New Modification came today...

[panther]

It has been a very long time since my last post, but here is my story.

Received to awful mods. One was for 40 years and only saved me 150- the next raised my payments 100, but kept the years the same.

Finally, I received a very acceptable modification. I receive 3% fixed for life and I am now saving $400. It is not a trial agreement, this is a straight up modification.

One question??? Anyone --please answer if you know what this is and I will happily answer any of your questions regarding my modification.

What is "Lender's Title Insurance Policy" Where do I get this from? I need to submitt this with my papers in my fed ex package.

Thank you so much!!!

[Magnuminsp440]

Look in the folder that has your original loan papers in it. It is like a little booklet that says "Title Insurance" on it.

[panther]

magnuminsp440,
I found my forms and one says Universal Title Agency and HUD 1. Is this it?
Thanks,
panther

[mgallant]

Originally Posted by panther

magnuminsp440,
I found my forms and one says Universal Title Agency and HUD 1. Is this it?
Thanks,
panther

I think most everyone who has gotten a direct MOD from BOA had this clause in there documents. I had it in mine and was told to just sign the docs and do everything except the Title thing that they just automatically put that there and it is something that they take care of on there end.

[BadBobMo]

"Lender's Title Insurance Policy

Lender has ordered a title search to see if any other lines have been taken out against the home! Hope that helps, there will a cost for this.

[shay01]

Originally Posted by panther

It has been a very long time since my last post, but here is my story.

Received to awful mods. One was for 40 years and only saved me 150- the next raised my payments 100, but kept the years the same.

Finally, I received a very acceptable modification. I receive 3% fixed for life and I am now saving $400. It is not a trial agreement, this is a straight up modification.

One question??? Anyone --please answer if you know what this is and I will happily answer any of your questions regarding my modification.

What is "Lender's Title Insurance Policy" Where do I get this from? I need to submitt this with my papers in my fed ex package.

Thank you so much!!!

Was this a MOD directly thru BOA I am being told they are working on terms for a MOD for me. I have been going back and forth with BOA since May. Denied for FHA hamp, pending FHA HAMP just bakc and forth. Then i contacted OOP and seemed to be finally getting some where. I am just hoping they dont come back and offer something like a 40 savings a month this will not help me at all. My hardship is long term and I dont make enough to pay 1900 a month that is barely what i bring home a month. SO I am trying to be hopeful that maybe this MOD will be something good but with BOA who knows.

[Housebroken13]

How did you get this mod, what type of program were you in prior to? Is this a HAMP mod? I had a mod with Countrywide whcih was bad, I've gone back to BAC to get another and am now in a HomeSaver Forebearence program until 2/1/2010.

Who did you deal with at Bank of America? Who was you negotiator?

I just recieved a Notice of Intent to Accelerate on Friday....

Please let me know.

[panther]

I have no idea how I ended up getting this mod. It is an in-house mod, not hamp. I was about 8 months behind with my payments and was and still am in foreclosure status. I just sent my new modification papers to BofA yesterday.

I owe way more than what my house is worth, so maybe that has something to do with it. I also don't have PMI.

I tried very hard to figure out my negotiator's name, but could never figure this out. Believe me, I make many, many calls and they never told me. I finally got a call from Anthony and he said my papers should be arriving any day and they did! I was surprised this was actually happening and I was apprehensive to open up the fed-ex package. I am happy it was finally something that worked for us!

Never give up!!! Like I said it took a good year and two NO GOOD offers. I don't think there is some secret forumula. I wish we all knew just what to do. I thought we would lose our home. This is a nice early Christmas GIFT. Oh yeah, my invester is Fannie and I was not in any type of trial payments.

[Housebroken13]

Glad to hear a success story like this Panther! It gives me some hope! Thanks very much.

[mrsnissyq]

Originally Posted by panther

I have no idea how I ended up getting this mod. It is an in-house mod, not hamp. I was about 8 months behind with my payments and was and still am in foreclosure status. I just sent my new modification papers to BofA yesterday.

I owe way more than what my house is worth, so maybe that has something to do with it. I also don't have PMI.

I tried very hard to figure out my negotiator's name, but could never figure this out. Believe me, I make many, many calls and they never told me. I finally got a call from Anthony and he said my papers should be arriving any day and they did! I was surprised this was actually happening and I was apprehensive to open up the fed-ex package. I am happy it was finally something that worked for us!

Never give up!!! Like I said it took a good year and two NO GOOD offers. I don't think there is some secret forumula. I wish we all knew just what to do. I thought we would lose our home. This is a nice early Christmas GIFT. Oh yeah, my invester is Fannie and I was not in any type of trial payments.

Who is your investor? You actually negotiated with BofA to figure it all out? We got a bogus mod last month that we cannot afford. Just wondering. I have until Friday to accept it. I have to call them and turn them down.

[shay01]

Originally Posted by mrsnissyq

Who is your investor? You actually negotiated with BofA to figure it all out? We got a bogus mod last month that we cannot afford. Just wondering. I have until Friday to accept it. I have to call them and turn them down.

Yeah i got one today real crappy lowered the payments 150.00 and they said there is nothing else they can do. I have a FHA loan I might have to let go. I can not afford the payments and 150 is not going to help. If my problem was only a 100 bucks i wouldnt be in this situation now.

[pyeatpr]

Originally Posted by panther

I have no idea how I ended up getting this mod. It is an in-house mod, not hamp. I was about 8 months behind with my payments and was and still am in foreclosure status. I just sent my new modification papers to BofA yesterday.

I owe way more than what my house is worth, so maybe that has something to do with it. I also don't have PMI.

I tried very hard to figure out my negotiator's name, but could never figure this out. Believe me, I make many, many calls and they never told me. I finally got a call from Anthony and he said my papers should be arriving any day and they did! I was surprised this was actually happening and I was apprehensive to open up the fed-ex package. I am happy it was finally something that worked for us!

Never give up!!! Like I said it took a good year and two NO GOOD offers. I don't think there is some secret forumula. I wish we all knew just what to do. I thought we would lose our home. This is a nice early Christmas GIFT. Oh yeah, my invester is Fannie and I was not in any type of trial payments.

You were helped because you do not have PMI insurance. Without PMI to
supplement some of the loss of a forclosure, BOA would lose money. If you have PMI insurance manny times the bank will foreclose, sell the home at auction and collect the PMI insurance and still make money.

[Magnuminsp440]

Originally Posted by panther

magnuminsp440,
I found my forms and one says Universal Title Agency and HUD 1. Is this it?
Thanks,
panther

I went to get mine, just to be sure.
It says, "Attorneys Title Insurance Fund" on the first page. At the very top of the page, it says "Owners title insurance policy".

There are four pages. It has a seal on it and the president of the funds signature.

I could scan a copy of it if you need me to.

[gray517]

Originally Posted by Magnuminsp440

I went to get mine, just to be sure.
It says, "Attorneys Title Insurance Fund" on the first page. At the very top of the page, it says "Owners title insurance policy".

There are four pages. It has a seal on it and the president of the funds signature.

I could scan a copy of it if you need me to.

Having been a title examiner for over 15 years, let me clear this up for you guys.

A title policy is issued to insure there are no title defects, liens or other outstanding issues on you property. There are 2 different policies issued. The Owners Policy which is issued at time of purchase, insures the only the Owner of the property as long as he owns it. The Lenders Policy insures the only the lender who holds the mortgage is in first lien position and is issued at time of the loan, if you refinance the new lender will get a new Lenders policy insuring their Lien, even if it is the same lender. Once the mortgage is paid then Lenders policy is no longer valid.

The clause to provide lenders title policy is standard in a lot of Modifications and there is nothing required of the borrower, the lender will get a an update on the title to check for any liens and modification to the existing loan policy if they want one.

[Magnuminsp440]

Originally Posted by gray517

Having been a title examiner for over 15 years, let me clear this up for you guys.

A title policy is issued to insure there are no title defects, liens or other outstanding issues on you property. There are 2 different policies issued. The Owners Policy which is issued at time of purchase, insures the only the Owner of the property as long as he owns it. The Lenders Policy insures the only the lender who holds the mortgage is in first lien position and is issued at time of the loan, if you refinance the new lender will get a new Lenders policy insuring their Lien, even if it is the same lender. Once the mortgage is paid then Lenders policy is no longer valid.

The clause to provide lenders title policy is standard in a lot of Modifications and there is nothing required of the borrower, the lender will get a an update on the title to check for any liens and modification to the existing loan policy if they want one.

Thanks for clearing that up. I thought he was referring to "Title insurance". The question is, why was the lender asking the op for a document that they get themselves? More confusion!

[gray517]

Originally Posted by Magnuminsp440

Thanks for clearing that up. I thought he was referring to "Title insurance". The question is, why was the lender asking the op for a document that they get themselves? More confusion!

Title Insurance is issued via a Title Policy, the lenders put that in there as a standard requirement of modifications, some lenders do request an update to title and have thier loan policy increased to the new loan amount to cover themselves. They put that in there standardly in case during the title update, if there is anything filed against the title that would take priorty over thier 1st lien position on the property, such as tax lien, condo lien or any new defect that could arise in title. They want to make sure they have 1st lien on your property.
Their language is abit confusing, it says " a lenders title policy which insures the modified mortgage as a valid 1st lien" as requirement it should say something about the borrower not having to provide that, that they get it themselves. It is a requirement for a modification, just not one the borrower has to provide.