Las Vegas Homeowners

[pwrought]

Hi,

I thought it would be nice to talk about what is going on with our CW loan modification. How much our houses are underwater. How long we are not making payments.

Me

CW is giving me a run around for 7 months . I was in a special forbearance for 3 months then nothing. I am here waiting.
My home is $160,000 under
I have not paid for 7 months. No sale date yet
no note of default

[yaya01]

We are also in Las Vegas. Here is my info.

- 1st mortgage $420k with CW/BofA and Wells Fargo as investor. Last payment was 08/08. Attempted mod directly with CW back in November 08 to which they offered a 4% interest only for 2 years then fixed at 5.25%. I declined because it did not offer a permanent solution for the life of the loan and it did not address the property value. I would have taken 4% for the life of the loan but the investor refused.
- Tried NACA on 01/09 and they submitted file to CW on 01/20/09. CW did not update the file with the NACA submittal so they filed the NOD on 02/09.
- On 05/09, after many months with no update, emailed B. Desoer. I did not get a phone call but my BofA online account was updated and all collection activities have been stopped and no auction date has been set. My account has been on hold for the principal forbearance plan.
-We also have a $96k HELOC with Wamu/Chase but we are current on it waiting to modify the 1st to negotiate settlement or file BK to strip the 2nd.
-So we owe $516K and according the Zillow, it is worth in the low $300s . Our house is over 3000sqf on 1/2 acre but the house behind us which sits on almost 1 acre just foreclosed and they are listing in for $244k because they were not able to sell it at auction. That is the price of almost 10 years ago so not only we lost the inflated value, but also the regular property appreciation and that is the reason we did not take their offer back in December. We will only stay if the mod is so good that we could forget how much value the house has lost and all the money and sweat we put into it. If nothing else, we will continue to enjoy the rent free stay.
With the emotions and kids aside, the biggest problem is the wait because all other financial decisions are on hold until we get an answer.

[LVdrowning]

yaya01, what was your hardship? I too am under water. Owe 854K, recent sale in neighborhood was 385K for same floorplan. My CW modification was denied but nothing in writing. Reps on phone have indicated insufficient hardship or only $300 left over given income/expenses.

[rameda18]

yeah I got 6 months forbearance through NACA....but nothing signed yet...still waiting for the papers..

[yaya01]

LVdrowning, our hardship is due to reduced income from our business. It has already been 12 months since I made the last payment and my file is still on hold waiting for some sort of principal forbearance plan because that is the only way they would be able to help us or the only way we would stay. They started foreclosure back in February but everything was put on hold and that is the way it has been since May.

[Melanie702]

Just received this email....

Dear Paul & Melanie,

Knowing your interest in housing and foreclosure prevention issues, I am writing to update you on the work I am doing in Congress to help end the housing crisis in Nevada.

I have been doing all I can to help end this crisis by working with my colleagues in Congress and the Obama administration and by holding housing workshops in Southern Nevada. Earlier this year, President Obama announced that $75 billion of the Troubled Asset Relief Program (TARP) funds would be dedicated to a new program geared to keep families stay in their homes called Making Home Affordable. The program is meant to help struggling homeowners refinance or modify their mortgages. Although this program has great promise, I have been disappointed that it has not been helping more Southern Nevadans stay in their homes and avoid foreclosure. I have written a number of letters to the administration, asking to expand the Making Home Affordable Program. I have also reached out directly to banks to request they worker harder to help southern Nevadans.

That is why I am pleased to announce an expansion of the Making Home Affordable Refinance Program to include participation by borrowers who are current on their payments but whose loan to value is currently less than 125% on their mortgage. Under this program, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will be allowed to refinance those loans. Details about how to participate in the program are available at www.makinghomeaffordable.gov.

Originally, only those borrowers whose first mortgage did not exceed 105 percent of the current market value of the property were eligible for the Making Home Affordable Refinance Program. For example if the property was worth $200,000, the borrower had to owe $210,000 or less in order to qualify. The expansion of this program will allow more homeowners to become eligible for the program by increasing the eligibility to 125 percent. This program is especially important because Las Vegas leads the nation in foreclosures and approximately 67 percent of homeowners have mortgages that are worth more than the value of their homes.
I have also introduced H.R. 2181, the Mortgage Assistance Information and Scam Prevention Act of 2009. This legislation requires mortgage companies to notify the mortgagor of possible eligibility for homeowner assistance programs, including specific programs of HUD, the Rural Housing Service of the Department of Agriculture, the Department of Veterans Affairs (VA), the Department of the Treasury, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. These programs include mortgage relief, mortgage refinancing, loan modification, mortgage foreclosure mitigation, homeowner stability or affordability, or other homeowner assistance.
I know this is only a first step. I will continue working with the administration to find more ways to help the hardest hit areas like Southern Nevada, because every new foreclosure prolongs the housing crisis and hampers Nevada's ability to move out of the current recession. In the meantime, if you or anyone you know needs mortgage assistance, please have them contact my Las Vegas office at (702) 387-4941. If you are having trouble receiving the help you need, please visit my website, www.titus.house.gov, to share your story so we can track which banks and lenders are doing their part to help Nevadans and which banks are lagging.


Sincerely,

Dina Titus
Member of Congress

[Melanie702]

Las Vegas People!!!! Listen up! Call Dina Titus. I don't know if it will help, but it's worth a shot. I called a few days ago, gave them my information and someone called me today from her office, emailed me a consent form letting them contact BofA on my behalf. Please call Dina Titus. The more, the better! We all need to fight together. Don't let it slide, CALL HER! We need more than one voice.




Knowing your interest in housing and foreclosure prevention issues, I am writing to update you on the work I am doing in Congress to help end the housing crisis in Nevada.

I have been doing all I can to help end this crisis by working with my colleagues in Congress and the Obama administration and by holding housing workshops in Southern Nevada. Earlier this year, President Obama announced that $75 billion of the Troubled Asset Relief Program (TARP) funds would be dedicated to a new program geared to keep families stay in their homes called Making Home Affordable. The program is meant to help struggling homeowners refinance or modify their mortgages. Although this program has great promise, I have been disappointed that it has not been helping more Southern Nevadans stay in their homes and avoid foreclosure. I have written a number of letters to the administration, asking to expand the Making Home Affordable Program. I have also reached out directly to banks to request they worker harder to help southern Nevadans.

That is why I am pleased to announce an expansion of the Making Home Affordable Refinance Program to include participation by borrowers who are current on their payments but whose loan to value is currently less than 125% on their mortgage. Under this program, borrowers whose mortgages are currently owned or guaranteed by Fannie Mae and Freddie Mac will be allowed to refinance those loans. Details about how to participate in the program are available at www.makinghomeaffordable.gov.

Originally, only those borrowers whose first mortgage did not exceed 105 percent of the current market value of the property were eligible for the Making Home Affordable Refinance Program. For example if the property was worth $200,000, the borrower had to owe $210,000 or less in order to qualify. The expansion of this program will allow more homeowners to become eligible for the program by increasing the eligibility to 125 percent. This program is especially important because Las Vegas leads the nation in foreclosures and approximately 67 percent of homeowners have mortgages that are worth more than the value of their homes.
I have also introduced H.R. 2181, the Mortgage Assistance Information and Scam Prevention Act of 2009. This legislation requires mortgage companies to notify the mortgagor of possible eligibility for homeowner assistance programs, including specific programs of HUD, the Rural Housing Service of the Department of Agriculture, the Department of Veterans Affairs (VA), the Department of the Treasury, Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. These programs include mortgage relief, mortgage refinancing, loan modification, mortgage foreclosure mitigation, homeowner stability or affordability, or other homeowner assistance.
I know this is only a first step. I will continue working with the administration to find more ways to help the hardest hit areas like Southern Nevada, because every new foreclosure prolongs the housing crisis and hampers Nevada's ability to move out of the current recession. In the meantime, if you or anyone you know needs mortgage assistance, please have them contact my Las Vegas office at (702) 387-4941. If you are having trouble receiving the help you need, please visit my website, www.titus.house.gov, to share your story so we can track which banks and lenders are doing their part to help Nevadans and which banks are lagging.


Sincerely,

Dina Titus
Member of Congress

[pwrought]

Forget it. I tried everything and I wasted my time. I was the person who first told you about all this Dina Titus help. In my original language there is a saying like this: It is bunching the end of the needle with your hands. It will bleed and you will never get anything in return. Just realize that your home is not worth what you paid for so why would you pay for it. WALK AWAY or SHORT SALE IT. In 2 or 3 years you will be able to buy something cheaper and better. Life is not easy and BOA will not help everybody. You will never get a principal reduction so why stay? I tried 9 months with a full time job and some lost of income. I got denied and now I am in this Special forbearance paying rent for my own house. This will give me some time to move on and sell. Think about it.

[Melanie702]

Originally Posted by pwrought

Forget it. I tried everything and I wasted my time. I was the person who first told you about all this Dina Titus help. In my original language there is a saying like this: It is bunching the end of the needle with your hands. It will bleed and you will never get anything in return. Just realize that your home is not worth what you paid for so why would you pay for it. WALK AWAY or SHORT SALE IT. In 2 or 3 years you will be able to buy something cheaper and better. Life is not easy and BOA will not help everybody. You will never get a principal reduction so why stay? I tried 9 months with a full time job and some lost of income. I got denied and now I am in this Special forbearance paying rent for my own house. This will give me some time to move on and sell. Think about it.

You sure did tell me, and I emailed her office. I received a few calls. Cameron, who works in her office is trying to get a hold of them. Don't know if it will help, but it's worth a try. I get what you're saying about not staying in the house because it's not worth it. I felt the same way also, and wanted to pick up and leave. I've stated this before, I'm not going to let Bank of America, get away so easy. If I have to move in the end, so be it, but I'm not leaving just yet. This gives me time too. Is your house for short sale right now or are you on the forbearance?

[pwrought]

Still on forbearance and miserable. Even my family avoid me to death because they do not want to be depressed. No joke I lost 30 pounds because of depression and starting to realize that I lost the house. I am doing this forbearance for a while and will short sale ASAP.