Successful mod under obama's plan without paying late

[GOSSIPSAIGON]

Hi guys,

I heard that CountryWide will not do any Mod until you are at least 60 day late. Has anyone successful received Mod under Obama's plan without being late? So far I only read one success story from Andrew....

[mgallant]

I don't know about getting a MOD under Obama's plan, but I have read here that a few others have been successful using NACA to help and they were not late on payments

[Rumor]

Everyone seems to be donig mods but CW. My sister has a mortgage thru National City and was contacted out of the blue by them a month ago to refinance her house under the new gov't plan and they did all paperwork and it lowered her payment by, I think almost $300. They just did it with no questions asked. They didn't even ask her for updated income or anything. The only catch was that there were closing fees of almost $2000 rolled into the loan but her rate was going up in a couple years anyway so in the end it worked out for them.

[Calli09]

Rumor,
Just an FYI for your sister, if National City offered what was "disguised" as a government plan, I am assuming you meant the Obama Making Home Affordable plan, if you read up on that, the bank is NOT, and I repeat NOT to under the plan charge any fees whatsoever to the consumer. If they have done this, she can file FRAUD. It will of course depend on the paperwork she signed, and the verbage. She may be out $2000, for doing that, but I think she can fight it if they are telling her it is the government plan. She'd better get moving now to save her $$.

[gray517]

Calli09

If it was a refinance there are some fees that have to be paid for the closing, such as recording fees, doc stamps on the mortgage, title insurance, appraisal, etc. these fees are not paid to the bank and are not fees charged by them but they are collected from the borrower or financed into the loan and disbursed to the recorders office, title company, appaiser etc.

[Rumor]

Calli/Gray,

It was refinance part of the plan. In the end, it helped them out a lot because they paid no money upfront and it lowered payment by $300 and they eventually would have had to refinance because they have a balloon due to go up in about 3 years. I'll tell her to look into the fees portion but even so, they were pretty happy with it.

[frustrated09]

Yes. You can get a successful Modification Under the Home Affordable Plan. The finance companies are not anxious to Modify. They prefer to offer the Home Affordable Refinance option, because they can tack on so many fee's for the refi. However, if you are still current on your payment and can demonstrate that you have suffered an income reduction, which is seriously threatening your ability to make your current payment, it is possible to get a Modification.

Possible, but not easy.

Truth is - I'm actually hesitant to share too much information with you for a multitude of reasons: 1.) I don't want to encourage anyone who is not really suffering income reduction, through no fault of there own to seek Home Affordable Modification. You should only assistance through Home Affordable funding if you can prove reduced income and can show that they Modification will make it possible for you to pay your bills. 2.) I don't want my finance company to know that I'm helping others to ask for the program finance companies are not anxious to offer, possibly jepordizing my abilityto get the full Modification (after the trial period). However, I have been offered the first phase of Home Affordable Modification, and I've like to be able to help you and anyone else who is in a similar situation to the one I am in. So, I am going to give you some general guidlines.

You do not have pay an attorney or contact NACA. What, you are going to have to do is work hard and be persistent.

Be careful. They are many plans disguising themselves as Home Affordable. There are also many services that want you to pay them a lot of money to do what you can do yourself. (Ask yourself - can you really afford to pay more fees when you are already having trouble making your current payments?)

Do not depend on this site for all infomation. Read. Study the Home Affordable website. Make phone calls. Write letters. Do your own research and make sure you have a good understanding how the Home Affordable Modification works. Make sure you understand the differences btw. Modification (many types), Home Affordable Modification, and Home Affordable Refinance. Study the guidlines and make sure your situation is still a real fit.

Once you are armed with the benefit of knowledge, persistently contact Countrywide (now Bank of America) and let them know you are certain that you qualify for Modification. Promptly fax them everything they request as documentation. Let them know you understand Home Affordable even if they don't! Do not get discouraged when they give you incorrect information or when you get switched over to a new negotiator. Direct your negotiator to the Home Affordable web site for information! Make it clear that you are not in a position to accept an expensive REFINANCE when you know that you qualify for Modification. (If you can't afford to make your current monthly payment, you can not afford to make things worse for yourself by adding thousands of dollars to your mortgage principal, in order to cover the refinance fee's...not even the Home Affordable refinance fee's.) Pleasantly, drop the names of any Government Agencies you may have contacted. Copy BOA on any letters you may write. Make sure BOA is aware that you are taking steps to protect and keep your home.

Be patient and start early. This is a slow process.

On personal note: be nice to the people at Countrywide/ BOA even if they do seem incompetent (at times) and even if they are not always nice to you. Taking your anger, fear, and frustration out on the negotiators or behaving in an irrational manner is not going to help you to get the personal attention you need to get the Modification.

It's not over till it's over! Keep on trying until YOU KNOW you no longer qualify under the Treasury Dept's Home Affordable Guidlines.

For some individuals it is easier to absorb information via a personal story or description of experience, so I'd like to share more of the "my experience" "what I did" "what I was told" with you, but I can't right now.

Regardless, you can post any questions you may have to me on this site. I will check back from time to time and I may be able to tell you more in the future.

I hope things work out for all of you who are truly qualified for HA Modification.

Good Luck!

[Rumor]

Frustrated,

I'm not sure if you would know the answer to this question but...it seems that people with Fannie Mae as investor seem to be getting the MHA mod instead of Naca proposal. Do you know if they actually are approving for the Naca proposals also? We have reduced income of a considerable amount and were told that CW submitted file to Fannie Mae on 6/22. However, I keep reading on here that people are getting approved for the MHA plan only while going thru Naca and it's making me think that Fannie Mae is not approving any Naca proposals at all, just giving people the MHA plan or just refusing to help others completely.

It just seems that the homeowners with Fannie Mae and Freddie Mac are still left waiting and others with other investors have gotten approved long ago. Do you know if they are reluctant to help?

I really appreciate your help and feedback!!

Thanks!!

[frustrated09]

I am not using NACA to help me - this is some sort of non-profit agency helping some people to get help with various types modifications - I'm doing everything myself - ruled NACA out because of the volunteer time committment - Fannie Mae is also my investor on the Countrywide (BOA loan) - when one negotiator told me that Fannie Mae does not support the Home Affordable Modification...that FM only supports the Home Affordable Refinance - I faxed her the pages from the Home Affordable web site (stating that Fannie Mae does in fact support the HA Modification) - when the same negotiator told me that since I was qualified for the expensive HA Refi, I was not qualified for HA Modification, I simply not belive her - there is nothing to support what she said on the Home Affordable site - I kept trying - when she said she didn't get my faxes, I mailed her the pages from Home Affordable (with pertinent sections highlighted).

I don't see why Fannie Mae would care who is submitting your proposal (whether it's you through BOA negotiator or you through NACA. What matters is that you qualify under the guidlines on the Home Affordable site. Read and study the Q & A. Use the qualification tools. Print the information. But, keep in mind the site is constantly being updated with more details.

I recieved documents to set the trial modification in place today - the 30 trial is required under Home Affordable - and I am not entirely satisfied with the language of the documents - I suspect this is because Countyrwide (BOA) is still so unprepared for dealing with HA Modifications - the documents appear to be usable for any sort of mortgage modification - words like deferred payement, forbarence - Home Affordable Modification reduces you "interest" payment for 5 years, lowering your monthly payment - HAM does not require that you eventually pay the "deferred" amount (unless you are already in arrears, which I am not) - So I am not going to sign anything until my negotiator is able clear up my concerns about the use of this language for me.

Does this help?

Best!

[rozuki]

Originally Posted by frustrated09

I am not using NACA to help me - this is some sort of non-profit agency helping some people to get help with various types modifications - I'm doing everything myself - ruled NACA out because of the volunteer time committment -
.....

Just wanted to set the record straight about NACA - yes, it is a non-profit organization but there is no "volunteer time committment" when you use NACA for a loan modification.

I contacted CW 5 months before I knew I would have a problem paying the mortgage....which I thought would give me plenty of time to work something out while still current......they took there sweet-ass time and gave me the runaround the entire time I tried working with them, until 1 week before my March 1st payment which I knew I was going to be late sending. At that time they sent me 3...count 'em 3!....sets of loan mod docs with different numbers......all unacceptable. I was told by the phone rep...that only those who are at least 60 days late get a "decent" modification. This is also a fallacy....there are people on here who have gotten decent loan mods while current. I don't know how they did it.....because it seems like it's the luck of the draw in who you speak with on any given day...and what dept your paperwork winds up in.

I then found out about NACA at the end of March...went to a workshop (although I didn't have to). There is absolutely no fee, no volunteer committment when you go with them for a loan modification.......

It is amazing to me that CW/BofA has so many phone reps (both here in US and India) that don't know what the hell they are talking about....and it is causing lots of grief for homeowners suffering true hardships due to the economy.

Just had to get that off my chest!


Rozuki~ successful NACA loan mod 2% fixed completed 6/22

[CW California]

frustrated
Countrywide is only sending out their crap modifications. What you have received is probably not the Making Home Affordable Package. When you do receive the Making Home Affordable Package it will be all over the paperwork. Be very careful with BofA. They will send out this modification and will mess with your credit during the trial period. Under the Making Home Affordable plan if you are current going in to the trial period your credit must be reported as paid as agreed. Many of us have been through the exact same thing with CW and weren't able to get a decent mod. Try NACA.

[sandyg]

Rumor,

Did you ever find out on this site if all of us with Fannie as our investor are getting our NACA mod's? I am freaking out I have a looming sale/auction date around the corner!

Originally Posted by Rumor

Frustrated,

I'm not sure if you would know the answer to this question but...it seems that people with Fannie Mae as investor seem to be getting the MHA mod instead of Naca proposal. Do you know if they actually are approving for the Naca proposals also? We have reduced income of a considerable amount and were told that CW submitted file to Fannie Mae on 6/22. However, I keep reading on here that people are getting approved for the MHA plan only while going thru Naca and it's making me think that Fannie Mae is not approving any Naca proposals at all, just giving people the MHA plan or just refusing to help others completely.

It just seems that the homeowners with Fannie Mae and Freddie Mac are still left waiting and others with other investors have gotten approved long ago. Do you know if they are reluctant to help?



I really appreciate your help and feedback!!

Thanks!!

[gray517]

I wonder if the loans held by fannie and freddie are only approving the Making Home Affordable Modification regardless of whether the mod is thru Naca or just the servicer directly, from the postings I see it looks like that may now be the case, wouldn't be suprising seeing how they $$ from the Govt for doing those mods, but the borrower gets and incentive too $1000 a year for 5 years applied to the principal as long as loan is current, if you are getting a MHA mod make sure it's documented somewhere about that.

FinancialStability.gov | U.S. Department of the Treasury

Making Home Affordable - Home Affordable Refinancing - Home Affordable Modification

http://www.treas.gov/press/releases/...fact_sheet.pdf


https://www.efanniemae.com/sf/mha/

[frustrated09]

CW California -

The NACA site specifically states that they require some sort of volunteer committment to work with you. Perhaps they do not enforce that statment. Regardless, NACA dose make the statement.

Of coure, this is possible that BOA has granted me one of there "other" Modifications (not Home Affordable). We all know Countrywide/BOA can not be trusted. Regardless, I have several strong reasons to believe this IS in fact A HOME AFFORDABLE MODIFICATION. One: I am not delinquent yet. Two: I have made it very clear that the only modification I am interested in is HOME AFFORDABLE. Evey phone call, every fax, and every letter has included this statement.

In giving me verbal notification of the acceptance, the negotiator specifically stated this is a HOME AFFORDABLE MODIFICATION. This time everything she said was consistent with what I know to be the parameters of the Home Affordable Modification.

So, I seriously hope you are incorrect with regard to my situation, CW.

I'll find out on Monday when I question the negotiator.

Bye the way, I simply wanted to help by posting the information I posted earlier, regarding how to obtain a HOME AFFORDABLE MODIFICATION. I wasn't asking for any help.

I'm doing it all myself.

Can't afford the negative energy of getting into a debate. So, I probably won't be looking at the thread any longer.

Good luck to all of you.

[sandyg]

Originally Posted by gray517

I wonder if the loans held by fannie and freddie are only approving the Making Home Affordable Modification regardless of whether the mod is thru Naca or just the servicer directly, from the postings I see it looks like that may now be the case, wouldn't be suprising seeing how they $$ from the Govt for doing those mods, but the borrower gets and incentive too $1000 a year for 5 years applied to the principal as long as loan is current, if you are getting a MHA mod make sure it's documented somewhere about that.

FinancialStability.gov | U.S. Department of the Treasury

Making Home Affordable - Home Affordable Refinancing - Home Affordable Modification

http://www.treas.gov/press/releases/...fact_sheet.pdf


https://www.efanniemae.com/sf/mha/

Gray,
Which mod will benefit me the most, do you know?

[CW California]

Irish
Feel free to post your comments on this thread..... Course you may have to kill us if you tell us right?

chuckle chuckle

[Rumor]

Sandy,

I still don't have an answer but from what it looks like, Fannie Mae might be giving out the MHA mod. No one seems to really know though because Fannie Mae is taking so long to get back to people. I think that's what they're giving out because why would they be asking for the hardship affidavit that's associated with the MHA plan? I don't know but at this point,I'll take anything to pretty much stay in the house. As long as they lower the payment so we can stay and if the rate goes up in 5 yrs, then so be it. I guess I'll deal when the time comes. I was hoping that our Naca proposal goes thru though because we have an 80/20 loan and from what I read on here, others that had the same loan also had their 2nd mortgage lowered and it would help a lot since our interest is at 11.5% on that loan. I guess we'll wait and see.

Does anyone know......if Naca tries to lower to 31% of income, does the MHA plan also do that? because I guess if MHA lowers to 31% then, it should come out to around the same payment except not for the life of the loan but for 5 years. Does anyone know if I'm right?

[CW California]

Rumor
When I first heard of NACA they were only using their own affordability quocient. I was afraid I wouldn't get any help because even though my mortage was 65-70% of my income I didn't have other cc debt or car payments hence it would be affordable in their eyes. That has since changed. By the time I got all my paperwork in (self employed) they told me they were going to submit me at 31%. It seems like they have changed things up a bit. You are right though, it does seem like the fannie mae and freddie people are once again getting the run around. I wonder if they are approving of these Obama type mods without them being the actual plans in order to avoid... oh who knows..... avoiding something. Chances are accountability.

[dthom]

I plan on again writing to Pres. Obama, Senators Levin and Stabenow and even to Freddie Mac. I too feel that the Freddie and Fannie loans are getting the runaround.
Since the government has taken both of them over I plan to voice my displeasure at the fact that the government was the one pushing for loan mods to enable people to save their homes and the very investors that THEY took over are the ones who seem to be the least willing to do anything. I will probably get back the same ridiculous form letters I have received before( telling me about the wonderful plans the govt.has to save my home) but at least I will have let my experience be known. I intend to demand some answers as to why the investors who hold a majority of the bad loans appear to be the least likely to respond to requests for modifications, yet I have read stories touting the successful increase in load mods by these two.
I also intend to let them know the CW/BofA is also slow to respond, despite the fact that our government gave them a chunk of our tax money to work on modifying loans.
At least while I am waiting, ( and not so patiently any more by the way) I intend to let my voice be heard. We should all do the same.

[CW California]

Originally Posted by dthom

I plan on again writing to Pres. Obama, Senators Levin and Stabenow and even to Freddie Mac. I too feel that the Freddie and Fannie loans are getting the runaround.
Since the government has taken both of them over I plan to voice my displeasure at the fact that the government was the one pushing for loan mods to enable people to save their homes and the very investors that THEY took over are the ones who seem to be the least willing to do anything. I will probably get back the same ridiculous form letters I have received before( telling me about the wonderful plans the govt.has to save my home) but at least I will have let my experience be known. I intend to demand some answers as to why the investors who hold a majority of the bad loans appear to be the least likely to respond to requests for modifications, yet I have read stories touting the successful increase in load mods by these two.
I also intend to let them know the CW/BofA is also slow to respond, despite the fact that our government gave them a chunk of our tax money to work on modifying loans.
At least while I am waiting, ( and not so patiently any more by the way) I intend to let my voice be heard. We should all do the same.

And Barney Frank. We could send letters to him too.

[jet-a]

Originally Posted by Rumor

Sandy,

I still don't have an answer but from what it looks like, Fannie Mae might be giving out the MHA mod. No one seems to really know though because Fannie Mae is taking so long to get back to people. I think that's what they're giving out because why would they be asking for the hardship affidavit that's associated with the MHA plan? I don't know but at this point,I'll take anything to pretty much stay in the house. As long as they lower the payment so we can stay and if the rate goes up in 5 yrs, then so be it. I guess I'll deal when the time comes. I was hoping that our Naca proposal goes thru though because we have an 80/20 loan and from what I read on here, others that had the same loan also had their 2nd mortgage lowered and it would help a lot since our interest is at 11.5% on that loan. I guess we'll wait and see.

Does anyone know......if Naca tries to lower to 31% of income, does the MHA plan also do that? because I guess if MHA lowers to 31% then, it should come out to around the same payment except not for the life of the loan but for 5 years. Does anyone know if I'm right?

That is what I got today...it has MHA written all over it. the payments are lower, but not 31%. It says that after I submit all of the paperwork it may go lower, which it should but who knows dealing with CW/BofA!

[gray517]

jet-a

the MHA mod is suppose to have a payment that is 31% of your gross income before any deductions are taken out including before withholding taxes, social security taxes etc. if your new payment is not at 31% of gross income, you would need to contact CW and Naca to find out what they submitted as your gross income.