Special Forbearance Agreement / Deferral of Loan Payments

[hsh011]

After working with a negotiator directly for a month (the office of the President referred me to negotiator), I received today the "Special Forbearance Agreement". The negotiator told me that this is a best that the supervisor and investor will agree to, because if my loan is modified they think I will not be able to keep up (if modified down to my target of 2.5% my monthly payment will be down $600, but together with escrow payment it will be $300 more than my current loan payment without escrow).

In the next three months, during the "Deferred Payment Period", I will agree to pay about $600 less than my current payments.
On Dec. 1, BAC Home Loans Servicing (read BoFA) will decide in its "sole and absolute discretion, either (1) you will be required to recommence your regularly scheduled payments and to make an additional payment, on terms to be determined by BAC , on or before the first of each month commencing on Dec. 1 until all past due amounts owed to BAC have been paid in full, or (2) you will be required to reinstate your Loan in full, or (3) BAC will offer to modify your Loan or will offer you some other form of payment assistance, on terms to be determined solely by BAC and/or the investors or insurers on your Loan. In any event, late charges will not be assessed during the Deferred Payment Period."

MY QUESTION IS - do I really stand a chance in three months to permanently modify my loan, or this is just a BoFA trick to get rid of me?

Thanks guys!

[ama125]

If they just wanted to get rid of you, then they wouldn't even offer you this...just my opinion. I would use that time to try and increase income or decrease expenses (look over lowering car insurance, homeowner's insurance, property taxes, anything you can use to trim your budget). I may be in this same situation, I likely won't hear anything for another week

[merev]

I received the special forbearance agreement yesterday. I have called Bank of America several times today and cannot get a straight answer from anyone. I am also with NACA. I tried calling them also, but their policies changed this morning. They are no longer allowed to go over documents with you. You have to wait for a negotiator to contact you.
I am conflicted on signing this document because I don't know that I can make the "normal" pymts after the 3 month period.

[Garry]

Originally Posted by hsh011

MY QUESTION IS - do I really stand a chance in three months to permanently modify my loan, or this is just a BoFA trick to get rid of me?

Thanks guys!

If the bank wanted to screw you they would simply foreclose. Give them time to help you. If they can't get you into the MHA program, they may be able to find another solution.

[florida1976]

Is Melissa Henderson your negotiator? she put me in the same plan. she assured me that after the payments I will be giving a modification. one can only hope. In my case I had no choice but to accept. i don't want to lose my home.

[hsh011]

Originally Posted by florida1976

Is Melissa Henderson your negotiator? she put me in the same plan. she assured me that after the payments I will be giving a modification. one can only hope. In my case I had no choice but to accept. i don't want to lose my home.

...it is not Melissa, but I got a similar message from my negotiator....

[stressedout1]

i think maybe this is a new thing they're doing to buy time if you go through office of the president. it seems like the office of the president is all b.s., created to fool and distract us all, like a puppet with no real power. i got the same thing and had completed my 3 months forbearance payment. after my last payment was received, i had called them (OOP, advocacy, home retention...)a gazillion time and never get a straight answer to what they are gonna do or planning to do. it's like my file is sitting in the twilight zone "under review", while i already completed to the 3 months trial. of course, conveniently, i got switch to a new negotiator. if i did not call many times, i would not have found out. and of course, can not get hold of the negotiator, new or old. i really don't know what those people are doing over there at the "negotiating dept". like someone had mentioned in this forum, i'm beginning to imagine a dark room, like a "sweat shop", with the negotiators crammed in...oh well, will keep fighting for my home, trying to cancel the sale date that's coming up in a few days, again. will let u guys know.
stressedout in CA

[jdubu2]

I hope this is a "real" plan, but like many I am a little more than paranoid that BofA$$holes are being just that a$$holes...

[JSal88]

Has anyone had any success with getting a mod after the 3 month forbearance? We were just put on one and I am VERY worried that once the 3 months has passed they are going to screw me into bigger payments again....my negotiator said that the 3 month trial is to see if we can afford the lower payments..then we will move on to a permanent modification.

Please let me know!

[helpsavemyhome]

JSall88, we just received docs for a Special Forbearance and I, too, am worried of what will come after the three months is up. I talked to a guy in Advocacy yesterday and he said they will try to get us a payment similar to the payment in the forbearance, if we can handle making the payments. I'm leaning toward signing the docs because I don't feel we have any other choice.

I am curious also, to see if anyone has actually been given a mod after the three months is up...

[jinksy]

I apologize if this has been posted already.

Moody's bearish on housing recovery. Analysts say it will take more than 10 years to recapture peak home prices

[jinksy]

Housing Agency's Cash Reserves Will Drop Below Requirement.

[jinksy]

Faber Report: Shadow Inventory.

[southFLgal]

Have any of you who previously posted received any positive results after your special forbearance? I was just offered one and would like to know your status. Thanks so much!

[snowbie]

Hi mpthomas,

I was offered a special forbearance back in August because even though according to the HAMP guidelines I qualified for HAMP, they told me I didn't qualify at the time. I was also current on my mortgage.

After making three special forbearance payments my negotiator reran the numbers and said I now was pre-qualified for HAMP. They told me more than likely the change was because making the smaller payments put me behind in my mortgage so I was past due.

I then was sent a trial modification that started January 1st. I will be making my second payment this week and my trial goes through March. So, I have my fingers crossed that I will get a permanent modification afterward but not getting my hopes up after reading other posts. I just take it day by day and try not to think about it while reading others experiences on here.

Hope this helps,

Snowbie

[southFLgal]

Snowbie,
Thanks for the info. It is nice to know that someone out there was current when starting a special forbearance payment plan. I hope you and I have positive outcomes. Please keep me posted.

I will say that my negotiator said that they are not trying to set me up for failure, especially since I am not delinquent. She said that the investors goal is to get to a more affordable payment.

Let's stay in touch. Thanks again!

[Malcon10t]

Originally Posted by southFLgal

Have any of you who previously posted received any positive results after your special forbearance? I was just offered one and would like to know your status. Thanks so much!

I signed my paperwork last week. Melissa Henderson is my negotiator. Will know more when they get back to me this week.

[southFLgal]

Malcon10t,
What paperwork did you sign? The special forbearance papers or a final mod? If it was a final mod, what were your terms? Who is your investor?
Thanks for the info