8/3 Heard BOA has only modified 4% of the 800,000 mod's waiting

[sandyg]

Heard on Fox news that BOA has only modified 4% of the 800,000 mod's that they have setting there.
No wonder there are not many people seeing movement on their proposals with naca!!!!!!!!!!!
I have been playing this game with BOA.... every single day since December 08!!!

[Evan Bedard]

Yes these lenders are atill very far from achieving their goals. Hopefully we will see an increase in staff and the professionalism of these lenders soon...

Stay strong everyone!

[sahm2two]

Wow...that is discouraging!

[hope67]

Very discouraging..

[wattsm]

I wonder how many of the 4% went through NACA, as opposed to dealing with the bank directly.

[sandyg]

Originally Posted by wattsm

I wonder how many of the 4% went through NACA, as opposed to dealing with the bank directly.

Probably only a few..unless they consider increasing your payments on their Homesavers Advantage program a modification!!! Which alot of people were offered that plan which put the payments that you were behind onto a 3-12 month payback plan. Not a true mod offer.

[alikeith]

Part of the issue is the guidelines were not clear when they implemented the program. This is what i was told from Office of President anyway. They want to make sure they are doing everything correct.

[sandyg]

Originally Posted by alikeith

Part of the issue is the guidelines were not clear when they implemented the program. This is what i was told from Office of President anyway. They want to make sure they are doing everything correct.

I am sure some of that is true anyway..it's their story and they're stickin to it!!!!!!!!!!!!!!

[ama125]

Originally Posted by sandyg

Probably only a few..unless they consider increasing your payments on their Homesavers Advantage program a modification!!! Which alot of people were offered that plan which put the payments that you were behind onto a 3-12 month payback plan. Not a true mod offer.

First, let me start by saying that today marks the first day that the Treasury will be releasing monthly progress reports to the public pertaining to the servicers' actions as related to loan modification efforts.

Second, there is a whole lot of confusion going on amongst homeowners on the forums here. This stems from the use of terms like "forbearance" and "trial" being used within different programs. You must take those terms in the context in which they have been given. Unless you receive documents saying, "congratulations, you've been approved for a modification" don't assume that what you've received (or been told) is in fact a modification.

The Homesavers Advantage is neither a modification nor is it a forbearance, it is another LOAN designed to bring your mortgage current (https://www.efanniemae.com/sf/servic...veradvance.jsp).

A forbearance agreement is an offer to the borrower to TEMPORARILY reduce payments (or sometimes offer zero payments) to basically buy the borrower time to cure their hardship and get back on their feet.

A modification is a restructuring of your mortgage loan through interest rate reductions, term extensions, or forbearing (read as DEFERRING) a portion of what is owed (it still has to be paid back). Forbearance should not be confused with a reduction in principal (this is when a portion of what is owed on the loan is actually written off and RARELY happens).

I hope that others will read this and understand that if you have been offered a forbearance agreement, this is NOT a modification nor a trial. While under forbearance, the servicer is to explore other loss mitigation options which may include a modification, a short sale, or a deed-in-lieu of foreclosure. Not everyone will be able to keep their homes, that is just the reality of it. I'm not trying to be a downer, but I also don't want everyone out there thinking that they are or will going to be safe. Some will, some won't. I know it stinks, but that is the truth.

[sweet75]

AND they are not modifying the mods they have done correctly. We were offered a mod through the HAMP, which is supposed to be around 31% of our income, but is short $350 of making that percentage. I am not sure where they got the number from. Although I am happy that we are part of the 4% I was hoping that it would be closer to the 31% mark. I am not sure we can swing the new lower payment either.

[Liz Medrano]

Sweet75,

Did you complete the trial payments and get the final Mod? Or are you talking about the trial? I just completed the HAMP trial and the payments were above the 31% by about $200. We are waiting for the final docs; we call everyday and they tell us they are processing our case.

[sweet75]

Originally Posted by Liz Medrano

Sweet75,

Did you complete the trial payments and get the final Mod? Or are you talking about the trial? I just completed the HAMP trial and the payments were above the 31% by about $200. We are waiting for the final docs; we call everyday and they tell us they are processing our case.

Yes, our trial payments. They start on Sept 1. Better than it was, but not close to 31%. Hope you get your docs soon!!

[pyeatpr]

Originally Posted by sandyg

Probably only a few..unless they consider increasing your payments on their Homesavers Advantage program a modification!!! Which alot of people were offered that plan which put the payments that you were behind onto a 3-12 month payback plan. Not a true mod offer.

I don't have the numbers to back it up, but based on what I have read on this forum, I bet 1/10 of 1% of the 4% of loans modified through BOA are actually modifications. The rest are repayment plans of some type.

[sandyg]

Originally Posted by pyeatpr

I don't have the numbers to back it up, but based on what I have read on this forum, I bet 1/10 of 1% of the 4% of loans modified through BOA are actually modifications. The rest are repayment plans of some type.

Based on this site, the true mod's or restructureing of loans that are happening seem to be above the 31% rule. Most of what I have seen is the MHA or the HAMP not much of naca's 2% affordable payments coming out by fed-x from the investors.

[Housebroken13]

There was a good discussion about this on CNBC yesterday. BOA is not the only bank that is lagging behind w/ this program. The consensus from all at the discussion table was that more needs to be done by the banks including PRINCIPAL REDUCTIONS.

Banks are afraid to do principal reductions because it's an immediate write down on their books. And if at some point tin the future the home values go up the owner will have equity and sell the home.

The best idea was to look into some sort of principal reduction / equity sharing agreement between the lender and home owner.

[wattsm]

I think the tiny bit of optimism that I had just went out the window