Waiting for workout letter (again)!

[ohhhdear]

Originally Posted by ama125

....... I prefer email over phone (not only because of time differences, but also because I can get responses in writing ....). Anyone have any luck with email correspondence?

I'm like you. I much prefer the communication from BOA to be in writing.

I did email my docs ( expenses, hardship, proof of income, etc. ) to the lady who called. She told me she was going to call me to get this info and I just asked her if I could email the info. She said "yes" and sounded happy that I would email, rather than talk on the phone.

I didn't have to fax, not yet, anyway.

[sandyg]

I was approved on 10/4 at STD event. And online with BOA on 10/22. I am still waiting. Talked with my negotiator about 10 days ago. She said I was being pushed out until Dec. due to high volumne and to expect paperwork the 1st or 2nd week in Dec.
First payment was suppose to be due Dec. now it its Jan 2010. So like everyone else I am waiting. What a good Christmas it will be when they come! Have a good holiday!!!

[ama125]

I was pre-approved over the phone with my negotiator about a month ago but was caught off guard that I had to call back later to get the details. I was told it would have to go to the MHA Team to finish the deal and they will send the paperwork. The trial payment amount will be exactly 31% of gross monthly income and I was told the trial should start 12/01, but according to the HAMP guidelines, if the packet comes after the 15th, then it should not start until the month following next (in other words, no packet by 11/15 then the trial starts 1/1). We shall see I guess. Now, he told me I will first get a letter requesting a first payment immediately (this violates the program and I will report it). Nonetheless, it still remains to be seen what I will actually get and if those figures match what I have been told. I should be getting a 2% rate for 5 years, increasing each year to the cap rate, and the new loan term would be 40 years. But again, we shall see. I don't think the trial plan agreement gives the long term details, just the trial payment amount and due dates. Doing a little happy dance right now. Got to enjoy even the tiniest little victories!

[sandyg]

Originally Posted by ama125

I was pre-approved over the phone with my negotiator about a month ago but was caught off guard that I had to call back later to get the details. I was told it would have to go to the MHA Team to finish the deal and they will send the paperwork. The trial payment amount will be exactly 31% of gross monthly income and I was told the trial should start 12/01, but according to the HAMP guidelines, if the packet comes after the 15th, then it should not start until the month following next (in other words, no packet by 11/15 then the trial starts 1/1). We shall see I guess. Now, he told me I will first get a letter requesting a first payment immediately (this violates the program and I will report it). Nonetheless, it still remains to be seen what I will actually get and if those figures match what I have been told. I should be getting a 2% rate for 5 years, increasing each year to the cap rate, and the new loan term would be 40 years. But again, we shall see. I don't think the trial plan agreement gives the long term details, just the trial payment amount and due dates. Doing a little happy dance right now. Got to enjoy even the tiniest little victories!

Trust me I am not complaining, we just want to make our first 3 payments to seal the deal according to contract and move on..........
I am excited after a year of trying and hanging on like a bull dog to get this far. I know some have not.

[ama125]

Since today is 1/18, I thought I would update my story. I got a verbal approval over the phone in October that we were approved for a HAMP trial. In November, my online status was updated to reflect "modification approved" and if we have not received anything by 1/18 to contact them. Well, I STILL have not received anything. Truly amazing though I can't say I am shocked. Since it is a holiday and the banks are closed, I will email my negotiator tomorrow to let him know we have not gotten any paperwork yet. In the meantime, I still have approval from the PHFA for the HEMAP loan which also has not gone to closing. With the HEMAP loan approval, the bank cannot foreclose on me. So, I do not have any fear or anxiety of losing my house looming over me. I am curious how long this can go on (me in the house making no mortgage payments and they not able to foreclose). It was one year ago that my husband and I decided to try and sell the house. It was in Feb last year that we listed it and missed our first payment. I never in my wildest dreams would have imagined we would still be here today. I will post any updates when I hear something. Meanwhile, I am just going about my life as if it were business as usual. I can only hope that all the delay will be to my benefit in the end. May we all see only good things come out of all the delays!

[elizabethlou]

Hi Ama,

I can't believe you are still waiting to go on a trial mod still??
If you are that is terrible that they can put you through this...
If I am not mistaken isn't your negotiator David K?
There has to be someone in the OOP office to help you with this !!
Good Luck to you and keep us posted.

[ama125]

Yes, David K is my negotiator and he has been very good to work with. I've contacted him monthly to let him know I still have not gotten anything, but he has done his part and now it is with the "MHA team" so I can only guess they are the ones holding things up. My husband and I are looking at this like a gift... the longer it takes them the better off we'll be in terms of having cash available to settle other debts and get them paid off before resuming making any kind of mortgage payments. I've moved passed the fear and worry, it's like a weight has been lifted off my shoulders now. If things don't work out, so be it. At least I can say I tried and there are still many options I have not exhausted yet (haven't tried NACA and there is always BK not to mention the HEMAP loan that is still pending closure). So all in all, I feel confident I still have a long road ahead of me before I could actually lose this house if that's what it came down to.

[elizabethlou]

Hi Ama,


David is still my negotiator still he has told me his job is done and I just have to wait .. What I don't get is that other's have been told from there negotiators that they have been approved and should be getting there final mod documents? and I have been told just to wait.... I have made 5 trial mod payments and still nothing I don't know if I should contact anyone else in the OOP ?? I should learn from you and take this weight off my shoulders and stop worrying I admire your positive attitude..
I enjoy reading your posts please keep us updated I look forward to hearing good news from you

[Skipper]

Originally Posted by ama125

Yes, David K is my negotiator and he has been very good to work with. I've contacted him monthly to let him know I still have not gotten anything, but he has done his part and now it is with the "MHA team" so I can only guess they are the ones holding things up. My husband and I are looking at this like a gift... the longer it takes them the better off we'll be in terms of having cash available to settle other debts and get them paid off before resuming making any kind of mortgage payments. I've moved passed the fear and worry, it's like a weight has been lifted off my shoulders now. If things don't work out, so be it. At least I can say I tried and there are still many options I have not exhausted yet (haven't tried NACA and there is always BK not to mention the HEMAP loan that is still pending closure). So all in all, I feel confident I still have a long road ahead of me before I could actually lose this house if that's what it came down to.

Hi Ama,

I am glad to see that you are hanging in there... Take care, it will all work out.

Skipper

[lisasxr]

Same boat. "approved" since 11/06/09. No trial paperwork has been sent. I've called every other day since 01/05/10. No dice. My negotiator took a long weekend - if I don't get a better answer than the paperwork is just backed up on Wednesday when she returns I'll be contacting the OOP again.

[sandyg]

Originally Posted by sandyg

Trust me I am not complaining, we just want to make our first 3 payments to seal the deal according to contract and move on..........
I am excited after a year of trying and hanging on like a bull dog to get this far. I know some have not.

Here is a quick update on my situation. Had not made a payment in 14 months on 1st or 2nd mtg. working with BOA at first and then naca in Feb 09. Went to naca save the dream event in Oct 09 and got approved . Got my modification packet from BOA in mid Dec. it was for 3% for 26 years. We made our 1st payment when we sent in the paperwork for Jan. next due Feb 1st. My understanding is that we have to make 3 timely payments for it to become a sealed deal.
My account is not updated on BOA website but it does say that our mod is complete and they are processing the updates to my account. And verbally I have been told twice that paperwork and payments was received and things are moving forward.
It is still not real too me!!! Hang in there everyone!!!!

[ama125]

So, I emailed my negotiator yesterday to let him know that I still have not received any paperwork to start the trial (my online status said if I did not receive anything by 1/18 to contact them). He replied that he would look into this for me. As is customary, I periodically check the online status to make sure nothing has changed or been cancelled in error. So just now, I checked online and up until now, the status on the second mortgage has always read "active processing" and has been that way since August. Now it says "approved" and that my loan modification on the second mortgage is approved! FYI, both mortgages are serviced by BofA, the first is back by Fannie Mae, the second is held by BofA. I have no idea what this means, what the terms are or if it is 2MP since last I had heard that was on hold or no one was actually participating in it yet. I am going to email my negotiator again to see if I can find out the scoop on this. I'm slightly excited (remember, my first has said approved since Nov and I still haven't gotten anything). I am doing a little happy dance right now since it at least does not say denied or cancelled. I'll be sure to update if I learn any of the details on this new development. It says if I do not receive any paperwork by 3/22 to contact them. And the beat goes on....

[This Is It]

Hi, Ama125 we missssssss You!!!!! Good Luck.

[elizabethlou]

Ama125
I Hope this is good news for you :-))

[ama125]

Originally Posted by This Is It

Hi, Ama125 we missssssss You!!!!! Good Luck.

Aww, thanks! Sorry I haven't been around much. I feel like I contributed as much as I can for where I am in this process. If I ever find out the magic formula, I'll be sure to let everyone know what it is and I will certainly keep posting updates as I continue to go through this. I hope everyone is able to find the help they are seeking whether it is to modify or walk away or short sale. I am at least glad to see come to light more and more how the banks are to blame for a large extent of this mess and how they continue to screw things up. It's about time people stop blaming the homeowners and learn the ugly truth. I truly hope the banks are held accountable and start to offer real help in a timely fashion... no one should have to go through this crap for a year or longer!

[hope67]

Originally Posted by ama125

So, I emailed my negotiator yesterday to let him know that I still have not received any paperwork to start the trial (my online status said if I did not receive anything by 1/18 to contact them). He replied that he would look into this for me. As is customary, I periodically check the online status to make sure nothing has changed or been cancelled in error. So just now, I checked online and up until now, the status on the second mortgage has always read "active processing" and has been that way since August. Now it says "approved" and that my loan modification on the second mortgage is approved! FYI, both mortgages are serviced by BofA, the first is back by Fannie Mae, the second is held by BofA. I have no idea what this means, what the terms are or if it is 2MP since last I had heard that was on hold or no one was actually participating in it yet. I am going to email my negotiator again to see if I can find out the scoop on this. I'm slightly excited (remember, my first has said approved since Nov and I still haven't gotten anything). I am doing a little happy dance right now since it at least does not say denied or cancelled. I'll be sure to update if I learn any of the details on this new development. It says if I do not receive any paperwork by 3/22 to contact them. And the beat goes on....

Hi ama125, this is great news, both my loans are serviced by BOA, the 1st is owned by Fannie Mae and the 2nd is owned by BOA, I have exactly the same situation, however, I was always informed that they will not look into the 2nd until the first loan is modified. I'm surprised that they approved the 2nd before you even started the trial modification for the 1st. This must be a new policy! This is fantastic!

[ama125]

Either it's a new policy or an error! I was told the same thing you were... no mods on seconds until the first is completed. I emailed my negotiator so I'll post the latest if and when I hear anything more.

[britmarie]

Where do you look for updates on your loan ? I mean where did you see a letter being processed?

[ama125]

Originally Posted by britmarie

Where do you look for updates on your loan ? I mean where did you see a letter being processed?

When I first started this process, the website was different. It has since changed. I can still see the status of my review, but it does not currently show anything under documents received. That was where this workout letter used to be (under the heading "documents received"). That section does still exist, but since I am in this holding pattern, I have nothing showing up under that anymore (the previously mentioned workout letter was cancelled I suppose as I never did receive it). To get to the section to check your status and documents, you log on to their website, go to the mortgage account and click on workout information.

[britmarie]

Thanks I will. I was wondering do you know anyone here that would review documents . I would have all my paper work done but i am not so sure if it is all correct I would like to have someone review them before submiting ....

[britmarie]

I am sorry I ment to say I have all my paprework completed just holding off because I am worried it is not all correct

[ama125]

Originally Posted by britmarie

I am sorry I ment to say I have all my paprework completed just holding off because I am worried it is not all correct

Could you clarify please? Are these documents you are getting ready to submit for the first time for a mod request? Are you requesting HAMP specifically? If so, you should be able to find out what is needed on hmpadmin.com (https://www.hmpadmin.com/portal/programs/hamp.html). BofA has also updated their website with online tools. See here for more details: Home Loan Assistance. I can tell you that when I contacted OOP for assistance, I was told what I would need to send. When I got assigned a negotiator, he told me what other info I needed to submit which I was able to do over email. It is hard to say what constitutes "complete" paperwork as each person's situation is different and therefore what is needed can vary. I submitted the HAMP hardship affidavit, bank statements, pay stubs and a list of monthly expenses. I was not asked for the IRS form though it is required for HAMP and I expect I will be asked for it whenever I get the packet I have been waiting for.

[ama125]

Just when you think things are looking up they hit you with a shocker! So, despite being told back in October that I am pre-approved for a HAMP trial and to wait for paperwork, I finally get my negotiator on the phone today and he tells me the MHA team got back to him last week that we failed the NPV test! How is it that I passed the one my nego used but failed the one the MHA team used? Should they not all be using the same NPV model?! So I am approved for an in-house mod on the first loan with the same terms as a HAMP. Does this make any sense?! I am approved for an in-house mod on the second but it is hardly any reduction at all and definitely not the MHA second lien program. I was really hoping to start the HAMP trial and now I am just disgusted by this mess. How can they do this and stay in business?! This is just ridiculous!

[AzGryffindor]

ama: Did you go over your financials with them again to make sure they were keyed right? I know you were able to get your property taxes lowered. Did you make sure they reflected that in their NPV?

Since you've been rejected for HAMP you're supposed to get a letter with details within 10 days of the denial. Keep an eye out for it.

It's just not right that you, who have helped SO many of us with our mods, get denied.

[ama125]

I did tell my nego that they are supposed to send a written notice when you fail the NPV. He said he'd put in a request for that. I shouldn't have to ask for it, but who knows, maybe it is on its way since he said he just found out last week. I was approved for an in-house mod with the same terms as HAMP (I know, if I can get the same terms, why not a HAMP then but if you can't pass the NPV test then no HAMP unless you have Fannie Mae which I do which leads me to more questions now). It is the second lien that stinks. Even though I am approved for a mod on the second lien, the mod offer sucks! Shaving $90 off that payment each month does nothing for me when you combine the two payments. I'll just keep my eyes out for the NPV letter. Sure would be nice if I could actually talk to someone with the MHA team.