Countrywide will not modify because of PMI???

[secondchances]

Hi I am new here. I have been contacing BOA/CW every month, sometimes twice a month looking to get a modification. I am not behind on my payments; I've been borrowing money from my parents to keep from ruining my credit but this is the last month they can help me. However I have been givin a different story each time I call. I don't qualify, I do qualify but they are not in the phase of implementing the program for people with PMI insurance (was given dates but this has gotten pushed back twice), I will receive a package from my investor, Loss of income is not a hardship, etc.. I am so tired of this BS I could puke blood.

Has anyone here gotten a loan modified under Making Home Affordable that did have PMI insurance? I am getting further and further in debt (I know I am not the only one) but I just want to figure out a way to force BOA/CW help me out.

My income is 1400.00 and my outflow is 2750.00.

[sarge]

Welcome to the forum secondchances,

The big majority of people here have done as you and got nothing from BofA except ridiculous mods. A large portion of us have gone to NACA and had success. Have you tried anyone other than BofA?

[secondchances]

Sarge,

Thank you so much for your repsonse. I have not tried any thing other than filing a complaint with BBB, Fannie Mae, and speaking to a HUD counselor. And I just sent a threatening email to Barbara, the Pres of BOA. I will get my paperwork together and contact NACA this weekend. If there are any other resources available, please let me know.

Thanks again.

[DanaLynne]

I have heard the same information regarding Countrywide/BOA and PMI. Though, I don't believe it and feel it is just another Countrywide/BOA stall tatic. If you read the HAMP guidelines the PMI issue is addressed - I feel pretty confident that someone at Countrywide/BOA has read the guidelines. It is my personal opinion that the only way you will get anywhere with Countrywide/BOA is by NOT MAKING your house payment.

I would not deplete my savings, 401K, retirement, or borrow money from anyone if I had a Countrywide/BOA loan. Just stop making the payments and they will assist you. I'm not talking about every lender just Countrywide/BOA. So your worried about your credit? You'll be in the same place, credit wise, once you've depleted all your savings, retirement, borrowed frrom friends and family... it's gonna run out sometime.

These Countrywide/BOA folks are evil. They use every stall tatic available. There are worse things in life than a little punch to your credit. You stop making payments for 3 to 6 months - in a couple of years your credit will heal. But don't deplete all your money waiting for Countrywide/BOA to assist you - you have to stop paying them for anything to happen.

Just my opinion.

[secondchances]

Originally Posted by DanaLynne

I have heard the same information regarding Countrywide/BOA and PMI. Though, I don't believe it and feel it is just another Countrywide/BOA stall tatic. If you read the HAMP guidelines the PMI issue is addressed - I feel pretty confident that someone at Countrywide/BOA has read the guidelines. It is my personal opinion that the only way you will get anywhere with Countrywide/BOA is by NOT MAKING your house payment.

I would not deplete my savings, 401K, retirement, or borrow money from anyone if I had a Countrywide/BOA loan. Just stop making the payments and they will assist you. I'm not talking about every lender just Countrywide/BOA. So your worried about your credit? You'll be in the same place, credit wise, once you've depleted all your savings, retirement, borrowed frrom friends and family... it's gonna run out sometime.

These Countrywide/BOA folks are evil. They use every stall tatic available. There are worse things in life than a little punch to your credit. You stop making payments for 3 to 6 months - in a couple of years your credit will heal. But don't deplete all your money waiting for Countrywide/BOA to assist you - you have to stop paying them for anything to happen.

Just my opinion.

Thanks for your reply Danalynn. Someone from the President's office called me today a couple of hours after I sent the email. We will see what comes of that.

Oh, I won't be able to make my mortgage payment this month. But I'll pay the rest of my bills on time. Maybe it won't affect my credit so bad if I only have a one time late on my mortgage with a written explanation. I did have a job interview today but won't know until Sunday after I meet the other partner if I will get the job. If that happens, my situation will improve substantially as I wil go from p/t to f/t employment with per hourly rate increase on top of that.

(fingers are crossed).

[DanaLynne]

Your better off to miss your house payments in a row, instead of every few months. By missing one house payment you have the attention of Countrywide/BOA - since you missed one you might as well go all the way and see what they do.

[secondchances]

Well I have not actually missed this month; if I pay before the 30th, it will not show up on my CR. I've been right under 30 days late for a while though as I am a month behind on everything. I have accumulated a ton of late fees as well, almost $800 worth.

So you don't think someone calling me will help at all?

[dthom]

secondchances:

We have been working with NACA since Jan. and we have PMI on our mortgage also. We are now just waiting, as our investor and mortgage insurer asked for updated proof of income middle of May. We have now missed 2 payments. On CW/BofA website, it does state that on the MHA plan they will work with mortgages with PMI, but not at the present time. They are focusing on the loans that are in or near foreclosure. I figure they don't care about the loans with PMI because your loan is guaranteed by the mortgage insurer. In our case Genworth.
I gave up with CW back at the end of the year, as they just kept giving us the runaraound, same as you, you qualify, you don't qualify etc etc. Loss of income is listed as a hardship. They are inconsistent at CW/BofA.
Definitely contact NACA. The process is very slow at this point. CW/BofA drags their feet, but at least NACA seems to be able to get somewhere with them.

[kr1959cw]

SecondChances I am in the same boat on the PMI, I even received a letter from Radian, they are the PMI company on my loan....they are saying all the PMI company's will help you get a mod simply because they don't want to pay the full loss...I even ask one of the 500 folks I have talked with at BOA if this would make a difference and they said not necessarily, that they will look at what kind of mod best suits you and your needs...guess we will see as I am now 6 months behind on my house...I live in limbo each day, just wondering when I am going to get evicted...I cant use NACA because I have 2 homes...Don't know why that matters, I am about to lose the other one too...you would think they would try to help me save at least one of them....good luck, please keep us posted as I am curious as to what your outcome is.