A few questions....

[Skipper]

Hi all,

I spoke to BofA today, and was told that my MHA modification request was sent to my investor (according to the Freddie Mac website, they own it...) on 7/22. So I am hoping that you all can post any knowledge you may have regarding the following few questions...

First, since it was submitted by the BofA negotiator to the investor (FM) as a MHA modification request, does this indicate that I have qualified for the MHA modification? The person at BofA indicated yes, but did not sound sure of it.

Second, I was told that the three month trial would start upon the approval of the investor (FM) for the MHA modification, and that I could expect to wait up to eight (8) weeks before we have an answer from the investor (FM). Does this sound right?

For a little background, I am current (barely). I took a 60% pay cut year over year, so now my mortgage is roughly 50% of my gross. My home value is roughly $50k less than what is owed on the mortgage. I am working with a HUD counselor for the credit counseling requirement, as the MHA program will require this due to the level of my other debts (unsecured-currently on-hold). I have been living off my 401k, but now that is really no longer an option.

Thanks in advance for all of the advice and opinions that you all share!

Skipper

[ama125]

Originally Posted by Skipper

First, since it was submitted by the BofA negotiator to the investor (FM) as a MHA modification request, does this indicate that I have qualified for the MHA modification? The person at BofA indicated yes, but did not sound sure of it.

I recall being told this early on when inquiring about the program. I do know that on Fannie Mae's site there is a loan workout hierarchy and in it, it is stated that a forbearance agreement does not require their approval. I am assuming that a modification does require the investor's seal of approval before it can be offered to the borrower. I'm not sure about Freddie Mac, but I'm sure they are quite close.

Originally Posted by Skipper

Second, I was told that the three month trial would start upon the approval of the investor (FM) for the MHA modification, and that I could expect to wait up to eight (8) weeks before we have an answer from the investor (FM). Does this sound right?

I couldn't honestly answer this question, but all I can say is WOW that's a long time!

Originally Posted by Skipper

For a little background, I am current (barely). I took a 60% pay cut year over year, so now my mortgage is roughly 50% of my gross. My home value is roughly $50k less than what is owed on the mortgage. I am working with a HUD counselor for the credit counseling requirement, as the MHA program will require this due to the level of my other debts (unsecured-currently on-hold). I have been living off my 401k, but now that is really no longer an option.

Our situations are nearly identical...60% less income, our mortgage is roughly 75% of gross, home value is $55K less than what is owed and working with a HUD counselor but not for the credit counseling requirement. We are working with HUD because we HAD been living off the 401k and stopped doing so when we only had about 3 months worth of payments left to withdraw from it and had to fall behind in payments. After receiving the first foreclosure notice, we went to HUD for foreclosure prevention counseling.

Hope this helps and best of luck...keep us posted

[Evan Bedard]

Hi skipper,

First, since it was submitted by the BofA negotiator to the investor (FM) as a MHA modification request, does this indicate that I have qualified for the MHA modification? The person at BofA indicated yes, but did not sound sure of it.

You were most likely pre-qualified for the MHA program and your negoitator has sent your loan to the investor for final approval.

[Skipper]

Thank you very much Evan!

Skipper

[Evan Bedard]

Skipper sorry didn't mean to send so quickly...

Second, I was told that the three month trial would start upon the approval of the investor (FM) for the MHA modification, and that I could expect to wait up to eight (8) weeks before we have an answer from the investor (FM). Does this sound right?

Yes once your loan is with the investor it usually takes at least about a month and sometimes a little longer...

[licouple]

Skipper,

Would you mind letting me know who your negotiator is? I also barely current and am currently on a 3 month special forebarance until they get everything worked out. Also, are you currently paying PMI insurance?

[sahm2two]

Originally Posted by Skipper

Hi all,

I spoke to BofA today, and was told that my MHA modification request was sent to my investor (according to the Freddie Mac website, they own it...) on 7/22. So I am hoping that you all can post any knowledge you may have regarding the following few questions...

First, since it was submitted by the BofA negotiator to the investor (FM) as a MHA modification request, does this indicate that I have qualified for the MHA modification? The person at BofA indicated yes, but did not sound sure of it.

Second, I was told that the three month trial would start upon the approval of the investor (FM) for the MHA modification, and that I could expect to wait up to eight (8) weeks before we have an answer from the investor (FM). Does this sound right?

For a little background, I am current (barely). I took a 60% pay cut year over year, so now my mortgage is roughly 50% of my gross. My home value is roughly $50k less than what is owed on the mortgage. I am working with a HUD counselor for the credit counseling requirement, as the MHA program will require this due to the level of my other debts (unsecured-currently on-hold). I have been living off my 401k, but now that is really no longer an option.

Thanks in advance for all of the advice and opinions that you all share!

Skipper

Skipper,

Did Neil tell you about the trial payments? I ask because he did not mention that to me! And the eight weeks is when he said you'd get the documents correct? I also am with Neil and my loan is Freddie Mac.

[Skipper]

Originally Posted by licouple

Skipper,

Would you mind letting me know who your negotiator is? I also barely current and am currently on a 3 month special forebarance until they get everything worked out. Also, are you currently paying PMI insurance?

Neil Hernandez, and no, I am not paying PMI. Regardless, the value of my home is definitely less than what I owe (like most people!), even though I put down more than 20% when I bought it.

Skipper

[Skipper]

Originally Posted by sahm2two

Skipper,

Did Neil tell you about the trial payments? I ask because he did not mention that to me! And the eight weeks is when he said you'd get the documents correct? I also am with Neil and my loan is Freddie Mac.

No he did not, I called the Advocacy people and asked. A person from their department answered that the trial period starts upon approval of the MHA modification by FM, and that the process could take up to eight weeks (including getting the doc's.).

S