Not sure about what to do with Fedex I recieved.

[HighDesertFighter]

Recieved fedex yesterday from BofA Home Retention in Texas. Said I am going to be under the Federal Home Affordable Modification and will be doing a 3 month trial period. My new payment went down by $300.00. I'm very intrigued but still skeptical coz, it says..

"Your next step in this process is to make the first month's trial period mortgage payment of $xxxx.xx today."

Here's the other tidbits in the fedex mail I received---->>>

"In the next few days, you will recieve package with additional details and documents that you need to return to us so we can complete the 3 month trial modification process and determine elegibility for permanent modification of your loan. There are no fees associated with this program."

"Get started by making your first trial period mortgage payment of $xxxx.xx today. You will receieve a package from us soon with details regarding your next steps in completing the trial modification."

My question????The fact that they never gave me a specific date or due date for the 1st trial payment is really confusing me. I'm starting to think this might just be another ploy by the bank to squeez me out of money by giving me false hope. The fedex letter is official, I dont doubt that..the message it contained is kinda shady. So should I send my payment or call em up..what should i do..pls help.

[Garry]

Sounds fishy to me, my fed-ex came with the necessary docs to fill out and send back. Maybe they have a new way of doing things, but I would be careful until I was sure it's legit.

[Debca]

Originally Posted by HighDesertFighter

Recieved fedex yesterday from BofA Home Retention in Texas. Said I am going to be under the Federal Home Affordable Modification and will be doing a 3 month trial period. My new payment went down by $300.00. I'm very intrigued but still skeptical coz, it says..

"Your next step in this process is to make the first month's trial period mortgage payment of $xxxx.xx today."

Here's the other tidbits in the fedex mail I received---->>>

"In the next few days, you will recieve package with additional details and documents that you need to return to us so we can complete the 3 month trial modification process and determine elegibility for permanent modification of your loan. There are no fees associated with this program."

"Get started by making your first trial period mortgage payment of $xxxx.xx today. You will receieve a package from us soon with details regarding your next steps in completing the trial modification."

My question????The fact that they never gave me a specific date or due date for the 1st trial payment is really confusing me. I'm starting to think this might just be another ploy by the bank to squeez me out of money by giving me false hope. The fedex letter is official, I dont doubt that..the message it contained is kinda shady. So should I send my payment or call em up..what should i do..pls help.

Hello....

Thoughts that come to mind are

1. Does the $300 reduction line up with the HAMP guidelines of Payment including Principle, Interest, Taxes and Homeowners Insurance, and HOA fees if any, to equal no more than 31% of monthly GROSS income?

2. Have you kept in tough with/ contacted the group you were referred to (I beleive you mentioned HOPE Now in another post) to see if this is a result of their work on your behalf? If not, I would say to contact them and discuss the letter.

Also 1st do the calculations outlined above.....

[Debca]

And yes, I agree, the letter does not "smell" right.

[hope67]

It's okay, I think this is a new way, they first send you a letter informing you that you have been approved for a trial and the amount of the payment, you send the payment as instructed, then they send you a fed ex with the agreement for you to sign, and a list of the required docs that you should send them.

[caldwellb02]

HighDesert - I'm hopeful for you, but "today" isn't specific enough. I'd give them a call before I sent the money. I hope it's true and it's what you want.

P.S. - have you signed the petition??

PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress |

[nativelasvegan]

Hey caldwell. I have noticed you help so many people, can you make it a standard closing to say what you have in your PS in this message? Your knowledge is unbelievable and awareness needs to be brought to the newbys that this forum is a gathering of people who want to make a difference. I thank you for your unselfishness and can tell you that I have been humbled by your presence. Rock on girlfriend!

[HighDesertFighter]

[qoute]
Thoughts that come to mind are

1. Does the $300 reduction line up with the HAMP guidelines of Payment including Principle, Interest, Taxes and Homeowners Insurance, and HOA fees if any, to equal no more than 31% of monthly GROSS income?

2. Have you kept in tough with/ contacted the group you were referred to (I beleive you mentioned HOPE Now in another post) to see if this is a result of their work on your behalf? If not, I would say to contact them and discuss the letter.

Also 1st do the calculations outlined above.....[/QUOTE]

1.yes, everything is in-lined with the HAMP guidelines..the new amount mortgage is actually at 31% of my income.
2. Don't really like to be on the phone much. But have made couple calls here & there. I probably will call Bofa tomorrow to make sure that I am really in Trial Period.

Still kind of unclear why they want me to send money 'TODAY' instead of letting me know the due dates of the trial period. I will certainly make a call tomorrow to get a clarity about their procedure. I am not going to dish out anymore money for nothing..so be it if it means losing the house.

Thanks for the reply everyone.

[Roberto77]

This is the same letter I received from BOA via FedEx around 10-15-09. It is their new HAMP proceedure. I made the 1st payment via that telephone # with zero fees. The next FEDEX came a few days later with HAMP trial agreenent and 3 payment coupons and envelopes. Also, hardship agreement, Form 4506 and rquest for the usual documents. My 3 trial payments are due 12-1-09; 1-1-10; and 2-1-10. Since I already made 1st via phone, my next is due 1-1-10. The payment amounts were exactly as I had them computed. I already have sent the signed agreement, etc back in BOA's paid FedEX envelope.

Your due dates could be the same but could stary on 1-1-10 depending when in October you are deemed to be notified of the HAMP offer. My advice is to immediately pay by phone if the pymt seems reasonably close to your figures.

[MyHAMP]

Originally Posted by hope67

It's okay, I think this is a new way, they first send you a letter informing you that you have been approved for a trial and the amount of the payment, you send the payment as instructed, then they send you a fed ex with the agreement for you to sign, and a list of the required docs that you should send them.

I heard of another member who received this BoA-letter as well. I guess that's the new approach so you should be fine.

However, I don't get why these morons at BoA are still applying this dumb and outdated HAMP-application?!

They demand the first payment BEFORE even VERIFYING income and receicing other crucial information before even knowing if a borrower qualifies in the first place. that's a mystery to me...

[MyHAMP]

Originally Posted by Roberto77

This is the same letter I received from BOA via FedEx around 10-15-09. It is their new HAMP proceedure. I made the 1st payment via that telephone # with zero fees. The next FEDEX came a few days later with HAMP trial agreenent and 3 payment coupons and envelopes. Also, hardship agreement, Form 4506 and rquest for the usual documents.

That's exactly what I mean. Why don't they collect this documentation right at the beginning? That will upset many people because they will be on a trial and possibly denied due to their documentation they provide later..what a stupid approach from BoA!

[Roberto77]

I had previously gave the OOP negotiator the documents plus my hardship letter. The new request is on official forms asking for updated bank stubs, pay stubs, etc plus official hardship form. A new Form 4506 has preprinted request for both 2007 and 2008 tax returns -- the one I signed before was blank as for the years.

[minknmelissa]

When I got burned by bank of america for mha it was over the phone they wouldn't give me anything in writing the fact that you have something in writing i think it might be a little bit more legitimate

[HighDesertFighter]

I have called Bofa...they said this is their new procedure since they haven't caught up yet with all the HAMP procedure. I recieved what they called a "TRIAL LETTER" and should get another FEDEX with documents to sign in about a week. Trial period begins on the 1st of each month, no late payments assessed. Thanks for everyone's reply.

We decided to go for the trial period..hope that there is light at the end of the tunnel waiting for us and for everybody like us.

[monidel]

I received the same letter last week. I immediately called Ryan in OOP, my advocate, and he assured me that I didn't have to pay the amount that day. He also stated that it would be fine to wait until I received the HAMP documents to send in my payment. I told him that I would be waiting for the other packet and that I was not going to pay anything until I had signed documentation.

[nmwadam]

Originally Posted by HighDesertFighter

Recieved fedex yesterday from BofA Home Retention in Texas. Said I am going to be under the Federal Home Affordable Modification and will be doing a 3 month trial period. My new payment went down by $300.00. I'm very intrigued but still skeptical coz, it says..

"Your next step in this process is to make the first month's trial period mortgage payment of $xxxx.xx today."

Here's the other tidbits in the fedex mail I received---->>>

"In the next few days, you will recieve package with additional details and documents that you need to return to us so we can complete the 3 month trial modification process and determine elegibility for permanent modification of your loan. There are no fees associated with this program."

"Get started by making your first trial period mortgage payment of $xxxx.xx today. You will receieve a package from us soon with details regarding your next steps in completing the trial modification."

My question????The fact that they never gave me a specific date or due date for the 1st trial payment is really confusing me. I'm starting to think this might just be another ploy by the bank to squeez me out of money by giving me false hope. The fedex letter is official, I dont doubt that..the message it contained is kinda shady. So should I send my payment or call em up..what should i do..pls help.

Send in your payment, I recieved the same letter 2 weeks ago, my payment was also reduced, I recieved my next package a few days later...it was asking for updated paystubs, taxes, bank statements. It is legit.

[nmwadam]

Originally Posted by monidel

I received the same letter last week. I immediately called Ryan in OOP, my advocate, and he assured me that I didn't have to pay the amount that day. He also stated that it would be fine to wait until I received the HAMP documents to send in my payment. I told him that I would be waiting for the other packet and that I was not going to pay anything until I had signed documentation.

Just remember that when you get something and ignore it, you will be moved to the back of the line and have to start all over again. I sent my payment same day, and a few days later I receievd the request for more documents..

Remember that they revamped and stremlined the MHA program so that trials could be sent out quickly while not having to wait on a bunch of other things to process.

[Alpha_Forward]

Hi Guys,
I too received a fedex from BOA and at first was very skeptical. I received the fedex the tuesday before Thanksgiving, I attempted to call the same day, just to get some info to make sure everything was on the level. I could only get an automated system (super annoying!!, as some of you may know).

So i left town for the holiday and made several attempts to call and get some info, and to potentially make the payment over the phone as well. I didn't have my routing info with me on the road so I couldn't make the payment over the phone and still couldn't get a real person on the phone. And when i finally did get thru to the automated payment system it gave the the current amount due, not the "trial" amount, So I didn't pay it, this was 12/01.

I returned to Florida (home) on wed 12/2, I immediately called BOA mortgage, phone number and got a message saying either the bank was closed or to call back during normal hours, this was at 3pm on a wed, it was normal business hours. I tried calling any phone number I could find on the BOA website regarding mortgages or home loans. No answer from any department, the bank was closed. At least via phone.

So not wanting my payment to be any later and hoping for the best, I mailed a check off, that afternoon with the stub that was included in the first fed ex. That same day when I got home from work, the second fed ex had showed up.

Now I have to fill out all the forms and gather all of the paper work. Any advice on how to proceed other than following the instructions in the packet?

Has anyone actually followed this "new" BOA method to any degree of success? or failure?

I had pretty much given up on any type of help from BOA as they told me that I did not qualify for any of their programs at the time (this was several months ago). Then out of the blue I receive this fed ex packet. Is this just another tease? Or lame attempt at looking like they are making an attempt?

Obviously there is a lot of research I still need to do but, I wanted to start by trying to get informed from other people's experience.

BTW, A little about my situation. I am current, but in eminent danger of falling behind.
My attempts at modification etc, are a preemptive measure to avoid the inevitable before it is too late. At this rate, I need to modify or explore some other options PDQ. Basically I bought my first home in South Florida in April of 2007, So I am screwed royally as far as loan to value.

Obviously, I am new to this so please excuse my ignorance. What is an advocate, negotiator, and OOP dept? and how would I contact one? I can't seem to get any real person on the phone ever, even during bank hours. That sounds like something I could use. No one else seems to want to talk to me, or gives a damn either way.

Sorry, for the long post and thanks in advance for any intel. -AF