What happens if your investor says "NO WAY"

[I'mSickOfThis]

Does the bank have any leverage at all after the investor says no? Is the investor the final word? Because if that's the case it would be an excellent idea to find out as early on as possible in the modification process whether you're spinning your wheels.

Anyone have any experience with this? Thank you to all who reply.

[BadBobMo]

If you lender got "TARP x2 Times they are required to help per Shawn & Timmy.
hopes this helps.

[I'mSickOfThis]

Originally Posted by BadBobMo

If you lender got "TARP x2 Times they are required to help per Shawn & Timmy.
hopes this helps.

Hi BadBobMo,
Thank you very much for your reply, but I don't think I understand what you're saying. Can you tell me where you got your facts so I can go back to BAC and site something specific? Who are Shawn and Timmy?

Thanks!

[AzGryffindor]

Do you know who your investor is?

I'm not sure who Shawn is but I'm pretty sure "Timmy" is Timothy Geithner, Secretary of the Treasury.

[BadBobMo]

Sorry been at this to long.
April 9 (Bloomberg) -- Banks receiving federal aid through the U.S. Troubled Asset Relief Program must also take part in the government’s mortgage modification initiatives, Housing and Urban Development Secretary Shaun Donovan said.

[pwrought]

Take them to court. Wait for your Notice of default and go to the meeting date that is especified in your notice. OR file bankruptcy chapter 13 to stop them to foreclose on you. Doing that it will bring a lot more oportunities and time for you to keep your home.

[MyHAMP]

Our servicer is Select Portfolio and according to internet-sources they received TARP-funds. In addition to that, a service representative confirmed over the phone that they have FULL authority over the loan when it comes to the HAMP-program - so I guess they needn't ask the investor for an approval..

[lucky4me]

so who do you believe , Bank of Amer says it is investor who rules the roost, others say it is the servicer, but i thought that bony was administrator of tarp funds, so how could the investor say no, and then b of a wont give you investors phone #'s and says they wont speak to you anyway

[Andrew]

Its a two fold answer. Yes the servicers are required, but the investors are not. Also you have to meet the guidelines setup to qualify under the investor specific dept.

[I'mSickOfThis]

Originally Posted by Andrew

Its a two fold answer. Yes the servicers are required, but the investors are not. Also you have to meet the guidelines setup to qualify under the investor specific dept.

And how do we find out what those guidelines are? I'm current, and I was denied, so I'm guessing I'd have to be delinquent.

[I'mSickOfThis]

Originally Posted by BadBobMo

Sorry been at this to long.
April 9 (Bloomberg) -- Banks receiving federal aid through the U.S. Troubled Asset Relief Program must also take part in the government’s mortgage modification initiatives, Housing and Urban Development Secretary Shaun Donovan said.

Ok-that being the case, why are the investors allowed to deny mods? We live in Florida and the AG sued BAC and said they have to modify predatory loans - but there's a catch. The bank has to still adhere to the investors guidelines when it comes to how low the modified rate can be. My investor wants to raise my rate.

[CW California]

Originally Posted by I'mSickOfThis

Ok-that being the case, why are the investors allowed to deny mods? We live in Florida and the AG sued BAC and said they have to modify predatory loans - but there's a catch. The bank has to still adhere to the investors guidelines when it comes to how low the modified rate can be. My investor wants to raise my rate.

The guidelines state they must participate but the banks are calling the shots on how they are participating. Does your loan qualify under the Florida AG case? If so, try writing a letter and filing a complaint with the AG. Ultimately it is up to the investor unless the servicer wants to take the chance of being sued by their investor.