Poll: Current or Late Payments to Get Loan Mod

[katita]

Hi I know for sure that they want only 200 to 250 at bottom line,,,if you show them you have 900 at end of the month they assume you are still able to make your payments, Unfortunately you have to make it up ...you can call again and say your expenses have changed and now this is your real picture...please re evaluate my case"...tell them your expenses can get more adjustments you've done all you could...

[stamber]

Originally Posted by CFWash

Hi All!

Yes I was late

5 months late, applied for a loan mod in Mar 09. never heard anything till I sent that e-mail to Barbara (things sure quickly progressed from there) recieved and approval on July 17 09.

reduces interest from 6.5% fixed to 4.5% fixed for 5 years then increases to 5.5% for the life!

Payment due Sept 1st reduced by $286.00 month

**I was also offered a MHA mod via fedex - thought at the time I thought they were the same, after I signed above approval, I was called and approved for the MHA as well!! Does the confusion ever stop?

Hi CF Wash

How did you contact Barbara and what was your request to her? Thanks in advance.

[beaver]

1. staying late for 30 to 50 days
2. denied loan mod twice because varible rate went down
3. expecting offer by 8/17

[Garry]

Originally Posted by davejet

Trying to take poll for those successful with Loan Modification with Making Homes Affordable Prog with Bank of America/Country Wide

Please reply if you received a Modification Paperwork.

1.Were you current?
2.If Late on payments, how many months late before Bank of America offered a Modification
3. How much of a modification were you given? Reduction in interest rate and or reduction in principal?

This will help everyone out who is stretching to make payments which it might be better to miss payments.

I tried to get help starting in December while I was current and was denied at least 10 times over the phone. I was told that the only way I could get the bank to pay attention was to get 3 months behind, so I stopped paying both banks. I still was not getting any help and had given up on it after countless phone calls and the house went into foreclosure. Out of the blue, in mid July I received a Fed-Ex package containing my Making Home Affordable mod trial offer.

[Miche400]

This is my 1st time posting. I've been reading so much and appreciate the information I'm finding here!

After our first income reduction we were 2 months late. Comparing our bills and income they said they couldn't help because there wasn't enough of a difference.

Our next payment was made by leaving other bills unpaid. This caused threats from the gas and electric companies. BoA couldn't help now because we weren't far enough behind.

After another reduction the mortgage moved to 3 months late and they began threatening us with foreclosure. There is no help available this time because we are too far behind.

Calling again they have nothing to offer us because the mortgage is already approved by FHA and HUD. The only suggestion is to borrow money or withdrawing from my 401 plan. Neither is possible.

It's now 4 months, we'll be meeting with NACA this Sat., 8/15.

[CWandSLSat619]

Definitely 3 months late before I was considered and approved or a loan mod! To those guys who got a loan mod and was current the whole time. I'm pretty sure they've been really diligent in calling and pursuing the bank. I just got tired of it. I stopped paying and they started calling.. although I still have to pursue them, but this time my calls were getting transferred to the correct department wherever that is. Emailing Barbara is really the fastest route, specially if you're willing to meet the bank halfway.

[rozuki]

I started my journey Oct 08, calling various depts at the bank, explaining my hardship...but because I was paying each month...got nowhere with CW/BofA. More than one rep said I would only receive a decent mod when I became 2 months late....so I stopped paying mortgage in March 09. Never once received a phone call from CW/BofA.

Finally got my loan mod, after going with NACA, in June 09...took 54 days. Went from 10.55% to 2% life of loan.

The whole process was mentally and physically exhausting...I just hope that somehow when I am ready to sell in about 10 yrs that my house sells for more than I owe!!

[dozendogs]

They won't talk to me about a loan modification because I am and have always been current on my payments. I was told that their criteria is in constant flux and to try again in a month. Even though I haven't paid my HELOC since 1/09 or credit card debt since 12/08.

[Do not want to lose it]

Hi
I saw your post about EMC.
No one here mentions EMC anymore -just Chase- but my contact info on my statements are still EMC and when I call Chase they do not have it yet.I still have to deal with EMC Have you tried to modify?
Thanks!
Connie

[MrBreach]

Originally Posted by dozendogs

They won't talk to me about a loan modification because I am and have always been current on my payments. I was told that their criteria is in constant flux and to try again in a month. Even though I haven't paid my HELOC since 1/09 or credit card debt since 12/08.

I can't believe they can just change up their criteria as much as they do..

[whynot]

I am current. Eventhough i was told i need to be behind (several months ago). I called NACA and got the ball rolling with them. I'm still not approved, yet, but i do feel that its moving faster with naca at the table.

I tried telling them that missing a payment will hurt us in so many ways (credit card interest rising). but we'll see.

If they say "NO", I'll just ask Why not and try again, and again and again. someone will give in.

[cageycruz]

Tried working with CW in Oct 2008. Got no where. In Jan 2009 paid Grander Financial to do loan mod for me. Was told in Mar my application was being considered by "The Obama Team" and expect answer in 60-90 days. Mar was told I didn't qualify and was being considered for another program and expect an answer in 60-90 days. Aug my file disappeared from the website. Grander said they're giving up and refunded my money.
They mentioned that people that were behind are "going to the front of the line."

Always stayed current and after 12 months nothing.

Now trying 2 different tracks: one with an atty and also have signed up for the next NACA workshop.

My situation might be different because it's a jumbo loan over $729k and the property might not be upside down (depending on whose appraisal you believe). We're looking at paying the loan down to get it under $729,750. My salary was cut 53% in Dec 2007. I'm holding on, still current, but won't be much longer.

Great info at this forum, thanks.

[crogers854]

yes, i am current.
details: mod submitted 3/2009
no one contacted me, my mod has being cancelled.
what do I do now?

[kura52]

Love the forum and have learned so much!

I am current on my pay option arm loan, taken out in sept 06
Filed chapter 13 bankruptcy oct 07, mortgage is paid outside of bankruptcy
started initial mod request by making phone calls in dec 08. Hardship letter
stated in a nutshell that I want out of my pay option arm, am in Mich and aware that Mi was part of the AG settlement for these toxic loans. Income reduced due to chapter 13 repayments. Very concerned over negative amm that has accrued on my loan.
Officialy faxed docs on March 18 09. Included letter from lawyers office stating "ok" for me to deal with countrywide on this issue as mortgage is paid outside of bankruptcy.

Docs showed up on BOA website the next day. Web site also stated "your request for assistance is under review" Oh boy! Also stated I should hear something by june 12 09. Workout stage stated "processing"

called to check status April 9 and again April 15.basically just told they are behind.
Assigned negotiator on May 14. Yolanda was her name. she was quite pitiful in her knowledge of anything! Also extremely difficult to reach. she did not have voice mail. I just had to keep trying until i caught her!
spoke with her May 15, was told my invester was fannie mae. She states I was only eligible for HASP program because i was current. (I am still not quite sure what the difference between HASP and MHA is??) She stated with Hasp there is no "loan mod" (HUH?) then rattled on that they put you in a 3 month probation to see if you can make your payment which would be half of what I was paying. (that did not make much sense either to me...I was paying the min payment on my POA loan, which is $969.00. then she rattled that hasp was not finalized yet, and that BOA was looking at june 4 for a start date. she also could not give me a clue about what interest rate I'd be offiered.

Reached Yolanda again on July 1 . she tells me this time that HASP is MHA. Then she tells me they have determined I do not qualify! When I asked her why she said she she did not know. I asked her if it could be because I make too much money. She said, "that could be" what an idiot! Then I started going on about the AG settlement with the Pay option Arm loans, & that this was predatory lending on CW's part. I told her i had an article and other info I would like to fax to her supervisor to review as I was certain i was correct that they MUST work with me to get out of this toxic loan. she put me on hold; checked with her sup, then said fax the info, and that her sup said "if we are supposed to work with you to get you a fixed rate loan, then we will do just that". SO, I was a bit encouraged and faxed my info!

Low and behold, on July 14, per BOA web site, I am now approved for a loan mod!
I then called BOA bankruptcy dept (i like to switch departments at time, as i learn new interesting things when I switch from Bankruptcy to home retention!..always different stories from each area) I talked to Ashley who stated i have been re assigned a negotiator who is "over seas" his name is Reiaz Ahmed.She said at this point BOA has to present my "offer" whatever that is...to the investor/Fannie Mae for approval.She said I cannot call or e mail Mr Ahmed. and that if i dont hear anything by sept 14, then call back.
i tried several other times to get someone from bankruptcy or home retention to give me Mr Ahmed's contact info to no avail. But I did get a John from Bankruptcy to e mail him on my behalf; asking for him to call me. Never heard from him. I tried emailing him myself via the format we all know, even reversing his name and a few other tricks, all tries came back undeliverable.
NEXT STEP: I am preparing an e mail to Barbara Desoer that will go out first thing this Monday Sept 21st. I will be copying it to the Mi attny general also.

[nativelasvegan]

1.Were you current? Yes. But will not make September payment due to the overwhelming number of people who are getting help because they are behind in payments. This is killing me to ruin my credit but I can't take it any more.
2.If Late on payments, how many months late before Bank of America offered a Modification Not late yet but will be on 10/1.
3. How much of a modification were you given? Reduction in interest rate and or reduction in principal? On 7/21 I was offered 2.37 fixed for 5 years, $2123.50 three monthly payments in the trial period, $1487.77 after the 3 months. >
>Working with Jeff Momo in the Simi Valley office. He has no idea when the modification documents will be sent. Neither does his supervisor or anyone else I can get to talk to me. Sick of this #*%(. Told Jeff I couldn't make payments, he sent me a forbearance/repayment plan. Decided not to sign it/not going on this program. I'll just stop paying until they decide to offer me the documents containing the terms they told me they would give me.

[NathanK]

Jim B -
Did you ever find out why the extra $900 per month got you the denial??

Thanks
Nathan

Originally Posted by Jim B.

I have been on the phone all day with Countrywide/B of A Home retention department trying to qualify for a loan modification. I have a 5 year pay option Arm that payment is 2700. per month with 325 per month escrow impounds for property taxes.
My sitruation is: Both my wife and I are Residential Realtors. It has been extremely rough since January 2009, it has been like we have been un-employed for 6 months, making just enough money to feed ourselves and pay utilities. As of June 1st the Realty business is improving and we are becoming solvent again, however our home has depreciated approximately $100,000. I applied for Social Security to help even out the monthly income. I spoke with a Home Retention specialist with BofA today and they fed this info into their "calculator" or software program: My income from Real estate, combined with my Wife's income and social security is approximately $5400 per month, personal expenses are $1493. and my existing housepayment is $3000. per month (inc. taxes). This leaves a positive $907. per month after expenses. They fed the information into the computer, did not take into concern my home has depreciated over $100K and said I do not qualify for the making home affordable program. I even offerred to bring $6.000 to the table and they said I still do not qualify for any modification. What income, expenses and contribution will allow me to qualify for a loan, anyone know?? What is the MAGIC Formula??

Also, it sounds like NACA is a big hep in getting modifications done. Would you recommend that I contact NACA and go through them, rather than B of A? Does NACA look at more factors to see if a homeowner qualifys for a modification and in partithe Making Home Affordable Mod.

Also, I would appreciate best numbers to contact NACA.

[sannvil]

Originally Posted by LRH1006

1. Yes, we are current.
2. N/A
3. Modification given: from 7.75 (fixed) to 2.0% for life of loan. Essentially, our payments were cut in half.

Thanks for putting us onto NACA.

Hi, I am new to this site. I have applied for a loan modification from CW/BOA since Feb 05,2009. Until now, I have not gotten any results from it. I call every week and i hear different answers each time, They just tell me, its under review, your case has been escalated, or it has been assigned to a negotiator. The next time i call, they tell me, i got a wrong information. I have submitted all necessary documents to them.
My mortgage loan from Countrywide/BOA is 10.625% ARM with cap min of 10.625 and max of 17%. This is my only house. We were new immigrants when we got this loan. We were made to believe that this is the only type of loan we were qualified for since we didnt have credit yet.
This forum gave me hope. My husband and I were already planning to foreclose our house until I read your stories here. Please help me. How can I contact NACA?
What's the best thing to do?
thanks a lot!

[sannvil]

Originally Posted by whynot

I am current. Eventhough i was told i need to be behind (several months ago). I called NACA and got the ball rolling with them. I'm still not approved, yet, but i do feel that its moving faster with naca at the table.

I tried telling them that missing a payment will hurt us in so many ways (credit card interest rising). but we'll see.

If they say "NO", I'll just ask Why not and try again, and again and again. someone will give in.

How did you call NACA? Can you post the number please. Thanks.

[MAXIE19]

Try NACA.COM. That should give you all the information that you need.

[sannvil]

Originally Posted by FLgata

I tried to get a loan modification directly from CW in July 2008. My loan was an ARM at 9.5%, due to increase to 10.625% in January, 2009. THEY WOULD NOT WORK WITH ME BECAUSE I WAS CURRENT. I stopped making payments in October 2008. I signed up with the NACA in December 2008. In March 2009, I received an approval email informing me that my loan had been restructured to a 2% fixed for the life of the loan. I went eight months without making a payment. My first payment was due June 1st (no upfront monies needed for modification, but missed payments were tacked onto principal). My payments had been $2384 each month (always sent $2500 when I was paying) and my new payments are $1434 (including taxes and insurance). I could have never done this without the help of this forum and the efforts made by the NACA. THANK YOU LOANSAFE!

Hi! I have been reading stories from this forum for a while and finally just registered. I have a mortgage loan from Countrywide now BOA. Our loan is 10.625% interest rate ARM with cap up to 17%. We were new immigrants when we got the loan and CW made us believed that it was the only loan we were qualified for since we didnt have credit yet. My husband and I were earning well. And CW told us not to worry since we could have our home refinanced after 2 years. We bought our house september of 06. September of 08, it was time to refinance. We tried several times but nobody could refinace us because we didnt have equity...months passed, value of our home went down tremendously. Now, I am still working in the hospital but our hours have been cut off. We are not allowed to do overtime anymore. This has caused my earnings to 2k less per month. I applied for a loan modification last feb 06,2009. We were already pre-qualified according to their own site. I submitted all the necessary documents to them for some reason they said they didnt get it. Had to fax all the documents at least three times. We call every week sometimes twice a week and get different answers. At one point one representative said, we will be getting a call in a week, another call to another rep told us we will be getting a package. Most calls reps would say its under review and under process.

But just 2 weeks ago, I called again and have been passed on to several people and they say they are trying to qualify us to different programs by obama. They said that each time Obama has a new program they also try to pre-qualify us to the new program. Then they connected me to the Home Retention Department and I spoke to Maria and to make matters worse, she told me that my Loan Modification application was cancelled last June because of no documents received!! What???!!

I have been calling each week to follow up after 7 months of calling them, she would just tell me now that it was cancelled?? I asked her, how come online it says its under review and each time I call they tell me its under process?? She asked me to submit again all documents and she said to fax it within 48 hours. I was devastated. We just waited for nothing. My husband called again after i spoke with Maria. And BOA rep told him "I dont know where that person got that info sir but your case is under process".
I am so exhausted from calling them and getting different answers each time. I just recently had a baby and still on maternity leave. Coming on this October I will not be able to pay my mortgage. My husband and I have already planned to just foreclose the house and just rent until I saw success stories here with NACA. I already registered online and registered for a workshop on October 31st. I wish it be sooner but thats the soonest schedule they have. I am very hopeful at the same time scared.
How long did you guys (those with NACA experience) have to wait from the time you submitted to time you got approved?

Thanks a lot.

[sniglet WA]

Never more than 4 months behind at any one time,
Three months behind when modificatio was offered for a Temp solution.
Nothing is final....still waiting in a holding patern

[dee1432]

---

www.financial911.net/myfinanceshow.ppt

Learning the difference between Forbearance from Loan Modification etc.

[sannvil]

Hi everyone. Congratulations to the successful NACA stories! I have a question though... We met with our counselor today. Their system came up with our affordable PITI to be at $1500/month - with which, based on our computation, is more or less 7% APR. To start with, we are now at 10.625% ARM. Does the end result come close to the proposed amount? Is it usually more? or less? Were you told by the counselor that they will be working on an APR (example: the 2% successes) upon submission? Or was told higher, then was just surprised by the 2% APR?

[jesse331]

Well here's our story with Countrywide/ Bank of America.

We were First time home buyers......We purchased our home in 11-2006 before the market had exploded on an interest only adjustable rate loan w/o taxes or insurance escrowed (we didnt know it was a crappy loan at the time)
We managed this mortgage with no problems for 14 months and then we got hit with taxes and insurance. Never having those expenses before really hit us hard. We were also very discouraged to not see any principle reduction after 17,000 in payments had been made so we felt it was time to refinance into a fixed rate loan with taxes and ins escrowed.

We applied with a few banks and ended up going with CW/BOA as they were the best deal.... They obtained the appraisal and when that came back the loan gentleman called us and told us we had 70,000+ in equity available to us. He made it a point that we should use this equity to reduce our monthly debt so he talked us into taking $30,000 cash out and paying everything we owed off.....My Truck, credit cards, small loan ect.

Everything was great, We only have one bill each month....a $1600 mortgage payment with taxes and insurance included and the refi is proving to be saving us over $1200 a month.....

Now fast forward to 10-2008.... The economy is going into the tank and My wife gets laid off from her job, we immediately loose $2800 in monthly income and my income isn't even enough to make the house payment...

So begining 12-08 we cannot make our mortgage payment so we begin calling CW/BOA asking for help.....a total of 7 times and each time we're told to fax in tons of paperwork, which I do, we call back in and there is no record of us asking for help or faxing anything..... They did this to us 7 times between 1-09 to 9-09....

On the 8th call for help we're told the usual thing....to fax in all this paperwork, which as in the previous 7 times, I did. I called back in twice to see if they were going to help us and the first time I'm told there is no record of us asking for help and the second time I'm told that they are sending us some documents to sign....

The lady I am speaking with is actually nice (First one). I got all excited and thought we just might be ok... The papers finally arrive via FedEx in 10-09 and as soon as I read them I realize that what they've sent won't help. They sent me papers to sign for a "Partial Claim" I called and asked what this was and she explained it to me. She said that once I sign it our loan will be current again but it does nothing to lower our payment.

I politely explained to the representative that we need a lower payment, getting current will help but without a lower payment we'll be behind again in a couple months. So it isn't beneficial to just get current if we cant remain current with a payment we can afford.
She in turn got very angry and asked me "So are you refusing our help?"
I again politely tried to explain my reasoning however she wasn't at all concerned with reason.... She was down right mad that I wasn't interested in only a Partial Claim.

She then proceeded to tell me "Well you better get your shit packed because we're coming to foreclose and get your deadbeat ass out" She then hung up on me...

I've tried to call back in to explain what we need but she put something in the computer on our account so now nobody is willing to talk to us anymore...
10-23-09 they cancelled/blocked/killed our online access to our mortgage account. So now I have no way of knowing what the status is with our account.

In closing, I can honestly say that BOA are some of the most rudest, nastiest, uncaring people I've ever had the displeasure of meeting.

Something simple like lowering our payment $700-800 was too hard for them I guess.

I'm figuring they are proceeding with Foreclosure and we'll be forced to take our three kids and go back to renting sometime in spring of next year.

So much for having a piece of the American Dream!

[jojolala]

Originally Posted by davejet

Trying to take poll for those successful with Loan Modification with Making Homes Affordable Prog with Bank of America/Country Wide

Please reply if you received a Modification Paperwork.

1.Were you current?
2.If Late on payments, how many months late before Bank of America offered a Modification
3. How much of a modification were you given? Reduction in interest rate and or reduction in principal?

This will help everyone out who is stretching to make payments which it might be better to miss payments.

1. We were current when we first applied for the modification and received the temporary forebearance.
2. Our PITI was $3300/mo. The forebearance payment during the trial period has been $2500/mo.
3. 11 months later, we've seen nothing as far as permanent modification, though we understand it (the mod agreement) has been in the mail for several weeks.