Received docs this morning...have question..

[helpsavemyhome]

We received docs stating the terms of a "Special Forbearance". This is what the docs state:

BAC Home Loans Servicing, LP has agreed to defer a portion of your monthly mortgage payments due for the months of October 2009 through December 2009.

During the Deferred Payment Period, you agree to pay $X,XXX. each month, to be received by BAC Home Loans Servicing, LP by the 15th day of each month. During the Deferred Payment Period. BAC Home Loans Servicing, LP will review your Loan to determine whether additional payment assistance can be offered to you. On January 01, 2010, and in BAC Home Loans Servicing, LP's sole and absolute discretion, either (1) you will be required to recommence your regularly scheduled payments and to make an additional payment, on terms to be determined by BAC Home Loans Servicing, LP on or before the first of each month commencing on January 1, 2010 until all past due amounts owed to BAC have been paid in full, or (2) you will be required to reinstate your Loan in full, or (3) BAC Home Loans Servicing, LP will offer to modify your Loan or will offer you some other form of payment assistance, on terms to be determined solely by BAC Home Loans Servicing, LP and/or the investors or insurers on your loan.

My question is, anyone else who has been given this forbearance, do your docs say the same thing as above or is BAC trying to pull one over on us???? We are 12 payments behind and there would be no way to either go back to paying our original payment or paying the loan off in full. What is the chance of them actually modifying the loan after the three payments are made?

Don't know what to think....any advice would be appreciated.

Thanks.

[chow1]

helpsave,were you on a naca restructure or forberance? or was it thru bofa mod. we accepted the proposal thru naca on monday and i have a fedex door noticication because i was not home when they delivered it so i gotta go get it after 6:00pm.anyways what does it say and does it look suspicious? just curious? thanks in advance

[helpsavemyhome]

NACA submitted us for a restructure but we ended up being considered for the principal forbearance. NACA definitely knows about it because they sent me two emails today telling me to fax the docs to them.

To me it looks suspicious because it says after the three payments are made, they could make us either go back to what our original payments were or pay the loan in full. Or it said they may offer other assistance like a mod. But it is "solely" up to them. We are 12 payments behind, so the only option that would work is if they gave us a permanant solution after the three months.

[chow1]

my naca status says"three month trial period need to pay on time then the agreement will be legally binded for the life the mortgage".did yours says that too or was it something else?im gonna pick up my docs now at fedex ill let you
know what is says.

[helpsavemyhome]

chow, my NACA status is messed up...it did say something about being approved now it just says submit to servicer.

Let me know what your docs say...good luck!!!

[Garry]

Originally Posted by helpsavemyhome

We received docs stating the terms of a "Special Forbearance". This is what the docs state:

BAC Home Loans Servicing, LP has agreed to defer a portion of your monthly mortgage payments due for the months of October 2009 through December 2009.

During the Deferred Payment Period, you agree to pay $X,XXX. each month, to be received by BAC Home Loans Servicing, LP by the 15th day of each month. During the Deferred Payment Period. BAC Home Loans Servicing, LP will review your Loan to determine whether additional payment assistance can be offered to you. On January 01, 2010, and in BAC Home Loans Servicing, LP's sole and absolute discretion, either (1) you will be required to recommence your regularly scheduled payments and to make an additional payment, on terms to be determined by BAC Home Loans Servicing, LP on or before the first of each month commencing on January 1, 2010 until all past due amounts owed to BAC have been paid in full, or (2) you will be required to reinstate your Loan in full, or (3) BAC Home Loans Servicing, LP will offer to modify your Loan or will offer you some other form of payment assistance, on terms to be determined solely by BAC Home Loans Servicing, LP and/or the investors or insurers on your loan.

My question is, anyone else who has been given this forbearance, do your docs say the same thing as above or is BAC trying to pull one over on us???? We are 12 payments behind and there would be no way to either go back to paying our original payment or paying the loan off in full. What is the chance of them actually modifying the loan after the three payments are made?

Don't know what to think....any advice would be appreciated.

Thanks.

I see nothing to be afraid of in this contract, they are only trying to protect their best interests and make sure you understand there are no promises being made. Take it, and give the bank time to get its act together for the MHA program, it should be smooth sailing by the end of your three months.

[helpsavemyhome]

Thanks, Garry. I appreciate it. Would you happen to know if it's possible that we will qualify for MHA if we have BONY as our investor?

[chow1]

helpsavemyhome, i guess the docs that i got are legit,its says"rate reduction,and loan modification agreement"sign and notorize by certain date.
wow im so happy right now it looks like the real deal i hope.i dont see anything about a three month trial on here though. good luck to you.

[helpsavemyhome]

That is awesome, chow!!! Congrats!

[hsh011]

...i got the same docs last month and made my first payment in September; this week I'll make my second payment. Yes, the agreement does not promise anything, but everything points into a right direction. My online status shows: Workout status: Special Forbearance Agreement - Approved
Under Documents Received: Workout Type: Modification Document Type: Agreement

good luck!

[helpsavemyhome]

Thanks, hsh. Please keep me posted on what happens after you've made your third payment. I'm scared that they're going to come after us with something we can't afford afterwards.

[chow1]

question for anybody that returned docs to bofa?
i got two copys of agreements that need to be signed and notorized.and one copy that has a red copy stamp on it which does not need to be notorized. do i keep one then send the other to the bank or do i send both of them?and if my first payment is due dec 1, do i send that payment in with the docs that are due oct 10. im a little confused here cause it had a note that said"sign and notorize and return(excluding your copy)with a cerified check in the pre payed envoloped enclosed.