Spoke to my negotiator today - Let's make it CLEAR

[Housebroken13]

Okay,

I spoke with my loan negotiator today at BOA after making my 1st payment on my HomeSaver Forbearance program. This program is for 6 months.

• The HomeSaver Forbearance is a Fannie Mae program not a BOA program, it is a step in the modification process, it does not mean you will not get a modification at the end and it does not mean that you will.
• Fannie Mae is the investor on my loan they do all the decision making not BOA, perhaps we need to put more pressure on the Investors (Fannie Mae / Freddie Mac) and less on the banks.
• Payments made over the phone on the Forbearance program should not be assessed a $20 charge to make a phone payment it is exempt.
• If there is pertinent information I need to know in regards to my load, either Fannie Mae or my loan negotiator will contact me in writing.
• BOA can do nothing about my 2nd mortgage completely different services 9Gree Tree) and investor (not known).
• In the end it's really all in the government and the investors hands

Thanks.

[Evan Bedard]

Hi housebroken13,

Good luck and I hope you can get permanent success after the period is complete.. Also you will definetely need to keep in touch with Green tree to get your 3nd modified. Have you considered trying to settle your 2nds for maybe 10% or so of the remaining balance?

[Housebroken13]

Originally Posted by Evan Bedard

Hi housebroken13,

Good luck and I hope you can get permanent success after the period is complete.. Also you will definetely need to keep in touch with Green tree to get your 3nd modified. Have you considered trying to settle your 2nds for maybe 10% or so of the remaining balance?

I've received a modification offer from Green Tree for the second. They lowered my interest rate for 12 months from 13.75 to 2%. I really want to settle with them for 10% of the balance. I figured the mod would save me some time to get settlement funds together. Any suggetions as to how proceed wit this action?

[Evan Bedard]

I would write a letter ot Green tree explaining that you are willing to offer them 10% of the balance to settle the loan. It will pretty much be the same process as the loan modification..

[Housebroken13]

Thanks,

I just checked my account online here's what it said:

Balance Amount: $ 47,652.30 *
Interest Rate: 2 %
Loan Type: Fixed term

Amount Due: $ 369.11
Minimum Amount Due: $ 369.11
Payment Due Date: 9/01/2009
Days Overdue: 0
Interest Paid (last year): $ 0.00


*The Balance Amount listed is NOT the amount required to pay off your loan.



Wonder what they mean by that?

[alwayshope]

Originally Posted by Housebroken13

Okay,

I spoke with my loan negotiator today at BOA after making my 1st payment on my HomeSaver Forbearance program. This program is for 6 months.

• The HomeSaver Forbearance is a Fannie Mae program not a BOA program, it is a step in the modification process, it does not mean you will not get a modification at the end and it does not mean that you will.
• Fannie Mae is the investor on my loan they do all the decision making not BOA, perhaps we need to put more pressure on the Investors (Fannie Mae / Freddie Mac) and less on the banks.
• Payments made over the phone on the Forbearance program should not be assessed a $20 charge to make a phone payment it is exempt.
• If there is pertinent information I need to know in regards to my load, either Fannie Mae or my loan negotiator will contact me in writing.
• BOA can do nothing about my 2nd mortgage completely different services 9Gree Tree) and investor (not known).
• In the end it's really all in the government and the investors hands

Thanks.

Thank You Housebroken13...did you contact B o A directly to get into this program? My 1st is with Fannie Mae I have a second too but with B o A but don't know who the investor is....it seems as if alot of people are getting results with a rate reduction, I am locked in at 7.625%. also do you know if this affects you credit? And are your payments reduced for those 6 months? Thanks so much for any info you have!! I really appreciate it!

[Housebroken13]

I am working on my 2nd Modification, I originally had one with Countrywide before the Obama plan and before BOA purchased them. I was unhappy wit the terms of having a step interest rates for the next 3 years then returning to the original rate of 6.75%.

Right now I am in a 6 month Forbearance plan with a payment of 1072 per month. Before the 1st Mod i was paying $2500 a month. After it I was paying 1925 a month. my term was increased to 40 years, and they added my past due balance tot he amount owed on the loan. We filed a Chp 7 Bk right after we signed the mod papers

With my 1st and 2nd combined I owe over 314,000 on the home, The market value is only around $230,000 or so currently. So at this point there 2nd is unsecured, if they foreclose they get nothing, I am in active talks with a lawyer to settle this loan for 10% of the value. they lowered my interest rate for 12 from 13.75% to 2% payment on 2nd went form 657 to 349. I still am not satisfied with the short term of 12 months I would either like the interest rate kept a 2% for the life on have a principle reduction, or have Fannie Mae extinguish this 2nd loan.

We'll see what happens.... My goal is to get my finances in order. We are paying cash for everything have no CC debt thanks to the Chp.7 will only have 1 car payment in a few months as opposed to 2. So we are hopefully taking steps int he right direction. I've done all this on my own (except the Chp 7) w/o a lawyer so far. Everyone including the banks need to cut thier losses and more on. there was too much imaginary money (inflated home values) being thrown around....

And yes I did contact BOA on my own.

[dtap57]

Housebroken, im thinking about doing the exact smething as you did. Im trying to get the loan mod done first and then file chapt 7. Im like you i want to get my whole financial house in order. Did you get a loan mod before you filed? Thanks

[alwayshope]

Originally Posted by Housebroken13

I am working on my 2nd Modification, I originally had one with Countrywide before the Obama plan and before BOA purchased them. I was unhappy wit the terms of having a step interest rates for the next 3 years then returning to the original rate of 6.75%.

Right now I am in a 6 month Forbearance plan with a payment of 1072 per month. Before the 1st Mod i was paying $2500 a month. After it I was paying 1925 a month. my term was increased to 40 years, and they added my past due balance tot he amount owed on the loan. We filed a Chp 7 Bk right after we signed the mod papers

With my 1st and 2nd combined I owe over 314,000 on the home, The market value is only around $230,000 or so currently. So at this point there 2nd is unsecured, if they foreclose they get nothing, I am in active talks with a lawyer to settle this loan for 10% of the value. they lowered my interest rate for 12 from 13.75% to 2% payment on 2nd went form 657 to 349. I still am not satisfied with the short term of 12 months I would either like the interest rate kept a 2% for the life on have a principle reduction, or have Fannie Mae extinguish this 2nd loan.

We'll see what happens.... My goal is to get my finances in order. We are paying cash for everything have no CC debt thanks to the Chp.7 will only have 1 car payment in a few months as opposed to 2. So we are hopefully taking steps int he right direction. I've done all this on my own (except the Chp 7) w/o a lawyer so far. Everyone including the banks need to cut thier losses and more on. there was too much imaginary money (inflated home values) being thrown around....

And yes I did contact BOA on my own.

Sorry for all the questions but I have one more....did B o A offer you the Forebearance program from Fannie Mae, I know you said you contacted B o A on your own. My hope is that with all these programs I am hearing about there is one out there that I qualify for. Good Luck with getting all your stuff in order, sounds like you are taking all the right steps!

[Housebroken13]

Originally Posted by dtap57

Housebroken, im thinking about doing the exact smething as you did. Im trying to get the loan mod done first and then file chapt 7. Im like you i want to get my whole financial house in order. Did you get a loan mod before you filed? Thanks

Yes - I did a mod then filed.

[Housebroken13]

Originally Posted by alwayshope

Sorry for all the questions but I have one more....did B o A offer you the Forebearance program from Fannie Mae, I know you said you contacted B o A on your own. My hope is that with all these programs I am hearing about there is one out there that I qualify for. Good Luck with getting all your stuff in order, sounds like you are taking all the right steps!

Yes I was offered and accepted the Fannie Mae forbearance program, it is a step in the modification process, and does not mean I will or will not qualify for a loan mod.