After 1 year, Loan Modification Approved!!

[Jenn85]

This whole Loan Modification started out on a hopeful, positive note. Although we heard nothing until we found this site, once they contacted us it was on. As stated in previous posts, my Husband was out of work and consequently, most of out bills were late on and off for a few months. We tried to speak with someone to see if we could push it out until the middle to end of July only to resume payments on 9/1/08. No luck. We call (and e-mail), reach voice mail, and leave our cell numbers to ensure reaching us, but the 2 times they returned our calls, it is to our home number (we specifically asked them not to use the home #) . which we do not get until well after business hours. This starts the phone/email tag all over.
As we did not get any response to our requests, are we done? Hope over and start packing to move? I have to say this is bazaar how long it took to get a reply then after sending the message to the e-mail list provided on this site and BAM! The papers are drawn up mad processed with no contact, update, nothing. To us, we were clear regarding our request, loss of job, etc. and it seems they just made a quick, token offer to appear they were helping but not really concerned in a solution. I can't believe they want my home -$175.00 in lost equity in a foreclosed laden part of California. I believe we are the 2nd highest in the nation.
Is there anything else we can do? Out date to have the good faith money, $2414,75 was due today by certified funds. We needed our stimulus check to have the funds and still have food, gas, etc. which we also received today. If we had paid the payment today, we then owed our regular monthly payment starting 8/1/08, basically another $2,500 in 2 weeks. This is so stressful.....

[Jenn85]

Just a little correction, $175,000.00 in lost equity, not $175.00, BIG difference...

[Moe Bedard]

Jenn,


By not accepting the modifcation at this point have you missed any other payments? Is it still two months behind? Are you going to be able to catch that up?

If your loans are purchase money loans they won't be able to come after you for the difference if you were to try a Short Sale.............

I know this is stressful for you...........and I am sorry.........

[Jenn85]

We have not made any payments as in the one conversation between Tarena & my husband, she stated not to send anything as until they received the signed paperwork, no payments would be accepted. She instructed us to sign the papers, have them notorized and return them with a certified check. He tried to tell her if the stimulus check does not arrive in the next week or so,we may not have enough time to get it notorized and fed ex'd back to them by the 15th. She politely disregarded him and nicely said "Well if there is nothing else I can do for you, thank you for calling, goodbye. Like, we tried, , so sad, now get lost.
We can not come up with the total due. Today is the 15th, when the $2414.75 good faith was needed to be received by but I just got the stimulus check today. I could pay now but it was due by today. If I got it all taken care of and Overnighted it tomorrow, if Countrywide receiving it by the 17th, would it still work?

[Moe Bedard]

Jenn,


Call this number tomorrow morning and tell her that you received the stimulus check the same day as mod is due back and would you be able to overnight it still to be received by Thurs. July 17th....................she has been extremely helpful to our members and she is very understanding and nice.............

[Jenn85]

Thank you *** for the information, it is definitely worth a try. I will keep you posted and once again want to thank you and all the others at LoanSafe who give up your free time to help us struggling homeowners. You're awesome!!

[Jenn85]

Wow, where to start. Basically, after 1 year, CW finally came through. A little more than a year passed from initial negotiations to an agreement with CW!!

We had pretty much given up negotiations when they had all but slowed to a trickle. A co-worker took advantage of the low housing prices in the area, bought a foreclosure and needed a renter. As my home would soon be in foreclosure, I needed a rental. As far as we were concerned, this was an answer to our prayers, a rental from someone we knew, no credit check and the kids could stay in the same school.

The day had arrived that after 8 years in our home, we had to move. So, we packed up, moved and rarely looked back. My Husband would go back every week to mow the lawn, get the mail (we hadn't managed to put in the change of address) and make sure all was well. It was on one of these occasions about 3-4 weeks after the move that my husband went to water and lo behold, on the porch was a Fed Ex package. Dare we hope??

He brought it home and we opened it, and there it was. A fixed rate for 10 years then from year 11 - 30, 6.99%. Why now, why after we had moved and 13 months from the last payment.

I called the next day and asked , "why now"? I was told the Attorney General, under the direction of the new Presidential Administration, went into all of CW's files and whichever accounts met their criteria for a Loan Modification, those account holders were contacted and offered their Loan Modification.

So, we agreed to the Modification and promptly gave notice for the rental we were in and shortly thereafter, moved back into our home.

It's been 2 months. We are so relieved to be back into our home with the past years nightmare behind us and hope we do not have to move again for a very long time. I am confident that the e-mail I sent all those months ago from the guidance I received from ***, contributed to the Modification request getting noticed and approved. We are so grateful for the information offered here, Thank you, Thank you, Thank you!!

May you be blessed 10 fold!!

Jenn85

[mks2008]

was your original story posted here?

[sarge]

mks2008,

Go to first post of this thread. She started it.

[Moe Bedard]

Well that was some year Jenn...............

Congratulations!!

[ChoppednScrewed]

This is a great story, I'm so happy fo you and your family. It gives me hope as this is the first month I will miss a payment and I have been working on a loan mod for a year too.

[katenka]

Originally Posted by *** Damiano

Jenn,

Your interest rate right now might be considered to low for a workout........but given the hardship situation I would still try.............

Also do your household income/expenses to show $100-$250.........$400 is a little bit high...........and with the cost of gas, groceries, and necessities going up all the time......you might have missed some expenses.....


What you would need to do at this point is to put your hardship letter, and an explanation of the runaround you have been given when you tried to be proactive, into the body of an email along with you loan number, property address, and contact info...........and send it to each of the email addresses below..........you should receive a response within 48 hours getting you to the correct dept. to work on the modification in a more streamlined manner....

Hope this helps to get you on your way........

Please keep us posted on your progress......

***,
thank you for all this information. However, in one of your first posts you advise to email some officials in CW "below", but don't give the emails/contact info. Could you share or point me to that information, please??

[Moe Bedard]

CW is Bank of America...............there no longer there

[katenka]

***,
no contacts have been found in BofA yet to speed up the loan mod? (Presidents and other officials).

Also, do you know is B of A agreed to participage in that Home Affordability government program? I submited my financial info to CW, now waiting for the negociator.

Also, if I have a rental property (on which I loose money monthly), will they add that rental income to my gross income and calculate 38% from that? I'm worried if they do that, that will put my current unmodified payment lower than 38% which will do no good for me. I did disclose the rental income and expenses on it, they still pre-qualified me. Any ideas?

[Moe Bedard]

The information and guidelines regarding BofA and the MHA plan can be found here
Bank of America continues to lend and invest


The mod process is what it is.............it is a very lengthy process.........it takes time, patience, and perseverance.............

ken.d.lewis@bankofamerica.com
barbara.j.desoer@bankofamerica.com
nancy.m.condos@bankofamerica.com