Forebearance?? Yea or nay? - Loan Modification Forum

Plans A-Z · 10-05-2008, 01:26 PM

So I have this letter , and it's not the first. We've been in repayment before, fallen behind, gotten a repayment plan that is so hard to keep up with because it adds almost $600 a month to our regular payment, which is already high for us. But we work through it and catch up again. Each summer paying for childcare when the kids are out of school puts us behind and I always think I'll catch up and boom this letter comes.
So I made the call right away, didn't want to do repayment or modification, just wanted more time to catch up. They extended my date from Oct 2 to the 7th.( to pay the total amount due) As the 7th was getting closer and groceries, gas and car repairs took the front seat I saw I was unable to come up with the full amount due on the 7th so I paid what I could ( about half) last week. The payment hasn't posted to my account but it does say it's on it's way to the "payment processing center" scary...to me that means it may be refused.
The man I spoke with after I got the letter was very nice and said now if you can't make the payment by the 7th you need to call us...

So when I call, I'm really nervous about hearing that I can't have any more time etc and they won't work with me. I feel by the end of the month I can send the rest due but I'll still be a month behind.
I want to call and ask but I'm not sure what they'll say. I'm losing sleep!! I don't want to sell, or set up a 6 month repayment, but I can't come up with the amount due by the 7th.

What would any of you do? Anyone special I should talk to? What are my chances they'll give me more time? And does the payment I sent count for anything or will it be returned? I know the guy said the letter gets sent when you are 3 months behind. So making half of the payment , to me, got me less than 3 months behind. But if they don't count it, I'm back to owing the whole amount.

Any help would be so appreciated. These people scare me based on the different stories I've heard here and other places.

Moe Bedard · 10-05-2008, 01:39 PM

Hi Plans A-Z,

Welcome to the forum and thank you for joining................

What is the interest rate at?
Is it fixed or adjustable?
If adjustable when is it adjusting?
Are you paying interest only or PITI?
Are your taxes in default also?
What state are you in?

Plans A-Z · 10-05-2008, 03:23 PM

I'm in PA, my taxes are part of my mortgage, so I don't know if that means they are in default too, and it's a fixed rate.
Also, I don't know what PITI means but I know I'm not paying much on principal.

Thanks for the quick response.

Plans A-Z · 10-05-2008, 03:25 PM

Oh yea and I have a great rate 5.625.

Also we did a 80/20 so I have a Heloc and that is current.

Moe Bedard · 10-05-2008, 03:38 PM

That is a great rate............but in order to see what options that you would have, you would need to call the Home Retention Team and see if they will extend some time for you.........

Countrywide Home Retention Team
1-800-669-6650

Plans A-Z · 10-05-2008, 04:37 PM

Any tips on who in particular to speak with? Last time my agent was very nice and helpful. However, I don't recall his name ( dummy me didn't write it down) so I will just end up with whoever answers first, right? Or is there a specific person someone can recommend to ask for?

As you see, I'm quite paranoid and afraid to make this call.

Moe Bedard · 10-05-2008, 04:42 PM

Your file would need to be assigned a negotiator to have a specific contact, so you would need to find out what options you have by calling in first.......

Plans A-Z · 10-06-2008, 07:54 AM

***, thanks for getting back to my posts. It's nice to have some one to "talk" to about this!!

So I called (!!!!) today and got a nice lady, Cherise. Took some info from me, I had said I could catch up by the end of the month and is that possible etc or will my payments be refused and she said she had to take this info from me and see what they could do. I did say I didn't want to do a repayment and spread out the debt over 6 months. But in the end, it didn't end up like I wanted. She said I prequalified for some loan assistance but I would have to wait for someone to call me back, go over more stuff, not sure what, and then I would accept it and the could help me get current. This process she said takes 30-45 days. So of course my question was what happens with the foreclosure? And she said all proceediings continue until the loan is current.
Isn't setting some plan up with me showing I intend to pay and thus hold off the proceedings? I mean 2 more months of this? Plus she didn't know when someone would get back to me.
I asked if I could keep making payments and that my last one hasn't posted and she said they can't tell me not to make payments but they will be held until a full months amount has been received.

Have I helped my situation at all here? My intent was to stop the process of foreclosure and continue to catch up but it looks like that isn't happening.

If I do catch up by the end of this month, will that stop the proceedings?

Should I call back and try another route, like a repayment program? Last time I was on one no one had to call me back, the rep did it right then and there when I called in. So I'm thinking they are doing something else with me.

How long till the sherrif shows up with papers!!??? That's what I really am dreading!! Explaining to the neighbors what that was about!!!
Anyone that can calm me down, please feel free to do so. I appreciate your responses ***.

Moe Bedard · 10-06-2008, 09:45 AM

My guess would be that you might have FannieMae for an investor and they are looking into the HomeSaver program to help you get caught up.......or to modify the arrearage into the principle balance to get you caught up, because you do have that good rate.........

If the letter is a Notice of Rights letter..........that is a cure letter for the default...........you would have some time here to see what options you are going to be given because you have not received an NOD or a sale date. If you catch up the payments by the end of the month, that should take care of the default and it should remove the threat of foreclosure.............

What state are located in?

Plans A-Z · 10-06-2008, 05:07 PM

I'm in PA. Again, thanks for getting back.

I called again later today and spoke with another woman, asking her if this was a good option ( whatever it was) or is repayment over 6 months better to stop the foreclosure.
She told me what they were trying to set up was called Homesaver Advantage or Advance I don't remember. It is basically a third party that works with Countrywide and they pay Countrywide what I owe in late payments then I pay the third party. She said it should be all said and done in a month ( setting up) and that we are currently not in foreclosure but since our letter expired Oct 2 she said proceedings can start "anytime". She also said I would be getting papers in the mail to sign to set this up and didn't think I would get a phone call.
Since this takes 30 days, I wonder if I should bother seeing I feel I can catch up in 30 days.

So all in all I feel better, I'll wait and see what comes in the mail.

Hope this thread helps some other people with questions about this Act 91 letter. I did a search and found no other threads addressing it. I am not sure if others are calling it something different. I would just think other people would have gotten this letter too.

Thanks!!

Moe Bedard · 10-06-2008, 05:44 PM

Well that is exactly what I posted and thought it sounded like they were looking into in my post above...............

That would mean that FannieMae is the investor on your loan........

Here is the info on it for you.........
https://www.efanniemae.com/sf/servic...veradvance.pdf

Plans A-Z · 10-08-2008, 06:15 PM

I haven't been getting emails saying there's responses to this thread, but again, thank you for your time. I will click on that Fannie mae link.

As of now, the payment they received on Oct 1 ( a customer serv rep told me it was "there, we got it Oct 1, it should post soon") and still is has not been credited to my acct. So I think I am right in that they won't take my payments unless it's the total amt due. However the first woman I talked to said yes you can keep sending payments but they have to be at least one month's mortgage or we'll hold it till we get the whole amount.

Stressing, slightly, that despite my attempt to catch up I'm not getting the payments credited. And it's been 7 days, that's more than enough time.

I don't get why they wouldn't take money that I owe them

Plans A-Z · 10-17-2008, 11:36 AM

Well here's an update.
Continually confused by these CW people.

Finally, the payment went through, took 9 days from when they received it.
Now I sent another ( again, trying to "catch up" by month's end) and of all things it posted 2 days after I sent it!! Let's just say my checking acct was planning on it taking a tad ( 1 day) longer. That's neither here nor there, I'm glad they accepted another payment.
Now it says on line that my HELOC "requires special attention" and I'm current on that! What the heck.
Then, after hearing I was going to get hooked up with some Homeowner Advantage or something like that, now they have a note on my account ( on line viewing) that I do not have any pending workout set up!
Plus I got another Act 91, save your home from foreclosure blah blah blah today!! With another date for the total amt due...
Do these people not have records or notes attached to any of our accounts saying we've been in touch?
Last time I looked on line there was a note that I was in the process of getting assistance and I would hear by Oct 27 and dont' inquire before then because that will delay the process..again, what the heck.

Confused, now I have to make another call, and another, and another....from what I have read here, I have to be persistant etc.
I saw notes about emailing a list of people at Countrywide in another post. Would this be a good route?

Anyone going through anything similar? Thanks in advance...

Moe Bedard · 10-17-2008, 02:18 PM

call the executive team to see what is happening with the Homesaver Advance program..............

1-800-405-0078

Plans A-Z · 06-22-2009, 11:54 AM

Well I finally got the Fed Ex package and after reading so much on here about it not being workable for most people, it looks as though this may help me.
Didn't qualify for a mod, but they put an offer for 6 month forbearance and the payment is like half of what it usually is...
this sounds too good to be true...I know it's not permanent but it will help me put aside what I will end up owing them after the 6 months.

I can't help but to think I am missing the big picture here and this is in fact NOT a good idea to accept it.

I owe for May and June...and the payments monthly are manageable but to catch up and make 2 payments a month to get current is just out of the question...especially with summer being here and now paying for childcare for the summer since school is out...thats another $650 expense per month we didn't have before....

Has anyone done one? This forum seems to be a lot about modifications and that isn't what I have been offered. Just wondered if anyone has an opinion on if I should go ahead and sign these papers or not.
Thanks!!

morainac · 06-22-2009, 05:23 PM

Do they know about your childcare expense?

Plans A-Z · 06-22-2009, 05:33 PM

No I don't think so. When I originally talked to someone at CW ( it was CW then not BOA) it had to be back in March or so, and the kids were in school still....
Wondering why my new thread is tacked on to the bottom of my first post from months and months ago...???

Anyway, anyone with advice, please feel free to post.

If my taxes and homeowner's insurance are included in my mortgage, how will this lower payment effect that? Will I have to continue to pay them but separately, or is it still some how coming out of the new amount?

Plans A-Z · 06-23-2009, 05:14 AM

Bumping....

afishym · 06-23-2009, 06:16 AM

Plans A-Z

I understand your situation, but it seems to me that you keep getting bandaid fixes, not a permanent solution. I realize under most circumstances 5 percent would be a good interest rate (you also have that 2nd as well), but if you are having trouble paying at that interest rate, then obviously it is an unaffordable mortgage for you. Please read some of the blogs regarding NACA, it sounds like you need to get a permanent affordable loan. Even though 5 percent sounds low, NACA has proposed rates much lower, I got a 2% fixed rate on my loan, lowering my payment over a third! I would suggest you contact NACA and have them advocate on your behalf for a truly affordable mortgage, then you won't have to keep getting these temporary fixes. I believe NACA also has a forebearance program with CW/BOA too. NACA will let you know up front if they think they can assist you, and if they can, you should follow that route.

merev · 06-23-2009, 08:48 AM

Did you accept the HomeSaver Advance? I was offered one in Feb. 09. Sent it back even though I knew it was a bandaid (I have a fixed 10.59%). It would have paid back 4 mths plus late fees. Found out in May that it had been cancelled....no explanation. I am now in foreclosure. The attorneys who have my file, have a Fannie Mae loss mitigation specialist. I spoke with them and was told that Fannie Mae did away with the HomeSaver Advance program. I thought it was **&&%^$ that no one from Fannie Mae, CW or BoA, bothered to let customers know about the cancellation. I went from thinking I was 2 mths behind to 6.

Plans A-Z · 06-23-2009, 06:16 PM

I don't think what I was offered is called Homesaver Advance or whatever as mentioned in the last post before this one. How unfortunate!! Now I'm really thinking I shouldn't do this, you go ahead and accept something, pay as promised and boom it's cancelled!! Then you're in even deeper than before. I feel bad for you...but thanks for the head's up.

I thought about NACA and was going to call this week and then the Fed Ex came. From what I gathered from the NACA site there is a workshop prior to them helping you that I have to attend... is this correct? And there is some mention of participating in 5 events a year some including protests if they help you, you have to agree to be part of these functions.
Anyone work with NACA who has an idea what kind of functions I have to attend? And it sounds like the nearest workshop from here is over an hour away....but hey if I want to improve my situation i guess that's what I need to do.
Any feedback would be appreciated. Thanks...

rozuki · 06-23-2009, 06:50 PM

Quote:

Originally Posted by Plans A-Z

I don't think what I was offered is called Homesaver Advance or whatever as mentioned in the last post before this one. How unfortunate!! Now I'm really thinking I shouldn't do this, you go ahead and accept something, pay as promised and boom it's cancelled!! Then you're in even deeper than before. I feel bad for you...but thanks for the head's up.

I thought about NACA and was going to call this week and then the Fed Ex came. From what I gathered from the NACA site there is a workshop prior to them helping you that I have to attend... is this correct? And there is some mention of participating in 5 events a year some including protests if they help you, you have to agree to be part of these functions.
Anyone work with NACA who has an idea what kind of functions I have to attend? And it sounds like the nearest workshop from here is over an hour away....but hey if I want to improve my situation i guess that's what I need to do.
Any feedback would be appreciated. Thanks...

Plans A-Z,

You don't have to attend a workshop or pay any fees to get on board with NACA to do a loan modification! Nor do you have to attend any events....it's more of a "if you can volunteer, great...if not, just spread the word anyway you can". So what do you know, I just volunteered by telling you this info!

So go to the NACA website and get your paperwork started now!!! Go to this link NACA and click on the home save area....

Rozuki ~ NACA Approved loan mod completed 6/23 at 2% fixed for life of loan

Plans A-Z · 06-23-2009, 08:05 PM

WOW 2%!!!!

I will look in to NACA. CW/BOA said I didn't qualify for a mod ( with them ) but offered me the forebearance instead....so my question is...will NACA also say I don't qualify for a mod?

My forebearance letter must be accepted by July 20, will I know before then if NACA can help me? Many posts here have said it can be months...and I understand completely...they are swamped with people like me!! But if they can't help me, I may go ahead and take CW's offer.
Anyone know how long until I hear if NACA can help??
I have about 1 month before the offer from CW "expires"
Thanks so much for telling me, everyone who has posted, about this great resource and your success stories. I hope I too am one of those stories!!

rozuki · 06-23-2009, 08:51 PM

Quote:

Originally Posted by Plans A-Z

WOW 2%!!!!

I will look in to NACA. CW/BOA said I didn't qualify for a mod ( with them ) but offered me the forebearance instead....so my question is...will NACA also say I don't qualify for a mod?

My forebearance letter must be accepted by July 20, will I know before then if NACA can help me? Many posts here have said it can be months...and I understand completely...they are swamped with people like me!! But if they can't help me, I may go ahead and take CW's offer.
Anyone know how long until I hear if NACA can help??
I have about 1 month before the offer from CW "expires"
Thanks so much for telling me, everyone who has posted, about this great resource and your success stories. I hope I too am one of those stories!!

Once you upload/fax your paperwork, you make your telephone appointments (make three of them an hour apart). The counselor will go over your expenses and usually make an appt the next day to call you back with the restructure proposal and let you know what they think they can get for you. So you will know fairly quickly whether or not NACA can help you.

From the time I was submitted for the restructure until the approval was 54 days. My investor was Countrywide itself...which is now BofA. i also took the advice of many on here, and after my NACA proposal was submitted....I emailed the president of BofA, Barbara DeSoer ( barbara.j.desoer@bankofamerica.com ) and explained my stressful 5 month journey of trying to get a loan from CW which resulted in an unacceptable solution, my hardships, and the fact that I had turned to NACA to try to get an acceptable solutionl

Good luck!

ama125 · 06-24-2009, 10:51 PM

I, too, have received this offer for the HomeSaver Forbearance Program. I am NOT signing on to this and here is why... BofA is not following Fannie Mae's loan workout hierarchy. See here: https://www.efanniemae.com/sf/servic...tfactsheet.pdf.

They are supposed to first determine if the borrower is eligible for the Home Affordable Modification Program (HAMP). If not, then determine if the hardship is temporary or long-term. If it is long-term, then they offer the HomeSaver Forbearance Program and within the first three months of the forbearance program, must explore alternatives in this order: Modification, Pre-foreclosure sale, Deed-in-lieu.

Furthermore, the agreement that I was sent for the forbearance program has the following statement "No Modification. I understand that the Agreement is not a forgiveness of payments on my Loan or a modification of the Loan Documents. I further understand and agree that the Servicer is not obligated or bound to make any modification of the Loan Documents or provide any other alternative resolution of my default under the Loan Documents". Now, I'm no expert, but it seems to me that if I were to sign the agreement for this forbearance program, I would be waiving my rights to any other further considerations for a loan modification. Fat chance!!!

The letter detailing this forbearance plan states that I am not eligible for a loan modification and instead offers me this plan. It does not state anywhere which loan modification program I am not eligible for and nowhere does it have the Making Home Affordable logo. I received a solicitation letter with Countrywide's logo on it back in April identifying me as someone who may be eligible for the Making Home Affordable Modification Program. I called the number and gave them my income data as requested. I was told to wait for another Fed Ex letter and this is the BS they sent me! And when I called to inquire about this, no one has any record of the solicitation letter that was sent to me in the first place and are telling me that they (customer service) have been instructed to tell people to sign up for forbearance and then they will be reviewed for the HAMP! I say to anyone who has received this offer, DO NOT SIGN it! They are being shady!

10-05-2008, 01:26 PM	#1 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Forebearance?? Yea or nay? So I have this letter , and it's not the first. We've been in repayment before, fallen behind, gotten a repayment plan that is so hard to keep up with because it adds almost $600 a month to our regular payment, which is already high for us. But we work through it and catch up again. Each summer paying for childcare when the kids are out of school puts us behind and I always think I'll catch up and boom this letter comes. So I made the call right away, didn't want to do repayment or modification, just wanted more time to catch up. They extended my date from Oct 2 to the 7th.( to pay the total amount due) As the 7th was getting closer and groceries, gas and car repairs took the front seat I saw I was unable to come up with the full amount due on the 7th so I paid what I could ( about half) last week. The payment hasn't posted to my account but it does say it's on it's way to the "payment processing center" scary...to me that means it may be refused. The man I spoke with after I got the letter was very nice and said now if you can't make the payment by the 7th you need to call us... So when I call, I'm really nervous about hearing that I can't have any more time etc and they won't work with me. I feel by the end of the month I can send the rest due but I'll still be a month behind. I want to call and ask but I'm not sure what they'll say. I'm losing sleep!! I don't want to sell, or set up a 6 month repayment, but I can't come up with the amount due by the 7th. What would any of you do? Anyone special I should talk to? What are my chances they'll give me more time? And does the payment I sent count for anything or will it be returned? I know the guy said the letter gets sent when you are 3 months behind. So making half of the payment , to me, got me less than 3 months behind. But if they don't count it, I'm back to owing the whole amount. Any help would be so appreciated. These people scare me based on the different stories I've heard here and other places.

10-05-2008, 01:39 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Act 91 Letter Hi Plans A-Z, Welcome to the forum and thank you for joining................ What is the interest rate at? Is it fixed or adjustable? If adjustable when is it adjusting? Are you paying interest only or PITI? Are your taxes in default also? What state are you in? __________________ 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.

10-05-2008, 03:23 PM	#3 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Act 91 Letter I'm in PA, my taxes are part of my mortgage, so I don't know if that means they are in default too, and it's a fixed rate. Also, I don't know what PITI means but I know I'm not paying much on principal. Thanks for the quick response.

10-05-2008, 03:25 PM	#4 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Act 91 Letter Oh yea and I have a great rate 5.625. Also we did a 80/20 so I have a Heloc and that is current.

10-05-2008, 03:38 PM	#5 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Act 91 Letter That is a great rate............but in order to see what options that you would have, you would need to call the Home Retention Team and see if they will extend some time for you......... Countrywide Home Retention Team 1-800-669-6650 __________________ 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.

10-05-2008, 04:37 PM	#6 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Act 91 Letter Any tips on who in particular to speak with? Last time my agent was very nice and helpful. However, I don't recall his name ( dummy me didn't write it down) so I will just end up with whoever answers first, right? Or is there a specific person someone can recommend to ask for? As you see, I'm quite paranoid and afraid to make this call.

10-05-2008, 04:42 PM	#7 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Act 91 Letter Your file would need to be assigned a negotiator to have a specific contact, so you would need to find out what options you have by calling in first....... __________________ 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.

10-06-2008, 07:54 AM	#8 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Act 91 Letter *, thanks for getting back to my posts. It's nice to have some one to "talk" to about this!! So I called (!!!!) today and got a nice lady, Cherise. Took some info from me, I had said I could catch up by the end of the month and is that possible etc or will my payments be refused and she said she had to take this info from me and see what they could do. I did say I didn't want to do a repayment and spread out the debt over 6 months. But in the end, it didn't end up like I wanted. She said I prequalified for some loan assistance but I would have to wait for someone to call me back, go over more stuff, not sure what, and then I would accept it and the could help me get current. This process she said takes 30-45 days. So of course my question was what happens with the foreclosure? And she said all proceediings continue until the loan is current. Isn't setting some plan up with me showing I intend to pay and thus hold off the proceedings? I mean 2 more months of this? Plus she didn't know when someone would get back to me. I asked if I could keep making payments and that my last one hasn't posted and she said they can't tell me not to make payments but they will be held until a full months amount has been received. Have I helped my situation at all here? My intent was to stop the process of foreclosure and continue to catch up but it looks like that isn't happening. If I do catch up by the end of this month, will that stop the proceedings? Should I call back and try another route, like a repayment program? Last time I was on one no one had to call me back, the rep did it right then and there when I called in. So I'm thinking they are doing something else with me. How long till the sherrif shows up with papers!!??? That's what I really am dreading!! Explaining to the neighbors what that was about!!! Anyone that can calm me down, please feel free to do so. I appreciate your responses *.

10-06-2008, 09:45 AM	#9 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Act 91 Letter My guess would be that you might have FannieMae for an investor and they are looking into the HomeSaver program to help you get caught up.......or to modify the arrearage into the principle balance to get you caught up, because you do have that good rate......... If the letter is a Notice of Rights letter..........that is a cure letter for the default...........you would have some time here to see what options you are going to be given because you have not received an NOD or a sale date. If you catch up the payments by the end of the month, that should take care of the default and it should remove the threat of foreclosure............. What state are located in? __________________ 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.

10-06-2008, 05:07 PM	#10 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Act 91 Letter I'm in PA. Again, thanks for getting back. I called again later today and spoke with another woman, asking her if this was a good option ( whatever it was) or is repayment over 6 months better to stop the foreclosure. She told me what they were trying to set up was called Homesaver Advantage or Advance I don't remember. It is basically a third party that works with Countrywide and they pay Countrywide what I owe in late payments then I pay the third party. She said it should be all said and done in a month ( setting up) and that we are currently not in foreclosure but since our letter expired Oct 2 she said proceedings can start "anytime". She also said I would be getting papers in the mail to sign to set this up and didn't think I would get a phone call. Since this takes 30 days, I wonder if I should bother seeing I feel I can catch up in 30 days. So all in all I feel better, I'll wait and see what comes in the mail. Hope this thread helps some other people with questions about this Act 91 letter. I did a search and found no other threads addressing it. I am not sure if others are calling it something different. I would just think other people would have gotten this letter too. Thanks!!

10-06-2008, 05:44 PM	#11 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Act 91 Letter Well that is exactly what I posted and thought it sounded like they were looking into in my post above............... That would mean that FannieMae is the investor on your loan........ Here is the info on it for you......... https://www.efanniemae.com/sf/servic...veradvance.pdf __________________ 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.

10-08-2008, 06:15 PM	#12 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Act 91 Letter I haven't been getting emails saying there's responses to this thread, but again, thank you for your time. I will click on that Fannie mae link. As of now, the payment they received on Oct 1 ( a customer serv rep told me it was "there, we got it Oct 1, it should post soon") and still is has not been credited to my acct. So I think I am right in that they won't take my payments unless it's the total amt due. However the first woman I talked to said yes you can keep sending payments but they have to be at least one month's mortgage or we'll hold it till we get the whole amount. Stressing, slightly, that despite my attempt to catch up I'm not getting the payments credited. And it's been 7 days, that's more than enough time. I don't get why they wouldn't take money that I owe them

10-17-2008, 11:36 AM	#13 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Act 91 Letter Well here's an update. Continually confused by these CW people. Finally, the payment went through, took 9 days from when they received it. Now I sent another ( again, trying to "catch up" by month's end) and of all things it posted 2 days after I sent it!! Let's just say my checking acct was planning on it taking a tad ( 1 day) longer. That's neither here nor there, I'm glad they accepted another payment. Now it says on line that my HELOC "requires special attention" and I'm current on that! What the heck. Then, after hearing I was going to get hooked up with some Homeowner Advantage or something like that, now they have a note on my account ( on line viewing) that I do not have any pending workout set up! Plus I got another Act 91, save your home from foreclosure blah blah blah today!! With another date for the total amt due... Do these people not have records or notes attached to any of our accounts saying we've been in touch? Last time I looked on line there was a note that I was in the process of getting assistance and I would hear by Oct 27 and dont' inquire before then because that will delay the process..again, what the heck. Confused, now I have to make another call, and another, and another....from what I have read here, I have to be persistant etc. I saw notes about emailing a list of people at Countrywide in another post. Would this be a good route? Anyone going through anything similar? Thanks in advance...

10-17-2008, 02:18 PM	#14 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: Act 91 Letter call the executive team to see what is happening with the Homesaver Advance program.............. 1-800-405-0078 __________________ 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.

06-22-2009, 11:54 AM	#15 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Forebearance?? Yea or nay? Well I finally got the Fed Ex package and after reading so much on here about it not being workable for most people, it looks as though this may help me. Didn't qualify for a mod, but they put an offer for 6 month forbearance and the payment is like half of what it usually is... this sounds too good to be true...I know it's not permanent but it will help me put aside what I will end up owing them after the 6 months. I can't help but to think I am missing the big picture here and this is in fact NOT a good idea to accept it. I owe for May and June...and the payments monthly are manageable but to catch up and make 2 payments a month to get current is just out of the question...especially with summer being here and now paying for childcare for the summer since school is out...thats another $650 expense per month we didn't have before.... Has anyone done one? This forum seems to be a lot about modifications and that isn't what I have been offered. Just wondered if anyone has an opinion on if I should go ahead and sign these papers or not. Thanks!!

06-22-2009, 05:23 PM	#16 (permalink)
morainac Senior Member Join Date: May 2009 Posts: 94	Re: Forebearance?? Yea or nay? Do they know about your childcare expense?

06-22-2009, 05:33 PM	#17 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Forebearance?? Yea or nay? No I don't think so. When I originally talked to someone at CW ( it was CW then not BOA) it had to be back in March or so, and the kids were in school still.... Wondering why my new thread is tacked on to the bottom of my first post from months and months ago...??? Anyway, anyone with advice, please feel free to post. If my taxes and homeowner's insurance are included in my mortgage, how will this lower payment effect that? Will I have to continue to pay them but separately, or is it still some how coming out of the new amount?

06-23-2009, 05:14 AM	#18 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Forebearance?? Yea or nay? Bumping....

06-23-2009, 06:16 AM	#19 (permalink)
afishym Senior Member Join Date: Mar 2009 Posts: 44	Re: Forebearance?? Yea or nay? Plans A-Z I understand your situation, but it seems to me that you keep getting bandaid fixes, not a permanent solution. I realize under most circumstances 5 percent would be a good interest rate (you also have that 2nd as well), but if you are having trouble paying at that interest rate, then obviously it is an unaffordable mortgage for you. Please read some of the blogs regarding NACA, it sounds like you need to get a permanent affordable loan. Even though 5 percent sounds low, NACA has proposed rates much lower, I got a 2% fixed rate on my loan, lowering my payment over a third! I would suggest you contact NACA and have them advocate on your behalf for a truly affordable mortgage, then you won't have to keep getting these temporary fixes. I believe NACA also has a forebearance program with CW/BOA too. NACA will let you know up front if they think they can assist you, and if they can, you should follow that route.

06-23-2009, 08:48 AM	#20 (permalink)
merev Senior Member Join Date: Apr 2009 Posts: 57	Re: Forebearance?? Yea or nay? Did you accept the HomeSaver Advance? I was offered one in Feb. 09. Sent it back even though I knew it was a bandaid (I have a fixed 10.59%). It would have paid back 4 mths plus late fees. Found out in May that it had been cancelled....no explanation. I am now in foreclosure. The attorneys who have my file, have a Fannie Mae loss mitigation specialist. I spoke with them and was told that Fannie Mae did away with the HomeSaver Advance program. I thought it was **&&%^$ that no one from Fannie Mae, CW or BoA, bothered to let customers know about the cancellation. I went from thinking I was 2 mths behind to 6.

06-23-2009, 06:16 PM	#21 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Forebearance?? Yea or nay? I don't think what I was offered is called Homesaver Advance or whatever as mentioned in the last post before this one. How unfortunate!! Now I'm really thinking I shouldn't do this, you go ahead and accept something, pay as promised and boom it's cancelled!! Then you're in even deeper than before. I feel bad for you...but thanks for the head's up. I thought about NACA and was going to call this week and then the Fed Ex came. From what I gathered from the NACA site there is a workshop prior to them helping you that I have to attend... is this correct? And there is some mention of participating in 5 events a year some including protests if they help you, you have to agree to be part of these functions. Anyone work with NACA who has an idea what kind of functions I have to attend? And it sounds like the nearest workshop from here is over an hour away....but hey if I want to improve my situation i guess that's what I need to do. Any feedback would be appreciated. Thanks...

06-23-2009, 08:05 PM	#23 (permalink)
Plans A-Z Senior Member Join Date: Oct 2008 Posts: 36	Re: Forebearance?? Yea or nay? WOW 2%!!!! I will look in to NACA. CW/BOA said I didn't qualify for a mod ( with them ) but offered me the forebearance instead....so my question is...will NACA also say I don't qualify for a mod? My forebearance letter must be accepted by July 20, will I know before then if NACA can help me? Many posts here have said it can be months...and I understand completely...they are swamped with people like me!! But if they can't help me, I may go ahead and take CW's offer. Anyone know how long until I hear if NACA can help?? I have about 1 month before the offer from CW "expires" Thanks so much for telling me, everyone who has posted, about this great resource and your success stories. I hope I too am one of those stories!!

06-24-2009, 10:51 PM	#25 (permalink)
ama125 Senior Member Join Date: Jun 2009 Location: Reading, PA Posts: 1,417	Re: Forebearance?? Yea or nay? I, too, have received this offer for the HomeSaver Forbearance Program. I am NOT signing on to this and here is why... BofA is not following Fannie Mae's loan workout hierarchy. See here: https://www.efanniemae.com/sf/servic...tfactsheet.pdf. They are supposed to first determine if the borrower is eligible for the Home Affordable Modification Program (HAMP). If not, then determine if the hardship is temporary or long-term. If it is long-term, then they offer the HomeSaver Forbearance Program and within the first three months of the forbearance program, must explore alternatives in this order: Modification, Pre-foreclosure sale, Deed-in-lieu. Furthermore, the agreement that I was sent for the forbearance program has the following statement "No Modification. I understand that the Agreement is not a forgiveness of payments on my Loan or a modification of the Loan Documents. I further understand and agree that the Servicer is not obligated or bound to make any modification of the Loan Documents or provide any other alternative resolution of my default under the Loan Documents". Now, I'm no expert, but it seems to me that if I were to sign the agreement for this forbearance program, I would be waiving my rights to any other further considerations for a loan modification. Fat chance!!! The letter detailing this forbearance plan states that I am not eligible for a loan modification and instead offers me this plan. It does not state anywhere which loan modification program I am not eligible for and nowhere does it have the Making Home Affordable logo. I received a solicitation letter with Countrywide's logo on it back in April identifying me as someone who may be eligible for the Making Home Affordable Modification Program. I called the number and gave them my income data as requested. I was told to wait for another Fed Ex letter and this is the BS they sent me! And when I called to inquire about this, no one has any record of the solicitation letter that was sent to me in the first place and are telling me that they (customer service) have been instructed to tell people to sign up for forbearance and then they will be reviewed for the HAMP! I say to anyone who has received this offer, DO NOT SIGN it! They are being shady!

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