This is My Story

[nativelasvegan]

Loan serviced by BOA - fannie mae owns loan.
We started the modification process in March, 2009.
Loss of income resulted from career in real estate, started 2 years ago; husband unemployed for 2 years (but now gainfully employed as of 2/09).
Contacted Countrywide/BOA in March to take proactive approach to receive assistance since we were struggling with monthly mortgage payments. Got the run around, same as everyone here.

April, sent Barbara Desoer an email asking for her assistance.

June, was assigned negotiator.

July, was verbally told we qualified for nationwide modification program and documents would be sent.

August, still struggling to make payment but have made payments.

September 11, still waiting for documents, contacted negotiator to inform him we were not able to make this month's payment. Was sent next day after communication with negotiator via fedex a document entitled "repayment plan".

September 20 - Declined to sign repayment plan as it states in Fannie's workout hierarchy a repayment plan is offered to borrowers who do not qualify for HAMP. Further, fannie's definition of repayment plan is for borrowers who are behind, will make regularly scheduled payments and an additional amount to bring arrears current. The repayment plan also gave BAC the right to call the entire amount of the loan due at the end of the term (4 months) and have no basis to do so other than "it is their right".

Contacted negotiator, told him we would not be signing repayment agreement as we felt it was not the appropriate relief.

September 28, contacted Dan Frahm via email and asked if there was any way he could expedite modification documents.

September 28 received call from negotiator who was not happy I contacted Dan. In fact, my communication might have gotten him in trouble. Negotiator basically "scolded" me for contacting Dan and that I misquoted him by using the word "qualified". I informed negotiator that I can type as fast as one can talk and every time I talk to someone about this situation, I type exactly what I am being told. However, I could have made a mistake and forgot to type the "pre" in front of qualified. ?

I explained to the negotiator that had we been offered relief sometime ago, we would not be in jeopardy of missing a payment. Once again, negotiator reiterated that they are not sure when documents would be sent out, that we were not qualified but rather "pre-qualified" and there were no guarantees.

September 29 - negotiator called and wanted to verify some of our hardship information, asked when we started our new employment, when we bought the house, when did hardship start.

September 29 - negotiated called back, said he met with management and they are prepared to offer me a verbal special forbearance whereby payments are same amount as 31% of our gross income.

My thoughts are not to accept a verbal agreement. I have read enough information on this forum that this type of "verbal" agreement is simply a tactic to get money. I am prepared to be 30 days late and ruin my FICO in an effort to be an accepted candidate for the modification. It appears that most of the people here who have been helped are those who are delinquent. I am also prepared to stay late just long enough not to let notice of default/foreclosure proceedings start.

I would really appreciate advice from my fellow loansafe.org members about the issue of a "verbal special forbearance". Thank you kindly.

[ama125]

I don't trust anything "verbal" they say. At least if you have something in writing, it is documented and should you ever need it (like in court), you would have written proof. Just my opinion though.

[nativelasvegan]

Thanks ama. My thoughts too. The statute of frauds requires any legally binding document to be in writing. Believe I will have to pass this offer up and wait for my modification docs.
As always, I appreciate your input and value your opinion.

[Believe]

Native, a friend of mine working with mortgage loans for one of the big lenders told me not to send the bank any money once I stop paying, unless I have a permanent modification in writing. Now, that's just one person's tactic, and it's not B of A.

[nativelasvegan]

Thank you very much, Believe.
I have never heard of a verbal agreement involving collateral with six digits.
In fact the only verbal agreements I do is with a 10 year old involving money paid for doing weekly chores.

[Melanie702]

Hi NativeLasVegan, they tried to do that to me yesterday. They asked me if I COULD make payments on a trial and it would start on October 1. I'm not a fool. I want something in writing. Today, I received a call from someone who said she is going over the programs and will call me back. Always another story from someone else. Sickening.

[nativelasvegan]

Hi Mel. Thank you for your reply. My negotiator said Fannie Mae is having a problem helping me because I am current (current until midnight tomorrow the 30th that is) -- that Fannie does not have the capability of putting together documents for people who are current, but they are working on it. Should be available available in about 30 days....
I told him it was pretty sad that they were not capable of helping those who are current and was thinking I will be in a better position in 2 days when I default. The negotiator said "they were willing to do a verbal special forbearance." Like this is something I would be thrilled over. NOT

[Melanie702]

Originally Posted by nativelasvegan

Hi Mel. Thank you for your reply. My negotiator said Fannie Mae is having a problem helping me because I am current (current until midnight tomorrow the 30th that is) -- that Fannie does not have the capability of putting together documents for people who are current, but they are working on it. Should be available available in about 30 days....
I told him it was pretty sad that they were not capable of helping those who are current and was thinking I will be in a better position in 2 days when I default. The negotiator said "they were willing to do a verbal special forbearance." Like this is something I would be thrilled over. NOT

I know. I was told the same thing. I was told they couldn't help me because I was current. I had to stop paying. Not that I had it anyway. Even though I'm not paying, I still can't get help. Either way, they're full of sh!t. I wish I can say what I really want to say.

[nativelasvegan]

Hey Mel. I know what you really want to say.

[ohhhdear]

Native,

Go with your instincts-- "verbal agreement" -----that just doesn't sound legit.

I'm with you--- I've seen too many stories on here about the so called verbal agreements..

On another note---and this is just my opinion, you might want to rethink the issue about just not paying, IF you are able to do so--- I've had those thoughts myself seeing that most, if not all, mods are done for people who are late or behind.

I believe this will change in the near future. My instincts say for me to keep paying in a timely manner as long as I am able.

Hang in there--- 1 day at a time--- is my motto

Easier said than done,,,,,,, I know too well!!

I think what helps me the most is this forum and trying to help others, although I don't know what in the world to do, except to just be here.

[nativelasvegan]

Thanks ohhhdear. Love your screen name.
I do not have the means to pay the scheduled payment any more. I could afford the 31% net income payment though.
The only reason I am current is because I have been borrowing off credit cards. Luckily I used BOA credit card to pay the mortgage. Can you guess what I will stop paying next?

[ohhhdear]

Originally Posted by nativelasvegan

Thanks ohhhdear. Love your screen name.
I do not have the means to pay the scheduled payment any more. I could afford the 31% net income payment though.
The only reason I am current is because I have been borrowing off credit cards. Luckily I used BOA credit card to pay the mortgage. Can you guess what I will stop paying next?

Ok, I understand!

I love it!! Good for you!

[nativelasvegan]

UPDATE
September 29 - when negotiator offered me a "verbal" agreement so that he could take my payment, I told him I would think about it and get back to him. I did not call him yesterday.
September 30 - negotiator called and asked if I had made a decision and that I was suppose to call him back yesterday. Wow. Three phone calls in a timespan of 12 hours. This is the most attention I have ever received from BAC. Could it perhaps be month end reporting when they do not have my $2400?
Told negotiator not comfortable with verbal agreement, how about putting something in writing.
He said you have a repayment agreement we sent you.
I said I know that. A repayment agreement is to repay past due amounts. I do not have any past due amounts. If it was suppose to be a forbearance agreement, why wasn't it entitled "forbearance agreement." He said it doesn't matter what it is titled, it is a special forbearance agreement.
I thanked him for his time and told him I would wait for my modification documents.
He said that if I miss a payment, I will have to wait until they help the people who are on time first. “Odd” I say. The information I got from you before was that you all helped people who were facing foreclosure First. Delinquent borrowers, Second. On-timers Last. Why is it I am receiving conflicting information?
He did not answer me and told me I would have to wait 30 days and not to contact anyone else trying to get my file escalated. (Yes I have been a pain in the A88, calling COO, congressmen, senators, comptroller of currency, his supervisor, dan fraham, etc.).
I tend to be a pain in the A** when my home is at stake. Or when I try to request assistance from a program the President put in place by giving Billions of taxpayer dollars to banks.
What a beatch I am!
I will wait. I will also call Mondays and Fridays to get an update.

[Believe]

Originally Posted by nativelasvegan

" . . . told me I would have to wait 30 days and not to contact anyone else trying to get my file escalated."

lol, native. He's just asking for trouble.

[nativelasvegan]

[Garry]

Originally Posted by nativelasvegan

He said that if I miss a payment, I will have to wait until they help the people who are on time first. “Odd” I say. The information I got from you before was that you all helped people who were facing foreclosure First. Delinquent borrowers, Second. On-timers Last. Why is it I am receiving conflicting information?
He did not answer me and told me I would have to wait 30 days and not to contact anyone else trying to get my file escalated.

Thanks for the laugh! You nailed his a** to the wall. You are most definitely talking to the wrong person. Escalate TODAY.

[BobandArlyn]

NATIVE, it is more like he didn't want you to contact anyone else to show them what an idiot he was with his information/misinformation. ESCALATE!

[caldwellb02]

Native - I needed that today. Big time. Thank you!

[scarylarry]

nativelasvegan,

I love your style.
I am committed to not paying another cent until I get a meaningful loan mod in writing
if ever.

[nativelasvegan]

Thanks scarylarry. I hate it when I have read everything I can get my hands on re: fannie mae loans (the one who owns my loan) and a servicer has not. I will admit I am ruthless but only when I feel a wrong needs to be right(ed)?. I will continue my fight against the BAC giant and report my progress. If I can help anyone along the way, that is enough satisfaction for me. Here is your pain the A** BAC, yes, the squeaky wheel who needs the grease. I am afraid that is me. I will continue to demand you give me what I am entitled to receive until you get so sick of me you will do what is right. Let's go!

[nativelasvegan]

Update. Received letter from Senator John Cornyn. (I fax the same letter to his office every day.) "Please be assured that I am continuing to pursue my inquiry on your behalf. Unfortunately, there is a delay by Fannie Mae in responding to your concerns. I have asked the agency to give this matter their fully attention and respond as soon as possible. I will write you again as soon as I receive their reply. Thank you for your patience and the opportunity to serve you in this matter as your representative in the United States State." Signed by United States Senator John Cornyn. Wow. Hard to believe he is having difficultly with Fannie Mae responding to him? Imagine the difficult time I, a lowly American citizen, is having. Okay Senator Cornyn. I will be patient. You asked me to. However when you get home and go to sleep tonight, I do not believe the first thought you will have in the morning is whether or not BAC will modify your loan so that you can continue to wake up in your home. That is my first thought, every morning. It has been for about 9 months now. Not a good way to start the day. How long should I be patient? I missed my first payment. Over 30 days late now. How long should I be patient? Should I wait long enough to have my home foreclosed on and be kicked out? Please do tell me. How long should I be patient?

[weneedpeace]

Native - Oh man, I'm laughing thinking of this negotiator telling you to not try to escalate this with any one else.

I can say that *my Senator's office who has called me several times since a letter was sent on my behalf to our lender, told me that they are having true difficulties communicating with lenders. They said that they've even been hung up on and told before loss mitigation hangs up, 'We (lender) don't have to talk to you!' Wow! But really.. the delay is with Fannie Mae? *whatever*

Absolutely, stand by you on not mailing in a payment off of a verbal statement - especially someone that makes veiled threats about your exercising your right to contact anyone who you feel can help you with your case. We were offered a bad forbearance (it was actually called, 'payment arrangements' through Wells Fargo a few months ago. They didn't disclose that a portion of the increased payment included fees or that they would continue to report us negatively to the credit bureaus. I don't trust anything that they say verbal as the entire process has been no consistency whatsoever.

For me, patience ended when I started *literally loosing my hair on the front of my scalp and breaking out from stress. That was two weeks ago. Maybe I'm a lightweight at this mortgage stress, but my first communication with our lender was 9 months ago and it's been 19 months that we've been loosing $1300/month plus drained our 401k and maxed out our credit cards trying to keep our home - which, by the way, is not our 'four walls' anymore.

I can not imagine and think about my fellow forum members every day now, after reading so many of your stories who are actually living in your homes still. Hearing all of the run around that you all have been through coupled with my own story, it makes me so full of anger at the 'system' and seriously, I do believe that husband and I will be saving the next few years until he retires from the service and don't care if it's not the greatest home - we will be paying cash for our next house.

[nativelasvegan]

weneedpeace - thanks for your post. I too will be buying my next home with cash unless I can save this one and pay it off. I will not let banks make money off me anymore. Luckily, we own our vehicles. Should it come to buying another vehicle in the future, it will be purchased with cash. Everything from now own will be bought with cash or we don't need it. I have read enough to know that the banks are not going to be doing modifications. Why should they? They were given billions of our taxpayer dollars and then a system so faulty that they understand it better than most. They are simply "required" to participate in the Making Home Affordable Program. That's it. Just required to participate. A measly $1,000 incentive for them to provide a successful modification is laughable. The President needs to ask for our money back. The government needs to step up, realize they made a mistake in the past by allowing predatory lending which was the ultimate demise of the housing market. When I make a mistake, I own it. If I can rectify it, I do. I am not asking for anything I wouldn't do. This problem does not have a complex solution. If the government gets our money back and buys the mortgages on its own, they might even make a profit from collecting interest. How hard is that? Or maybe it's too simple. The rich get richer. The poor get poorer. There is no more middle class. Sad state of affairs when our country is in so much debt that my 10 year old's kids won't be able to repay it. The only way I know how to stop this corruption is to vote out the people who make it possible. ONE TERM, ONE TERM ONLY! That is the way the political system was set up to begin with. People who wanted to serve in the government would leave their real jobs for the term, give to their country, and return to their real jobs. I am losing hope with America. I will do my part and vote. The resilience of the American people is my only hope for a better America. Sorry about the rant. Had to get this out of my head and on the screen.

[nativelasvegan]

Since July, we have been waiting for our modification documents. Missed September and October payment. November 1 is just around the corner, and close to the 90 days where notice of defaults, impending foreclosure getting closer. We have not received our HAMP documents. Negotiator does not know when or if any will be sent. I am thinking about offering to allow BOA put us on a Fannie Mae Forbearance Agreement. If I do get a notice of default/notice of intent to foreclose, and I go to a lawyer, it seems that if I can show the attorney/courts that the bank was willing to work with us via forbearance agreement, I might have a better case against foreclosure. Any thoughts on this strategy?

[nativelasvegan]

UPDATE November 19, 2009

We have been denied because we make too much money. What?

Negotiator and his "VP" called to go over financials at 9 pm when I did not have any of my paperwork available (left it at the office). They proceeded to question me on the gross income, expenses, and I told them I did not have my paperwork and I wasn't going to guess. The figures were too important to be guessing and I wanted my paperwork in front of me.

Skank: You are denied because you have $1500 left over each month....

Me: No, we don't have $1500 left over each month. Your figures must be wrong. If we did, why would I spend the last 9 months of my life trying to get my loan modified?

Skank: CIG denied the mod request.

Me: What is CIG?

Skank: Corporate Investment Group.

Me: I don't know what that is but what was the reason for denial?

Skank: You make too much money.

Me: Wow. Why would I spend the last 9 months of my life trying to get a modification if we make too much money?

Skank: So, let's see your gross is .... and your income is .....

Me: I do not have my paperwork available at this time. Perhaps we could schedule a call when I have my paperwork in front of me?

Skank: You have been denied. You have $800 left over each month?

Me: "What?" I thought you just said it was $1500? You are probably as tired as I am, so what's say we reschedule this when we're not so tired and I have my paperwork in front of me.

Skank: Oh, they say, maybe you should send it updated bank statements and check stubs.

Me: Will do. Have a good night and thanks for calling.

Faxed updated information.
Here we go again.