"making homes affordable modification"

[hopelessin2009]

Hi everyone, this is my first time posting even though i have lurked around for months and months. After months of calling BOA formerly Countywide, i have finally gotten the FEDEX i have been waiting for. The making homes affordable folder saying that they will put me on a 3month trial period and then hopefully modify my loan. My only worry is, will they actually modify our loan, or come back and say, sorry we cant help you. Has anyone had either outcome?

[Evan Bedard]

Hi welcome and thank you for joining the forum.

The making homes affordable folder saying that they will put me on a 3month trial period and then hopefully modify my loan. My only worry is, will they actually modify our loan, or come back and say, sorry we cant help you. Has anyone had either outcome?

From my personal experience dealing with CW they offer this program to many homeowners before they decide for a permenant modification. It is a good program that usually drops your payments a significant amount over the next few months. Every mod is on a case by case bases and the outcome will vary. I have seen BofA offer permenant mods almost immediately after this trial period, but also have seen cases were the lender will require you to provide updated information to see if your financial situation has changed. Keep us posted on your outcome of this program..

[frustrated09]

I recieved my documents for 3 mos. Home Affordable Modification trial period from BOA last week. I signed the documents, and returned them to BOA by Fed. Ex. So, I am currently in the trial period also.

At first I was concerned, because my documents did not specifically state that it was the Home Affordable Modification. Nor did the documents state the specific interest rate I am getting to reach the new payment amount. However, my negotiator explained verbally that what I am getting IS a Home Affordable Modification, bringing me to the 31% of compensation mortgage payment. She said that BOA does not have documents specific to Home Affordable Modification yet, because the program is too new for them. She also said that she can not tell me the rate BOA used to calculate the new payment amount yet, because the rate may change if the Modification goes into official (5 year) status.

Since my negotiator provided me this explanation clearly and on my recorded line, I felt relatively comfortable signing the documents and making the first payment.

At this point, it is my understanding that - as long as I make my payments on time and my income situation does not change - the Modification can go to full effect. My negotiator said that after 3 mos., BOA will probably ask for all the financial information (I gave the earlier) again, and they will review the situation to make sure I can continue making the new payment.

Now like you, I am hoping the Modification goes into full effect after the 3 mos. trial.

[kdtran08]

Originally Posted by frustrated09

I recieved my documents for 3 mos. Home Affordable Modification trial period from BOA last week. I signed the documents, and returned them to BOA by Fed. Ex. So, I am currently in the trial period also.

At first I was concerned, because my documents did not specifically state that it was the Home Affordable Modification. Nor did the documents state the specific interest rate I am getting to reach the new payment amount. However, my negotiator explained verbally that what I am getting IS a Home Affordable Modification, bringing me to the 31% of compensation mortgage payment. She said that BOA does not have documents specific to Home Affordable Modification yet, because the program is too new for them. She also said that she can not tell me the rate BOA used to calculate the new payment amount yet, because the rate may change if the Modification goes into official (5 year) status.

Since my negotiator provided me this explanation clearly and on my recorded line, I felt relatively comfortable signing the documents and making the first payment.

At this point, it is my understanding that - as long as I make my payments on time and my income situation does not change - the Modification can go to full effect. My negotiator said that after 3 mos., BOA will probably ask for all the financial information (I gave the earlier) again, and they will review the situation to make sure I can continue making the new payment.

Now like you, I am hoping the Modification goes into full effect after the 3 mos. trial.

Does the new trial payment help? I asked because I heard someone saying that the mod does not lower mortgage payment significantly. I've also been told by my law office that I will receive a Home Affordability package from Bank of America within 10 business days. I'm keeping my finger crossed and I hope everything works out for you too!!!

[sandyg]

Originally Posted by frustrated09

I recieved my documents for 3 mos. Home Affordable Modification trial period from BOA last week. I signed the documents, and returned them to BOA by Fed. Ex. So, I am currently in the trial period also.

At first I was concerned, because my documents did not specifically state that it was the Home Affordable Modification. Nor did the documents state the specific interest rate I am getting to reach the new payment amount. However, my negotiator explained verbally that what I am getting IS a Home Affordable Modification, bringing me to the 31% of compensation mortgage payment. She said that BOA does not have documents specific to Home Affordable Modification yet, because the program is too new for them. She also said that she can not tell me the rate BOA used to calculate the new payment amount yet, because the rate may change if the Modification goes into official (5 year) status.

Since my negotiator provided me this explanation clearly and on my recorded line, I felt relatively comfortable signing the documents and making the first payment.

At this point, it is my understanding that - as long as I make my payments on time and my income situation does not change - the Modification can go to full effect. My negotiator said that after 3 mos., BOA will probably ask for all the financial information (I gave the earlier) again, and they will review the situation to make sure I can continue making the new payment.

Now like you, I am hoping the Modification goes into full effect after the 3 mos. trial.

Are you working with NACA or just BOA? I am with NACA and my investor is Fannie Mae. I have not talked to my NACA negotiator yet. But, NACA counselor told me that Fannie approved me for a 3 forbearance plan. And after that a possible mod. It sounds like what you are speaking about. I was curious why they did not offer me the MHA plan that I surely qualify for.
Any info. would be appreciated on what language was in your documents.

[frustrated09]

Yes. The new modified payment definitely helps. Under Home Affordable the new monthly payment is calculated to be 31% of monthly income. This amounts to a $400 a month reduction for me. If the modification goes into full effect after the trial, it will be the miracle that keeps me in my home.

The language in the document I signed is interesting. It does in fact refer to "forebarance" and "deferred payments." I was concerned about this, since I have not been late yet. So for me, at this time there is nothing to forbear. But, my negotiator told me (again on a recorded line) that this language is in the documents BOA is currently using for anyone getting the trial HA Modification.

Honestly, after all the horror stories I've read about Countrywide/BOA going back on there word, I wouldn't feel comfortable with this verbal stuff if I didn't have the conversations on my recorded line at work. I also document everything - just in case I need to start writing to government agencies (again). I reallly think we all need to cover our selves in what ways we can.

I'm not working with either NACA or an Attorney. I've been doing it all myself since I heard about Home Affordable in February. I can't tell you how many times Countrywide/BOA kept telling me I wasn't qualified -for different reasons (all incorrect). So, I kept on sending them pages from the Home Affordable site and copies of the letters I sent to government officials.

I thought about trying NACA, but I checked out there site and saw that they wanted involvement of some sort (volunteer work, attend workshops, lobby, put a sign on your lawn...) all things that as a hard working single Mom, I simply don't have time to be involved in. I also read postings from people complaining about time and lack of response from NACA. I didn't want to take a chance, so I did it myself and I'm hopeful of the results.

[sandyg]

Thanks for the reply. I hope the language in my letter is the same. My sale date is 7/3. Talked with BOA today...they usually won't talk to me because of NACA. But, they told me that a lwtter would be sent to me about the 3-6 month forbearance. And after that a mod would be considered. They said that the sale date could be cancelled 10 days prior. Anyway, I pray it all works out! We've had good credit until last year and lost 35% of our income. We are self employed. If we have to we will lay off another person to save our home and ourselves. But, we need them desperately to do the job. And I hate the thought of a single MOM being layed off. She's worked with us for 15 years and is agreat employee!!
Keep in touch with me and your progress. This site is my life line and the smallest thing is encouraging.

[AzGryffindor]

I also received my Fed Ex package for a Making Home Affordable loan modification from BofA/CW on the 2nd.

For those that are curious as to what is contained within:

Letter from Bank of America:

Dear ******:

Everyone goes through difficult times. That's when you need someone on your side the most. BAC Home Loans Servicing, LP (the subsidiary of Bank of America that services your mortgage) wants to help homeowners have affordable mortgage payments and stay in their homes by taking advantage of a new government program.

Based on an initial review of your current financial situation, you may be eligible for a loan modification as part of the federal government's Home Affordable Modification Program to help homeowners. Under this program, we will determine your current financial situation to confirm whether we can help you by modifying your mortgage to give you a new affordable mortgage payment - now and into the future.

Here's how the program works:
* You provide us with information to confirm your financial situation.
* We will review the information you provide and determine if you are eligible for the Home Affordable Modification Program.
* If the eligibility requirements are met, you will be offered a new affordable mortgage payment for a 3 month trial period.
* After the trial period is successfully completed, a new loan modification agreement will be sent to you.

There are no fees associated with this program.

We have enclosed documents you need to complete and return by 7/31/2009 to start the trial period.

Step 1 - Provide the information we need to help you

In order to take advantage of this program, please provide the requested information and complete the enclosed documents. We have included a checklist of all the required information you will need to provide:

* Two copies of the enclosed Trial Period Plan signed by each borrower. The Trial Period Plan details the terms, conditions and monthly payment that you are agreeing to during the 2 month trial period. The Trial Perios Plan will not be final until the information you provide has been verified and accepted and the Trial Period Plan has been signed by us.

* The enclosed Hardship Affidavit completed and signed by eadh borrower. The Hardship Affidavit states the reason that you are unable to make your current monthly mortgage payment.

* A signed and dated copy of the IRS form 4506-T for each borrower. Signing this document will allow us to obtain a copy of your most recent tax return.

* Documentation to verify all of the income of each borrower. The enclosed checklist indicates the specific documentation that we need to verify your income.

In order to facilitate the processing of your request, please provide all of the information at the same time using the enclosed envelope. The deadline for providing the above information is 7/31/2009.

The monthly trial period payments are based on the income information that you previously provided to us. Based on that information, we determined the estimate of what your new mortgage payment will be if we are able to modify your loan under the terms of the program. If your income documentation does not support the income amount that you previously provided in our discussions, two scenarios can occur:

1) Your monthly payment under the Trial Period Plan may change
2) You may not qualify for this loan modification program.

If you do not qualify for a loan modification, we will work with you to explore other options available to try to ehlp you keep your home.

Step 2 Mail in your new affordable payment

Your new monthly trial period payment can be found on your Trial Period Plan. Please pay using your regular payment method. If you send your payment by mail, it must be mailed separately from the other documents to the following address:

Payment Processing
P.O. Box 10219
Van Nuys CA 91410

We want to help you by modifying your mortgage payment, however you must take the first step by completing the enclosed documents and returning them by 7/31/2009. Please call 1.866.994.0181 if you have any questions about the program. Remember, there are no fees for this program.

You may receive a phone call from one of our representatives to discuss this offer and answer your questions. However, there is no need to wait for our call. Please call us now or send back the completed documents.

Sincerely,

Jill Balentine
Senior Vice President
Home Retention Division
BAC Home Loans Servicing, LP

Attachments: Important Notice, Complete Your Checklist, Important Program Info, Frequently Asked Questions, Two copies of the Trial Period Plan, Hardship Affadavit, and IRS Form 4506-T

[AzGryffindor]

The next section in the packet:

COMPLETE YOUR CHECKLIST
This is the information we need to help you modify your mortgage payments

To accept this offer and determine if you qualify for a Home Affordable Modification, you must send in the five (5) items listed below to BAC Home Loans Servicing, LP, no later than 7/31/2009. Items 1-4 need to be returned in the envelope provided for your convenience. Item 5, your first Trial Plan payment, must be sent to BAC Home Loans Servicing, LP in a separate envelope to the address on page 2 of this letter and also on your statement or loan coupon.

1. Two copies of the enclosed Trial Period Plan signed by all borrowers,
2. The enclosed Hardship Affidavit completed and signed by all borrowers (no notary required),
3. A signed and dated copy of the IRS Form 4506-T (Request for Transcript of Tax Return) for each borrower (borrowers who filed their tax returns jointly may send in one IRS Form 4506-T signed and dated by both of the joint filers)
4. Documentation to verify all of the income of each borrower (including any alimony or child support that you choose to rely upon to qualify.) This documentation should include:

For each borrower who is a paid (salaried or hourly) employee:
Copy of the most recent filed federal tax return with all schedules; and
Copy of the two most recent pay stubs.

For each borrower who is self-employed:
Copy of the most recent filed federal tax return with all schedules, and
Copy of the most recent quarterly or year-to-date profit/loss statement.

For each borrower who has income such as social security, disability or death benefits, pension, public assistance, or unemployment:
Copy of the most recent federal tax return with all schedules and W-2 or copies of two most recent bank statements.
Copy of benefits statement or letter from the provider that states the amount, frequency and duration of the benefit.
Such benefit must continue for at least 3 years to be considered qualifying income under this program.

For each borrower who is relying on alimony or child support as qualifying income:
Copy of divorce decree, separation agreement or other written agreement or decree that states the amount of the alimony or child support and period of time over which it will be received. Payments must continue for at least 3 years to be considered qualifying income under this program.
Proof of full, regular and timely payments; for example deposit slips, bank statements, court verification or filed federal tax return with all schedules.

For each borrower who has rental income:
Copes of the most recent two years filed federal tax returns with all schedules, including Schedule E - Supplement Income and Loss. REntal income for qualifying purposes will be 75% of the gross rent.

5. Your first month's trial period payment in the amount of $640.48.**

IMPORTANT STEP: Your first month's trial period payment in the amount of $640.48 should be paid to BAC Home Loans Servicing, LP. Please use your loan coupon or mortgage statement information to ensure your payment is mailed or routed to BAC Home Loans Servicing, LP.

** Please note: your first month's trila payment should not be sent in the enclosed envelope. The address on the envelope is for processing your Trial Period Plan and related financial documentation. Your payment will not be processed if it is mailed in this envelope. If you are mailing your payment to BAC Home Loans Servicing. LP, it must be mailed in a separate envelope to the address reflected on your loan coupon or mortgage statement to ensure timely and proper processing.

If you have other types of income or have questions about the documentation required, please contact us at 1.866.994.0181.

You must send in both signed copes of the Trial Period Plan, all required income documentation, and your first trial period payment by 7/31/2009. Please make and keep a copy of all documents for your records. Do not send original income documentation as copies are acceptable.

Your remaining trial period payments in the amount of $640.48 will be due on or before 7/31/2009, 9/1/2009, and 10/1/2009. These payments should be sent instead of, not in addition to, your normal monthly mortgage payment. If the trial period payments are made in amounts different from the amount stated your loan may not be modified.

If you situation has changed since you provided your financial information to us verbally, please call us at 1.866.994.0181 to be re-evaluated. Please note that all financial information is subject to verification.

[AzGryffindor]

Next section:

IMPORTANT PROGRAM INFORMATION
Here's what you need to know about the Home Affordable Modification Program

NO FEES. There are no fees under the Home Affordable Modification Program.

TRIAL PERIOD PLAN/MODIFICATION AGREEMENT. The Trial Period Plan is the first step. Before the end of your Trial Period, we will finalize your modified loan terms and send you a loan modification agreement ("Modification Agreement"), which will reflect the terms for your modified loan. In addition to successfully completing the Trial Period, you will need to sign and promptly return to us both copies of the Modification Agreement before your loan can be modified.

NEW PRINCIPAL BALANCE. Past due amounts as of the end of the trial period, including unpaid interest, real estate taxes, insurance premiums and certain assessments paid on your behalf to a third party, will be added to your mortgage loan balance (the "Past Due Arrearage Amount"). If you fulfill the terms of the trial period including, but not limited to, making the trial period payments, we will waive ALL unpaid late charges at the end of the trial period.

ESTIMATED MONTLY PAYMENT. At this time, we are not able to calculate precisely the Past Due Arrearage Amount or the amount of your modified loan payment that will be due after successful completion of the trial period. However, based on information we currently have, your trial period payment should be close to your modified loan payment. As we near the end of the trial period, we will calculate any past due amount to determine yor new modified monthly payment and other modified loan terms.

ESCROW ACCOUNT. The terms of your Trial Period Plan and your Modification Agreement will require the servicer to set aside a portion of your new monthly payment in an escrow account for payment of your property taxes, insurance premiums and other required fees. Your current loan may also require escrows. If it dow not, the previous waiver of escrows is cancelled under your Trial Period Plan. BAC Home Loans Servicing, LP will draw on this account to pay your real estate taxes and insurance premiums as they come due. Please not that your escrow payment amount will adjust if your taxes, insurance premiums and/or assessment amounts change, so the amount of yoru monthly payment that the servicer must place in escrow will also adjust as permitted by law. This means that your monthly payment may change. Your initial monthly escrow payment will be $160.98.

BORROWER INCENTIVE. If your monthly mortgage payment (principal, interest, property taxes, hazard insurance, flood insurance, condominium assocation fees and homeowner's assocation fees, as applicable, but excluding mortgage insurance) is reduced through teh Home Affordable Modification Program by six percent or more and you make your monthly mortgage payments on time, you will accrue a monthly benefit equal to the lesser of: (i) $83.33 or (ii) one-half of the reduction in your monthly mortgage payment. As long as your morrgage loan does not become 90 days delinquent, we will apply your accrued monthly benefit to your mortgage loand and reduce your principal balance on or after each of the first through fifth anniversaries of the month in which the Trial Period Plan is executed. If your modified mortgage loan ever becomes 90 days delinquent, you will lose all accrued but unapplied princiapl reduction benefits and will no longer be eligible to accrue additional princiapl reduction benefits even if the mortgate loan is later brought current.

CREDIT COUNSELING. If you have very high levels of total debt (this includes credit card, care and other debt obligations) you will be required to obtain credit counseing under the Home Affordable Modification Program.

CREDIT REPORTING. If you are delinquent when you enter the trial period, we will contine to report your loan as delinquent to the credit reporting agencies during the trial period even if you make your trial period payments on time. However, after your loan is modified, we will only report the loan as delinquent if the modified payment is not received in a timely manner.

[AzGryffindor]

Next Page: (Note: There appears to be a couple of lines of text they missed when they printed this document. So, any parts that seem as incomplete answers are not on my part).

FREQUENTLY ASKED QUESTIONS

Q What is the Home Affordable Modification Program?

The Home Affordable Modification Program, part of the Making Home Affordable Program announced recently by the federal government, is designed to help three to four million financially struggling homeowners by modifying loans to a level that is affordable for borrowers now and sustainable over the long term. To learn more about the Home Affordable Modification Program, visit Making Home Affordable - Home.

Q If I qualify, how will my mortgage be modified?

The modification may involve some or all of the following changes to your mortgage loan:

BLANK/MISSING TEXT

Documents and Processsing

Q How long will it take to process my modification request and determine if I qualify for the program?

It may take up to 45 days for us to review your documents once they are received. We will process your modification request as quickly as possible. Please note that your modification will not be effective unless you meet all of the applicable conditions and you are notified in writing that your modification has been approved.

Q Will a foreclosure occur if I participate in the Home Affordable Modification Program?

As long as you comply with the terms of the Trial Period Plan, we will not start foreclosure proceedings or conduct a foreclosure sale if foreclosure proceedings have started. If you fail to comply with the terms of the Trial Period Plan and do not make other arrangements, your loan will be enforced according to its original terms, which could include foreclosure.

Q Do all borrowers have to sign the Trial Period Plan and other documents?

Unless a borrower or co-borrower is deceased (and proof is provided), all borrowers who signed the original loan documents must sign the Trial Period Plan, the Modification Agreement and all other required modification documents. Contact your mortgage company if it would be difficult or impossible for you to comply with this requirement.

Trial Period Payments

Q Where should I mail or send my trial period payments?

BAC Home Loans Servicing, LP. Please continue to use your preferred method of payment.

Q What happens to my trial period payments if I do not comply with the terms of the Trial Period Plan?

BLANK - NO ANSWER PROVIDED.

Q What if my trial period payment is less than the payment I currently owe on my loan?

You only need to pay the trial period amount during the three month trial period. The difference between the amount of the trial payment and your normal monthly payment will be added to your loan balance.

Q Could my trial period payment be more than my current payment?

MISSING LINE
escrow payments, your trial period payment could be higher than your current payment. Please note: the increase in your
MISSING LINE
as we will pay those for you out of your escrow account.

Q What do you do with my first trial period payment if I do not qualify for the program?

MISSING LINE
not qualify for the program, we will help you evaluate other options to hep you keep your home or ease your transition to a new residence.

Modification Terms

Q If I get a Home Affordable Modification, can my modified loan terms ever revert to the original loan terms?

No. This is one of the advantages of the Home Affordable Modification Program. Once your loan is modified, the new terms stay in place for the remainder of your loan.

[AzGryffindor]

The Actual Agreement - Page 1:

Investor Loan # ______________

HOME AFFORDABLE MODIFICATION PROGRAM LOAN WORKOUT PLAN
(Step One of Two-Step Documentation Process)

Trial Period Plan Effective Date: 7/31/2009
Borrower ("I") 1*: Mr. & Mrs AzGryffindor
Servicer ("Servicer"): BAC Home Loans Servicing, LP
Date of first lien Security Instrument ("Mortgage") and Note ("Note"): 12/18/2006
Loan Number: 123456789
Property Address ("Property"): My Address

If I am in compliance with this Trial Period Plan (the "Plan") and my representations in Section 1 continue to be true in all material respects, then the Servicer will provide me with a Home Affordable Modification Agreement ("Modification Agreement"), as set forth in Section 3, that would amend and supplement (1) the Mortgage on the Property, and (2) the Note secured by the Mortgage. The Mortgage and Note together, as they may previously have been amended, are referred to as the "Loan Documents." Capitalized terms used in this Plan and not defined have the meaning given to them in the Loan Documents.

If I have not already done so, I am providing confirmation of the reasons I cannot afford my mortgage payment and documents to permit verification of all of my income (except that I understand that I am not required to discolse any child support or alimony unless I wish to have such Income considered) to determine whether I qualify for the offer described in this Plan (the "Offer"). I understand that after I sign and return two copies of this Plan to the Servicer, the Servicer will send me a signed copy of this Plan if I qualify for the Offer or will send me written notice that I do not qualify for the Offer. This Plan will not take effect unless and until both I and the Servicer sign it and Servicer provides me with a copy of this Plan with the Servicer's signature.

1. My Representations. I certify, represent to Servicer and agree:
A. I am unable to afford my mortgage payments for the reasons indicated in my Hardship Affadavit and as a result, (i) I am either in default or believe I will be in default under the Loan Documents in the near future, and (ii) I do not have sufficient income or access to sufficient liquid assets to make the monthly mortgage payments now or in the near future;
B. I live in the Property as my principal residence, and the Property has not been condemned;
C. There has been no change in the ownership of the Property since I signed the Loan Documents:
D. I am providing or already have provided documentation for all income that I receive (and I understand that I am not required to disclose any child support or alimony that I receive, unless I wish to have such income considered to qualify for the Offer);

__________________________________________________ ______________

1. If there is more than one Borrower or Mortgagor executing this document, such is referred to as "I". For purposes of this document words signifying the singular (such as "I") shall include the plural (such as "we") and vice versa where appropriate.

HOME AFFORDABLE MODIFICATION PROGRAM - LOAN WORKOUT PLAN - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3156 3/09 (page 1 of 3 pages)

[CW California]

AZGry
When I wrote my letter to Barbara Desore, the Mortgage Loan President's office, they assigned a negotiater to my file. The first part of June I was told they didn't have the plan, that they were missing a page. All this after I was told I was pre-qualified for MHA. I've continued to see postings of people receiving it. Isn't it amazing the level of lies of BofA? So here is what I am wondering. Wouldn't it be cool to send them a copy of this letter to the office of the president along with my negotiator's name and what she told me? So if there is any way you can email me a copy of that thru the forum I would sure appreciate it. I don't know how to "capture" it just by the posting alone.

[frustrated09]

Wow! I got my document from BOA on June 27th. But what I got by FED. EX. is totally different from what AZfryffindor got from BOA. The only thing I have to convince me that mine is a Home Affordable trial is are negotiator's words (recorded).
I'm trying not to worry, because the explanation the negotiator gave me sounded plausible and I have the recording dated June 29th. Also, I went to BOA seeking Home Affordable Modification. The above document sounds like BOA went to AZfryffindor (is that the case?). I started presenting my hardship request, financial information, and tax documentsmonths ago...getting all kinds of run around and incorrect information first from Countrywide and them from BOA. I'm happy to finally get the trial, but I wish my document looked more like your's, AZ.

[AzGryffindor]

Page 2

E. Under penalty of perjury, all documents and information I have provided to Servicer pursuant to this Plan, including the documents and information regarding my eligibility for the program, are true and correct; and
F. If Servicer requires me to obtain credit counseling, I will do so.

2. The Trial Period Plan. On or before each of the following due dates, I will pay the Servicer the amount set forth below ("Trial Period Payment"), which includes payment for Escrow Items, including real estate taxes, insurance premiums and any other fees, if any, of U.S. $640.48.

Trial Period Payment # Trial Period Payment Due Date On or Before
1 $640.48 7/31/2009
2 $640.48 9/1/2009
3 $640.48 10/1/2009

The Trial Period Payment is an estimate of the payment that will be required under the modified loan terms, which will be finalized in accordance with Section 3 below.

During the period (the "Trial Period") commencing on the Trial Period Effective Date and ending on the earlier of: (i) the first day of the month following the month in which the last Trial Period Payment is due (the "Modification Effective Date") or (ii) termination of this Plan, I understand and acknowledge that:

A. TIME IS OF THE ESSENCE under this plan;

B. Except as set forth in Section 2.C. below, the Servicer will suspend any scheduled foreclosure sale, provided I continue to meet the obligations under this Plan; but any pending foreclosure action will not be sismissed and may be immediatly resumed from the point at which it was suspended if thie Plan terminates, and no new notice of default, notice of intent to accelerate, notice of acceleration, or similar notice will be necessary to continue the foreclosure action, all rights to such notices being hereby waived to the extent permitted by applicable law:

C. If my property is located in Georgia, Hawaii, Missouri, or Virginia and a foreclosure sale is currently scheduled, the foreclosure sale will not be suspended and the Servicer may foreclose if I have not made each and every Trial Period Payment that is due before the scheduled foreclosure sale. If a foreclosure sale occurs pursuant to this Section 2.C., this agreement shall be deemed terminated;

D. The Servicer will hold the payments received during the Trial Period in a non-interest bearing account until they total an amount that is enough to pay my oldest delinquent monthly payment on my loan in full. If there is any remaining money after such payment is applied, such remaining funds will be held by the Servicer and not posted to my account until they total an amount that is enough to pay the next oldest delinquent monthly payment in full;

E. When the Servicer accepts and posts a payment during the Trial Period it will be withoug prejudice to, and will not be deemed a waiver of, the acceleration of the loan or foreclosure action and related activities and shall not constitute a cure of my default under the Loan Documents unless such payments are sufficient to completely cure my entire default undre the Loan Documents;

F. If prior to the Modification Effective Date, (i) the Servicer does not provide mea fully executed copy of this Plan snd the Modification Agreement; (ii) I have not made the Trial Period payments required under Section 2 of this Plan; or (iii) the Servicer determines that my representations in Section 1 are no longer true and correct, the Loan Documents will not be modified and this Plan will terminate. In this event, the Servicer will have all of the rights and remedies provided by the Loan Documents, and any payment I make under this Plan shall be applied to amounts I owe under the Loan Documents and shall not be refunded to me; and

HOME AFFORDABLE MODIFICATION PROGRAM - LOAN WORKOUT PLAN - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3156 3/09 (page 2 of 3 pages)

[veejmar]

Hello,

I have visited these forums in the past and have always found them helpful. I hope I can get some information.

A loan modification was completed for me back in January. I am making interest-only payments this year and the payment has been affordable. However, with the escrow account added, now including my property taxes, home insurance and shortage payment, my affordable payment is now borderline affordable. I have been current on my mortgage since my modification (6 months), but the escrow/shortage addition is making it difficult last month and this month and I am afraid I will fall behind. I've done the calculations and I'm currently at 36% of my salary gross with my payment. I don't need a drastic reduction to make things affordable. If it could drop to 31%, it would reduce my payment by about $350 (from $2770 to $2420) and I would be fine. A couple of questions:

1) If I'm current, will I qualify for the Make Home Affordable plan? I have read that BOA will only help if you fall behind. Is this true?

2) Since I'm currently paying interest-only and escrow, will I qualify for the Make Home Affordable plan?

3) How quickly does the program take effect after speaking with someone? I've read on here about a 3-month trial. Is the set-up for this quick?

4) What has also made this more difficult is a reduction in my salary. My company cut salaries across the board last month by 5-8% (5% for me) for the remainder of 2009. Will this help with obtaining a MHA reduction?

Thanks in advance for any information that can be provided.

[AzGryffindor]

Originally Posted by CW California

AZGry
When I wrote my letter to Barbara Desore, the Mortgage Loan President's office, they assigned a negotiater to my file. The first part of June I was told they didn't have the plan, that they were missing a page. All this after I was told I was pre-qualified for MHA. I've continued to see postings of people receiving it. Isn't it amazing the level of lies of BofA? So here is what I am wondering. Wouldn't it be cool to send them a copy of this letter to the office of the president along with my negotiator's name and what she told me? So if there is any way you can email me a copy of that thru the forum I would sure appreciate it. I don't know how to "capture" it just by the posting alone.

I can scan it, blank out my personal info and post it so you can download it.

I'm still typing the remainder of my agreement so it's going to be a little while.

Originally Posted by frustrated09

Wow! I got my document from BOA on June 27th. But what I got by FED. EX. is totally different from what AZfryffindor got from BOA. The only thing I have to convince me that mine is a Home Affordable trial is are negotiator's words (recorded).
I'm trying not to worry, because the explanation the negotiator gave me sounded plausible and I have the recording dated June 29th. Also, I went to BOA seeking Home Affordable Modification. The above document sounds like BOA went to AZfryffindor (is that the case?). I started presenting my hardship request, financial information, and tax documentsmonths ago...getting all kinds of run around and incorrect information first from Countrywide and them from BOA. I'm happy to finally get the trial, but I wish my document looked more like your's, AZ.

Actually, I started this all with a call to BofA/CW in early May. I also called the HOPE (HUD Counseling) number listed on the Making Home Affordable website and gave them all of my info.

After not hearing anything back from anyone I started the NACA process but was told by the counselor that we wouldn't qualify until my husband acquired employment (he was on unemployment - I'm employed) so they did not submit anything to BofA/CW.

Luckily, my husband was very fortunate and landed a really good job just about two weeks ago. Unfortunately, his hours are not full-time and vary greatly.

Also, your modification docs may differ due to your Note being held by a different lender? If you look at the bottom of the pages for the actual Agreement, it states that this is the "HOME AFFORDABLE MODIFICATION PROGRAM - LOAN WORKOUT PLAN - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT. Form 3156 3/09

My note is held by Fannie Mae.

[AzGryffindor]

Page 3 of the Agreement:

G. I understand that the Plan is not a modification of the Loan Documents and that the Loan Documents will not be modified unless and until (i) I meet all of the conditions required for modification, (ii) I receive a fully executed copy of a Modification Agreement, and (iii) the Modification Effective Date has passed. I further understand and agree that the Servicer will not be obligated or bound to make any modification of the Loan Documents if I fail to meet any one of the requirements under this Plan.

3. The Modification. I understand that once Servicer is able to determine the final amounts of unpaid interest and any other delinquent amounts (except late charges) to be added to my loan balance and after deducting from my loan balance any remaining money held at the end of the Trial Period under Section 2.D. above, the Servicer will determine the new payment amount. If I comply with the requirements in Section 2 and my representations in Section 1 continue to be true in all material respects, the Servicer will send me a Modification Agreement for my signature which will modify my Loan Documents as necessary to reflect this new payment amount and waive any unpaid late charges associated with overdue loan payments remaining unpaid as of the date immediately before the modification. Upon execution of a Modification Agreement by the Servicer and me, this Plan shall terminate and the Loan Documents, as modified by the Modification Agreement, shall govern the terms between the Servicer and me for the remaining term of the loan.

4. Additional Agreements. I agree to the following:
A. That all persons who signed the Loan Documents of their authorized representative(s) have signed this Plan, unless a borrower or co-borrower is deceased or the Servicer has waived this requirement in writing.

B. To comply, except to the extent that they are modified by this Plan, with all covenants, agreements, and requirements of Loan Documents, including my agreement to make all payments of taxes, insurance premiums, assessments, Escrow Items, impounds, and all other payments, the mount of which may change periodically over the term of my loan.

C. That this Plan constitutes notice that the Servicer's waiver as to payment of Escrow Items, if any, has been revoked, and I have been advised of the amount needed to fully fund my Escrow Account.

D. That all terms and provisions of the Loan Documents remain in full force and effect; nothing in this Plan shall be understood or construed to be a satisfaction or rlease in whole or in part of the obligations contained in the Loan Documents. The Servicer and I will be bound by, and will comply with, all of the terms and provisions of the Loan Documents.

E. Notwithstanding anything herein to the contrary, if my final two Trial Period Payments are received by Servicer after the close of business on the 15th calendar day of the last month of the Trial Period but before the end of the Trial Period, I agree that the Trial Period shall be extended by one calendar month (the "Additional Trial Period"). I agree to abide by all terms and provisions of this Trial Period Plan during the Additional Trial Period. In addition, I agree to make a Trial Period Payment in the amount of $640.48 (the same amount of the other Trial Period Payments) no more than 30 days after the last due date listed in the chart in Section 2 above.

The Servicer and I have executed this Plan.

___________________________ ______________________
BAC Home Loans Servicing, LP Husband's Name

______________________
Date

By: ________________________ ______________________
My Name

____________________________ ______________________
Date Date

HOME AFFORDABLE MODIFICATION PROGRAM - LOAN WORKOUT PLAN - Single Family - Fannie Mae/Freddie Mac UNIFORM INSTRUMENT
Form 3156 3/09 (page 3 of 3 pages)

[AzGryffindor]

The next document is the "Home Affordable Modification Program Hardship Affadavit".

Here's a link to the actual document in PDF form:
https://www.efanniemae.com/sf/formsd...trans/1021.pdf

Then there's IRS Form 4506-T - Request for Transcript of Tax Return.

Here's a link to this form: http://www.irs.gov/pub/irs-pdf/f4506t.pdf

I have already made a copy of our 2008 Federal Income Tax Return.

I have copies of our paycheck stubs from last week.

In a separate envelope, I mailed off the reduced payment yesterday to the address indicated on the cover letter.

All I am waiting on are the copies of our paycheck stubs from this week. I'll get mine on Friday and my husband will get his in the mail on Saturday.

Then, everything gets Fed Ex'd back to Bank of America.

Oh, here's the address it's going to in case anyone should need it:

Home Retention Group
CHLNCSHMP
9700 Bissonnet Street
Suite 1500
Houston TX 77036

I'll be sure to post how everything goes.

[windyCA]

I talked to BoA loss mitigation department, they told me that the HAM program is only from Fannie Mae/Freddie Mac loans.

And when I called their number, there is message saying that BoA will mail out information to eligible borrowers, I guess it means FM loan borrowers.

[veejmar]

The MHA REFINANCE program is for Fannie/Freddie loans. For the MHA MODIFICATION, your loan does not have to be owned by Fannie or Freddie.

[AzGryffindor]

Originally Posted by windyCA

I talked to BoA loss mitigation department, they told me that the HAM program is only from Fannie Mae/Freddie Mac loans.

And when I called their number, there is message saying that BoA will mail out information to eligible borrowers, I guess it means FM loan borrowers.

The refinance portion is limited to Fannie/Freddie as far as I know but not the modification portion.

Do you know who holds your note? Have you checked the Fannie Mae and Freddie Mac websites to see if either holds your note?

Fannie Mae Loan Look Up: Does Fannie Mae Own Your Mortgage? Loan Lookup Tool
Freddie Mac Loan Look Up: https://ww3.freddiemac.com/corporate/

I didn't know that Fannie held mine until I checked. I followed it up with a call after one of the BofA idiots said that Fannie Mae did not hold my note (they do).

[AzGryffindor]

You guys are going to love this.

My doorbell just rang and it was Fed Ex.

Guess what I received? ANOTHER MHA Mod package from BofA.

A couple of things are different:
The phone number to call is now: 1.877.221.0825
The trial period payment is now $635.50.

And the address to Fed Ex it back to has changed to:
BAC HOME LOANS SERVICING, LP
ATTN: HOME RETENTION DIVISION
390 INTERLOCKEN CRESCENT SUITE 310
BROOMFIELD CO 80021

They have NO idea what they're doing do they?

I guess I'll have to call (both numbers) and find out what's going on.

[windyCA]

[quote=AzGryffindor;101359]The refinance portion is limited to Fannie/Freddie as far as I know but not the modification portion.



Yes, that is what the guideline says; but I was told that BoA doesn't do HAM for non-FM loans.

My investor is BoA, I guess this is not a good thing because they have more stricted guideline for modification; NACA submitted my application in early May, I am still waiting for response from BoA

[AzGryffindor]