Fannie mae options with/without hamp

[babydeejordan]

Here is a website that I came across today that talked about the HAMP requirements and what happens if you don't qualify for HAMP as most of us are going through the trial period now and waiting to see what happens next....this will give you an overview and also they include a copy of the approval letter that should be sent out when the modification becomes permanent.
http://www.consumerlaw.org/issues/mo...mittee0909.pdf

this is also something you should read that talks about why the servicers are not moving on the loan modifications.

http://www.consumerlaw.org/issues/mo...mittee0909.pdf

[ama125]

Yes, I've seen this before. It's great that these folks are invited to testify and offer their suggestions, but unless their suggestions get implemented, than it won't have any impact on any one of us. I've emailed the NCLC myself just to air my complaints since they have been able to speak out against the program and its shortcomings.

[nativelasvegan]

Thanks for this post. I forwarded it to my Congressman. This is what I said. Please forward this to Congressman Conaway. Unless something is done to postpone these foreclosures, all Americans will suffer as a result. The economy will continue in a downward spiral and we will all be affected by the number of foreclosures that will happen in the future. If a home within a few miles of you is foreclosed, your property value will suffer as a result. No one is immune from the future economic conditions due to the failure of this program. http://www.consumerlaw.org/issues/mo...mittee0909.pdf

[nativelasvegan]

WOW. I just read this, all of it! WE ARE SCREWED! If you have not taken the time to read this, please do. This provides the answers to many of my questions. and to sum it up once again, this guise of modifying loan terms is a complete sham. I am glad I have not entered into any type of forbearance or in house modification. Although this is good reading, at the same time I am unbelievably sad and incredible pissed off at Obama for letting this happen.

[Housebroken13]

Wow! And this doc was written back in October of 2008 and these issues are still not resolved....

Here is the NCLC website - Lots of juicy stuff there- http://www.consumerlaw.org/

[pwrought]

Of course Obama will let all this things o happen. He sucks. He lie lie and lie. I am feeling like an idiot to pay for the special forbearance with fannie mae.

[THANKS2U]

Originally Posted by babydeejordan

Here is a website that I came across today that talked about the HAMP requirements and what happens if you don't qualify for HAMP as most of us are going through the trial period now and waiting to see what happens next....this will give you an overview and also they include a copy of the approval letter that should be sent out when the modification becomes permanent.
http://www.consumerlaw.org/issues/mo...mittee0909.pdf

this is also something you should read that talks about why the servicers are not moving on the loan modifications.

http://www.consumerlaw.org/issues/mo...mittee0909.pdf

Both links take us to the same place - The written testimony PDF of Alys Cohen from the NCLC / N ational C onsumer L aw C enter

Is there a different first website link that you wanted us to see or are they both suppose to be the same link ?

Thank you for the link to the Alys Cohen testimony of Sept 9, 09

[babydeejordan]

Oh thanks for noticing that...here is the other link I wanted you guys to see...

https://www.efanniemae.com/sf/servic...tfactsheet.pdf

[Housebroken13]

That's a great document.

I am in a HomeSaver Forbearance currently. So I guess that means I did not qualify for HAMP correct?

When I last talked to BOA, they said my loan would be modified at the end of the Forbearance period which ends on 2/1/2010.

Typically, a modification involves making one or more of the following changes:

Change the mortgage loan type (ARM to FRM)
Extend the mortgage loan term (e.g., from 30 to 40 years)
Implement a below-market step rate for 2 to 3 years
Capitalize delinquent P&I into the loan balance
Implement a temporary or permanent reduction in interest rate

To execute the modification:

Prepare the Loan Modification Agreement (Form 3179, 3161 or 3162, as applicable) and obtain the signature(s) of the borrower(s)
You may only sign the Loan Modification Agreement for an MBS loan after the loan has been reclassified
Obtain subordination agreements from junior lienholders and record the modification if required by Fannie Mae in its written approval of the modification - Does that mean they will talk to my 2nd Mortgage Services to subordinate? Should I stop paying on my second and put that money aside?
Submit original agreement to document custodian within 30 days

[QuayzyCrazy]

Fannie Mae approval is required by submitting a request via HSSN – Workout Profiler. MI written approval is required. A modification does require an MBS loan to be removed from its pool: A loan in a "special servicing option" pool must be reclassified prior to modifying it A loan in a "regular servicing option" pool must be repurchased by the lender in order to modify it In order to remove a loan from its pool for purposes of modification, the loan must have been in a continuous state of default for at least four consecutive monthly payments To execute the modification: Prepare the Loan Modification Agreement (Form 3179, 3161 or 3162, as applicable) and obtain the signature(s) of the borrower(s) You may only sign the Loan Modification Agreement for an MBS loan after the loan has been reclassified Obtain subordination agreements from junior lienholders and record the modification if required by Fannie Mae in its written approval of the modification Submit original agreement to document custodian within 30 days

From Fannie Mae Workout sheet...

Could anyone please explain something? (Ama, your good comments will be appreciated). I definitively don't get the part in red... So I need to be 4 months late or at default to be considered??? I thought and I'm 100% positive that one could be CURRENT and apply. I also read that in the Fannie Mae guidelines.

so, why all this conflicting information.....? They say white but they mean black?

[ama125]

Originally Posted by QuayzyCrazy

From Fannie Mae Workout sheet...

Could anyone please explain something? (Ama, your good comments will be appreciated). I definitively don't get the part in red... So I need to be 4 months late or at default to be considered??? I thought and I'm 100% positive that one could be CURRENT and apply. I also read that in the Fannie Mae guidelines.

so, why all this conflicting information.....? They say white but they mean black?

This entire loan workout hierarchy is in regards to NOT being eligible for HAMP. For HAMP, you do NOT have to be in default, but apparently for other modification, at least according to this, you must be in default. For HAMP, you must prove imminent to default. Also of importance to note, is that Fannie Mae is doing away with the HSF. Please see here: https://www.efanniemae.com/sf/guides.../2009/0930.pdf

[QuayzyCrazy]

Thanks Ama. I see that the HSF is no longer available after Oct. 31.

Do you think the government is planning to also extend the deadline of December 31,2012 to apply for the HAMP, just because it has taken so long for them to put his "balancing act" together? Well, they should. The definitively announced something that was not ready 8 months ago, and I think they knew it. The government keeps changing the rules ever other day; banks are just giving us the information in pieces, and most of the time the things that they say don't make any sense...

(sigh....) A Desperate Housewife trying to catch up on reading the ever changing guidelines...