Modification? Forebearance? I'll Flip a Coin!

[HBKiwi]

It was just one. His name was Edgar. The number I called was 800 446 8939 . Honestly, by the time I finally got through to someone who didn't want to transfer me I had already had enough fun for one day. I don't know if they deliberately try to wear you out so you don't pursue anything or not but it certainly can seem that way.

Taking a tangient here: I've been speaking to an attorney who "guarantees" a result. Might not be the result you're hoping for but it will be a result - meaning that there will be some relief in the form of principal reduction AND interest rate relief.

He says that Fannie Mae is required to play ball.

The fees are high but probably worth it if a meaningful debt reduction can be negotiated. I don't see why it can't be done without an attorney.

Thoughts??? Thanks.

[Moe Bedard]

Hi HBKiwi,


In reference to your post..........FannieMae is chartered by Congress as a private shareholder-owned company..............they are currently run by the Federal Housing Finance Agency...........they are not governed by HUD..........HUD governs the loans insured by the government such as FHA and VA loans.

If you have FannieMae as an investor, their guidelines have already been sent to Chase to follow............they are working with the Streamlined Modification program which is the only option available for modification on FannieMae Backed loans at this time...................
here is the link for that program.........
Media: News Releases > Streamlined Modification Program (SMP) Now Available to Borrowers

[Texan]

Hi Ms. Damiano, I know I am in the wrong section but I had a question. I read something in here a month or so ago and I have been searching for it but can't find it. What it was regarding was something about a person's servicer not actually being the correct one, or that is had changed or someting like that. I'm sorry I can't quite remember but it pertained to something about legally they aren't really your servicer. I am probably not making any sense but if you can decipher what I am trying to say could you let me know? Thank you very much.
Texan

[Calli09]

HBKiwi I am not sure what Fannie Mae would do. My thought is, unless you are late they really do not want to help, and then it depends on how late. I think Fannie Mae is working out forebearance situations for Chase, then if you are able to abide by that, when the time frame for the forebearance is over you may or may not receive a modification based on your ability to pay the forebearance workout provided you. This is all new to me, and I am in as early a stage as you. I looked at the link you posted, so it seems a bit odd they would say that. I think so many things are currently "due to change as we speak" that all of us are going to read many different scenarios being played out here. Its a real fiasco though, that is for sure, and this forum is a good thing. I am glad its here!

[HopingtoFind]

HBkiwi... I would suggest you keep calling until you get to the right rep...

Calli09...Chase is the one who puts together modification and then presents it to investor... From dealing with Chase for a while, I understood that once it is approved by Chase, it is pretty much a done deal.. it would be rare for investor to reject it... each servicer is different of course.

[Zipper]

Originally Posted by HopingtoFind

I am still not seeing how it is better to just miss payments then to go into forbearance. If you miss payments you will still be responsible for them plus any late fees and anything else associated with going into default.

With forbearance, they should be able to freeze your credit and should not charge you any late fees or any other fees, that is the point of it... of course you should confirm this information with you analyst and possibly get it in writing.

I didn't get it in writing but I was having the same fear and I called and asked speciffically if this would effect my credit report. ( asked for the 100th time) she called me back and left me a message on my voice mail WHICH I SAVED which says that it WILL NOT effect NOR go on my credit report or scores.

[Calli09]

Update here! I got called back to work this week and had made my Feb pmt. I called Chase today, to let them know of my new financial situation, as I am still in need of a mod. I explained my new financial situation, and the person did her math, and told me that she is putting in for a mod for me and she "suggested" that I "hold on to my payments" until this is complete. She did say this is no guarantee I will get one, but she said she is putting mod, not forebearance. She told me to call in 2 weeks from today, to see who my analyst is.

So the fact that I am now making a little more money puts things into a different light regarding the mod. I hate the fact that you don't pay them for 3 mos, they already know your situation, and then you may wind up with a bad credit rating, and late fees and atty fees before they modify. Does that seem to be the way it goes for people, or have there been several experiences where they just do the mod and do not charge you up the wazoo?

I am so confused at all this. Thanks all, just wanted to update whats going on so far.

[HopingtoFind]

We have recently received modification with Chase/Freddie Mac. I originally applied end of October and it took until mid January for them to give us an offer....we stayed current till then. Once they gave us an offer they told me not to make January and February payments... they basically roll them into the back of the loan, no late fees or anything like that. They also assured me the credit will be corrected once modification goes through.

[Calli09]

Hoping to find, congratulations on the mod! May I ask what your modification terms came out to be rate wise?

[whatsinaname]

Congrats Hopingtofind. Did you receive any foreclosure notices prior to the mod being approved?

[Calli09]

I also forgot to mention, back on the 12th, when I spoke to Chase and explained my new financial situtation, the rep asked me the "condition" of my home. Does anyone know why she would have done this? I should have asked, but did not, just explained it was in good condition. Any thoughts?

[HopingtoFind]

Thank you Calli09 and whatsinaname...

Calli... We received 4.37 fixed for 40 years, it used to be 6.37 interest only.. our payment went down by about $300. As far as condition, they just would like to know what the condition of the property is, in our case they did a BPO (mini appraisal) before offering a mod.

whatsinaname... No we didn't receive any foreclosure notices, January was the first month we didn't make a payment and February is going to be the second but I already send them back modification papers together with the payment for March.

[Calli09]

Wow, HopingtoFind, I will keep my fingers crossed that I could get anything close to your offer! You did great! My loan is fixed at 7% now, so I am not sure if they would do anything close to that. You had an adjustable, so that may have helped. I will keep in touch!

[Calli09]

Called in this evening to find out who my analyst is. I got a recording that said due to the high call volume......etc, call T-F from 8am to 10am. Anyone else have luck getting through?

I was told on 2-12 to hold onto my future payments, so that is what I intend to do......I guess at the cost of my good credit score also....seems so wrong................makes me wonder if they purposely do not do the mods swiftly, so that they can add up so called fees onto the situation. I read the Obama plan mods are not supposed to cost the homeowners anything. I am finding this hard to believe, hence the stalling on the banks part to rack up late fees, atty fees, and whatever other fees they can, and ruin the credit rating along the way. Problem with that is that affects the amts you pay on your home, car, insurance, and also any credit rates you receive......

[c150000]

hi
been reading along here, *** said fannie mae and freddie mac
are only offering streamline and early work out plan, mods but as of 03-04-09
the new plan just anounced march 4th will take the place of the 2 old plans

wonder what that means for us in underwritting, under the old plan????????

this is the biggest mess i could ever imagine !!!

cheryl

[Moe Bedard]

Cheryl...........

You are looking at posts of mine on this thread that were made a month ago..........up until Wed...........that was the program being offered to FannieMae backed loans............
The new modification program was just announced two days ago.........I have posted the new information all over the forum.

If you were already being looked at for the streamlined modification with FannieMae for the investor...........what has changed is better about the program..........because they will targeting getting the payment to 31% of your gross income including Principal, Interest, Taxes, Insurance, and Association dues if applicable.

Here is the link to the info...........
FinancialStability.gov

[Calli09]

Question to anyone. Should I just cut to the chase, (no pun intended), and contact NACA and don't even bother with Chase? I have not gotten the name of my analyst yet, nor do I even think I have one because I am current. As of the 15th of this month I will not be, as I do not plan to send in pmt, as was "suggested" by the lady I spoke to at Chase back in Feb, that told me she was putting in for modification for me. Would NACA be faster?

Or if I keep current, when Chase gets it together is there a chance for modification? Or keep current and contact NACA? Has anyone out there done this? Current/NACA. Thank you for listening/helping.

[Calli09]

3-9-09 Update, called chase this afternoon, talked with Sandy. Asked for a status. She said it was in the hands of an analyst now, but to wait 30-45 days. Analyst Chris Walsh. Phone number 800-848-9117 x 1789. Well I got home and called the number, and it is a Shirley Jones in Bankruptcy phone number. I am not in bankruptcy, at least not yet, may be when Chase gets done slacking here! Does anyone know Chris Walsh's number? I am in Ohio.

I am currently on hold with Chase as I am typing this, and have already been transferred around 2 times and am on hold for another supposed 10 minutes. So, if anyone has her number, please let me know.

And to the posts that say modifications on hold, my take is that Chase definitely does not have the manpower for this problem, nor do I feel they want to do the right thing and go with the Obama plan. I say mods on hold, payments on hold! I am tired of this. My first call was on 1-30, and I am no better off than I was then. This is impossible. But I will hang in there! I wonder what kind of help I will get if they finally do pick up the phone.....right. Perhaps a bankruptcy lawyer would get the job done faster and more fair!! Thanks for listening to my rant, and if you know Chris's number, please clue me in. Thank you all!

[Calli09]

Well, finally got answered, and transferred into her voicemail.....guess what, the voice mail box was full, however, it did give me a fax number, so I at least have that, oh, and I did get a number for her, the x given to me was wrong, its 1798. So, I guess I will try again tomorrow. What a load of garbage this is. Well, again, my thoughts are that they just do not have the manpower for this explosive crisis situation we are all now in. Oh, and guess what? I may be getting laid off yet again!

[Calli09]

Oh, also, does anyone know the direct dial number to Fannie Mae? That is my investor, maybe I should call them, to see if things are what they say they are. Anyone? Thank you.

[HopingtoFind]

Fannie Mae's number is (202) 752-7000.

You can try it, but I doubt if you will get much out of them, all they will tell you is to go back to your servicer.

[Calli09]

Any suggestions? I left a message on the analyst vm last week and this week. I missed my March payment. Still I know nothing. The analyst does not call me back. I did my financials over the phone 2 x, 2 different people. I have never been asked to send them in. What should I do now? Executive team number??? I need it if that is the case. Please let me know what to do, so that I can feel like I am getting somewhere, like other folks in this forum. On March 30, I will be 30 days late, for the first time on my loan.

[deniseb]

I would definately call the executive number. When I called them, I explained that I wasn't getting any response from my analyst, and was concerned about not making a payment.

The women at the executive team connected me with a new analyst who did follow through and called to inform me of the modification proposal within 10 days of my first speaking with executive team.

I later learned that my first analyst was no longer working at Chase and my file was sitting in a stack before being passed to my current analyst.

[deniseb]

I believe the exec team number I called was 1-800-242-7399. Good luck!

[snapple candy]

Calli09,
Have you tried Chase's new number for handling modifications? Gone to Chases new modification web site and download the application for modification? Part of this application requires you to send in pay stubs, etc. Then after that it takes 45-60 days to process. I was already in process for many months and have to start over this way. I am told by Chase/WAMU they get 3000 requests a day for modification. By going thru new mod process on web site, it will expedite the process so I am told by a supervisor. Good luck. Exec team has been helpful but took several phone calls, then this new process started up.