Need HELP!! - Loan Modification Forum

2much2pay · 05-04-2009, 08:50 AM

Hi Everyone,

I am looking for some answers about a modification. I've been reading stories in the forum but haven't found one quite like mine. I understand that all situations aren't the same. I wish I would've found this forum a year ago. I probably wouldn't be in the situation that I am in now. Well here's my story.....

I have a 20 year FHA loan with CW. Fixed interest rate of 6.375. Amount owed is 110,000. Property is valued at 121,00 in NC. I am almost 90 days past due and am trying to work with a non-profit organization but my appointment with them is not til May 6th. (2 days from now.) My Father has been ill and has caused me to miss work. He has serious health conditions and is in and out of the hospital. I haven't brought home a full paycheck but once this year. I contacted CW about a modification but they told me I am not qualified for it due to the fact that I just had one. They told me I have to make on time payments, consecutively, for 12 months before I can be considered for a modification. I cannot afford to pay 1,200/mo.

Back in 2008 I was behind, due to the same reason above. In Oct. I was offered a Partial Claim to get caught up on the loan but the terms were bad but I accepted it anyways. I know I was dumb for doing that but all I wanted was to keep my home and told myself I would bust my butt to make the payments. I was paying 1064/mo and was struggling to do that before they offered me the claim. Now that I have read about people denying their offers and getting better offers I wish I never accepted my offer. It didn't make sense to have me pay more monthly when I was struggling to pay the monthly payments before. I wanted to get a modification so I can afford to make the payments consistantly and not seasonal. During the warmer time of the year I can earn a full paycheck cause my Father isn't ill as often. It seems that you have to overcome your hardship in order to qualify for a modification. In my case the only way my situation would get better is for my father to be deceased. I hate to say that and wouldn't want that. It would only make my problems worse.

I spoke with a counselor from the HOPE HOTLINE and gave him my financial info. He told me I should be able to afford my home without a modification because I have a positive surplus of $600 a month after all expenses. This is true if I was able to work everyday, 40/wk. I have the potential to make 38,000/ yr. but havn't and have only brought home avg. 28,000 for the last 2 yrs. I did also give my spouses income to have the positive surplus. He is not on the loan but I was told I can add his income.

If my story has made any sense, and anyone out there with an answer please let me know. Can I qualify for a modification, after receiveing a partial claim? Do I have to make the 12 payments before I can qualify? Thanks....

Rumor · 05-04-2009, 08:57 AM

2much,

I'm not really sure but I heard the same thing, that you have to wait 1 year in between loan modifications before applying or being considered for another one....Someone else might know better and might be able to clarify if it's true or not...

Good luck!

Moe Bedard · 05-04-2009, 09:19 AM

Unfortunately a partial claim can not be used along with a modification............if you already have a partial claim in place..........that may be why you would be required to pay 12 months before applying for a modification.

The terms of a Partial Claim are not bad terms...........these promissory notes assess no interest and are not due and payable until the mortgagor either pays off the first mortgage or no longer owns the property.

FHA has limited modification options..........so the partial claim option that you were offered would have been the only option at that time, so turning that down would have put the property in foreclosure.........the programs for FHA loans are not the same as the modification programs being offered on conventional FannieMae/FreddieMac loans.

Go to the counseling session to see what options there are at this time......

For an FHA-insured loan:

Your lender has to follow FHA servicing guidelines and regulations for FHA-insured loans. If your lender is not cooperative, contact FHA's National Servicing Center toll free at 1 (888) 297-8685.

2much2pay · 05-04-2009, 10:03 AM

Thanks for the quick response. I will go to the counseling session and hope there is a better option out there for me. You say that the partial claim is not due and payable until the mortgagor pays off the 1st loan or no longer owns the property.... why is the CW making me pay now? I see an amount payable to HUD on my statement monthly.

Moe Bedard · 05-04-2009, 10:08 AM

You may want to check and see that is was in fact a partial claim and not a repayment plan that was given to you, if it were a repayment plan that you were given that would have came directly from CW.........and that would raise the payment because the amount that was in default would be spread out over a number of months and added to your normal payment..................check your docs for this.

2much2pay · 05-04-2009, 10:23 AM

This is what I see on the monthly statements.

Escrow Account Expenses

Principal

Payee

Policy No. / Tax ID

Frequency

Next Due Date

Amount Due

County taxes

COUNTY TAX COLLECT

Annual

11/01/2009

$1,627.14

Homeowners insurance

Annual

04/10/2010

$518.00

FHA MIP

U.S. DEPT. OF HOUSING & URB. D

Monthly

05/01/2009

$42.10

Moe Bedard · 05-04-2009, 11:09 AM

that doesn't show a partial claim.............that just shows your escrow accounts.

2much2pay · 05-04-2009, 11:32 AM

What is the charge for the u.s dept of housing & urbing developement? That was never there before. I started seeing it after I received the partial claim. Why did my payments go up? When I initially signed the loan docs my payments were suppose to be 1064/mo. Now I'm paying 1,200. They keep telling me my tax/ins keeps going up that's why my payments are going up. But the tax and ins. did not increase by that much for my payments to jump up $140/mo.

gray517 · 05-04-2009, 11:37 AM

after they paid your taxes and insurance if your escrow account was short they spread that shortage and any additional reserves they require into 12 and add that amount onto your payment. If you log into your account you can look at your escrow anylsis to see if that is what increased your payment. If you have an FHA loan you have been paying mip all along it is required on your loan. this will also show on your escrow anylsis.

Moe Bedard · 05-04-2009, 11:43 AM

the MIP is your mortgage insurance premium................that you are paying on your FHA loan.

2much2pay · 05-04-2009, 05:29 PM

Thanks for all the reponse to my issue. I didn't realize I was such an ignorant homeowner. I do have another concern about the partial claim....can the interest rate be changed when they offered the partial claim? From what I understand, I am not paying back the PC til the loan is paid off or until I no longer own the property? The increase on my mortgage payment is due to the fact that I have a shortage in my escrow account? Will my payments be reduced when my escrow has a positive balance? Thanks....

Moe Bedard · 05-04-2009, 06:17 PM

Those were just options that could be why the payment had increased............to be sure you would need to speak to a Bank of America rep at
1-800-669-6650

and ask what had caused the increase because it shouldn't be the partial claim that caused it.

2much2pay · 05-06-2009, 08:45 AM

I went to my counseling session today.

I am pre-qualified for a modification. The information I was given by the incompetant reps before was false. I have been told by the NSC and the approved HUD counselor that a partial claim is not the same as a modification. In order to qualify for a modification under an FHA loan, you have to be past due 90 days, your reason for falling behind this time cannot be the same as last, (this is probably the lenders guideline),You must have a positive income after expenses are paid. They have offered me the Making Home Affordable Program for now. Lets hope all turns out good. I hope in the future, someone that falls into the same situation as I, will find this information useful. I will update my status during the process.

2much2pay · 05-20-2009, 08:34 AM

Is it a good sign when you are assigned to a negotiator the same day you see your hud counselor? Or is this a sign of quick rejection?

2much2pay · 06-13-2009, 07:10 PM

I received a notice today and it said that BAC will be taking over my home in 60-90 days. After BAC takes over, my home will be transferred over to HUD. In the notice was also an application for occupancy. It states that I have to fill out the application and return it within 20 days from the date of the notice June 8, 2009. Has anyone gone through this before?

I have an FHA loan and currently 4 months behind. I am waiting for a decision to be made on my modification. I was given a date of June 10, 2009 but has now been moved to June 24, 2009. I have been calling consistantly to check on the status. Now that I have received this notice I'm nervous and scared. I don't want to lose my home and have been trying to resolve this issue. I thought they will not start foreclosure while you are trying to work things out with them. I have followed the steps in notifying Countrywide when I was late. Was this letter automatically generated from their system? If anyone out there can educate me with this situation, will you? There's alot of friendly & knowledgeable members in here. I won't be able to sleep until Monday. This is going to be a long weekend......

2much2pay · 06-22-2009, 09:14 AM

Upadate on my modification.....

I just received a call from my negotiator and he was telling me the new terms and payments. I'm not sure if it is acceptable or if I can even afford it for the next 18 years. This is what he came up with.... new rate 5.88%...218 payments for 1199.66/mo. Balance was 110,321 before mod and now owe 117,000. I asked why the balance went up and he said I had a negative balance in escrow $3209 and interest $3494. If I accept this offer I will be saving $10/mo!!! Then I asked about the terms on my loan... it has 18 yrs and 2 months left but I closed on this loan in June of '04. I asked if the partial claim that I received should be deducted from the terms cause it doesn't show. (I'm typing this while I'm on hold) while he tries to get more information about my question. He came back and told me I need to call customer service and ask them to fix my loan terms. Then he said "I have to deny this modification because your account information is incorrect, and you would need to re-apply for a modification." What a bummer! I have to start this process all over again. I'm not sure I was even delighted with the offer but I'm guess I'm in for another ride.....

SillyWorld · 06-26-2009, 12:49 AM

Welcome to the club, looks like they did no more than a streamline refinance like I was gonna do, but declined as NACA said they could do better with no costs, but then again I am not behind at all..YET...But could be if no help arrives soon. I know thats what they want..

2much2pay · 06-27-2009, 07:37 AM

Silly World....

I didn't even get a chance to accept the offer. It was denied the same day he approved it. LoL!! My account was corrected yesterday...as they say but my online account still shows I owe 18 years & 2 months. Guess I have to call about that Monday....( sigh ) I'm so exhausted!! Everyday I wake up I'm headed straight for the computer, checking my status, e-mails...etc... I can't even sleep some nights cause I want so bad for it to be morning. I'm not sure how long I will hold on. My husband and I aren't even getting along, haven't slept in the same room for who knows how long...it's stressful and I'm basically dealing with this all by myself. I wouldn't even care if they did give me a mod if he decides to leave. I'm trying my best to get this taken care of...so we can move on. I have so much on my plate I'm about to choke! I have lost 15 pounds since this whole thing started. I don't have enough time in the day to do what I have to do. I leave the house at 2pm and don't get home til 1am. When I get home after work I'm online researching ( up til 4-5am )....making sure BofA will follow the guidelines they claim they use. I have learned a lot from this site and the internet.

O yea... forgot to mention when I called to check if my account had been fixed, ( not fixed yet ) I was telling the lady about the $9.26 that I was gonna be saving and she was like " THAT'S IT? " and laughed. She apologized for laughing and said she will request for the negotiator to look for different programs. I asked to be extended back to 20 years cause they can't go to 30. I call again Friday and that's when they told me it was fixed. The rep asked me if the negotiator had said anything about giving him the file back once the account was fixed. I told her no....he told me I had to re-apply and start all over again and my file could be assigned to anyone else. She checked the name of the negotiator and said, o he's on the floor. What does that mean? She apologized for the complications that I was going through cause it wasn't my fault and she will have my file assigned to a senior negotiator. I'm keeping my fingers crossed and hope they work out a better plan. I'm working with NACA also and have an appoint at 12. NACA did say they can do better than the $9.26....Let's see if BofA will out offer NACA...think it's possible?

SillyWorld · 06-27-2009, 08:10 PM

Well you can only do so much, so take the rest of tha night off, theres nothing gonna change now till Monday, and I mean nothing at all, so enjoy a day or 2 for yourself, as NACA will and should be able to get you fair deal. Sorry you never started with them before as these banks to deal with direct are a nightmare

.. But do not expect ASAP from NACA either they are back logged, they told me at least 45 to 90 days for settlement, and if I am not mistaken the BOA will not wanna talk with you when they find you are dealing NACA, so do not get discouraged, and except what happens happens, and Happened for a reason

I had dealt with my mortgage since March to May

they were playing games seems they do want some to walk so its all over and they do not have to deal with it....

CHEERs Enjoy the weekend you need time off

PS...Now that you lost a few have some chocolate or your favorite food

2much2pay · 06-28-2009, 12:07 AM

Silly World..

Thanks for the advice... My day went pretty well after the phone appointment with NACA. My file hasn't been submitted yet cause I haven't sent in the 2 new forms they are requesting. I completed it today and uploaded it. I did ask what would NACA be proposing....I was shocked when he said they would ask for a restructure and for my mortgage payments to be $600-$700/month. I was like REALLY?! Half of what I'm paying now?! Of course he did say they would counter that. Hey.. better than the $9.26. But thats just numbers that he was crunching. Hopefully....just hopefully it comes close to what he estimated.
I took my little girl out for a swim during the day and did some grocery shopping. Came home about 8pm, put the stuff away and went to my room. Laid on the bed and started thinking....tears starting running down my face...Maybe I should just change rooms for now. Until things get better. It's hard being in there and not having him there with me. We live in the same house but haven't spoken to eachother for 2 weeks now. I know things happen for a reason. But why does everything have to happen all at once? If we didn't have a child together I would walk... I know it would break her heart if we were to separate. I'm not ready for that, and I don't want that. We just got legally married this year. I've been debating for 15 years to get papers and once we did.... nothing has been the same. Sometimes I feel like giving up...why should I fight for my home if my family is falling apart? I don't want any memories in this home if I don't have my family. I've been thinking about counseling but I'm not sure I can afford it right now. I just take a deep breath and pray that God will take care of me....
.... I did buy a bar of chocolate but haven't eaten it. Had no idea you were gonna recommend it. LoL! I LOVE CHOCOLATE! HAVE A GOOD SUNDAY!!

SillyWorld · 06-28-2009, 12:52 AM

Just remember theres always FREE council if you belong to a Church, or any church would offer FREE advise, but hey the deal sounds good hope it works out then things might change..Maybe he feels ashamed the Family cannot be supported properly at this time. As the whole world is on shaky grounds so the people places and things are kinda hard to avoid in these times..

2much2pay · 06-30-2009, 09:40 AM

Well I finally got submitted yesterday. What they are submitting is amazing! It sounds so good!! $680/month! I think it's impossible to get the payments that low. But the counselor assured me they have amazing outcomes. 96% chance I get it approved....hope he knows what he's talking about. With the years & amount I have left on the loan, even with no interest I wouldn't be paying $680.
I checked my online account and it says I have 2 pending workouts. A modification and a forebearance. How did that happen?

sandbchristy · 06-30-2009, 12:25 PM

Have you looked in the success stories? Some loans have been modified for 2% with the help of NACA.

I do hope things work out for you. I can imagine, my husband shut down for a while when we realized that we were getting no where with CW on our own. Finally we were able to sit down to talk honestly and we realized that yes we are emotionally attached to our home, but we can rent or lease a much nicer/larger home for less money. Once we came to terms with losing our home and realized it wouldn't be the end of the world, we were able to work together to try to save it. I know one thing that has helped me is that I know that I've worked my tail off trying to find a solution! If any of our family or friends bring it up, as I'm sure I sale date has been running in the paper, I'm going to be honest with them. They can judge us if they want. Good Luck... I hope you get an answer very soon!

2much2pay · 07-01-2009, 12:26 AM

sandbchristy....

Yes I have looked in the success stories! I pray to god I become one of them soon! I haven't told BofA that I am using NACA. I wonder if it will affect the process? I already have a negotiator through BofA. Just waiting for them to crunch some numbers and give me an offer. What happens if I don't like what BofA is offering and decline their mod and my NACA mod is declined? Can I go back to BofA and ask to accept it? I highly doubt it.... Just trying to think ahead.
Glad to hear you got your sale date postponed. How long have you been waiting? How many times will they be able to postpone it while your waiting for a decision? Sorry if the questions sound dumb. I thought while you're under review they stop all collection activities and foreclosure is on hold? I'm going to be 5 months late as of July 1st. Things are already rough in the home, don't want the sheriff here to make it any worse. I'm not gonna worry to much about his attitude problem. I'm gonna focus on saving my home. I just hope that this fight will be worth it. Wishing us The Best of Luck!

HereinNY · 07-01-2009, 02:23 AM

2much2pay
Sorry that your situation is so bad right now...Money problems can really screw things up...I know from experience..I am dealing with some health issues right now on top of trying for this modification..going into surgery today...Wish I could go into it with some good thoughts...
EAT THE CHOCOLATE BAR!

05-04-2009, 08:50 AM	#1 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Need HELP!! Hi Everyone, I am looking for some answers about a modification. I've been reading stories in the forum but haven't found one quite like mine. I understand that all situations aren't the same. I wish I would've found this forum a year ago. I probably wouldn't be in the situation that I am in now. Well here's my story..... I have a 20 year FHA loan with CW. Fixed interest rate of 6.375. Amount owed is 110,000. Property is valued at 121,00 in NC. I am almost 90 days past due and am trying to work with a non-profit organization but my appointment with them is not til May 6th. (2 days from now.) My Father has been ill and has caused me to miss work. He has serious health conditions and is in and out of the hospital. I haven't brought home a full paycheck but once this year. I contacted CW about a modification but they told me I am not qualified for it due to the fact that I just had one. They told me I have to make on time payments, consecutively, for 12 months before I can be considered for a modification. I cannot afford to pay 1,200/mo. Back in 2008 I was behind, due to the same reason above. In Oct. I was offered a Partial Claim to get caught up on the loan but the terms were bad but I accepted it anyways. I know I was dumb for doing that but all I wanted was to keep my home and told myself I would bust my butt to make the payments. I was paying 1064/mo and was struggling to do that before they offered me the claim. Now that I have read about people denying their offers and getting better offers I wish I never accepted my offer. It didn't make sense to have me pay more monthly when I was struggling to pay the monthly payments before. I wanted to get a modification so I can afford to make the payments consistantly and not seasonal. During the warmer time of the year I can earn a full paycheck cause my Father isn't ill as often. It seems that you have to overcome your hardship in order to qualify for a modification. In my case the only way my situation would get better is for my father to be deceased. I hate to say that and wouldn't want that. It would only make my problems worse. I spoke with a counselor from the HOPE HOTLINE and gave him my financial info. He told me I should be able to afford my home without a modification because I have a positive surplus of $600 a month after all expenses. This is true if I was able to work everyday, 40/wk. I have the potential to make 38,000/ yr. but havn't and have only brought home avg. 28,000 for the last 2 yrs. I did also give my spouses income to have the positive surplus. He is not on the loan but I was told I can add his income. If my story has made any sense, and anyone out there with an answer please let me know. Can I qualify for a modification, after receiveing a partial claim? Do I have to make the 12 payments before I can qualify? Thanks....

05-04-2009, 08:57 AM	#2 (permalink)
Rumor Senior Member Join Date: Feb 2009 Posts: 442	Re: Denied Modification 2much, I'm not really sure but I heard the same thing, that you have to wait 1 year in between loan modifications before applying or being considered for another one....Someone else might know better and might be able to clarify if it's true or not... Good luck!

05-04-2009, 09:19 AM	#3 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,604	Re: Denied Modification Unfortunately a partial claim can not be used along with a modification............if you already have a partial claim in place..........that may be why you would be required to pay 12 months before applying for a modification. The terms of a Partial Claim are not bad terms...........these promissory notes assess no interest and are not due and payable until the mortgagor either pays off the first mortgage or no longer owns the property. FHA has limited modification options..........so the partial claim option that you were offered would have been the only option at that time, so turning that down would have put the property in foreclosure.........the programs for FHA loans are not the same as the modification programs being offered on conventional FannieMae/FreddieMac loans. Go to the counseling session to see what options there are at this time...... For an FHA-insured loan: Your lender has to follow FHA servicing guidelines and regulations for FHA-insured loans. If your lender is not cooperative, contact FHA's National Servicing Center toll free at 1 (888) 297-8685. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

05-04-2009, 10:03 AM	#4 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Denied Modification Thanks for the quick response. I will go to the counseling session and hope there is a better option out there for me. You say that the partial claim is not due and payable until the mortgagor pays off the 1st loan or no longer owns the property.... why is the CW making me pay now? I see an amount payable to HUD on my statement monthly.

05-04-2009, 10:08 AM	#5 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,604	Re: Denied Modification You may want to check and see that is was in fact a partial claim and not a repayment plan that was given to you, if it were a repayment plan that you were given that would have came directly from CW.........and that would raise the payment because the amount that was in default would be spread out over a number of months and added to your normal payment..................check your docs for this. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

05-04-2009, 11:09 AM	#7 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,604	Re: Denied Modification that doesn't show a partial claim.............that just shows your escrow accounts. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

05-04-2009, 11:32 AM	#8 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Denied Modification What is the charge for the u.s dept of housing & urbing developement? That was never there before. I started seeing it after I received the partial claim. Why did my payments go up? When I initially signed the loan docs my payments were suppose to be 1064/mo. Now I'm paying 1,200. They keep telling me my tax/ins keeps going up that's why my payments are going up. But the tax and ins. did not increase by that much for my payments to jump up $140/mo.

05-04-2009, 11:37 AM	#9 (permalink)
gray517 Senior Member Join Date: Nov 2008 Location: Florida Posts: 627	Re: Denied Modification after they paid your taxes and insurance if your escrow account was short they spread that shortage and any additional reserves they require into 12 and add that amount onto your payment. If you log into your account you can look at your escrow anylsis to see if that is what increased your payment. If you have an FHA loan you have been paying mip all along it is required on your loan. this will also show on your escrow anylsis.

05-04-2009, 11:43 AM	#10 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,604	Re: Denied Modification the MIP is your mortgage insurance premium................that you are paying on your FHA loan. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

05-04-2009, 05:29 PM	#11 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Denied Modification Thanks for all the reponse to my issue. I didn't realize I was such an ignorant homeowner. I do have another concern about the partial claim....can the interest rate be changed when they offered the partial claim? From what I understand, I am not paying back the PC til the loan is paid off or until I no longer own the property? The increase on my mortgage payment is due to the fact that I have a shortage in my escrow account? Will my payments be reduced when my escrow has a positive balance? Thanks....

05-04-2009, 06:17 PM	#12 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,604	Re: Denied Modification Those were just options that could be why the payment had increased............to be sure you would need to speak to a Bank of America rep at 1-800-669-6650 and ask what had caused the increase because it shouldn't be the partial claim that caused it. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

05-06-2009, 08:45 AM	#13 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Denied Modification I went to my counseling session today. I am pre-qualified for a modification. The information I was given by the incompetant reps before was false. I have been told by the NSC and the approved HUD counselor that a partial claim is not the same as a modification. In order to qualify for a modification under an FHA loan, you have to be past due 90 days, your reason for falling behind this time cannot be the same as last, (this is probably the lenders guideline),You must have a positive income after expenses are paid. They have offered me the Making Home Affordable Program for now. Lets hope all turns out good. I hope in the future, someone that falls into the same situation as I, will find this information useful. I will update my status during the process.

05-20-2009, 08:34 AM	#14 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Denied Modification Is it a good sign when you are assigned to a negotiator the same day you see your hud counselor? Or is this a sign of quick rejection?

06-13-2009, 07:10 PM	#15 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Need HELP!! I received a notice today and it said that BAC will be taking over my home in 60-90 days. After BAC takes over, my home will be transferred over to HUD. In the notice was also an application for occupancy. It states that I have to fill out the application and return it within 20 days from the date of the notice June 8, 2009. Has anyone gone through this before? I have an FHA loan and currently 4 months behind. I am waiting for a decision to be made on my modification. I was given a date of June 10, 2009 but has now been moved to June 24, 2009. I have been calling consistantly to check on the status. Now that I have received this notice I'm nervous and scared. I don't want to lose my home and have been trying to resolve this issue. I thought they will not start foreclosure while you are trying to work things out with them. I have followed the steps in notifying Countrywide when I was late. Was this letter automatically generated from their system? If anyone out there can educate me with this situation, will you? There's alot of friendly & knowledgeable members in here. I won't be able to sleep until Monday. This is going to be a long weekend......

06-22-2009, 09:14 AM	#16 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Need HELP!! Upadate on my modification..... I just received a call from my negotiator and he was telling me the new terms and payments. I'm not sure if it is acceptable or if I can even afford it for the next 18 years. This is what he came up with.... new rate 5.88%...218 payments for 1199.66/mo. Balance was 110,321 before mod and now owe 117,000. I asked why the balance went up and he said I had a negative balance in escrow $3209 and interest $3494. If I accept this offer I will be saving $10/mo!!! Then I asked about the terms on my loan... it has 18 yrs and 2 months left but I closed on this loan in June of '04. I asked if the partial claim that I received should be deducted from the terms cause it doesn't show. (I'm typing this while I'm on hold) while he tries to get more information about my question. He came back and told me I need to call customer service and ask them to fix my loan terms. Then he said "I have to deny this modification because your account information is incorrect, and you would need to re-apply for a modification." What a bummer! I have to start this process all over again. I'm not sure I was even delighted with the offer but I'm guess I'm in for another ride.....

06-26-2009, 12:49 AM	#17 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,083	Re: Need HELP!! Welcome to the club, looks like they did no more than a streamline refinance like I was gonna do, but declined as NACA said they could do better with no costs, but then again I am not behind at all..YET...But could be if no help arrives soon. I know thats what they want.. __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

06-27-2009, 07:37 AM	#18 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Need HELP!! Silly World.... I didn't even get a chance to accept the offer. It was denied the same day he approved it. LoL!! My account was corrected yesterday...as they say but my online account still shows I owe 18 years & 2 months. Guess I have to call about that Monday....( sigh ) I'm so exhausted!! Everyday I wake up I'm headed straight for the computer, checking my status, e-mails...etc... I can't even sleep some nights cause I want so bad for it to be morning. I'm not sure how long I will hold on. My husband and I aren't even getting along, haven't slept in the same room for who knows how long...it's stressful and I'm basically dealing with this all by myself. I wouldn't even care if they did give me a mod if he decides to leave. I'm trying my best to get this taken care of...so we can move on. I have so much on my plate I'm about to choke! I have lost 15 pounds since this whole thing started. I don't have enough time in the day to do what I have to do. I leave the house at 2pm and don't get home til 1am. When I get home after work I'm online researching ( up til 4-5am )....making sure BofA will follow the guidelines they claim they use. I have learned a lot from this site and the internet. O yea... forgot to mention when I called to check if my account had been fixed, ( not fixed yet ) I was telling the lady about the $9.26 that I was gonna be saving and she was like " THAT'S IT? " and laughed. She apologized for laughing and said she will request for the negotiator to look for different programs. I asked to be extended back to 20 years cause they can't go to 30. I call again Friday and that's when they told me it was fixed. The rep asked me if the negotiator had said anything about giving him the file back once the account was fixed. I told her no....he told me I had to re-apply and start all over again and my file could be assigned to anyone else. She checked the name of the negotiator and said, o he's on the floor. What does that mean? She apologized for the complications that I was going through cause it wasn't my fault and she will have my file assigned to a senior negotiator. I'm keeping my fingers crossed and hope they work out a better plan. I'm working with NACA also and have an appoint at 12. NACA did say they can do better than the $9.26....Let's see if BofA will out offer NACA...think it's possible?

06-27-2009, 08:10 PM	#19 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,083	Re: Need HELP!! Well you can only do so much, so take the rest of tha night off, theres nothing gonna change now till Monday, and I mean nothing at all, so enjoy a day or 2 for yourself, as NACA will and should be able to get you fair deal. Sorry you never started with them before as these banks to deal with direct are a nightmare.. But do not expect ASAP from NACA either they are back logged, they told me at least 45 to 90 days for settlement, and if I am not mistaken the BOA will not wanna talk with you when they find you are dealing NACA, so do not get discouraged, and except what happens happens, and Happened for a reason I had dealt with my mortgage since March to May they were playing games seems they do want some to walk so its all over and they do not have to deal with it.... CHEERs Enjoy the weekend you need time off PS...Now that you lost a few have some chocolate or your favorite food __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

06-28-2009, 12:07 AM	#20 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Need HELP!! Silly World.. Thanks for the advice... My day went pretty well after the phone appointment with NACA. My file hasn't been submitted yet cause I haven't sent in the 2 new forms they are requesting. I completed it today and uploaded it. I did ask what would NACA be proposing....I was shocked when he said they would ask for a restructure and for my mortgage payments to be $600-$700/month. I was like REALLY?! Half of what I'm paying now?! Of course he did say they would counter that. Hey.. better than the $9.26. But thats just numbers that he was crunching. Hopefully....just hopefully it comes close to what he estimated. I took my little girl out for a swim during the day and did some grocery shopping. Came home about 8pm, put the stuff away and went to my room. Laid on the bed and started thinking....tears starting running down my face...Maybe I should just change rooms for now. Until things get better. It's hard being in there and not having him there with me. We live in the same house but haven't spoken to eachother for 2 weeks now. I know things happen for a reason. But why does everything have to happen all at once? If we didn't have a child together I would walk... I know it would break her heart if we were to separate. I'm not ready for that, and I don't want that. We just got legally married this year. I've been debating for 15 years to get papers and once we did.... nothing has been the same. Sometimes I feel like giving up...why should I fight for my home if my family is falling apart? I don't want any memories in this home if I don't have my family. I've been thinking about counseling but I'm not sure I can afford it right now. I just take a deep breath and pray that God will take care of me.... .... I did buy a bar of chocolate but haven't eaten it. Had no idea you were gonna recommend it. LoL! I LOVE CHOCOLATE! HAVE A GOOD SUNDAY!!

06-28-2009, 12:52 AM	#21 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,083	Re: Need HELP!! Just remember theres always FREE council if you belong to a Church, or any church would offer FREE advise, but hey the deal sounds good hope it works out then things might change..Maybe he feels ashamed the Family cannot be supported properly at this time. As the whole world is on shaky grounds so the people places and things are kinda hard to avoid in these times.. __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

06-30-2009, 09:40 AM	#22 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Need HELP!! Well I finally got submitted yesterday. What they are submitting is amazing! It sounds so good!! $680/month! I think it's impossible to get the payments that low. But the counselor assured me they have amazing outcomes. 96% chance I get it approved....hope he knows what he's talking about. With the years & amount I have left on the loan, even with no interest I wouldn't be paying $680. I checked my online account and it says I have 2 pending workouts. A modification and a forebearance. How did that happen?

06-30-2009, 12:25 PM	#23 (permalink)
sandbchristy Member Join Date: Apr 2009 Posts: 28	Re: Need HELP!! Have you looked in the success stories? Some loans have been modified for 2% with the help of NACA. I do hope things work out for you. I can imagine, my husband shut down for a while when we realized that we were getting no where with CW on our own. Finally we were able to sit down to talk honestly and we realized that yes we are emotionally attached to our home, but we can rent or lease a much nicer/larger home for less money. Once we came to terms with losing our home and realized it wouldn't be the end of the world, we were able to work together to try to save it. I know one thing that has helped me is that I know that I've worked my tail off trying to find a solution! If any of our family or friends bring it up, as I'm sure I sale date has been running in the paper, I'm going to be honest with them. They can judge us if they want. Good Luck... I hope you get an answer very soon!

07-01-2009, 12:26 AM	#24 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136	Re: Need HELP!! sandbchristy.... Yes I have looked in the success stories! I pray to god I become one of them soon! I haven't told BofA that I am using NACA. I wonder if it will affect the process? I already have a negotiator through BofA. Just waiting for them to crunch some numbers and give me an offer. What happens if I don't like what BofA is offering and decline their mod and my NACA mod is declined? Can I go back to BofA and ask to accept it? I highly doubt it.... Just trying to think ahead. Glad to hear you got your sale date postponed. How long have you been waiting? How many times will they be able to postpone it while your waiting for a decision? Sorry if the questions sound dumb. I thought while you're under review they stop all collection activities and foreclosure is on hold? I'm going to be 5 months late as of July 1st. Things are already rough in the home, don't want the sheriff here to make it any worse. I'm not gonna worry to much about his attitude problem. I'm gonna focus on saving my home. I just hope that this fight will be worth it. Wishing us The Best of Luck!

07-01-2009, 02:23 AM	#25 (permalink)
HereinNY Senior Member Join Date: Apr 2009 Posts: 259	Re: Need HELP!! 2much2pay Sorry that your situation is so bad right now...Money problems can really screw things up...I know from experience..I am dealing with some health issues right now on top of trying for this modification..going into surgery today...Wish I could go into it with some good thoughts... EAT THE CHOCOLATE BAR!

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