Help please! Asking for a 2% loan? What are the qualifications?

[ohhhdear]

Hi all,

Hoping someone can guide me in the right direction.

My private investor (supposedly) is Bank of New York, with CW/BOA servicing it.

Do you just ask for a 2 percent loan? I figured my income out at the 2% and it's pretty darn close to the 31% threshold.

So, do I just come right out and ask for the 2 percent----or do I see what they have to offer?

Also---Do I ask them what the qualifications are?

FYI: Always paid on time and I can show a hardship.

Thanks for any help.

[Evan Bedard]

Hi ohhdear,

So, do I just come right out and ask for the 2 percent----or do I see what they have to offer?

Also---Do I ask them what the qualifications are?

FYI: Always paid on time and I can show a hardship.

You can request from BofA a 2% payment but it will not be guarantedd you will get it. It may be more difficult to do especially if current, but there have been a few homeowners here recently who have achieved a modification while current...

[ama125]

I was told by my negotiator that my investor (Fannie Mae) won't even consider anyone if they are current, even if a hardship can be demonstrated. I don't know about BONY, but there were a lot of peeps on here that got the 2% with them as investor. Haven't seen it in a while though. Good luck!

[CW California]

I also have BONY as my investor. I tried directly thru BOA but finally had to go thru NACA. You can read my story under "Race to the Finish". BONY did modify my loan to 2% life. I stayed current during the process. BONY works well with NACA. NACA will determine what is an affordable payment for you.

[ItsJustMe]

Bank of NY is the investor on my 2nd. I was NOT current when we were offered a mod, but I was told being payment status had no bearing on the offer. They have a cut and dry financial formula that is used to determine hardship and payment.

[ohhhdear]

Well now- CW/BOA told me my property was not owner occupied, because I am not on the note. My father is on the note.

Despite the facts that I live here, am on the DEED since Day 1 and I have the homestead..
I was supposed to be on the note-- but that's another story.

I keep spinning my wheels, sent the paperwork back in March, they offered a deferment or forbearance--which I refused.

Now they tell me this is not owner occupied and I have to submit the paperwork once again...

I am ready to file a complaint with the Florida Atty General, but they encourage you to try to work out something out first..

Well, how can I work out anything? I keep gettiing the runaround.

Who do I call? Or email??

Thanks for any help or guidance...

[Garry]

Originally Posted by ohhhdear

Well now- CW/BOA told me my property was not owner occupied, because I am not on the note. My father is on the note.

Despite the facts that I live here, am on the DEED since Day 1 and I have the homestead..
I was supposed to be on the note-- but that's another story.

I keep spinning my wheels, sent the paperwork back in March, they offered a deferment or forbearance--which I refused.

Now they tell me this is not owner occupied and I have to submit the paperwork once again...

I am ready to file a complaint with the Florida Atty General, but they encourage you to try to work out something out first..

Well, how can I work out anything? I keep getting the runaround.

Who do I call? Or email??

Thanks for any help or guidance...

Your in a delicate situation, I think they may have a valid point about you not being on the loan.

[ohhhdear]

True, but if it wasn't owner occupied, I would not be able to get the homestead exemption in Florida.

I guess I need to call the title company and see what they have to say.

May as well call my senator, too--for whatever good that will do..

Heck, I will call the Florida Atty General, too.

Seems to me, that IF we were to sell it, I would have to sign it too (as long as I am still alive) because my name is on the Deed, along with my father's name.

I think CW/BOA just make up rules as they go along.

[Garry]

Originally Posted by ohhhdear

I guess I need to call the title company and see what they have to say.

May as well call my senator, too--for whatever good that will do..

Heck, I will call the Florida Atty General, too.

I agree, you need to find another avenue for help. I don't see any way the bank can even consider modifying a loan that is not yours regardless of the fact you are on the deed. It would be a different situation if your dad lived with you and he was the one trying to get the help.

[pdsfoley]

Being on the Deed is different than being on the loan....

[ohhhdear]

But it's my only home.

I pay the mortgage, I have the LEGAL & BENEFICIAL Titles to it, I get the homestead exemption, because Florida law states in order to get an homestead exemption,--- it must be owner occupied and they agree I am an owner and that it is indeed "owner occupied".

Besides, my name was supposed to be on the loan along with my father's--, but somehow CW screwed up and just used my dad's name.

[Garry]

I understand what you are saying, I just don't see how the bank itself can help you. I hope I'm wrong actually.

[ohhhdear]

Thanks!

This just came up the other day when I contacted CW once again. It's like they try to throw me off track...

Ever since last December--they understood my situation (that I am not on the note) and told me to send the paperwork which I did last March and they sat on it. They even offered me a deferment or forbearance--something like that-- but I told them no, thank you, that I wanted out of the pay option arm.

They have understood from the beginning that I was not actually on the note, but agreed they would take MY finances, MY bank statements, etc. because I am the owner living in the home.

Anyway, I am making some phone calls Monday morning.

I don't want to lose my home!

[jinksy]

Geesh, I wish I could get 2%. I could afford to keep my home.

[Garry]

Originally Posted by jinksy

Geesh, I wish I could get 2%. I could afford to keep my home.

Maybe you should do a lttle reading: Making Home Affordable - Home

[jinksy]

It says that I am not eligible for modification or refinance.

[Garry]

Originally Posted by jinksy

It says that I am not eligible for modification or refinance.

You have a problem then, I'd call the bank and see if they can work anything out with you.

[ama125]

Originally Posted by jinksy

It says that I am not eligible for modification or refinance.

Can you elaborate as to why you are not eligible?

[jinksy]

I just took the eligibility test and it said I didn't qualify.

[ama125]

Originally Posted by jinksy

I just took the eligibility test and it said I didn't qualify.

You can still try for a regular modification. They have lots of ways of crunching the numbers if keeping your home is the ultimate goal (I'm not saying what they'll offer will be great, sometimes the best they can do is offer some interest only type loan, but if it keeps you in the home, than you have to weigh out the options.)

[jinksy]

TBW just refinanced me in June. My SO, who is on the contract with, has decided he wanted out and has left. That leaves me with just my income to keep the home and I can't do that on just my income. I have tried to find a roommate or even to rent it out. I haven't been successful in those two things so it is now up for sale.

It's only been 2 weeks and there have been no nibbles as of yet. I was just reading how others got their loans down to 2%. If I could do that I could afford the home on my own. Other than that August is my first missed payment. Also, I'm assuming the BOA now has my loan after TBW folded. The stories I hear about BOA does not make me feel that they would entertain lowering y interest rate.

[ama125]

Originally Posted by jinksy

TBW just refinanced me in June. My SO, who is on the contract with, has decided he wanted out and has left. That leaves me with just my income to keep the home and I can't do that on just my income. I have tried to find a roommate or even to rent it out. I haven't been successful in those two things so it is now up for sale.

It's only been 2 weeks and there have been no nibbles as of yet. I was just reading how others got their loans down to 2%. If I could do that I could afford the home on my own. Other than that August is my first missed payment. Also, I'm assuming the BOA now has my loan after TBW folded. The stories I hear about BOA does not make me feel that they would entertain lowering y interest rate.

Actually, my negotiator just submitted a mod proposal to the investor for 2% at a 40 year term (and this is not MHA mod as it would be at a 35% DTI and MHA is 31%). My lender is Fannie Mae, and I am 6 months behind (LOL...sounds like I'm entering into a 12 step AA program for distressed borrowers). I have no idea if they'll accept that offer...hoping to find out this week. I can tell you that priority is being given to those behind in payments, though there are some people who have gotten their mods while remaining current. I think it all comes down to the lender/investor. Some are willing to cooperate, others are a PITA to deal with! Do you know who owns your loan? You can check Fannie Mae and Freddie Mac, both have online lookup tools or you can ask BofA. Good luck!

[jinksy]

I have been told mine is a Ginny Mae. I don't know if I spelled that correctly.

[ama125]

Originally Posted by jinksy

I have been told mine is a Ginny Mae. I don't know if I spelled that correctly.

Just an FYI, FHA just recently has incorporated HAMP and I believe Ginnie Mae should fall under that. This is why I was asking the reason you are not eligible according to makinghomeaffordable.gov site. The info on there is not always up to date and this announcement just came out on 8/15. If you meet all the other eligibility criteria except for having an FHA backed loan, than you still may qualify under FHA-HAMP.

Here is some more info:
http://www.ginniemae.gov/apm/apm_pdf/09-14.pdf
Making Home Affordable - HUD Secretary Donovan Announces New FHA-Making Home Affordable Loan Modification Guidelines

[bittersweetme]

AMA you are so full of knowledge... I wish I had the smarts you do