IS THIS A GOOD OFFER??? anybody experience counter offer? - Loan Modification Forum

CWandSLSat619 · 08-09-2009, 10:16 PM

BofA offered me a fixed 5.25% principal and Interest. missed payment added to the balance of the loan. trade off payment went up to $250.

still have a second mortgage, was willing to walk away... should I counter the offer? or if I try to counter the offer, and they said no, then their first offer is gone? how does this work? Any advice will help... Thanks...

alikeith · 08-10-2009, 06:32 AM

When you submittd your financials, did you show you had a surplus every month and if so how much? This may be why your payment increased.

CWandSLSat619 · 08-10-2009, 08:35 AM

Nope, I actually worked with a HUD counselor and I had a negative of $300. She did get me to the $31% of our gross income, but that's not including the 2nd mortgage!....

alikeith · 08-10-2009, 08:46 AM

so is this offer thru Making Home Affordable?

CWandSLSat619 · 08-10-2009, 09:37 AM

Nope, it's thru BofA, She said that, if I would've waitied for the MHA, they would offer me the same thing.....

CW California · 08-10-2009, 09:57 AM

If you have a 2nd I believe if you wait for the MHA plan they are to modify that too. Does this offer also modify your 2nd?

alikeith · 08-10-2009, 10:02 AM

MHA has a program though for second mortgages. I think you should either contact NACA or BOA directly. THe counselor sounds like they are misinformed.

here is the link to the site with all the info on second mortgage.

http://www.financialstability.gov/do...nFactSheet.pdf

CWandSLSat619 · 08-10-2009, 10:08 AM

My 1st and 2nd is with 2 different lenders, 1st is BofA. I haven't talked to my 2nd about the MHA, I'm trying to settle with them....

Alikeith, I was reading your post from a different thread, about being late or behind to get a loan mod.... that's exactly what happened to me, this is what the rep said word per word "We do not have any program for current paying customers" and I have the counselor from HOPE in the line as well so she heard it too.. that's what make me decide to stop paying to get attention... and I did!

alikeith · 08-10-2009, 10:17 AM

oh wow. Different lenders. That sounds a bit more tricky. Who is the second through? Technically under MHA, you dont have to be behind. Unless you are though, its a waiting game. Your not priority.

alikeith · 08-10-2009, 10:21 AM

i did find this though... It sounds like you need to contact the second lender:

"The loan amount on the first mortgage should be equal or less than $729,750. This making home affordable modification program only apply for first mortgage, if home owner also have the second mortgage or second liens against the property, home owner need to consult with the second mortgage holder separately for the loan modification or other option for the second loan. The second mortgage can be held by the same lender or different lender."

CWandSLSat619 · 08-10-2009, 10:45 AM

hhmm..... Thanks for the info... Yeah I guess I'll finalize everything with BofA and then talk to SLS... so what do you think of BofA's offer???? Most everobody here is geting a 2% fixed... But I know it's a case to case scenario.... however, I just don't want to have an additional payment....

alikeith · 08-10-2009, 10:57 AM

Im suprised that they offered you something that raises your payment honestly.

What type of loan do you have now with them? Rate ect?

CWandSLSat619 · 08-10-2009, 11:10 AM

Well, before was just interest only for 6.25% will reset 2014. now they gave me 5.25 fixed with principal, that's why it went up and they added the 11K of missed payment (don't know why it's 11K) missed from June 1st monthly is only $2361... next modified payment is Oct. 1.. I don't know....

alikeith · 08-10-2009, 11:13 AM

Yeah i have an interest only too. How many months behind are you?

CWandSLSat619 · 08-10-2009, 11:37 AM

Only from June 1st.... have you been approved for a mod yet?

alikeith · 08-10-2009, 11:46 AM

Yeah that makes no sense then.....

Have you actually gotten any paperwork to look at, or is this all by phone conversations? Does, june, july aug and sept equal out to the $11,000?? Thats the only explanation i have.

No i have not gotten anything yet. We are waiting for a BPO to be completed to see if the value that they sugested for my condo is correct. Right now i am failing the NPV test so i am not eligable for MHA.

CWandSLSat619 · 08-10-2009, 12:08 PM

2361 x 4 (june, july, aug, sept) = 9,444 difference of almost $1500.. maybe for late fees etc?? No docs yet, just verbal over the phone.... how does the NPV works?

alikeith · 08-10-2009, 12:11 PM

Well if they were approving you under MHA, there are to be no late fees. So i would wait until you get documents to see what it is.

The NPV is a tool they use to see if its more beneficial for the investor to modify your loan.

CWandSLSat619 · 08-10-2009, 12:43 PM

hmm... researched it a bit.. (NPV) quite confusing... hehehe

alikeith · 08-10-2009, 01:30 PM

Yes it is very confusing!!

CWandSLSat619 · 08-10-2009, 02:41 PM

Hi Alikeith, I think I'll just walk away... this is really tiring and frustrating.. here's my thread for my whole story if you are curious about it

CW & SLS, LoanMod? Shortsale? or Foreclosed????

beaver · 08-10-2009, 05:59 PM

I also have of a BofA loan. BofA (Wells Fargo is the investor) has suggested to me the best loan re-mod they can achieve is 30 year fix @ 5.25%. Waiting for offer.

CWandSLSat619 · 08-11-2009, 01:01 PM

Quote:

Originally Posted by beaver

I also have of a BofA loan. BofA (Wells Fargo is the investor) has suggested to me the best loan re-mod they can achieve is 30 year fix @ 5.25%. Waiting for offer.

Hi Beaver, Do you have a second? so are you accepting it? the only trade off with BofA's offer is like I said, my payment went up... what about you?

08-09-2009, 10:16 PM	#1 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	IS THIS A GOOD OFFER??? anybody experience counter offer? BofA offered me a fixed 5.25% principal and Interest. missed payment added to the balance of the loan. trade off payment went up to $250. still have a second mortgage, was willing to walk away... should I counter the offer? or if I try to counter the offer, and they said no, then their first offer is gone? how does this work? Any advice will help... Thanks...

08-10-2009, 06:32 AM	#2 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? When you submittd your financials, did you show you had a surplus every month and if so how much? This may be why your payment increased.

08-10-2009, 08:35 AM	#3 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Nope, I actually worked with a HUD counselor and I had a negative of $300. She did get me to the $31% of our gross income, but that's not including the 2nd mortgage!....

08-10-2009, 08:46 AM	#4 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? so is this offer thru Making Home Affordable?

08-10-2009, 09:37 AM	#5 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Nope, it's thru BofA, She said that, if I would've waitied for the MHA, they would offer me the same thing.....

08-10-2009, 09:57 AM	#6 (permalink)
CW California Senior Member Join Date: Feb 2009 Location: SoCal Posts: 1,127 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? If you have a 2nd I believe if you wait for the MHA plan they are to modify that too. Does this offer also modify your 2nd?

08-10-2009, 10:02 AM	#7 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? MHA has a program though for second mortgages. I think you should either contact NACA or BOA directly. THe counselor sounds like they are misinformed. here is the link to the site with all the info on second mortgage. http://www.financialstability.gov/do...nFactSheet.pdf

08-10-2009, 10:08 AM	#8 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? My 1st and 2nd is with 2 different lenders, 1st is BofA. I haven't talked to my 2nd about the MHA, I'm trying to settle with them.... Alikeith, I was reading your post from a different thread, about being late or behind to get a loan mod.... that's exactly what happened to me, this is what the rep said word per word "We do not have any program for current paying customers" and I have the counselor from HOPE in the line as well so she heard it too.. that's what make me decide to stop paying to get attention... and I did!

08-10-2009, 10:17 AM	#9 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? oh wow. Different lenders. That sounds a bit more tricky. Who is the second through? Technically under MHA, you dont have to be behind. Unless you are though, its a waiting game. Your not priority.

08-10-2009, 10:21 AM	#10 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? i did find this though... It sounds like you need to contact the second lender: "The loan amount on the first mortgage should be equal or less than $729,750. This making home affordable modification program only apply for first mortgage, if home owner also have the second mortgage or second liens against the property, home owner need to consult with the second mortgage holder separately for the loan modification or other option for the second loan. The second mortgage can be held by the same lender or different lender."

08-10-2009, 10:45 AM	#11 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? hhmm..... Thanks for the info... Yeah I guess I'll finalize everything with BofA and then talk to SLS... so what do you think of BofA's offer???? Most everobody here is geting a 2% fixed... But I know it's a case to case scenario.... however, I just don't want to have an additional payment....

08-10-2009, 10:57 AM	#12 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Im suprised that they offered you something that raises your payment honestly. What type of loan do you have now with them? Rate ect?

08-10-2009, 11:10 AM	#13 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Well, before was just interest only for 6.25% will reset 2014. now they gave me 5.25 fixed with principal, that's why it went up and they added the 11K of missed payment (don't know why it's 11K) missed from June 1st monthly is only $2361... next modified payment is Oct. 1.. I don't know....

08-10-2009, 11:13 AM	#14 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Yeah i have an interest only too. How many months behind are you?

08-10-2009, 11:37 AM	#15 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Only from June 1st.... have you been approved for a mod yet?

08-10-2009, 11:46 AM	#16 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Yeah that makes no sense then..... Have you actually gotten any paperwork to look at, or is this all by phone conversations? Does, june, july aug and sept equal out to the $11,000?? Thats the only explanation i have. No i have not gotten anything yet. We are waiting for a BPO to be completed to see if the value that they sugested for my condo is correct. Right now i am failing the NPV test so i am not eligable for MHA.

08-10-2009, 12:08 PM	#17 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? 2361 x 4 (june, july, aug, sept) = 9,444 difference of almost $1500.. maybe for late fees etc?? No docs yet, just verbal over the phone.... how does the NPV works?

08-10-2009, 12:11 PM	#18 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Well if they were approving you under MHA, there are to be no late fees. So i would wait until you get documents to see what it is. The NPV is a tool they use to see if its more beneficial for the investor to modify your loan.

08-10-2009, 12:43 PM	#19 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? hmm... researched it a bit.. (NPV) quite confusing... hehehe

08-10-2009, 01:30 PM	#20 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Yes it is very confusing!!

08-10-2009, 02:41 PM	#21 (permalink)
CWandSLSat619 Senior Member Join Date: Jul 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? Hi Alikeith, I think I'll just walk away... this is really tiring and frustrating.. here's my thread for my whole story if you are curious about it CW & SLS, LoanMod? Shortsale? or Foreclosed????

08-10-2009, 05:59 PM	#22 (permalink)
beaver Member Join Date: Aug 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: IS THIS A GOOD OFFER??? anybody experience counter offer? I also have of a BofA loan. BofA (Wells Fargo is the investor) has suggested to me the best loan re-mod they can achieve is 30 year fix @ 5.25%. Waiting for offer.

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