Failed npv - Mortgage Forum

zander · 01-26-2010, 09:17 PM

Chase is apparently taking full advantage of the new treasury directive that no trial mod
can be cancelled for any reason before jan 31st other than property not meeting Hamp guidelines.

I was told today
that i failed the NVP because 'you're property exceeds Hamp guidelines.'
Called back three different times No one was able to clarify this for me!!
I can't seem to find the exact definition of this.
Does any one have any idea what this means?
When i asked what's next he said oh don't worry it sais here they're looking at another program for you,
It's called BAU!!! I said thanks and hung up.
For those of you who don't know what that means

BUSINESS AS USUAL !!!!

Are you kidding me!!!!
Any help or advice would be welcome.

1

Mercury213 · 01-26-2010, 10:57 PM

Ahh. the secret NPV formula. It's hard to know what they plugged in but you have a right to know why --specifically ---you were declined.

zander · 01-27-2010, 04:32 AM

I'm going to find out i think that i was just shell shocked after all of this time. I'm not really sure but this seems like a blanket excuse to me. I should absolutely meet all hamp guidelines so i'm interested to see how they talk their way out of this one. Of course they are privy to all of my financial so they know i can't afford a lawyer to fight them. My only defense is the info i find on my own. I could hear the shock in his voice when i asked him for the input values used to deny me!!! I just didn't have the strength at that moment to keep on him but it's not over yet!!

shasta · 01-27-2010, 07:28 AM

There is a similar NPV Excel spreadsheet that you can plug your variables into on this forum somewhere. The big thing is getting a "pass" as a result. See if you can find it here and run your own numbers. If they give you a pass call Chase and fight them. Good luck!

clakeca · 01-27-2010, 07:42 AM

Zander,
Here is a mention of BAU

Real Estate Auction

Also,
I can't remember when I posted it, but, I posted the HAMP updated "property" reasons why one could be denied. Most members here probably know about this property thing.

zander · 01-27-2010, 08:16 AM

shasta thanks have been plugging my numbers into the npv for months now, but without knowing certain values that are being used it's almost impossible., I have worked and reworked it and still come up with a pass.

clakeca looked at that article am hoping it is actually a program,, it should be illegal for them to even name it that. The only reference to property exlusions that i can find is price over somewhere around 730k My McMansion is nowhere near that!!! I'm going to keep searching maybe someone does know , Thanks guys.

clakeca · 02-01-2010, 07:45 PM

Zander,
What is your status now? I've been wondering.

zander · 02-02-2010, 12:17 PM

I was told that Fannie Mae has approved something, but they don't have any details. I suppose it's a Chase in-house mod offer. I have seen that some on here have recieved some good perm mods this way. I really hope it isn't some type of forbearance plan, I will be sunk. This is so stressful, called again today no new info as usual. I'm living in modification hell, I can't take much more. This has effected every aspect of my life, I wonder how long after it's over before I start functioning like a human again.

clakeca · 02-02-2010, 08:50 PM

Zander,
I think that we need to prepare for the future by having a couple of positive plans in place. The anxiety is truly founded, but happiness might mean that we make a better course for ourselves...just thinking..it's the unknown and the fear of being powerless that is maddening..but, there is light for us..

And, if you do your best, and things don't go your way at the time..it's always for the right reason..honest.

zander · 02-04-2010, 08:11 AM

Honestly every dime I have is tied up in this house. My options will be...wait can't think of any.A Shelter for me and my kids? There's something to look forward to. If I stop paying , but i'm too stuck in my old fashioned ways to do that not the right thing and all. It is my own fault anyway I put them in a position of power when I was foolishly ageed to this trial plan over the phone without having the time to think through the consequences. I should have somehow someway dug myself out and went on struggling. What was I thinking. Hoping for the best..Preparing for the worst.
Sorry for the rant.

kjenkins7 · 02-04-2010, 08:32 AM

My question is simple, is there a standard NPV test for everyone ?
I ask b.c i was told that the one (listed on this website) can help but its really up to the servicer's NPV ? I mean is this even fair to run a test by the person who came up with the test? Should be a standard NPV test.
I ask b.c i pass but am told, no you have to pass the lender/servicer's NPV test ??

Any thoughts ?

LRS_2 · 02-04-2010, 08:46 AM

zander, I am in the same position as you. When we started this in March 2009, we were struggling but had never been late on a mortgage payment. After learning of the HAMP initiative, we fully expected a 4-month trial period followed by a permanent modification. (It was 4 instead of 3 becasue we were entering this program through the imminent default mode.) Now every month longer it takes, we slip deeper toward foreclosure.

Without divulging a lot of personally identifiable information, let it suffice to say I honestly have no other options.

kjenkins7, the NPV model was designed by the Treasury, but they allow servicers to make their own tweaks to it. Ever hear of the old saying "The fix is in" ? Only they know all of the input data, and what to do in order to move the objective.

kjenkins7 · 02-04-2010, 09:04 AM

Quote:

Originally Posted by LRS_2

zander, I am in the same position as you. When we started this in March 2009, we were struggling but had never been late on a mortgage payment. After learning of the HAMP initiative, we fully expected a 4-month trial period followed by a permanent modification. (It was 4 instead of 3 becasue we were entering this program through the imminent default mode.) Now every month longer it takes, we slip deeper toward foreclosure.

Without divulging a lot of personally identifiable information, let it suffice to say I honestly have no other options.

kjenkins7, the NPV model was designed by the Treasury, but they allow servicers to make their own tweaks to it. Ever hear of the old saying "The fix is in" ? Only they know all of the input data, and what to do in order to move the objective.

Wow are you kidding me they get to tweak to there likings ? How is this fair. Seem like no matter what you do, HAMP, in house, NPV tests etc are all discretionary.

zander · 02-04-2010, 12:21 PM

I believe They are able to modify the NPV depending on the size of the servicer acounts read: the biggest banks have some leway. Not taking the banksters side but this might actually be in the best interest of those who fail hamp and need inhouse mod, as they can work numbers to a point. NOT saying they will mind you!! Although if they're doing inhouse don't understand why they even need to do NPV? To satisy investors i suppose.

LRS yes deeper every month!

I am at my wits end. Some days are better than others. As they say here KEEP FIGHTING!