Escalating your Making Home Affordable Program request to the Office of the President

[pippy]

First, I want to say I am sorry that we are all in this nasty situation. If you feel as horrible as I do (frustrated, upset, stressed out), than I offer my sympathy to all of you.

I wanted to know if you thought my situation would warrant an email to Barbara. My situation is similar to many of yours - a single mom, my overtime was cut and my ex-husband lost his job (no child support for a few months), resulting in a decline of income. And my loan was due to adjust in July. I called CW/BofA in March and asked for help as there was now way I was going to be able to pay 400 more a month interest only. I was told I had to be 60 days late in order to qualify for a loan modification. I had never been late before! After much agonizing (my credit was absolutely fine up to that point), I stopped paying my house payment for two months and was finally told that I could apply for the modification. I was denied twice before I was finally offered a modification plan, which started in June. I sent all my paperwork to them via Fed Ex in May - confirmed receipt. The website finally reported that my documents were received on 9/14, 4 months after I sent them all in and was assured that everything was scanned! To date, I have made 6 trial payments and have been told "still in process". I can't get any resolution from the 800 number. I call at least twice a week - asking for status and get different answers, but all leading to the fact that I have to continue to wait. In the meantime, my credit is shot . . I am paying all my bills as usual except B of A continues to report that they report I am 180 days late!!!!! Credit cards have cut balance limits and my name is mud!

Ama125, Should I email Barbara even though the 800 number keeps tekkubg me it is at the last stages (they've told me this for the past 2 months)? Has anyone else waited this long? My hesitation is that the phone call will start the process over - I am ready to pull my hair out. I don't know what else to do.

Please advise and thank you for this forum. I was feeling lost until I heard all of you.

[ama125]

Originally Posted by pippy

First, I want to say I am sorry that we are all in this nasty situation. If you feel as horrible as I do (frustrated, upset, stressed out), than I offer my sympathy to all of you.

I wanted to know if you thought my situation would warrant an email to Barbara. My situation is similar to many of yours - a single mom, my overtime was cut and my ex-husband lost his job (no child support for a few months), resulting in a decline of income. And my loan was due to adjust in July. I called CW/BofA in March and asked for help as there was now way I was going to be able to pay 400 more a month interest only. I was told I had to be 60 days late in order to qualify for a loan modification. I had never been late before! After much agonizing (my credit was absolutely fine up to that point), I stopped paying my house payment for two months and was finally told that I could apply for the modification. I was denied twice before I was finally offered a modification plan, which started in June. I sent all my paperwork to them via Fed Ex in May - confirmed receipt. The website finally reported that my documents were received on 9/14, 4 months after I sent them all in and was assured that everything was scanned! To date, I have made 6 trial payments and have been told "still in process". I can't get any resolution from the 800 number. I call at least twice a week - asking for status and get different answers, but all leading to the fact that I have to continue to wait. In the meantime, my credit is shot . . I am paying all my bills as usual except B of A continues to report that they report I am 180 days late!!!!! Credit cards have cut balance limits and my name is mud!

Ama125, Should I email Barbara even though the 800 number keeps tekkubg me it is at the last stages (they've told me this for the past 2 months)? Has anyone else waited this long? My hesitation is that the phone call will start the process over - I am ready to pull my hair out. I don't know what else to do.

Please advise and thank you for this forum. I was feeling lost until I heard all of you.

Did you ever receive any paperwork from BofA or were you told over the phone that you are on a trial? Is it a modification or a forbearance agreement? If a mod, in-house or HAMP? When you check on the website, does it say anything about a workout status/review? You could always email Barbara and see if anyone can verify if you are actually on a trial and what the status is. I do not know if they have any insight on the other departments, but it can't hurt to contact them, and yes, it would be starting from scratch. I would just hate to see you having made 6 trial payments and starting all over. I would make sure to find out if it is HAMP or not since you do not want to be dropped from the trial and considered to have failed. I would go ahead and email Barbara just to try and get some answers. I did and was told that no one had reviewed me for HAMP as far as they could tell despite having been contacted by them for it. Good luck!

[pippy]

Originally Posted by ama125

Did you ever receive any paperwork from BofA or were you told over the phone that you are on a trial? Is it a modification or a forbearance agreement? If a mod, in-house or HAMP? When you check on the website, does it say anything about a workout status/review? You could always email Barbara and see if anyone can verify if you are actually on a trial and what the status is. I do not know if they have any insight on the other departments, but it can't hurt to contact them, and yes, it would be starting from scratch. I would just hate to see you having made 6 trial payments and starting all over. I would make sure to find out if it is HAMP or not since you do not want to be dropped from the trial and considered to have failed. I would go ahead and email Barbara just to try and get some answers. I did and was told that no one had reviewed me for HAMP as far as they could tell despite having been contacted by them for it. Good luck!

I received a loan modification packet on May 12 via Fed Ex for the "Home Affordable Modification Trial Period Plan." I Fed Ex'd back all my documents on 5/15 and have been making payments since June 1. I remember one customer service rep telling me hat they have me qualified for the Making Homes Affordable plan, and that is all I know.

The website is completely out of date. It shows that they received my documents on 9/14, that they have a checklist on 10/27, and that I am "referred" under workout status/review and doesn't list any dates when that was posted. Prior to that, it said "processing" with a date of 7/3/09 as a date to call after. They post my payments about two weeks after I make them, and I always make my payments a week before they are due.

If you think it is wise, I will email Barbara just to verify the exact status. I would hate to start all over again if that is what the phone call is going to lead to.

Thank you.

[ama125]

Originally Posted by pippy

I received a loan modification packet on May 12 via Fed Ex for the "Home Affordable Modification Trial Period Plan." I Fed Ex'd back all my documents on 5/15 and have been making payments since June 1. I remember one customer service rep telling me hat they have me qualified for the Making Homes Affordable plan, and that is all I know.

The website is completely out of date. It shows that they received my documents on 9/14, that they have a checklist on 10/27, and that I am "referred" under workout status/review and doesn't list any dates when that was posted. Prior to that, it said "processing" with a date of 7/3/09 as a date to call after. They post my payments about two weeks after I make them, and I always make my payments a week before they are due.

If you think it is wise, I will email Barbara just to verify the exact status. I would hate to start all over again if that is what the phone call is going to lead to.

Thank you.

It sounds to me like you are on the right track then. I don't fully understand what all the status codes mean, but I think it goes from "referred" to "approved". It just stinks that it is taking them this long, but in your case, I would hold off on emailing as it does seem like your almost to the end.

[patnj]

Pippy

Definitely email Barberas office and tell them what you wrote here. This should speed things up. Talking to people via the 800 number is a waste of time,

Good Luck!!

[snapple candy]

Hey Ama,
I was hired by a real estate attorney today to assist his clients in obtaining a modification. Its a CW loan managed now by B of A. Got any suggestions on where to start? Client is on unemployment, spouse is real estate agent. 2 mths behind. I know the HAMP program in and out and can do a search for application,etc. ANy advice to help these people? Thanks

[ama125]

Originally Posted by snapple candy

Hey Ama,
I was hired by a real estate attorney today to assist his clients in obtaining a modification. Its a CW loan managed now by B of A. Got any suggestions on where to start? Client is on unemployment, spouse is real estate agent. 2 mths behind. I know the HAMP program in and out and can do a search for application,etc. ANy advice to help these people? Thanks

First, congrats on the job to you! I just read on CNN that the unemployment rate has hit double digits nationwide and they are not predicting a return until 2012. Not great news.

As for where to start, obviously you want the details on the mortgage itself. I think one of the most important factors is to find out who the investor is as we have seen some are more willing than others to play ball. I think that is probably the most significant piece aside from income and expenses. There are some investors who won't do modifications period and those are the ones that will require some kind of legal battle (such as exposing any fraud in the original mortgage or going the "show the note" route).

To check if it is Fannie or Freddie, see here: Making Home Affordable - Look Up Your Loan.

If it is an FHA, than it is most likely backed by Ginnie Mae, however, on their site, they mention that they do not have a say in eligibility on loan mods, it is through the insurer of the loan (http://www.ginniemae.gov/media/consumer_web.pdf). So if it is FHA, I would find out who insures the loan and research the insurer to see what they may say regarding loan mods (the servicers keep telling people Ginnie is the investor and do not mention anything about the insurer's role).

I would also determine the client's eligibility for HAMP (Making Home Affordable - Home Affordable Modifications). As time marches on, we should see improvements in how HAMP requests are handled and processed. For HAMP, I believe you must be able to demonstrate the unemployment benefits will last for at least 9 months. If considering HAMP, I would also take a look at the FDIC NPV model. It is not the same as the HAMP model, but does give you some insight into how things may be calculated and what this client's chances might be...if they are way off from passing this model, one could speculate they won't pass the HAMP model.

I would also run some amoritization tables using different scenarios (like 2% interest for remaining loan term, 2% for five years stepping up with a 40 year extension). It's better I think to have a good idea of where you stand before even attempting the mod. Why give yourself extreme stress when the numbers may just not be in your favor no matter what they could do? Just my opinion though.

Last piece of advice, is lowering property taxes and homeowner's insurance as both of those come into play in the NPV test for HAMP. Yes, cc debt, etc affect the back-end DTI ratio, but you have to get in first for the rest of it to matter. Check the county tax office on how/when to appeal and shop for new insurance (though bad credit may make it difficult to get better rates) and/or contact the insurance company to review the policy and see if there are any discounts that the person qualifies for to lower the premium (here is one site with some tips... FCIC - Twelve Ways to Save Money On Your Homeowners Insurance).

You can also try to negotiate on some utilites/expenses like cable, phone and internet. I just called and requested a lower rate and they, without changing any services, dropped my monthly payment by about $35.

Once you know what you are dealing with, then I would contact Barbara Desoer's office to get things rolling. Of course, you may need to do so just to find out the investor if it is not through any of the aforementioned lenders. Good luck!

[babsy]

krym55,
Have you had any update from your negotiator? I'm kind of in the same situation. Faxed in my updated financials last wednesday to negotiator that I was assigned to and haven't heard anything since. What should I expect next and how long does it take for them to make their decision? Any insight would be appreciated.

[krym55]

babsy,
I was told last week, on Tue that my negotiator would review my file and get back to me in 7-10 days, which should be this week. So I'm waiting.. I'll probably call her soon if I dont hear anything. I'll let keep you posted. Please let us know as well when you hear from your negotiator.

[jesse331]

We were "Denied for the HAMP last week after contacting the Office of the President and getting a return call from a Cynthia Thornton....

So I figured what the hell, I emailed them again and today we received a call from Heidi McNaughton who asked me to refax the information again. I did so we'll see what happens this time.

[german]

Spoke with bofa countrywide today. wanted definition of workout status's: pre processing and active processing. learned each account staus is not updated reflecting ture status of workouts. the actual current status could be different from what you read in your account. Also unless your speaking the 'the' department that is physicaly working on your loan, all other departments are clueless and unable to read the details of the true status. and there are many different departments working on mods.

Currently have two modifications in the works. One our PMI company initiated 2 months ago, personaly tried to modify this two other times via loan officer, once, self once. both cancelled. that loan shows pre processing. the pmi company says different.

The other modification, was just offered to us from bofa/countrywide out the blue. They said we are one the few select to recieve a priniciple reduction of 85,000.00 fixed30 yr amoritized over 40. Our acceptance was the payment just made last week. Loan docs will arive fed ex after Nov 19. not to worry that anything go wrong, its pre approved few and done. We tried to modify this loan two years and reglar cancelations as most, just gave up. bizzare. shows active processing. the status means nothing. this was a major suprise since we were not trying to modify this loan. told our pmi about this one, they never heard of it. other bofa departments that Ive spoken with, either are unable to view it in the computer, or can read it. the ones that can read the details are shocked and say they have never seen a principle reduction like this.

[ama125]

Originally Posted by ama125

6. Check your account status online.
You can log on to Countrywide Home Loans- Equity, Refinance, and Purchase to check this.

Once you log in, you will see in the upper left corner of the screen, "Account Options" and under that, "My account summary". Click on "My home loans" to retrieve your account information. You will now find an expanded menu bar on the far left of your screen. Scroll down to "Financial hardship" and click on "Workout information". You will see two sections, "Documents Received" and "Current Workout Status".

Under the workout status, you should see detailed information that your file is under review and a date when more information will be available (and instructions not to call before that date). I believe the intention here is to avoid excessive phone calls and give them adequate time to process your request. You will also see "Information as of" fill in the date, "Workout stage", and "Phase/Sub-Phase".

You may not see anything under "Documents Received" yet. It does take some time as the information you faxed must be scanned and uploaded into the system. Do not panic...if you've gotten this far, the negotiator has your documents in hand!

Here is what the screen will look like:

BofA recently updated the website. To see what the new screen looks like, click to this thread: This is getting ridiculous!!

New page to logon: https://www.bankofamerica.com/

[scarylarry]

german,
I am with BofA too (via C/W) they are offering principle reduction of around $160,000 (on a balance of $570k)
with the NHRP mod. I was told 13 days ago I would get the paperwork in 40-90 days.
I will believe it when I see it and I am not paying a dime until I get some paperwork.
I no longer believe anything they say, I have been "under management review" since June 11th. They have been going back and forth between the MHA and NHRP mods since Aug. 30th. I would prefer the NHRP (even without the principle reduction)

[coral]

Sorry.... But what is the NHRP..I'm in a blue state of mind, or just missed reading about it.. the reduction sounds nice!!!!

[scarylarry]

Nationwide homeowner retention program.
It is from the Countrywide AG Settlement for Subprime and Option ARM loans.
That is all I can remember about NHRP for now

[scarylarry]

coral,
oh yeah,
NHRP mods are also supposed to be "eligible" to reduce principle up to 95% of current fair market value to give the homeowner an "equity position" along with an affordable fixed rate loan. There isn't much on loansafe about anyone actually getting the mod or anyone getting principle reductions, so I am holding my breath and praying too.
It should actually be a bigger principle reduction than that (like $60-100k more) but I will be more than thrilled to get what was verbally offered. It would save our house for us.I am greedy, we were probably going to walk away if we did not get a MHA mod with at least a huge principle forbearance or a mod with principle reduction.
I guess I conveyed that with BofA and it probably helped that we were close to $300,000 underwater had an option arm loan with a great payment history (until June 09) and don't have PMI.

[snapple candy]

ama,
Thanks for all the good info. I am trying to help someone (while I do my own) get a loan mod thru B of A (was CW loan). I am getting ready to mail in the hardship affidavit, application for hamp,pay stubs, etc. s Should I mail and fax? DO you have a fax number? Address to mail it? I like your idea of going to B of A branch and having them fax it in too. What do you suggest?

How long should I wait before I start emailing Barbara after they receive the application? Thanks

[coral]

scarylarry
thx for the clarif. about the NH..., it doesn't apply to us....I argued with the first negoc. about the ppal reduc. She said'OH, we don't do that" i replied" Because you aren't doing, doesn't mean you can not do it" furthermore in the Supplem. Directives 09-01 (page 10), second para, states that .....servicers may forgive principal to achieve the target monthly mortgage payment ratio on a standalone basis or before... waterfall.....( the reason not to do it, is that they will loose all the money from the fees to collect from a bigger principal....) At the end of the day, the more they forec. the more $$$$$ they make, and they already covered their losses with the Bail-out received. And I will consider bankruptcy, before walking away as the last option,
Happy Veterans Day! God Bless them all.

[nativelasvegan]

Hi Snapple. Good to hear about your job. Good luck!
Just my opinion, but I would mail the documents via certified mail, return receipt requested to the Simi Valley office. That way, you will have the name of the person who received them.
It seems that most of the documents being faxed are being re-faxed directly to a negotiator because no one can find them.
7-10 days after documents are sent would appear to be a reasonable amount of time before contact OOP.
Contact information: Office of the President - Please post your contacts!

[ama125]

Originally Posted by snapple candy

ama,
Thanks for all the good info. I am trying to help someone (while I do my own) get a loan mod thru B of A (was CW loan). I am getting ready to mail in the hardship affidavit, application for hamp,pay stubs, etc. s Should I mail and fax? DO you have a fax number? Address to mail it? I like your idea of going to B of A branch and having them fax it in too. What do you suggest?

How long should I wait before I start emailing Barbara after they receive the application? Thanks

One time I sent in a request via FedEx. I used the return envelope they sent me with the forbearance agreement they sent (hee hee, I know, ain't I a stinker?). My HUD counselor followed up on that one but not once did anyone ever contact me about it. Then I emailed OOP and my customer advocate gave me a fax number to send in my info to the office of the chairman and she then gave that info to a negotiator. It's your call how you want to proceed. Good luck!

[german]

Originally Posted by scarylarry

german,
I am with BofA too (via C/W) they are offering principle reduction of around $160,000 (on a balance of $570k)
with the NHRP mod. I was told 13 days ago I would get the paperwork in 40-90 days.
I will believe it when I see it and I am not paying a dime until I get some paperwork.
I no longer believe anything they say, I have been "under management review" since June 11th. They have been going back and forth between the MHA and NHRP mods since Aug. 30th. I would prefer the NHRP (even without the principle reduction)

scarylarry,
couldnt tell you right now what the name of this offer is, we did not request a modification on this loan. not anticipated nor expected, and has been fun. our tenant is forwarding the original fed ex to us and we will have it tommorow. was making a monthly payment anyway, so ..... reading all the posts in here, it is so sad to hear about the ongoing stress to attempt to restruction loans. Will let you know about this offer that showed up out of the blue, and what the results are.

As for our other loan that we did and do have a current workout in the works, this was initiated by pmi and our pmi company is handling, keeping track of what the bank is doing or not doing. the pmi co, sent along with all our paper work, their own proposed modification and then the bank reviews and either agree's with it, or comes up with a different modification. If a foreclosure was to happen, rest assured, bofa would not recieve any funds from pmi. that alone brings a smile.
if you have a jumbo loan and pmi, call your pmi company, they have a big in interest in modifications.

[pippy]

I just wanted to give everyone an update. To recap: started mod process 5/15/09 when i Fed Ex'd back my trial documents. I have made 6 trial payments since 6/12/09. I call BofA every week about 3 times a week for status updates. Been told twice that my account was being escalated for review since it's been sooooo long (yeah, right). Last update per customer service rep on my account was 10/26 - was told I am being considering for the Making Homes Affordable program and that my paperwork has been vetted by that negotiating team, yet nothing has been approved. Called today again - was told by the rep that she is asking that my account be escalated once again because of the length of mod process - said I should get an update in 5-7 business days. She also said that for the program I am being considered, there is no one negotiator, but rather a team that works on my file. They keep saying everything looks good - I wish I could say the same thing on my end . . credit is shot because B of A keeps reporting 180 days late!!!! No one cares that my credit was spotless before this mess.

I haven't called Barbara yet because I don't want to risk starting this process over again. I'm going to call again on Wednesday - cross your fingers, toes and eyes for me. As always, any advice, words of wisdom, etc. are always welcome. Thank goodness for this forum.

[krym55]

Originally Posted by babsy

krym55,
Have you had any update from your negotiator? I'm kind of in the same situation. Faxed in my updated financials last wednesday to negotiator that I was assigned to and haven't heard anything since. What should I expect next and how long does it take for them to make their decision? Any insight would be appreciated.

babsy - any word from your negotiator? I'm still waiting. I really need to hear from them because right when I emailed Barbara, I received a Homesave Forebearance offer for 6 mos. I'm sure this was sent idependently from OOP. I have to decide by Nov 29 and I would prefer a permanent modification. I'm about to go nuts over this not knowing what to do..

[babsy]

No I was told by negotiator that he had submitted my file to the investor and waiting on reponse. He said he doesn't have any timeline on when they were going to get back to him. Just have to wait. I would call again next week. I hope and pray for a permanent mod.

[german]

This is the letter we recieved and accepted:

You are approved for PRINCIPLE REDUCTION LOAN MODIFICATION.