Recieved the trial MHA Mod

[caramellhoney]

So after emailing "barb" and getting assigned a rep from the oop and a negotiatior last fri, this friday I came home to see a fed ex on my doorstop. to my surprise its a MHA mod paper work. my orginal mortgage was 1522--under the trial payments the new amount is 1410..not good at all. Before i started working with the people in the OOP i was quoted 3 different amts for my payments. Long story short I still have not been able to speak with the negotiatior Wendy Sibert, she seems nice but we have only been playing phone tag since I work odd hours. Also this new payment is not 31% and is still to high!! im frustrated bc I have no idea what to do next?! and if BOA will budge and lower the payments.

[caramellhoney]

After looking over my docs this morning and doing some calc. I see that my orginal loan was for 7.875%, with this mod all their doing (at least it seems that way to me) is just reducing my interest rate to about 6.9% !! So basically all there doing is taking off not even a full percentage point (my escrow is 258). Now my question is should I haggle with them to get the interest rate dropped lower or the principle amount reduced. When I bought the home it was worth 21799.00 last I checked it was worth 159699.00 and that was in April. I would be tempted to walk away from this home and just go get an apt but I dropped 40k in for my down payment :O and i would feel like i was ripped off.Im a single 26 yr old parent and any response would be greatly appreciated, you guys have already been a tremendous help already and a great resource. I know with the HAMP they can go all the way down to 2% so why are the only giving me that little bit?

[ama125]

My suggestion is write down all of your questions to make sure you get all the answers when you do talk to someone. If you have the email address, send your questions in writing to prepare them for your call. As for principal reduction, no one gets that! They just aren't doing it. Let me know if you have any other questions...those guidelines are a lot of info to digest and I've read them thoroughly (too bad they don't have a test on them for the borrower to get some kind of discount like we'll reduce your principal by X just for doing your homework...I'm sure I would qualify for it!).

[Skipper]

Originally Posted by ama125

My suggestion is write down all of your questions to make sure you get all the answers when you do talk to someone. If you have the email address, send your questions in writing to prepare them for your call. As for principal reduction, no one gets that! They just aren't doing it. Let me know if you have any other questions...those guidelines are a lot of info to digest and I've read them thoroughly (too bad they don't have a test on them for the borrower to get some kind of discount like we'll reduce your principal by X just for doing your homework...I'm sure I would qualify for it!).

Good morning Ama.... I think you keep worse hours than me!

Carmel, from reading your post (and not doing any calculations...), I would bet the offer is for a "re-finance" (HARP) under MHA. Take a close look, as that is the first program that a servicer has to try and qualify a borrower under MHA.

If you have had a "Hardship", then I think you can request a MHA modification or "HAMP".

I don't know if this helps. Just thinking....

Good luck!

Skipper

[ama125]

Originally Posted by Skipper

Good morning Ama.... I think you keep worse hours than me!

Carmel, from reading your post (and not doing any calculations...), I would bet the offer is for a "re-finance" (HARP) under MHA. Take a close look, as that is the first program that a servicer has to try and qualify a borrower under MHA.

If you have had a "Hardship", then I think you can request a MHA modification or "HAMP".

I don't know if this helps. Just thinking....

Good luck!

Skipper

Morning Skipper! I was not actually on the computer all night long...forgot to close my browser before bed but yeah, I do log a lot of hours on here! My husband is sick in bed so my weekend plans are down the tubes and it is raining today Hope all is well, my friend!

[sahm2two]

Originally Posted by caramellhoney

So after emailing "barb" and getting assigned a rep from the oop and a negotiatior last fri, this friday I came home to see a fed ex on my doorstop. to my surprise its a MHA mod paper work. my orginal mortgage was 1522--under the trial payments the new amount is 1410..not good at all. Before i started working with the people in the OOP i was quoted 3 different amts for my payments. Long story short I still have not been able to speak with the negotiatior Wendy Sibert, she seems nice but we have only been playing phone tag since I work odd hours. Also this new payment is not 31% and is still to high!! im frustrated bc I have no idea what to do next?! and if BOA will budge and lower the payments.

Wow! ...

Are you saying you contacted OOP on a Friday & the following Friday had a FedEx in hand? I have been waiting 5 weeks and if this is the case I am emailing President again to speed this up!!!

[ama125]

Originally Posted by sahm2two

Wow! ...

Are you saying you contacted OOP on a Friday & the following Friday had a FedEx in hand? I have been waiting 5 weeks and if this is the case I am emailing President again to speed this up!!!

Keep in mind we are questioning if this a mod or a re-fi. Maybe a re-fi gets processed much quicker and doesn't go to the investor for final approval.

[caramellhoney]

No my first email was sent out to Ms Barbara on Aug 12. The next day I had a fed ex package from my contact in the OOP with her contact info. I recieved my negotiator info last Friday. She called me this Mon 8/24 but I missed her call as I only work nights and we are on a 3 our time difference. I have yet to speak with her as we have been playing phone tag back and forth. I recieved my Fed Ex HAmp package on 8/28. So overall the process has taken about 2 weeks. But keep in mind I have yet to speak with my negotiator which is why I was shocked to recieve this package in the first place. Somebody CLAIMING TO BE from home retention called me this morning (completely clueless) asking for a payment. I advised her of my package and asked her how they figured the numbers since they seem to be off to me. She basically told me its all computerized and she has no clue. I then asked her if my HOA fees should be including in reaching the 31% and she said yes. Well I told her if you add my 150$ HOA fee to the 1410 trial there offering Im right back at 1560$ which is almost what my original mortgage was ( a lil more) she then admited I was right and said that they probably wont change it bc they believe that it was right and its all computerized and that she didnt know what i should do. I told her our convo was over and that I would be contacting my negotiator( or at least trying) Mon morning to discuss the figures.

[ama125]

Originally Posted by caramellhoney

No my first email was sent out to Ms Barbara on Aug 12. The next day I had a fed ex package from my contact in the OOP with her contact info. I recieved my negotiator info last Friday. She called me this Mon 8/24 but I missed her call as I only work nights and we are on a 3 our time difference. I have yet to speak with her as we have been playing phone tag back and forth. I recieved my Fed Ex HAmp package on 8/28. So overall the process has taken about 2 weeks. But keep in mind I have yet to speak with my negotiator which is why I was shocked to recieve this package in the first place. Somebody CLAIMING TO BE from home retention called me this morning (completely clueless) asking for a payment. I advised her of my package and asked her how they figured the numbers since they seem to be off to me. She basically told me its all computerized and she has no clue. I then asked her if my HOA fees should be including in reaching the 31% and she said yes. Well I told her if you add my 150$ HOA fee to the 1410 trial there offering Im right back at 1560$ which is almost what my original mortgage was ( a lil more) she then admited I was right and said that they probably wont change it bc they believe that it was right and its all computerized and that she didnt know what i should do. I told her our convo was over and that I would be contacting my negotiator( or at least trying) Mon morning to discuss the figures.

The home retention team is the debt collector (yeah, I know!). They are in Dallas and OOP is in California. Left hand, right hand...you know the saying! Don't waste your breath with them...they are mostly clueless and a third party contracted to handle debt collections. This is where all the lost faxes go to. I assume they use those faxes to wipe their @sses!

[caramellhoney]

Originally Posted by ama125

Keep in mind we are questioning if this a mod or a re-fi. Maybe a re-fi gets processed much quicker and doesn't go to the investor for final approval.

Just re-read it. And its definately a MODIFICATION. still dumbfounded at how they came to the trial payment amount

[ama125]

Originally Posted by caramellhoney

Just re-read it. And its definately a MODIFICATION. still dumbfounded at how they came to the trial payment amount

WOW...got me stumped on that one! Definitely post what you find out!

[sahm2two]

Originally Posted by caramellhoney

No my first email was sent out to Ms Barbara on Aug 12. The next day I had a fed ex package from my contact in the OOP with her contact info. I recieved my negotiator info last Friday. She called me this Mon 8/24 but I missed her call as I only work nights and we are on a 3 our time difference. I have yet to speak with her as we have been playing phone tag back and forth. I recieved my Fed Ex HAmp package on 8/28. So overall the process has taken about 2 weeks. But keep in mind I have yet to speak with my negotiator which is why I was shocked to recieve this package in the first place. Somebody CLAIMING TO BE from home retention called me this morning (completely clueless) asking for a payment. I advised her of my package and asked her how they figured the numbers since they seem to be off to me. She basically told me its all computerized and she has no clue. I then asked her if my HOA fees should be including in reaching the 31% and she said yes. Well I told her if you add my 150$ HOA fee to the 1410 trial there offering Im right back at 1560$ which is almost what my original mortgage was ( a lil more) she then admited I was right and said that they probably wont change it bc they believe that it was right and its all computerized and that she didnt know what i should do. I told her our convo was over and that I would be contacting my negotiator( or at least trying) Mon morning to discuss the figures.

I still think it's fab that you got a package within 2 weeks! Atleast now you have something to negotiate to BoA with. I feel like just waiting....I feel like they've forgotten about us. That's why I am calling every other day it seems! But, hoping something moves along soon! I hope you can work out some better terms for yourself! We are paying $1,700 and have $310 a month going to PMI...so if we could save $300 a month I would be thrilled

[caramellhoney]

Yep that is the positive point. Now we have a starting point!
I would try to Email Barb again. I get the feeling that this HAMP package was sent out from a different department other than the OOP people. Because wouldnt I need to at least speak with the negotiator first, before being offered this ridicolously lousy mod ????????!! But Ill find out MOn morning and update then.

[ama125]

Originally Posted by sahm2two

I still think it's fab that you got a package within 2 weeks! Atleast now you have something to negotiate to BoA with. I feel like just waiting....I feel like they've forgotten about us. That's why I am calling every other day it seems! But, hoping something moves along soon! I hope you can work out some better terms for yourself! We are paying $1,700 and have $310 a month going to PMI...so if we could save $300 a month I would be thrilled

Since you have PMI, that is yet one more party involved in your case. This is not a simple "BofA offer me the trial" case. BofA can only draft up these offers (unless they also own the loan). It must get approved by the lender/investor and primary mortgage insurer (unless they signed an agreement beforehand to comply). Who knew so many hands were on our mortgages?! And not one of us was ever asked "hey, is this okay with you?".

[sahm2two]

Originally Posted by ama125

Since you have PMI, that is yet one more party involved in your case. This is not a simple "BofA offer me the trial" case. BofA can only draft up these offers (unless they also own the loan). It must get approved by the lender/investor and primary mortgage insurer (unless they signed an agreement beforehand to comply). Who knew so many hands were on our mortgages?! And not one of us was ever asked "hey, is this okay with you?".

Our PMI Carrier is Radian & the first thing Neil did was check to see and they have complied with BoA beforehand to make this transition much smoother than it would have been. So, this hurdle shouldn't be that bad as they are on board.

[ama125]

Originally Posted by sahm2two

Our PMI Carrier is Radian & the first thing Neil did was check to see and they have complied with BoA beforehand to make this transition much smoother than it would have been. So, this hurdle shouldn't be that bad as they are on board.

That's good news for you! Hope to see you post your success story soon!

[nbtapia1]

I recive in mail foreberance., and I don't think it came from OPS, since my negitiator didn't know until he read notes in my account., it is not even a trial payment., It is a ferebereance which it will keep me late for 5 months at the end, when right now I am only two months late, and when I told my nogotiator that., he said they send me foreberance because then I'll late more that 3 months which is part of guidelines requiered by investor ... they want me be late 3 months or more to help me. ------

But then what about media NEWS release
http://www.fanniemae.com/newsreleases/2009/4631.jhtml?p=Media&s=News+Releases
Fannie Mae Undertakes "Making Home Affordable" Refinancing and Modification Initiatives
WASHINGTON DC -- Fannie Mae (FNM/NYSE) today began making two new initiatives --
What Borrowers Need to Know:

• To modify a loan through Home Affordable Modification, it must be for your primary residence.
• You need not wait to become delinquent with your payments -- a plan can be put in place as soon as you think you may have trouble making your mortgage payment.
• The amount you owe on your mortgage must be less than or equal to $729,750.
• The program is for mortgages originated prior to January 1, 2009.
• Certain eligibility requirements, including attesting to a financial hardship, may apply in some cases

.

[ama125]

Originally Posted by nbtapia1

I recive in mail foreberance., and I don't think it came from OPS, since my negitiator didn't know until he read notes in my account., it is not even a trial payment., It is a ferebereance which it will keep me late for 5 months at the end, when right now I am only two months late, and when I told my nogotiator that., he said they send me foreberance because then I'll late more that 3 months which is part of guidelines requiered by investor ... they want me be late 3 months or more to help me. ------.

Yes, there are many cases of this being reported and they are flat out not complying with the guidelines. I understand there is a need to prioritize the workload, but it shouldn't be met through non-compliance! I am trying to get a hold of an email or phone number for Freddie Mac's compliance auditor for people to air their complaints. I have yet to find this information but will surely post it if I do.

[Garry]

Originally Posted by caramellhoney

Yep that is the positive point. Now we have a starting point!
I would try to Email Barb again. I get the feeling that this HAMP package was sent out from a different department other than the OOP people. Because wouldn't I need to at least speak with the negotiator first, before being offered this ridiculously lousy mod ????????!! But Ill find out MOn morning and update then.

It sounds like the bank has the wrong info to determine your payment at 31% You can do one of two things, nip it in the but now or make the payments. They are going to re-check your info at the end of the trial and if they find an error they will adjust if the new payment is within 25% of your trial payment. If it is over the 25% they are supposed to re-start your mod and the trial process starts all over again. I hope I got all this right! I personally would try to get it corrected now, but if I thought it was close enough to what I should be paying I may let it slide and accept the offer if I had no choice. I have two mortgages, my first mortgage dropped from $989. to $744. a month on the trial. thats not a big savings. Here is the kicker, when I get in the second lien program, my second mortgage payment is going to drop from $1100. down to $300. a month. As you can see when you look at the total picture, my total payment will drop down to half of what I used to pay and there is a small chance the second will be dissolved totally, leaving with only the payment of $744.

[Garry]

Just to let you know, my trial payment is also to high. When the trial is over the paperwork will be sent to the proper people to re-verify everything and it should be adjusted down. If I have to start the whole process over because it is over the 25% mark, I'll get over it because the program is only going to get better the longer it takes. At least they can't foreclose on my house in the meantime.