MHA and BONY

[helpsavemyhome]

Does anyone know if loans with BONY as the investor are being considered for the MHA or HAMP programs? Everything I have read only mentions Fannie/Freddie loans since they are government backed.

I'm confused.

[scarylarry]

I am confused too.

I have BONY as my investor too (Countrywide/ Bank Of America as servicer) I was told yesterday by "Home Retention Dept" that I was being reviewed by management for a MHA mod on Aug. 31st after 5 months of trying to get a MHA mod.
I saw on a lot of previous posts with BONY as investor and read mostly that they are "good to have" as investors but only if you are working with NACA. I have not heard yet of any one else's results that wasn't working with NACA.
I am just guessing that they are considering MHA and HAMP mods because I am being reviewed this week for MHA.
But I really don't believe anything BofA tells me anymore.
and I am not working with NACA
I will let you know when I can confirm with my negotiator.

[helpsavemyhome]

scarylarry, I don't know what to think, either. I have been trying to get an affordable mod for a year now.

I read on these boards that someone with BONY as their investor was denied for the MHA or HAMP program. I think it was Alikeith?? Not sure what the reason for denial was, tho.

Good luck and please keep me posted. I will let you know if/when I find out anything.

[scarylarry]

helpsave,

I am even more confused and frustrated now.
2 days ago I left messages for my negotiator and finally broke down and e-mailed her for the 1st time for an update and clarification on my status and what was up with MHA program.

Today I called back she was on vacation again (3rd time since I have been in management review) but left her "backup negotiator's" extension. I called her and was really surprised she answered but she did not have many details on my notes.
She told me my negotiator submitted a proposal for a 2.5% payment....at $1400 something a month . She did not know if it is including taxes,insurances, etc... or if it was for 1 yr or 40yrs or MHA.
I currently have an Option ARM at 3.0% minimum payment of $2830 PITI.

She told me something that was a little disturbing: she said that 99.9% of their mods are for the remaining term of the loan, nothing over 30 years, their Investors won't allow it
She said my mod was returned to my negotiator Aug 31 because they (supervisors) are constantly changing their (BofA) guidelines on "how to submitt a loan mod"
She did not tell me anything about if I have a MHA proposal or if I am being "prequalified' or not but it doesn't look like a MHA mod.
She told me that she has 40 approved MHA customers that have completed their 3 month trial and only 3 have received their final mod paperwork, she says they (underwriters and ones that do the loan paperwork) are really behind.

I told her I have been under management review since June 11, 2009 , and have been submitted for mods at least 4 or 5 times and that seems long for review. She told me that she has "customers' that have been "under review" for 2 years because their hardship has not been resolved yet and they can't complete the mod until your hardship has been resolved.

My hardship might be a lifetime thing (disabilty)

Well I would be quite pleased with a $1400 payment MHA or in house mod.

I am just going to give my negotiator until Tuesday and start trying to get a hold of her again.

[Garry]

Scary Larry, The bank has a choice as to how they can reduce a payment, they don't have to extend the loan if they can achieve the new payment in another way, like dropping your interest rate. This is what I thought anyway, maybe I'm wrong? I'm also wondering if you are behind on any payments?

[helpsavemyhome]

scarylarry, best of luck to you...thanks for keeping us posted!

[scarylarry]

Garry,

My last payment was May 14th. My current interest rate (option ARM) is 3.0%.The "customer service" people tell me they are not in a hurry to give me a loan mod because I already have a low rate and it doesn't recast/reset for over 1 yr and I am not in danger of a shock payment but I have an Option ARM and a reduction in income.
I owe $564k on a 1st, no 2nd
(property tax appraisal for 2009 $259K)
With any length loan my payment will be high especially for my remaining term of 26 yrs 4 months. With MHA at least it could be extended out to 40 yrs and make it actually affordable until the market could come back like in 10 years and i could sell it and downsize.
My biggest frustration now is not knowing what is really going on over at B of A and not getting a fair shake at the MHA mod.
I am going to keep fighting but if it doesn't work out I might be better off starting over because I am so far underwater.
thanks
helpsave and garry

[Garry]

Originally Posted by scarylarry

Garry,

My last payment was May 14th. My current interest rate (option ARM) is 3.0%.The "customer service" people tell me they are not in a hurry to give me a loan mod because I already have a low rate and it doesn't recast/reset for over 1 yr and I am not in danger of a shock payment but I have an Option ARM and a reduction in income.
I owe $564k on a 1st, no 2nd
(property tax appraisal for 2009 $259K)
With any length loan my payment will be high especially for my remaining term of 26 yrs 4 months. With MHA at least it could be extended out to 40 yrs and make it actually affordable until the market could come back like in 10 years and i could sell it and downsize.
My biggest frustration now is not knowing what is really going on over at B of A and not getting a fair shake at the MHA mod.
I am going to keep fighting but if it doesn't work out I might be better off starting over because I am so far underwater.
thanks
helpsave and garry

I think they may still be taking people on a priority basis for the MHA, so hopefully things will start moving along better for you.