4 months forberence?

[florida1976]

We are 16 months behind on our mortgage, got our sale date postpond 3 months ago. Thanks to this forum, I email Barbara and got assigned a negotiator. We have BONY as investor. However all she is offering is 4 months forberence a 2600 per month for months. Although I have only talk to her once for 2 minutes, she mentioned that the bank wants to see if we can afford the mortgage before giving us a modification.

The first amount she drafted was 3k witch was not affordable for us.
I am just coming out maternity leave and have $1k in child care cost.

[sandyg]

Originally Posted by florida1976

We are 16 months behind on our mortgage, got our sale date postpond 3 months ago. Thanks to this forum, I email Barbara and got assigned a negotiator. We have BONY as investor. However all she is offering is 4 months forberence a 2600 per month for months. Although I have only talk to her once for 2 minutes, she mentioned that the bank wants to see if we can afford the mortgage before giving us a modification.

The first amount she drafted was 3k witch was not affordable for us.
I am just coming out maternity leave and have $1k in child care cost.

I got a 3 mo. forbearance from BOA at $0 a month. We are 2 months into it. But, that was to see if we could increase our income. Which we have increased enough to hopefully qualify for an affordable solution.

My undertanding is that BOA puts you on a plan such as yours.. for a trial period (yours is for 4 mos.) to see if you can make the paymts. for that time period without missing a payment. And then they will send you out paperwork to sign for around that same amount which will be the final mod.

[florida1976]

We are 16 months behind on our mortgage, got our sale date postpond 3 months ago. Thanks to this forum, I email Barbara and got assigned a negotiator. We have BONY as investor. However all she is offering is 4 months forberence a 2600 per month for months. Although I have only talk to her once for 2 minutes, she mentioned that the bank wants to see if we can afford the mortgage before giving us a modification.

The first amount she drafted was 3k witch was not affordable for us.
I am just coming out maternity leave and have $1k in child care cost.
My question is should we accept or decline and hope for a better offer.
Why did she not offer us the HAMP program which we were told that we qualify last month.
This is so stressfull, please advised

[sandyg]

Originally Posted by florida1976

We are 16 months behind on our mortgage, got our sale date postpond 3 months ago. Thanks to this forum, I email Barbara and got assigned a negotiator. We have BONY as investor. However all she is offering is 4 months forberence a 2600 per month for months. Although I have only talk to her once for 2 minutes, she mentioned that the bank wants to see if we can afford the mortgage before giving us a modification.

The first amount she drafted was 3k witch was not affordable for us.
I am just coming out maternity leave and have $1k in child care cost.
My question is should we accept or decline and hope for a better offer.
Why did she not offer us the HAMP program which we were told that we qualify last month.
This is so stressfull, please advised

• You allowed her to draft $3000?
• Were you sent doc's?
• Did you sign doc's?
• Or is this all verbal?

If you have not signed doc's....I would not allow one penny to come out of your account!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !

[florida1976]

She never called me to discuss the payment amount.
No, I have not signed any docs yet. I was advised that the new amount will be 2600 per advocate dept.
I don't know what to do and I really want to save our home. an affordable payment for us is 2200 per month.

I will keep calling and hoping to catch her one day.

[sandyg]

Originally Posted by florida1976

She never called me to discuss the payment amount.
No, I have not signed any docs yet. I was advised that the new amount will be 2600 per advocate dept.
I don't know what to do and I really want to save our home. an affordable payment for us is 2200 per month.

I will keep calling and hoping to catch her one day.

Sounds like if you have not made a paymt. in 16 mos. that what they are looking for is $$$$$$$$$$$$$$. Without something in writting you are just being a victim of the strong arm of BOA collections on your mtg.

I would not make another payment...until they send you mod doc's and you sign them and send them back!!!!!!!!!!!!

[sandyg]

By the way a forbearance is a contract it is not a verbal agreement!!!!!!!!!!!!!!!

I got doc's for a FB signed!!!!!!!!!!!!!!!!!!!!!!!

[alikeith]

Yeah well you almost have to go above the home retention reps in some situations. I woudls ask your negotiator to speak with her manager and have her review it.

Under MHA, they do put you into 3 months of trial payments to see if you can pay the payment. You should get some type of paperwork on that though, its not verbal. i woudl call back and ask for this.

My situation for example. I was told i would need to pay $2500.00 up front in order to show my commitement to getting a mod. That just happens to be my past due payment btw.

It ended up beign that my negotiator brought it to upper managements attention to review. I was put in touch with VP Of Home retention. She is very nice. She is telling me not to worry about any up front funds. She also is ordering a BPO to get another value done on my condo. I am not passing the NPV test to get a MHA mod. I personally think they have a hig valuation on my property. We are going to see what that puts me at. Need to wait up to two weeks though possibly. Worse case scenerio she said is they take late payments onto my loan, and my paymetn icrease a tad bit. She knows that i really want the MHA mod, but if you are failing the NPV test, they dont have to give it to you. My loan is backed by Bank Of New York.

I know its frustaring and stressful. you have to play hardball though. Dont give up.