CW refuse my modification because not fannie mae &freddie mac. need help!

[huz715]

CW refuse do my modification because my loan is not fannie mae &freddie mac.
We submit on 3/10, loan mofication was cancelled by 5/8.
today, they told me we are not qualify for Obama home affordable plan
just becase my loan is not government loan.

I talked to HuD help line and checked government website,
both confirmed don't need be fannie mae &freddie mac.

Need urgent help?
How we fight with CW?

Thanks in advance!

Huz

[denised]

Is it your only home? Did you try NACA homesave program?
https://www.naca.com/program/homesav...?language=null

[mgallant]

No 1, Prepare yourself for a battle! Fight with everything you have, send letters, emails and call everyone and anyone who may be able to help you.

Take time to read through the posts in this forum, there is so much information here that will help you get CW/BOA back to the table.

Sart the process with NACA immediately and be prepared for the long bumpy road ahead...We are all here in the same boat and very willing to help with information.


Good Luck!

[huz715]

Dear all:
Thank you very much for those info.
I have another house can't be sold under this kind of market.
so NACA may not help me.

my investor is EMC chase,
don't understand why CW only do modification for goverment loan.
is there good way to fight with them?

thanks!

HUZ

[huz715]

muttface:
thanks for your help.
I knew very clear I don't qualify re-fi becase my house price drop 40%, under water about 20% now .

I submitted on 3/10 for Loan modification MHA plan,
but modification was cancelled on 5/18,
I begged them again to review my case by MHA plan
and a lady in rention team told me very clear and many times over phone on 6/4
I'm not eligible because not Fannie Mae or Freddie Mac loan.

my investor is EMC chase, I knew chase participate in MHA programme too.

Has anyone's loan been modified under MHA, please notice me,Thanks in advnce!

HUZ

[huz715]

confirmed again, BOA people told my counselor today.
they only do loan modification MHA plan for fannie mae &freddie mac loan only.

what we should do? please help!

[huz715]

My counselor told me if I have two house, my primary house will not qualify MHA plan.
The docment she has on hand showed: "investment property was out "
I have different understanding with above sentence.
I think investment was not qualify, but primary house should be ok.

Can any one help to clarify?

Thanks!

HUZ

[Moe Bedard]

It is only your owner occupied primary residence that is eligible to apply for the MHA modification if the servicer/investor are participating.

[AzGryffindor]

Originally Posted by huz715

confirmed again, BOA people told my counselor today.
they only do loan modification MHA plan for fannie mae &freddie mac loan only.

what we should do? please help!

They either lied or are confused.

Fannie Mae/Freddie Mac only applies to refinancing.

Both BofA and CW entered into agreements with the Feds back in April:

http://www.financialstability.gov/do...0Agreement.pdf

[huz715]

thanks! feel much better to see friends here.

Two BOA home retention lady told me same thing on different day :
they only do MHA for Fannie Mae/Freddie Mac loan.
they will mail letter to those who qualified soon,
but the house I lived in was not on that list.

my second loan is BOA too, their people don't care at all their lost.

[AzGryffindor]

I think a lot of the problem is that they kept the CW staff. lol.

Seriously, their home retention department is a mess. Have you noticed how we're still segregated from the regular BofA customers?

I was given the same answer, that letters had already been mailed. But, they're forgetting that just because they did not send you a letter that that doesn't mean you can't apply for a MHA Mod.

[huz715]

please help !
calculate by net income or gross income?
current mortgage payment or proposed new modified mortgage payment ?
do we must have surplus based on current payment? how much ?

I have 1K per month tax return because paying too much interest to bank,
does that count if calculate by net income?

Thanks!

HUZ

[Moe Bedard]

there are not set amounts for a modification.................you would need to submit an accurate picture of your financial hardship so that if you are approved for a modification the modification given will be able to help..........


The current payment on your first lien alone including Principal, Interest, Taxes, and Homeowners Insurance would need to be more than 31% of your gross income...............this is what they look at as just one of the criteria..........

If you have a large deficit between income and expenses than a modification may not be approved.............

Ask BofA what the options are from the investor on your loan for a modification.............they will let you know what they would be able to do.

[huz715]

***;
thanks a lot!
I have deficit $500 if net income -all current expense. is that ok?
spend 72% net income for my first lien alone including Principal, Interest, Taxes, and Homeowners Insurance

Do I must find another income to have little surplus for MHA plan?
look like goverment didn't set amounts for a modification.
but what the bank want? is there anybody know how they qualify?

MHA plan is my only hope now, have to lose all my 20% downpayment if it is failed.
if only down 0% 2 years ago, how happy i will be when walk away.
I can use cash to buy foreclosure house now.

thanks!

huz

[huz715]

NACA won't help me because I have rental property on hand can't be sold.


My current counselor don't do negotiation and always mislead me.
they don't read goverment documents or misunderstand them.
I appreciate their job, but I really need someone's help.

Do you know any good counselor help client negotiate loan modification with bank ?
I'm in south California orange county.

Thanks in advance

huz

[Moe Bedard]

you can see if HOPE can help even if you have a rental........or a HUD counselor..........

Homeownership Preservation Foundation

HUD Approved Housing Counseling Agencies

[morainac]

Originally Posted by huz715

NACA won't help me because I have rental property on hand can't be sold.


My current counselor don't do negotiation and always mislead me.
they don't read goverment documents or misunderstand them.
I appreciate their job, but I really need someone's help.

Do you know any good counselor help client negotiate loan modification with bank ?
I'm in south California orange county.

Thanks in advance

huz

Hello, Where are you at in the modification process? Try to cut your expenses so your deficit wont be more than 200 dollars. Did you email boa president, Barbara?

[iulloa]

I have also been told by CW/BofA that my loan if my loan is not backed by FreddieMac or Sallie Mae I would not qualify for the Modification.

[rozuki]

Be very wary of what most of the CW/BofA reps tell you....they don't know what is going on and they don't really care!!!

Email the president of BofA Loan Servicing and explain your hardship and the runaround you are getting....or go with NACA if you only have one property (that you live in).

Barbara.J.DeSoer@bankofamerica.com

[iulloa]

Thank you for your advise. I think Naca is a great option. I don't trust BofA one bit. I'm so disgusted, so over our situation, i'm ready to walk away and just wipe the slate clean. If Naca can get us to the payment we can afford to maintain then by all means, I'll go with it, but otherwise, we are closing our eyes and just moving forward.
I've got 210k loan with a 7.75% at 30 yrs. a $1900 monthly payment on a house appraising between 123k and 140k. 70% of our income goes toward our mortgage.
BofA is such a clustermess of a corporation that now when we call to get loan information they won't even talk to us becuase my husband's social security number doesn't match their records! HELLLLO, we've owned and occupied our home for 5 years.....I'm disgusted.
Once again, thank you...I find alot of comfort in knowing i'm not alone in my battle.