Loan mod processed in 9 days/tentative success

[troubledintn]

I just wanted to say a HUGE thank you to this site and the info that they provide that helped me get a loan mod with BOFA.

I spent several days researching this site, writing down info and contact names. I had called BOFA on Friday the 23rd and was told that we were denied for a traditional refinance, and also denied for a refinance through the Making Homes Affordable and that we should try for a loan modification. They said that it would take about 45-120 days for the entire process of receiving the application, processing, and, if approved, modification. I emailed the four emails that I found on the site on Monday, July 26th. I included in the body of my email, my plea for a loan modification. I received a call on the morning of Tuesday the 27th, saying that I was going to be assigned a VIP negotiator within the next 48 hours. I received calls on both the 28th and 29th from Cindy, apologizing for not having the VIP negotiator assigned. I received a call on Friday the 30th from Melissa Henderson. We talked for about 30 minutes, mainly about my DTI and she said that she would submit my application and would call me back the following Tuesday. She called 45 minutes later saying that we got approved for a loan modification, it was the fastest one she had ever gotten processed and approved. We had a 9.75% ARM and they lowered it to 5.5% for the life of the loan and they said that we don't owe a payment until October 1st. We are current on our payments and have never been late. I know that it isn't as great as the 2% that some people received, but we have fortunately not lost as much in our home value as others, and I felt completely grateful and blessed that we got our interest rate lowered.

We received our paperwork via Fedex today and the mobile notary is coming on Monday to get our papers signed. All said, it only took 9 days from our first contact to get approved. I was fully resigned that it would take 6 months for anything to happen and we were in shock and so happy.
Thank you again for all the great info from this site.

[troubledintn]

Also, to add, it dropped our monthly payment by $500.

[troubledintn]

They also updated our online account information to show that the workout has been approved. I'm still in shock that it happened to so quickly.

[ama125]

Congrats to you and glad you were able to get help so quickly...many of us, me included, have been waiting for a long time!

[troubledintn]

Thank you, Ama! If it wasn't for this site, I would've been completely lost. I wish you the best with your situation and hope it comes to a quick resolution.

[windyCA]

troubledintn,

Congratulations!

Questions for you:

Were you in negative (expense > net income) the mod? If so, how much short, if no, how much is the surplus?

Do you know who is your investor?

Was your DTI >31% of your gross income before mod, and what is that after mod?

If you don't mind, can you tell us what was your original PITI payment?

Sorry for so many questions, just try to figure out why you get the mod so fast, and see if there is anything we can do to get a mod. NACA submitted my mod 3 months ago, already emailed OOP one month ago, still waiting.

Thanks a lot in advance!

[troubledintn]

Thanks, Windy! i would be more than happy to share all of our details for our modification. We did not go through NACA, we decided to try it once on our own and then go to them if we had problems. I'm really scratching my head as to how it was handled so quickly, I know that all the info I got from the site helped tremendously. I faxed everything they needed, plus our wage transcripts. I didn't send paystubs because I'm selfemployed, I just had to send a P&L for my company and bank statements. I think it REALLY helped to send my plea for a loan modification in my email to Ms. Doeser.

Were you in negative (expense > net income) the mod? If so, how much short, if no, how much is the surplus?
We initially showed a -600.00 a month income. My husband was laid off last November and we were well over expenses to income. I sent in bank statements that showed we were receiving help from my family. The negotiater said that with our income (i am self employed), she couldnt help us because we didn't even show enough to pay our mortgage. I told her that we were getting two roommates in September and that put us right at the 31%. To be honest, I didn't really crunch many numbers before I sent in my paperwork, as far as our DTI was concerned, I just knew we wouldn't be able to afford our mortgage when our interest reset. She initally asked if we wanted to keep our payment the same, or ? I told her that i really wanted to have a lower payment, that we were struggling.

Do you know who is your investor?
It was originally Countrywide, then it changed to Bank of America.

Was your DTI >31% of your gross income before mod, and what is that after mod?
Our DTI was over 65% before the mod, and now it's around 31%.

If you don't mind, can you tell us what was your original PITI payment?
Our original PITI was $1600.00. We pay our taxes once a year and insurance every month, it's not held in escrow. We now pay just a little over $1000.00 a month. It was so much more than I was expecting. We're at 5.5% FIXED for the life of the loan, she also put the August/September payment back into the loan, so we don't have to make a payment until October, because our roommates won't move in until then.

I hope that you get your mod quickly and that it exceeds what you were hoping for!

[windyCA]

Thanks a lot for your information.

[Cassietw]

troubledintn,

Congrats! That was incredibly fast!!! Can I borrow your Guardian Angel??? You must have one to have gotten through that fast!!!

[luvmyhorse]

Troubled that is awesome that you got approved. I have a similar situation as my expenses are way more than my net! I was told I would be rejected for sure. I am trying to get a moonlighting job and apply using that as additional income but I was told that won't work because they will go by your tax returns only.

It sounds like they used your roomates payments, so I am so excited that I have hope!
Can you give me any advice?????? I am desperate.

[luvmyhorse]

How did you prove the income you would be getting from the roomates?

[Melanie702]

WOW, congratulations! We've been waiting almost 4 months now. That's really cool they used your soon-to-be roommates' income as well. Gives others hope that maybe they will consider alternative income.

[hope67]

WOW!!!!!!!!!!! Congrats!

Is this HAMP? Also, so you didn't have to go thru the trial modification plan, they just directly approved your loan modification? If so, this is fascinating!!

Please tell who did you email? Thanks

[Garry]

That sounds like a re-fi, a mod is totally different. There's a three month trial period for a mod.

[troubledintn]

I did not get a refinance, I got a loan modification, separate from the Making Homes Affordable Plan. I don't have any closing costs, doc fees, etc and it's listed as a loan modification on the website AND on the paperwork we received today.
I didn't have to prove my roommates income. When I went over my debts with the VIP negotiator, I just verbally told her that we would have an additional $450 a month in income from their rent payment to us. Their concern at first was that even if they got my payment down to the 31%, I still didn't show enough income to prove that I could continue to make my payments. After I told her about taking in 2 roommates, it was enough that I could make the new payments. I emailed barbara.desoer@bankofamerica.com and received a formal letter from her and a phone call from her office. This is what my online access shows from the workout link:

Your Loan Modification has been approved, and all collections activities have been suspended as a result of this approval. Next steps will include a call from a workout negotiator who will explain the terms and options of your approved workout including all conditions required for the final completion of the workout, such as upfront funds. You will also receive a package of documents in the mail. These documents are time sensitive and must be signed, notarized and returned to us in 10 days, including any required upfront funds. If you have not received your workout package and/or a phone call from your negotiator by 10/05/2009, please contact us. Please do not call back before 10/05/2009 as that may delay the process. Please respond promptly to any calls or requests that you may receive from us during this time period. Lack of response will cause your workout to be delayed or cancelled. Thank you.

It has truly been a miracle that it all happened so quickly. I'm not sure if it's because i'm self employed? We received the packet from Fedex today and the mobile notary is coming Monday to get the papers signed. My VIP negotiator said that it will take between 30-60 days to show everything updated in my online account status. Best of luck to everyone, I guess we might've just had the right numbers (DTI) that they could quickly do a modification?

[troubledintn]

LuvmyHorse-I'm sorry that it's been so stressful, I know that my negotiator did say that they are getting into a rhythm with processing modifications now that they are becoming more familiar with the new laws and regulations. I didn't have to do anything to prove the income, I just verbally told her and she said that it was enough that they could submit the application. She did say that because my husband is unemployed that he would be going back to work and he would have income when he got a job, I'm not sure how she figured that in. Maybe you could try saying you were taking in a roommate?

[Garry]

Originally Posted by troubledintn

I did not get a refinance, I got a loan modification, separate from the Making Homes Affordable Plan. I don't have any closing costs, doc fees, etc and it's listed as a loan modification on the website AND on the paperwork we received today.
I didn't have to prove my roommates income. When I went over my debts with the VIP negotiator, I just verbally told her that we would have an additional $450 a month in income from their rent payment to us. Their concern at first was that even if they got my payment down to the 31%, I still didn't show enough income to prove that I could continue to make my payments. After I told her about taking in 2 roommates, it was enough that I could make the new payments. I emailed barbara.desoer@bankofamerica.com and received a formal letter from her and a phone call from her office. This is what my online access shows from the workout link:

Your Loan Modification has been approved, and all collections activities have been suspended as a result of this approval. Next steps will include a call from a workout negotiator who will explain the terms and options of your approved workout including all conditions required for the final completion of the workout, such as upfront funds. You will also receive a package of documents in the mail. These documents are time sensitive and must be signed, notarized and returned to us in 10 days, including any required upfront funds. If you have not received your workout package and/or a phone call from your negotiator by 10/05/2009, please contact us. Please do not call back before 10/05/2009 as that may delay the process. Please respond promptly to any calls or requests that you may receive from us during this time period. Lack of response will cause your workout to be delayed or cancelled. Thank you.

It has truly been a miracle that it all happened so quickly. I'm not sure if it's because i'm self employed? We received the packet from Fedex today and the mobile notary is coming Monday to get the papers signed. My VIP negotiator said that it will take between 30-60 days to show everything updated in my online account status. Best of luck to everyone, I guess we might've just had the right numbers (DTI) that they could quickly do a modification?

Congratulations on your mod! In my last post I guess I should have stated the "Making Home Affordable" mod requires a trial period and from what I have read, there is no way to get around it if you want that program.

[sandyh]

Originally Posted by Garry

That sounds like a re-fi, a mod is totally different. There's a three month trial period for a mod.

We received a modification and it does not have a 3 month trial. Most likely, the investor for the OP's loan has an inhouse person (maybe BONY) and they saw a quick win-win situation. Sure saved both BOA and the OP hours and hours of time. I think that is wonderful. What a wonderful gift.

Our modification process started last October when we heard about the AG settlement in CA. Just now, we have now gained back our online access. I nearly cried when I saw I can make a payment on line. It feels so good to have it done after almost 12 months of fighting. It is thrilling to hear that someone did not need to go through what we did. Enjoy your success! What a wonderful success story. I wish more could be like it.

[Garry]

Originally Posted by sandyh

We received a modification and it does not have a 3 month trial. Most likely, the investor for the OP's loan has an inhouse person (maybe BONY) and they saw a quick win-win situation. Sure saved both BOA and the OP hours and hours of time. I think that is wonderful. What a wonderful gift.

Our modification process started last October when we heard about the AG settlement in CA. Just now, we have now gained back our online access. I nearly cried when I saw I can make a payment on line. It feels so good to have it done after almost 12 months of fighting. It is thrilling to hear that someone did not need to go through what we did. Enjoy your success! What a wonderful success story. I wish more could be like it.

It sure is nice to read about people starting to get help, congratulations to you Sandy! I know the banks are offering other types of mods, but as far as I know the Making home Affordable mod program has a manditory trial period, that's the mod I thought most people are trying to get.

[troubledintn]

No worries, Garry! I know that there are so many different programs out there with different requirements and rules. I did originally think that we would need to go with the "Making Homes Affordable" plan, but BOFA said that we weren't eligible for that. I was very confused as to what we were being approved for, after talking to about 5 different departments the Friday before and getting passed back and forth. It was only after I got on this site and emailed Ms. Doeser that everything started to happen. I can't imagine what it would be like had we chosen to go at it on our own without all this information.

SandyH-Thank you so much for your kind words. I originally posted this as a thank you to the site for all it's info and I hope that everyone can have a quick resolution to their mods/refi. I was steeling myself to wait it out for 6-9 months and still can't believe how quickly it happened. I hope and pray that they will start moving quickly with everyone's requests. My husband and I definitely view this as a HUGE gift and are so grateful to everyone on this site for their insight and encouragement.

[CWandSLSat619]

HHmmm.. Maybe this is a new trend???? I too have been approve a loan mod (just found out this afternoon, only verbal offer for now docs to follow) Faxed my docs 6/23 and nothing happened.. just showed that it was recieve in my online acct. 7/31 decided to email Barbara Desoer's office, Got a call the next business day, was told I was going to get assigned a VIP negotiator, the next day, Senior Negotiator called me we talked for about 20 mins. Then today called her up to follow up and she said I was accepted a loan mod! 5.25% P&I only taxes insurance not included! Fix for 30 years. Added the missed payments in the loan, payment went up $200! I like the fact that it is fix and Principal and Interest, but I don't like the $200 more a month!. Also, does this becomes a recourse loan? since they are letting me keep the payments i missed? well technically they are adding it to the loan... so it's like I refied and cashed out 11K ??? Any advice???? Anyhow this thread is about you troubledintn! CONGRATS!!!!

[stressedout1]

CONGRATS!!!AMAZING...So contrary to many stories here on this forum...Hope all will go well with the rest of us..I am really happy for you!!!

[troubledintn]

Updated:

The mobile notary came by the house yesterday and we got all the papers signed. Crossing my fingers that everything gets filed correctly and it's all legit!

[CWandSLSat619]

Hi Troubledtn, do you mind me asking, do you have a second mortgage? or just the one from BofA?

[troubledintn]

No problem! We don't have a second mortgage, just the one from BOFA.....