Guess Who Contacted Me.....

[alikeith]

Sabrina Morgan, VP of Home Retention. I just had a message to call her.

I hope she will have good news vs bad. I really cannot pay the supposed $2500.00 they need up front to give me a mod. I brought Barbara's office and let her know what was going on as well so she would actually get my concerns.

I hope this will be good news! I did file a complaint with FTC as well regarding the way BOA is trying to have me pay up front under MHA

[alikeith]

I also have contacted ACORN to let them know about Bank Of America and what they are doing. I will keep you all posted.

[so-cal-gal]

Originally Posted by alikeith

Sabrina Morgan, VP of Home Retention. I just had a message to call her.

I hope she will have good news vs bad. I really cannot pay the supposed $2500.00 they need up front to give me a mod. I brought Barbara's office and let her know what was going on as well so she would actually get my concerns.

I hope this will be good news! I did file a complaint with FTC as well regarding the way BOA is trying to have me pay up front under MHA

Likewise: I hope this will be good news! Maybe if you succeed, I should have you clue them in on my mod problems too. Ha Ha.

[alikeith]

I will keep you in my thoughts!! I am very nervous though to talk to her. I am afraid it wont be good news.

I found one other post on this board that someone else had spoken with her and had good results. My situaltion is a bit different though, so i am nervous.

[so-cal-gal]

Originally Posted by alikeith

I will keep you in my thoughts!! I am very nervous though to talk to her. I am afraid it wont be good news.

I found one other post on this board that someone else had spoken with her and had good results. My situaltion is a bit different though, so i am nervous.

I'll keep you in my prayers and thoughts. We all have got to stay POSITIVE.

I'd swear that if they think they can bluff you and you are appearing unsure, they will indeed take advantage.

Did they rename the collections department into the loan retention? It might help account for the people who are so clueless.

Anyway, POSITIVE thoughts everyone! We all need to be praying that loan mods start being granted in far greater numbers, and especially to the members here.

[alikeith]

Thanks again so cal gal. it sounds like collections and home retention are one in the same.

[AzGryffindor]

Originally Posted by alikeith

Thanks again so cal gal. it sounds like collections and home retention are one in the same.

Isn't that an oxymoron?

[alikeith]

haha!

[so-cal-gal]

Originally Posted by AzGryffindor

Isn't that an oxymoron?

My POINT exactly. I do use sarcasm also when I believe it is deserved.

If people read my posts here and at bk-forum, there is usage of both sarcasm and dry humor mixed along the way.

[alikeith]

So she e-mailed me and told me she woudl be calling me. She is going to review my loan.

[alikeith]

We have a phone appointment tomorrow.

She did tell me my main issue is the NPV, i am not passing that.

[californiabofa]

We were just denied a loan modification. Would you mind sending an email with her phone number to crhenderson@yahoo.com? We really need the help!

[so-cal-gal]

Originally Posted by alikeith

We have a phone appointment tomorrow.

She did tell me my main issue is the NPV, i am not passing that.

NPV as in net present value where (in CA) "A bank or mortgage servicer has a duty to its investors to offer loan modification terms that will yield a net present value that is greater than what would be achieved if a lender took back and sold the collateral."?

So, are they saying that they get a better deal if they take the home and sell it to someone else, incurring the costs they will have of foreclosure and trying to sell it?

If that is their reasoning, you need to have a negotiator look at how they are evaluating this. Do you know the current (realistic) value of the property? Also make SURE they don't have a glitch in their calculations.

Or did I just not get the right meaning/context for 'NPV'?

[alikeith]

Yeah in a nutshell i guess thats what they are saying. I dont see how that could possibly be. I will get more info this afternoon and let you all know.

Im just glad she told me there are options for me, that won't require any up front fees.

[kurtkrum]

NPV as in net present value where (in CA) "A bank or mortgage servicer has a duty to its investors to offer loan modification terms that will yield a net present value that is greater than what would be achieved if a lender took back and sold the collateral."?

There are so many ways that this calculation can be manipulated that the decision about whether or not to accept a proposed modification is largely arbitrary.

I have been rejected by AmTrust for a mortgage modification. I have seen posts on this forum and other forums where people got modifications with terms that we far more costly for the bank than what I asked for. In my opinion, the decision that AmTrust made on my case was purely arbitrary and was based on the guys mood on the particular day he made the decision.

By the way, I read somewhere that AmTrust has three times as many mortgages in default as the national average for all banks. Wonder why they wont work with people to bring loans current...

As long as lenders are not required to show their criteria for approving/denying mortgage modifications, there is no transparency and the consumer suffers.

[alikeith]

Does anyone know how much a foreclosure costs? i know varies. i just dont see how that is more cost effective. Especially nowadays.

[AzGryffindor]

Originally Posted by alikeith

Does anyone know how much a foreclosure costs? i know varies. i just dont see how that is more cost effective. Especially nowadays.

From the websites I've Googled it appears that it's anywhere from $50k on up.

[alikeith]

yeah so how is that more cost effective?? I need to find out more info. Like what they think my home is worth, ect.

[Skipper]

Originally Posted by alikeith

yeah so how is that more cost effective?? I need to find out more info. Like what they think my home is worth, ect.

One place for a "snapshot" may be zillo.com...

Hope this helps.

Skipper

[alikeith]

i have looked on zillow.

As it stands right now i owe $182,500 on my condo. It is worth according to zillow 228,500. I have read though that Zillow is not always correct.

[AzGryffindor]

Zillow is way off in it's estimates as of late. Homes in my neighborhood are all over the place in value.

You can ask B of A what they show your home is valued at. They told me my house was worth $136k one of the times I called (loan balance $140k).

[alikeith]

Yeah i will be curious to find out.

[ama125]

Originally Posted by AzGryffindor

Zillow is way off in it's estimates as of late. Homes in my neighborhood are all over the place in value.

You can ask B of A what they show your home is valued at. They told me my house was worth $136k one of the times I called (loan balance $140k).

Did you ask how they arrived at that value? Was it using AVM or BPO? For HAMP, this is what it says:

To obtain a property valuation input for the NPV calculator, servicers may use either an automated valuation model (AVM), provided that the AVM renders a reliable confidence score, or a broker’s price opinion (BPO). A servicer may use an AVM provided by one of the GSEs. As an alternative, servicers may rely on their internal AVM provided that:

(i)the servicer is subject to supervision by a Federal regulatory agency;
(ii)the servicer’s primary Federal regulatory agency has reviewed the model; and
(iii)the AVM renders a reliable confidence score.

If a GSE AVM or the servicer AVM is unable to render a value with a reliable confidence score, the servicer must obtain an assessment of the property value utilizing a BPO or a property valuation method acceptable to the servicer’s Federal regulatory supervisor. Such assessment must be rendered in accordance with the Interagency Appraisal and Evaluation Guidelines (as if such guidelines apply to loan modifications). In all cases, the property valuation used cannot be more than 90 days old.

[AzGryffindor]

Ama: I didn't ask so I don't know how they arrived at that number, but they were able to pull it up really fast.

I'd bet that if I did ask that they wouldn't know the answer to your question either.

[alikeith]

So i had a great conversation. i feel really confident after speaking with her.

She is ordering someone to do a drive by valuation. This could take up to 2 weeks though.

She also has someone manually entering info into the NPV at a lower home value, to see if this makes a difference and makes me pass.

She said she is going to try to get me under MHA.

Worst case scenerio, i keep my interest only and they capitalize my arrears. No up front fees.

She was very very nice. I am so glad that i was put in touch with her.