Forbearance and "Pre-approved" for Obama Plan?

[EastCoaster]

Originally Posted by imupsidedownfl

I created this thread back in March and never gave anyone an update on what has happened. That's basically because not much has until the last couple of days.

I completed the 3 Month forbearance of $1930/month for May, June, and July. After I completed the agreement I called every week with no update. I had a lady call me last week and ask for a couple more financial documents which I sent. Yesterday morning I received a modification offer via FedEx.

Here it is:

My modified principal balance is 326,079.00 (This includes any missed payments, etc)
They want to defer $76,900 of the principal and basically put in on the back of the loan which I would pay no interest on. However, if I sell or Refi they will want it.

So the principal balance I have to pay on is $249,179.00.
They want to make my mortgage a 40 year term starting October 1st.
For the first 5 years my interest is 2.0% making my payment around $1350 which includes escrow. It escalates 1% for years 6-8 at which point it goes to a fixed 5.15% for the life of the loan.

My payment before the modification was over $2500 so the payment looks good to me. The problem is I'm still upside down by $100,000+.

Is this offer in line with what others have received? Any opinions?

.
.
.
.

IMO that is a great deal.

I'd sign up for it in a NY minute.

It's percisely the restructuring I'm shooting for.

In a perfect world they would not have to stretch to 40 years but I'd still jump on it.

Thanks for posting.
.
.
.

[art4ari]

WOW ongraturlations! its a great deal! I am working with your same numbers and I would beefit greatly from a mod like yours.

What is your DTI?
Did chase paid your taxes? How much you pay for taxes and insurance?
Are you employed or self employed?

[OH-WAMU]

Nice offer! Maybe things are starting to HAPPEN in Chase's hallways!

[imupsidedownfl]

art4ari,

1) For my forbearance agreement my payment ($1,930) was 34% of my monthly income.
2) As far as taxes, in my mod agreement it says I'm short $2,100. They give me the option of paying that amount over five years and in fact included that in my payment or paying it off right away which would lower the estimated $1350 payment by $60/month.
3) Employed

Let me know if you have any questions. I'll do whatever I can to help.

[art4ari]

Thanks! u are giving us great hopes!

I never heard of the option of paying taxes right away! You got a ballon payment. I wonder what determines to opt for one, obviously your DTI on trial payments covered more.

So your final modified payment is 23% of your income.! That is fantastic!

Did you run the NPV? if you did.. how close is it to your actual mod?

Thanks for your patience and help

[shade]

Interesting were you enrolled in the MHA plan or just a chase mod program? Very nice mod.

[Jillian118]

That sounds pretty cool. Us Chase/Wamu people havent seen much come down the pike lately so any info we can get from you is sooooo exciting...

so my questions.. Were you current? and do you know who your investor is???

[Do not want to lose it]

Wicked Good for You!!!!!
We are all jealous.

[imupsidedownfl]

art4ari, I actually didn't run the NPV

shade, I'm pretty sure that it is a MHA mod as they talk about how I will receive a small amount of money each month I pay on time that will be applied to principal. I left the papers at my office or I could get a little more specific, but I'm pretty certain it is MHA.

jillian118, I stopped paying my mortgage in February. I called and did a phone interview then sent in the hardship letter and other documentation they wanted. By the middle of April I had a forbearance agreement. I don't know the investor and they obviously won't tell me which I still don't really understand.

Anyway, I really had no idea that there were so many of you that haven't had a permanent offer. I feel lucky now to get it. This forum was so much help to me that I will answer or do anything I can to help. I know how frustrating the process can be.