest of the investor that owns your loan." Once again some of the NPV values are incorrect or missing. My friend (who recently got her modification approved after BofA sold her loan) believes it was denied because our property value is not low enough to make it worth their while.

Any thoughts on this?

Also, our negotiator "thinks" we can't appeal the denial and our only options are a short sale or deed in lieu of foreclosure. At this point, we think they just want us to walk away from our house so they can turn around and sell it at fair market value.

I filed a consumer complaint through the attorney general's office.

Anyone else in this situation? Suggestions on next steps?

Do you have equity? Mods are rare and mods on equity property are even rarer.