ok- What does this mean? - Loan Modification Forum

joanne · 10-01-2009, 04:20 PM

Lupa Barrio from OOP just called to tell me that we do not qualify for the HAMP program because our taxes are not impounded.

They are offering a "special 3 month forbearance plan" that will cut our payments in half for the next 3 months. They are hoping that at the end of the 3 months they will have our taxes impounded and then they can get us through for HAMP. She said she can't tell me what will happen if they can't.

In the meantime, BOA has no record of our NACA submission. I emailed Kevin Winn to let him know about that.

Told Lupa that I cannot make any decision until I see this in writing and fully understand what the implications are. She said she had no idea why she was passed my file other than to update me in Tabitha's absence.

Any insights? suggestions? wisdom?

Evan Bedard · 10-01-2009, 05:46 PM

Hi Joanne,

Quote:

Told Lupa that I cannot make any decision until I see this in writing and fully understand what the implications are. She said she had no idea why she was passed my file other than to update me in Tabitha's absence.

Any insights? suggestions? wisdom?

I would defintely wait until you get a hold of NACA becuse this rep may not have known what she was talking about. We see this all the time as different reps usually will tell you somehthing completely different from another one. I do not see how they could deny you for that reason..

ama125 · 10-01-2009, 06:05 PM

HAMP requires that you set up an escrow account (impound) if one is not already in existence. Nowhere is it stated a reason to not qualify...that's pure BS!

HereinDE · 10-01-2009, 06:24 PM

Please be advised that "special forbearance" does guarantee NOTHING at the end of the forbearance. I was offered "4-month special forbearance" from BofA through NACA twice, NACA and I decided to reject the offer recently. Special forbearance is just BS! It's just nothing.

Garry · 10-01-2009, 06:54 PM

Quote:

Originally Posted by joanne

They are offering a "special 3 month forbearance plan" that will cut our payments in half for the next 3 months. They are hoping that at the end of the 3 months they will have our taxes impounded and then they can get us through for HAMP.

Any insights? suggestions? wisdom?

Sounds pretty good to me, I'd take it. Things will get better with the banks over the next three months, you will have a lot less hassle getting an MHA mod.

caldwellb02 · 10-01-2009, 07:09 PM

Doesn't take any time hardly at all to set up an impound on the taxes. They can do it in a few days. Don't see why they need three months. Just GET IT IN WRITING if you go with a forbearance!!

Garry · 10-01-2009, 07:30 PM

Don't worry about the excuse they are using, we all know that's all it was, take the offer and give them time to get caught up. You will be better off, and so will the bank.

10-01-2009, 04:20 PM	#1 (permalink)
joanne Senior Member Join Date: Aug 2009 Posts: 177 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	ok- What does this mean? Lupa Barrio from OOP just called to tell me that we do not qualify for the HAMP program because our taxes are not impounded. They are offering a "special 3 month forbearance plan" that will cut our payments in half for the next 3 months. They are hoping that at the end of the 3 months they will have our taxes impounded and then they can get us through for HAMP. She said she can't tell me what will happen if they can't. In the meantime, BOA has no record of our NACA submission. I emailed Kevin Winn to let him know about that. Told Lupa that I cannot make any decision until I see this in writing and fully understand what the implications are. She said she had no idea why she was passed my file other than to update me in Tabitha's absence. Any insights? suggestions? wisdom?

10-01-2009, 06:05 PM	#3 (permalink)
ama125 Senior Member Join Date: Jun 2009 Location: Reading, PA Posts: 1,495 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ok- What does this mean? HAMP requires that you set up an escrow account (impound) if one is not already in existence. Nowhere is it stated a reason to not qualify...that's pure BS!

10-01-2009, 06:24 PM	#4 (permalink)
HereinDE Member Join Date: Aug 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ok- What does this mean? Please be advised that "special forbearance" does guarantee NOTHING at the end of the forbearance. I was offered "4-month special forbearance" from BofA through NACA twice, NACA and I decided to reject the offer recently. Special forbearance is just BS! It's just nothing.

10-01-2009, 07:09 PM	#6 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,783 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ok- What does this mean? Doesn't take any time hardly at all to set up an impound on the taxes. They can do it in a few days. Don't see why they need three months. Just GET IT IN WRITING if you go with a forbearance!!

10-01-2009, 07:30 PM	#7 (permalink)
Garry Senior Member Join Date: Aug 2009 Posts: 1,156 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: ok- What does this mean? Don't worry about the excuse they are using, we all know that's all it was, take the offer and give them time to get caught up. You will be better off, and so will the bank.

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