*Advice-Has This Happened To Anyone?*

[alikeith]

So i contacted the Office of the President and was assigned a negotiator. This was about 2 weeks ago. Originally on my expenses, I listed my HOA Dues at $360.00 and that they may be going up $130.00 a month. I kept trying over and over to each my negotiator to ell her they werent going up, not to include that amount in my equation. I get a letter sent via FEDex Friday, stating she needs jun and july's HOA statements, and June/July proof of payment to HOA a well as the Confirmation of contribution of $2500.00 She needs this by Aug 6th, or my file will be closed. I have no idea what the $2500.00 she is talking abut is for. Has anyone else been in this situation?

[alikeith]

Anyone??

Is it typical for them to request proof of what you pay for HOA fees?

[CW California]

Originally Posted by alikeith

Anyone??

Is it typical for them to request proof of what you pay for HOA fees?

I can see them asking for a statement to document the HOA. Is the contribution perhaps something you contribute to monthly? Like church?

[alikeith]

No...I dont contribute monthly to anything. Besides my bills. Lol

[CW California]

The way it was worded it almost sounds like she is requesting documentation for different things. I would email back and ask what $2500 contribution? Maybe she was looking at two files at once?

Can you use NACA instead if they don't make you a good offer?

[alikeith]

The funny thing is i e-mailed her and e-mailed her the info she wanted. She told me she does not work thru e-mail and i must fax everything. She is out of the office on Fridays and Monday as well which makes her hard to reach.

I have left her a couple messages asking what she means, as well as my contact at the office of the president. She s so hard to get ahold of and this is obviously time sensitive as i only have until the 6th to get her the info.

[LHarveyMadman]

alikeith, were you behind in your payments when you requested a modification?

I'm not sure if lenders are still doing this, but back when I was negotiating a modification (Oct-Nov last year), if you were behind in your payments the lender sometimes required an up-front payment, sometimes a few thousand bucks, in order to process the modification. It was like a good-faith payment, to show that a borrower is serious about meeting the terms of the modified loan.

[alikeith]

The thing is i am applying for the MHA Program. I swear i read that there was no up front fees. I have had two other mods, and never had to pay anything up front. It looks like they just called my phone. The office of the president that is. They too dont know what that is. He also called her to leave a message asking about what its for. And yes i am behind.

[alikeith]

Am i incorrect? There is no upfront fees for MHA?? I just had another message from office of President, saying that the senior loan negotiator will be calling me to explain what the $2500.00 contribution to the loan is. WTF!! Sorry to be blunt but there arent any fees with mha per what i have read.

[AzGryffindor]

There aren't any fees with the HAMP program (making home affordable modification).

The only thing I can think of is that maybe they need the money to start up your escrow account (which is required under HAMP)?

[alikeith]

i dont get it.... Im so confused.... my yearly taxes are only $1800.00. In the past they have always added that into the mod. i actually am calling home retention team now to see if they may know.

[alikeith]

so they are saying something about a promisary note being requested by investor. She also said somethign about mortgage insurance which i have never ever had.

[alikeith]

Ok, heres the deal...So they are saying the investor is requesting proof of $2500.00 in funds avialable in my account. If i had the $2500.00 my mortage woudl be caught up. I again said under MHA there are no upfront fees. She said well maybe i did not qualify for mha and its a a different mod. Someone will call me to explain. i am begining to get highly frustrated. i meet all the guidelines for MHA. i dont get it

[AzGryffindor]

Do you know who your investor is?

You also need to let B of A know that a MHA mod is the ONLY program you are interested in.

It sounds to me like they're trying to put you into a refinance.

[alikeith]

BONY is my investor....

I am awaiting another call back. The gentleman at Office of President i just spoke to for a bit. He did confirm that i am being considered for MHA. He also needs to get confirmation but he thinks the 2500.00 may have something to do with the trial period. He is not 100% positive. He has called and e-mailed me negotiator to find out.

[AzGryffindor]

From what I've read on these forums BONY has actually been pretty easy to work with.

You definitely need to find out what they want $2500 for up front because that's NOT allowable under MHA.

[alikeith]

yeah thats what i have heard too. And have previously experienced. Have you heard how many trial payments they have been putting people on? I know the minimum is 3, but it can be more.

[AzGryffindor]

Under the MHA program there should be 3 months of trial payments. However, if your income is 25% or more than what they have in their system, they can extend the trial period by an additional 3 months.

[alikeith]

hmmm.... I am trying to figure out how the 2500.00 works into three payments.

Per my income my payment including taxes and HOA should be $1050.00, $360.00 of that is HOA dues which is paid seperately. It does not add up. Guess i will have to wait. I did see on the cover sheet for MHA that they can have 4 trial payments

[AzGryffindor]

The 31% mark must include HOA dues, Insurance, PMI (if you have it) & Taxes.

Hmmm. This is the first time that I've ever had anyone mention 4 trial payments.

[alikeith]

i will send you the link for the letter...
scroll down it to see it

https://www.hmpadmin.com/portal/docs...periodplan.doc

[Bert C]

I also have BONY and they just sent received my paperwork Monday. I need to make my first trial payment by the 30th of this month. They have four (4) coupons included in the package along with envelopes for me to use. No upfront fees for me although the amount they are asking for is more than what my mortgage is now. By about $500.00 more! I understand the taxes and insurance escrowed and that would put me just slightly over what I pay now becuase of the lower interest rate (3.25) but what bothers me is they show an additional $301.00 included for an "escrow shortage". This is up front to me, isn't it? If there is a shortage, why not put it at the end of the loan?

[alikeith]

Bert-
Did you apply under MHA or is this just a standard mod thru BOA? Were you showing surplus on your expenses? Is the new payment over 31% of your gross? Usually escrow shortage gets added into the arrears.

[AzGryffindor]

Originally Posted by alikeith

i will send you the link for the letter...
scroll down it to see it

https://www.hmpadmin.com/portal/docs...periodplan.doc

Wow. They've changed it since I received mine:

[Bert C]

Actually Alikeith, I shouldn't have jumped into the thread like that. I just wanted to say I also had BONY for the investor. My loan is actually with Chase and they are at 31% if the remove that extra $301.00 they are factoring in there which no one has a clue what it is except to say that it is an escrow shortage. the paperwork is MAHP. I was showing a roughly $350 - 400.00 surplus. 31% for me would place my payment at the $2100 - 2200.00 range. that extra $300.00 is what I want taken off it.