My mod sent to investor..

[HereinNY]

I was told my modification was sent to the investor (Fannie Mae) for approval...Is this a good thing? How long do you think it will take to hear back from Bank of America?

[mswilla]

My mod was sent to Fannie Mae, also. I was told that yesterday by B of A ( David Eberhard ) and to wait 30 days for Fannie to let them know. It was sent beginning of this month.
Today by workout status on B of A website says Canceled!!!
I have been waiting for a modification (restructure) since last year.
NACA sent their proposal to B of A April 29, 2009.
I don't know what to do, now. Very sad, now. And discouraged.
Good luck to you.
Willa

[morainac]

My negotiator told me that she just sent the modification to fannie mae and I probably wont hear anything until next month. Has anyone received a modification through fannie mae yet?

[HereinNY]

Willa..I am so sorry to hear your news..I would call BoA and try to get an explanation...

[Confused!]

My negotiatior told me yesterday that my mod was in review with the investor(Fannie Mae) and it should be about a week before she has more information.

[dthom]

HereinNy

Our investor(Freddie Mac) and mortgage insurer(Genworth) asked for updated proof of income on May 12.Sent that to NACA on May 15th. At that I was told by NACA rep it was a good sign, and we should hear something in a couple of weeks. Well here it is middle of June and as of this week there has been no response to NACA's request for an update. CW/BofA this week would not take the partial payment I was able to come up with, the rep there asked if I had received my modification docs yet(?), I said no, he then said oh wait you are working with NACA, I can no longer talk to you, I asked if I could please make a partial payment, said NO you are with NACA, and hung up. Called NACA back, they kinew nothing of any modification. I will call again next week to see if there is any news. Bottom line, the investors seem to be taking their time also. At this point we have no idea when or if we will get an approval, but if they don't take a payment from us in July, we will be 3 most past due, officially considered in default. We submitted to NACA Jan. 26.
Hope Fannie Mae works faster than what we are experiencing.

[ItsJustMe]

My situation is identical to mswilla. Talked to David yesterday. Told that loan was w/Fannie Mae. Today mod was cancelled (found out on my CW account) for lack of sufficient income.

[massage]

ITSJUSTME do you have David Ebhard's number I was told he was my nego and he asked for 2008 tax returns June 4th and should have them by now. I would love to call and find out my status..thanks crystal

[ItsJustMe]

I'm not sure if I should post it here, so I'll send you a PM w/it.

[ItsJustMe]

Nevermind! I couldn't find anywhere to send a PM so here's his contact info.

866 806 2434 ext.8676

[HereinNY]

Isnt that David L's phone number?

[ItsJustMe]

Oh, sorry. I guess. I'm not sure. David from Barbaras office. Is that a different David?

[massage]

Ya David in barbs office is david L.

[FLgata]

Good Morning Massage,

This is the number I had to call to reach David Eberhard: 661-951-5100. Unfortunately, I don't have his extension.
BUT, every time I called and was routed to his voice mail, he never returned my call.

[HereinNY]

Has anyone figured out if all mods have to go through to the investor or is it just ones that BofA cannot ok themselves because there is too much reduction?

[sarge]

Originally Posted by HereinNY

Has anyone figured out if all mods have to go through to the investor or is it just ones that BofA cannot ok themselves because there is too much reduction?

Herein,

This is from the NACA website. Should answer your question.

The NACA recommended solution with your budget and supporting documentation is submitted to the servicer electronically. NACA submits all solutions based on the documented affordable amount with an interest rate and mortgage amount that is locked-in for the remaining term. The servicer has considerable discretion in changing the mortgage. In some cases the servicer would need to obtain approval by the investor.

NACA’s Home Save Underwriters work with the designated staff at the servicer to process the NACA Solution. When the servicer responds or accepts the NACA Solution, the Underwriter will coordinate with you and your Mortgage Consultant to complete any additional requirements. If the servicer does not accept the NACA Solution or have the authority to approve, then NACA would request that the investor approve the NACA Solution.

[Christine88]

I wonder only Fannie Mae and Freddie Mac need to send to them for approval? For those who got approval no one mention their file has ever sent to their investor.

[sandyg]

Originally Posted by morainac

My negotiator told me that she just sent the modification to fannie mae and I probably wont hear anything until next month. Has anyone received a modification through fannie mae yet?

I was told the same thing about my mod and Fannie. CW said they got the message that my file was under review on 6/16.
Not sure what is going on but I would love to have an e-mail address of a NACA negotiator for Fannie so that I could talk to someone fast.Last I knew the negotiators name was Joseph Harris. Anyone heard of him?

[Rumor]

It seems lots of people waiting on Fannie Mae for approvals. I know that FAnnie Mae has signed an agreement to work with Naca but does that mean that they are actually doing it?? I was told that we should hear something back within 5-7 days but I see others on here have been told about a month. That's ridiculous and I understand that they are busy but c'mon...haven't we waited long enough to get to this point?

***..........do you know anything about Fannie Mae and how they seem to approve the Naca proposals? If the wait time to hear back is actually 1 week or 1 month? And Also, does BofA have to get approval for every modification from the investor or do they have the authority to modify loans and how Fannie Mae is about that..? Do they allow BofA to modify or do they require that all mods go thru them? Sorry for all the questions...I'm not sure who else to ask and you always give the most helpful info

[Moe Bedard]

Rumor............some investors do give the servicer the guidelines to what they are willing to do for a modification............but many go on a case by case basis and do have to go to the investor for approval.........I am not sure how the FannieMae backed loans are processed for the modifications through NACA.

[Confused!]

You can call Fannie and leave them a message, which they promise to return within a week. I called yesterday both because of my growing frustration with the slowness of this process and my feeling that my negotiatior does not want to be bothered. Good luck!

[HereinNY]

I am on hold with Fannie Mae right now...I just want to ask them if they have received my modification application yet and how long the modifications are taking....I doubt they will tell me much more than that-worth a try..I need to get some sleep...I am facing surgery next week and between the mod and my health I feel so crazy.

[sandyg]

Originally Posted by HereinNY

I am on hold with Fannie Mae right now...I just want to ask them if they have received my modification application yet and how long the modifications are taking....I doubt they will tell me much more than that-worth a try..I need to get some sleep...I am facing surgery next week and between the mod and my health I feel so crazy.

Ny,

What # are you calling for Fannie Mae?
Thanks,sg

[Christine88]

Is Ok we call Fannie Mae?

[HereinNY]

Don't bother calling Fannie Mae...I got nowwhere. They basically said that the information that they have on their computer screen does not have much info...they only verified that my loan is a Fannie Mae loan.