modification approved

[nspire]

I'm new to the forum and wished I would have found this site a few months ago. Anyway, I started the process for a modification March 5th of this year and got an approval last week. I went from interest only @ 6.25 to a fixed 40yr @ 4.75, however it only reduced my monthly payment by $100, not satisfied, but not sure what to do. Everytime I call I can't speak to a negotiator to go over terms. I owe $337,000 but house is only worth $170,000. I wanted a principle reduction but was told by rude customer service that principle reductions are not being done and I better what I can get or I'll get nothing. I swear, this has been the worse experience and everyone I talked with is having a hard time getting a modification with CW. I think what expedited my mod was the HUD program I was referred to that acted as a semi-negotiator.
Sorry I'm so long winded. I guess I really want to know is will it be in my best interest to accept the mod?

[helpsavemyhome]

Have you tried contacting NACA? They are a HUD approved advocacy and counseling agency. If this is your only property, they may be able to help you to "restructure" your loan.

[Moe Bedard]

nspire,


Welcome to the forum and thank you for joining...............


If you went from an interest only loan to a fully amortizing loan.........$100 wouldn't be all you would be saving a month...........you have to take into consideration that you were not paying any principal or taxes or insurance in your payment before..........also the investors are not doing principal reductions.........the MHA program will work to bring the payment on a first lien alone to within 31% of your gross income...........but it will not replace the equity lost due to economic conditions.

You may want to give NACA a try if this is the only property that you own.

[nspire]

Thanks for your replies. No, I have not contacted NACA. I've never heard of them. How can I reach them?

[Moe Bedard]

You can look over the information for NACA here
https://www.naca.com/refinance/refinanceTenStep.jsp

[nspire]

Is the making home affordable the same as the Obama plan? I was approved for a modification in May, which only saved me $100 monthly, however a co-worker received paperwork on a trial basis for a three month period reducing her monthly payment by $1000. I was never given a trial period and someone told me, she got the Obama plan and what I got was an okie doke plan(making home affordable) throught CW. If that's the case, will I still be eligible for the Obama plan?

[Moe Bedard]

The Making Home Affordable program is the Obama plan.............

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[nspire]

Then why is it that my friend received a three-month trial period with a reduction of $1000, and I got papers to be notarized with a reduction on $100

[Moe Bedard]

You would need to call CW and ask this question..................

The MHA program works to get the payment on the first lien alone to within 31% of gross income including prinicpal, interest, taxes, and insurance.

Your friend may have had less gross income and a larger payment to begin with.........the outcome is going to vary in each individual case because the guidelines for this particular program are standard across the board.........and also the loan types vary from interst only to fully amortizing which would also effect the outcome.

[kateistired]

40 years at 4.75% are excellent terms. It is a bummer that all of our home values are down, but honestly, the lender is not required to make, nor are we entitled to principle reductions.

My home is not worth what it was when I bought it, either. I'm not trying to be a downer here, but this forum is in place to help us save our homes. Those who can't afford the payment, those who lost jobs, those who got behind for various reasons, etc.

There is nothing wrong with trying for better terms, but we need to be realistic, too.

[nspire]

kateistired,

Thanks for your respond and I know you are not trying to be a downer. I guess I shouldn't look a gift horse in the mouth, but I too took a pay cut and the $100 dollar monthly savings unfortunately will not make that much of a dent on my monthly expenses. Anyway, I contacted CW again today and a rep told me I didn't get the Obama plan, but the in house modification through CW. He said something about cancelling my previous modification approval and calling back in 5 days and ask if I qualify for the new government plan, whatever that means. This process is getting frustrating.

[nspire]

Does anyone know if BOA will re-negotiate my terms if I received another paycut? I already accepted the previous modification. I tried speaking with a negotiator, but all I ever get are reps who say negotiators don't take calls. This whole process is really becomming a pain. Is there a specific number I can call to speak to an actual negotiator?

It's really weird because I spoke with a rep a few weeks ago who told me, I indeed did not get the Obama (govt plan), and he would make notes in my file saying I rejected the original terms and he would walk me thru the process again taking all my information. I called back a few days ago and no one knew what I was talking about. What is it with these people? Why is it so hard to speak to someone who can give you definite answers as to what is going on?

[laurap]

Originally Posted by nspire

Does anyone know if BOA will re-negotiate my terms if I received another paycut? I already accepted the previous modification. I tried speaking with a negotiator, but all I ever get are reps who say negotiators don't take calls. This whole process is really becomming a pain. Is there a specific number I can call to speak to an actual negotiator?

It's really weird because I spoke with a rep a few weeks ago who told me, I indeed did not get the Obama (govt plan), and he would make notes in my file saying I rejected the original terms and he would walk me thru the process again taking all my information. I called back a few days ago and no one knew what I was talking about. What is it with these people? Why is it so hard to speak to someone who can give you definite answers as to what is going on?

Hi,
Better you try with NACA. Once you agreed the terms of the laon and notorized it will be difficult. They are saying this modification is the life of the until there is some ultimate chnage happened to youtr life like death or serious illness.

[nspire]

I received another paycut here in California. The governor really has it out for us. We are up to three furlough days a month. Our offices will be closed the 1st, 2nd, and 3rd Friday of every month.

I plan on resubmitting my paperwork for a modification. I remember seeing where someone posted an example of a hardship letter. Will someone please direct me to the thread?

[morainac]

Just go to search and type in "hardship letter".