Poll: Current or Late Payments to Get Loan Mod

[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.

[Moe Bedard]

OK, I'll make this a sticky post for now and see if we can get some members to post the info you seek.

[itscatnip]

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.

Were you current? Yes

How much of a modification were you given? Reduction in interest rate and or reduction in principal? reduced from 10.3 to 3.375 with NACA. payment went from 3900 to 2251 (inc. escrow)

[Moe Bedard]

GREAT! Thanks for participating!

[megfire]

Fell behind with Countfywide Nov08 paid in Dec08.
Finally had to close doors on my business Jan09
No income, some small side work allowed me to make 2 payments in march09
Found employment apr09 about 75% of what I was making in my business
That brought me current to Feb09, in communication whole time with CW
Couldnt make any payments in Apr09
Sent payment May1,09
Was returned unchashed on June 5, on BoA letterhead, just as I was set to send 2 more payments.
Called Jun5th submitted fincncials to Bof A was told not to send payments but to hold on to them
many calls to Bof A in June was told a package was comming to us for a Mod.
Jul 3 received Summons, Lis Pendens for forclosure. (guess that was the package they were sending.....)
Finished app with NACA Jul8, and was submitted to Naca negotiator.
So far CW/BofA usless, NACA called back when they said theywould helped me through the process and submitted me in less than 3 weeks. Now we just wait......and buy bullets.......JK (I think)
Still have to respond to summons though. We are asking Judge for a 45 day delay in hearing so process can work.

Will post details of mod and rate when package comes through ...but what NACA proposed was a payment that was the same 1,560 but included escrow for taxes and insurance, about a 600 per month savings
Soooo....CW/B of A current or late THUMBS DOWN. NACA so far THUMBS UP. BTW found out about NACA here
Good Luck

[rozuki]

Here are my details:
I contacted CW/BofA 10/08 with hardship of divorce and stbxh 50% pay cut
Finally received loan mod paperwork from CW/BofA 2/09 (3 separate mods - all unacceptable to me)
Made 2/09 payment 1 day after the grace period...so that was start of being late
CW/BofA stressed that decent loan mod would not happen until at least 60 days late with mortgage
Found this website in 2/09 and learned of NACA
No payment made March, April, May, June
Submitted to NACA 4/15/09
Approved 6/10/09
Original mtg 10.55% ARM down to 2% fixed for life of loan
24K added to principal to cover the 4 payments missed and 1/2 year taxes
PITI went from 6371.48 to 2855.71
Credit rating destroyed by CW/BofA reporting 90 day default in mortgage payments
Sent in new loan mod mtg payment amount 6/25 for July 1 due date
As of 7/11/09 it has been received but check still not cashed and still having issues with
information being updated correctly on the website

[megfire]

rozuki,
When you got your mod did you have to pay any money or just the first payment due for the mod

[rozuki]

Megfire,

I did not send anything in with my loan mod paperwork as it stated $0.00 due when returning the docs (they were due back by 6/23). The first new payment amount was due July 1st. I mailed it separately to the address indicated on the loan mod paperwork a week before it was due...still waiting for BofA to cash it....three weeks after I sent it in!

[cobra]

Was 7 months late due to unemployment.
This is what got for me from CW.

2.25% fixed for life(28 iears) Down from 8.65% Adj. *would have adjusted in 2012,
Payments went from $2,550 per mo. to $1,503
Late payments and escrow capitalized to end of loan.
No principle reduction (Didn't expect one).
No funds due with loan mod.
First new payment was July 1

Cobra...NACA and this forum helped me save my home.

[motomom]

Have not made June or July's payment.
Submitted hardship letters and pay infor in June
Told we qualified for home affordablility plan due to income
They told us we would recieve a 2% interest rate fro life (was 6.375)
payments missed will be added to end of loan
This will take our payments from $1704 down to $1085

[slateman100]

1.Were you current?
Yes, I was current.
2.If Late on payments, how many months late before Bank of America offered a Modification.
N/A
3. How much of a modification were you given? Reduction in interest rate and or reduction in principal?
My mortgage was changed from a 7% 5-year Pay Option ARM (worst mistake I ever made) to 5.2% 30 Year Fixed.

[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.

[SleeplessInSeattle]

Would anyone be willing to add to the poll:
what was your DTI when modified?

[Pants]

Every outcome turns out wildly different it seems.

[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!

[chrisb]

1. Were you current?
At the time NACA submitted I was, the next month I could not afford to pay ( my wife lost her job, could not afford it on my own)

2. If late on payments, how many months late before Bank of America offered a mod?
I was submitted on 4/16, still current, did not pay may, received approval email in June, so technically 1 month.

3. My mod was from 6.25% ARM @$2271.00 a month to 2% fixed @1,596.00 for the life of the loan. No principle reduction First payment due Aug 1st, no money upfront.

I am eternally grateful for this forum and NACA, and all of the nice people who post on these forums.

[LHarveyMadman]

1. I was current when I requested and received my mod from B of A.

3. My interest rate was reduced from 6.25% interest only to 3.25% P&I for 5 years, then back to 6.25% P&I for the next 25 years. Principal remained the same. Payments were reduced from ~$3600 (interest only) to $3000 (P&I combined).

I'm very happy with this outcome.

[rng0599]

3 Months Late when requested Mod from BOA
Recieved mod paperwork taking me down from 6.25 to 5.5%
This lowers my payment by 30 dollars
This is an unacceptable outcome.
I used a third part to help. They did not negotiate very well.
I am calling BOA mitigator today to see if I can sway his decision.
I will just be late again in 3 months........

[klynn72]

1. no we were not current.... last payment we made was Oct 2008.

2. filed a request for mod on 12/15/2008, was told it would take 90 days to process. Followed up weekly and on 3/13/2009 we were denied a modification. Hired an attorney on 3/17....completely independent of the attorney on 3/19 we received a loan mod agreement, it was a 10 year step-rate deal which we rejected. Attorney took over, I didn't talk to the bank for months (it was kind of nice).....got an offer for a 4.5% P&I fixed rate for 5 years then it would convert to 7.1%.....we rejected that offer. We wouldn't be able to refinance in 5 years and didn't want the 7.1% rate when much better rates were now available. I should add that my attorney strongly urged us to foreclose because are upside down. I told him I couldn't rent for much less than $2,300 and that I wanted to stay in my house as long as I could afford the mortgage and that I didn't care about being upside down.....he said he would go back to the negotiator with that.

3. Finally got 3% interest only for 5 years then it will convert to a P&I fixed rate of 5.25% for the life of the loan. They tacked the interest for the last 10 months to balance on the loan and split the late fees with us.....we provided a cashiers check for that with our notorized documents.

My husband has since be hired by the LAFD....we are confident that the job security and the fact that we know his salary will be at least $25,000 more in 5 years will pull us through just fine. Essentially our mortgage went from $3,200 to interest only of $1,500 to convert in 5 years to $2,700. Just glad to have it all behind us and I get to keep my children in the only home they have ever known....YEAH!!!

[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?

[bittersweetme]

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!

May I ask what this did to your credit rating? Don't mean to be nosey but I am concerned about this.. thanks so much !

[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.

[patnj]

Hi

I was 2 months late when I first applied back in December 08. I received my mod paperwork in Febraury but it was just all finalized last week. They reduced my interest from 6.25 to 3.25 for 5 years then it will climb again. I did not use NACA. I am going to go back to them next year for a permanent solution as recomennded by NACA whom I brought my mother to in May. They submitter her proposal at the end of May and we have not heard anything from them or CW. She should qualify for the 2% interst rate. She is also current.

Has anyone who wernt through NACA had any luck with Barberas office? I sent an email on behalf of my mom and they told her they knew nothing about her mod and to call NACA.

[babbles]

what is the deal with EMC? Nobody seems to be getting anywhere!

[pyeatpr]

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. Yes.
2. I stayed current during the entire process
3 My APR went from 7.74% fixed to 5.45% Fixed