Manteca ca

[dan m]

Hello-here's the background info
I originally bought a house on my 25th birthday in 2006 thru Reasume mortgage for 212k. It was some stupid kind of I/O ballon loan with a 180k ballon payment due in a few years. So I then refinanced the property thru E-Trade at the end of 2006. the !st as a conventional uninsured 30yr fix at 6.25% for $245,000.
06/21/2007 2nd is a conventional uninsured 30yr fixed for $71,800 at 8.305%. the lender is Countrywide home loans. The note is secured by a deed of trust.
Both are serviced by countrywide now BofA. This is my sole and separate property on both loans.
Last year we had our third child and I knew we couldn't afford the payments on the mortgage for much longer. Like many of you our saving disappeared trying to keep up with the increase in food, gas, and our regular monthly payments. We had to buy a larger family car, replace the hybrid battery and a/c system in our civic, and pay for the funeral and wake for my wife's mother.-It's Jan 09 and we're broke.
For the next six months I play phone tag with countrywide reps. Like you I was told i'd quilified then I didn't/you have to be three months behind Mr. Manteca man/go beg from your local church thats why they're there/ask a senoir in your family that on a fixed income for money/you need to use all savings and retirements funds before we can do anything..and so on.
anyways the jist of it-
currently
1st $237,667 $1,738.4 (m) 6.25%
2nd $70,691 $ 554.3 (m) 8.30%
t $308,358 $2.292.7 monthly payment

our gross is $5,399 net is $3,882 monthly
current house value
$138,000 county assesor on July 30 hi
$114,200 BofA website lo
in the papper similars listed in between $88k-$120k
The end?
we'll find out. those people at 669-0102 number are monkies.don't waste your time with monkies-they throw poo. we recieved notice to accelerate with a date of Aug 20th
I wish I found this website sooner. with no help from any of the monkies I found the BofA email hit list. emailed them all on Aug 13th and wrote about what has been going on. received phone call next morning from Angel Speakerman. Aug.17th assigned senior loan nego by the name of Christy McGowan(the best...you rock). refaxed all the info directly to her and submitted mod to investor on th 21st. now we're waitng...
also Ms. Cynthia Thornburg rocks. everyone that I've dealt with since that email has been responsive, kind and very helpful. the harrassing? phone calls have stopped for now

[Evan Bedard]

Hi dan-m welcome and thank you for joining.

Stay strong and keep us posted of your progress!

[ama125]

Love the monkies comment! So true! Good luck...I'm hoping to hear back from my negotiator David Kozik hopefully this coming week. I'm right around the same timeline as you. I sent my email on 8/10. My account says active processing as of 8/17 and spoke with David on 8/20 (had been out of town so there was a little phone tag). Anyway, he just submitted a proposal to the investor this week. My lender is Fannie Mae on the 1st and the 2nd is with BofA. Who is your investor(s)? Just curious!

[dan m]

The first I got thru Etrade
second is thru countrywide
i believe fannie mae is on both
with BofA servicing both-if thats right...
love the site Im on here all the time now. the collection calls for the first stopped completely but I just got one about the second today. they wanted to know if i would be making a payment. I reminded them- because its all repetition- that the first is being reviewed and if i was modified then i would "take care" of the second. really...with all of the emotions that you go thru i'm at the angry stage. they can lower it to 1% or write it off. who hasn't had enough. houses around here rent for 900-1200. that's a 1000 off of what we pay now. it takes 2-3 years to get a mortgage if you were foreclosed on. thats 24-36 grand down on a new house in 2-3yrs. 4-5 bed houses sell for around 170-220k---come on--
i'm tired of jumping thru hoops. the only thing i see the banks having on the people is that we aren't organized. yes i'm at the point that i would join a riot. i know.. it's more than you wanted but i'm a giving person

[ama125]

Originally Posted by dan m

The first I got thru Etrade
second is thru countrywide
i believe fannie mae is on both
with BofA servicing both-if thats right...
love the site Im on here all the time now. the collection calls for the first stopped completely but I just got one about the second today. they wanted to know if i would be making a payment. I reminded them- because its all repetition- that the first is being reviewed and if i was modified then i would "take care" of the second. really...with all of the emotions that you go thru i'm at the angry stage. they can lower it to 1% or write it off. who hasn't had enough. houses around here rent for 900-1200. that's a 1000 off of what we pay now. it takes 2-3 years to get a mortgage if you were foreclosed on. thats 24-36 grand down on a new house in 2-3yrs. 4-5 bed houses sell for around 170-220k---come on--
i'm tired of jumping thru hoops. the only thing i see the banks having on the people is that we aren't organized. yes i'm at the point that i would join a riot. i know.. it's more than you wanted but i'm a giving person

LOL! I've got my own thread going on my story. I joined the forum in June but have been trying to get a mod since April: Waiting for workout letter (again)!

Wanna race? I have a feeling I'm going to get turned down, at least the first time anyway I was so hoping to have this resolved by the end of the summer...so much for that! I hope you get good news!

[dan m]

08/06/2009	Modification	FAX COVER SHEET
08/06/2009	Modification	TAX OTHER
08/06/2009	Modification	TAX RETURN/FORM
08/06/2009	Modification	LETTER OF EXPLANATION
08/06/2009	Modification	PAY STUB
The above list is real-time and reflects the documents processed to date for this account. We may have received additional documents recently sent to us that have not been processed and therefore do not appear in the list. Please do not call us to check the status of a document not showing in the list as our representatives will not be able to provide any additional information than what is shown here. Thank you for your patience

Workout Status Details:	Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 10/05/2009. If your status remains unchanged after the 10/05/2009, please call and speak to a customer service representative. Please do not call back before 10/05/2009 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of:	08/31/2009
Workout Stage:	Processing
Phase/Sub-Phase:	Active Processing

Loan Modification	View the Details	Hide the Details

Workout Status Details:	Your request for assistance has been received and will be reviewed for potential Workout Assistance programs. Please be advised that all collections activities are continuing for your loan, as your loan has not yet been pre-qualified for a Workout Assistance program. We expect more information to be available on . If your status remains unchanged after , please call and speak to a customer service representative. Please do not call back before as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.

Just an update
the info on the second reads the same only with earlier dates on it. I originally faxed in info in late June that went missing and weren't on my account until I contacted OOP. I found out that Fannie is the investor on the first while countrywide is on the second. All collections have stopped on both the 1st & 2nd. My first was submitted under HAMP on AUG 21st. I was told that things are running slow at Fannie due to the damand. I should get an update in another two weeks or so. On a side note the second has already approved modifying the loan to 5% fixed for life I'm told. Which brings me to the 2MP program. If the first is fixed under HAMP then the second from what I read has two choices.
https://www.hmpadmin.com/portal/docs...ien/sd0905.pdf
-thanks Garry-
My nego Ms. McGowan (two thumbs up)told me that info about the 2MP was just starting to get around the office. They are all really busy.
To anyone new- the people at OOP are friendly, kind, and caring. If things need to be done now they are the people to contact. Once again Mrs. C. Thorton and Mrs. C. McGowan have surpassed my expectations and I feel lucky to be working with this team.

[ama125]

Originally Posted by dan m

Which brings me to the 2MP program. If the first is fixed under HAMP then the second from what I read has two choices.
https://www.hmpadmin.com/portal/docs...ien/sd0905.pdf

And those two choices are modify the loan to 1% for first 5 years, and step up in year 6 to match the first loan and extend term to match that of the first loan. OR extinguish the loan per the table. It looks like things are coming along for you. Good luck!

[fredk]

The numbers in your original post don't add up to me.

How can you owe a total of $308,000 on a house you purchased in 2006 for $212,000 with a $180,000 mortgage ?

Also, at $65,000 annual income with 3 children your Federal taxes would be $0.
How can your net possibly be $1500 less than your gross each month ? I know state taxes are high in CA but they aren't 25%. Something doesn't add up there.

[Liz Medrano]

Fredk,

Peolpe are here for help, not attitude. You have no right to be critical of anyone-read the rules. Maybe he has to pay for medical insurance for his family, how about 401K? He still has to pay Fica and Medicare. Maybe when he refinanced his home he took out more to get cash back.

[fredk]

Originally Posted by Liz Medrano

Fredk,

Peolpe are here for help, not attitude. You have no right to be critical of anyone-read the rules. Maybe he has to pay for medical insurance for his family, how about 401K? He still has to pay Fica and Medicare. Maybe when he refinanced his home he took out more to get cash back.

Liz,

I wasn't being critical. I was an accountant before I became disabled and I see things in terms of the numbers. These don't add up and I was trying to get a clarification.

If you are trying to calculate what mortgage debt is costing you as a % its kind of important to use accurate numbers. FICA and Medicare would cost at most $450 a month with $5400 monthly income.

I'm just about ready to forget this site as even when I try to be helpful I wind up getting yelled at.

[Liz Medrano]

Thank you for clarifying your post, I too am an Accountant. I was not yelling at you, and apologize for giving you that impression-I am just expressing an opinion of how I read your post. I interpreted it as being critical. We are all trying to save our homes-it is a tough time for all of us. As I noted in my earlier post, there are many ways that the numbers could be different.

[jakelabry]

Originally Posted by Liz Medrano

Fredk,

Peolpe are here for help, not attitude. You have no right to be critical of anyone-read the rules. Maybe he has to pay for medical insurance for his family, how about 401K? He still has to pay Fica and Medicare. Maybe when he refinanced his home he took out more to get cash back.

I don't think that was "attitude" on Fredk's part and he's right - it doesn't add up. If he noticed it and I did with just a cursory glance, then the lender or bank will notice it. Forewarned is forearmed.

[ama125]

Originally Posted by fredk

Liz,

I wasn't being critical. I was an accountant before I became disabled and I see things in terms of the numbers. These don't add up and I was trying to get a clarification.

If you are trying to calculate what mortgage debt is costing you as a % its kind of important to use accurate numbers. FICA and Medicare would cost at most $450 a month with $5400 monthly income.

I'm just about ready to forget this site as even when I try to be helpful I wind up getting yelled at.

fredk - please don't leave the site. It is a good source of info and we can all benefit from others' experiences. We're all just reading something in writing so it can be hard sometimes to understand whether someone is being judgmental or critical of another. Maybe next time just preface the post with an explanation like "since I was an accountant..." (and not that you should have to do that, but it would alleviate any misconceptions). With your background, have you looked at the NPV test at all?

[dan m]

the reason they didn't add up is because you don't have all of the numbers.
the original loan*212k* was an interest only loan that would of had a balloon payment*180k* of that amount due in a couple of years on top of the monthly payment. what i was getting at is that it was stupid loan and i was stupid for getting it. i wasn't knowledgeable about what I was signing and was more concerned about getting my familiy into a home. So we refied that loan with some cash out to 245k. all of the fees points and other crap was rolled into that amount. what was left we used to fix the house up. The second was used to do the major repairs.
We have all of the allowable exemptions claimed. About $867 a month is taken out for taxes along with $354 in union dues and the rest goes to other union adjustments to net. -our federal taxes are not 0-
now i know what your thinking fred. that is alot for dues -but without you knowing what union i'm talking about, where it is and how its calculated then there you go again..it won't add up for you. i'm glad that you're concerned about numbers but it shouldn't really matter to you. I started posting on this site like many others to keep a personal record of the events that have happened and are happening.
This is just the jist of things
a rough copy
a fast draft
many things in my story may have been left out.
this is a personal s t o r y not to used in any other way by anyone else.

[Liz Medrano]

FredK,

I am not the only one critical of your posts-I just finished reading all of your other posts-I too smell a "bank troll"....

[fredk]

dan m,

All I can say is wow .... must be one hell of a union.

just as an aside ... your federal taxes must be $0 unless you have other income you didn't tell us about .... which is fine but with what you did tell us there is no way you would owe any federal tax ... in fact you would be eligible for a check back as the child tax credit is a refundable credit.

[fredk]

Originally Posted by Liz Medrano

FredK,

I am not the only one critical of your posts-I just finished reading all of your other posts-I too smell a "bank troll"....

I'm not going thru this again .... nothing I posted has been critical of anyone ... I just try and see the whole picture not just one side.

Correction ... i was critical of one group of people ... those who run up balance on CC with the intention of not paying.

[Liz Medrano]

Yes He is eligible for the child tax credit, but he will still have taxes deducted each month. According to the circular E for 2008 - married with three dependents- his monthy deduction would be $437.

[fredk]

Originally Posted by Liz Medrano

Yes He is eligible for the child tax credit, but he will still have taxes deducted each month. According to the circular E for 2008 - married with three dependents- his monthy deduction would be $437.

okay ... here are the numbers...

monthly income 5400 x 12 = 64,800

Less 5 exemptions x 3500 = 17,500

Less itemized deductins = 24,000 (estimated and probably higher given the numbers supplied)

Taxable income = 23,300 assuming NO 401k ... if 401K then taxable will be even lower

Tax on that income = approx 2,700

Less chold tax credit of 3,000

Net tax = -300 fully refundable as child tax credit is a refundable credit

I may not know how to express my comments so as not to offend people but I do know taxes.

If he is having taxes withheld he is getting all of it back in a refund. By adjusting his withholding allowances on his W4 he could improve his cash flow each month.