Countrywide Home Loans - Tell Us Your Countrywide StoryCountrywide Home Loans is now Bank of America. This forum is dedicated to tracking what Bank of America is doing to HELP struggling homeowners and how they are treating their customers. Good or bad, let your voice be heard and your story be known.
This is a discussion on Check my math for my perm mod within the Countrywide Home Loans - Tell Us Your Countrywide Story forums, part of the Bank of America Home Loans category; For those of you that have been reading my posts you are aware that BofA never applied a dime of ...
For those of you that have been reading my posts you are aware that BofA never applied a dime of my 6 trial period payments towards anything and that the money has disappeared from my account.
I'm trying to figure out what my payment and principal balance should be. Per HAMP guidelines they are supposed to take your trial period payments, place them in a suspense account until there is enough to make a full payment. In my case this was never done and thus my mod numbers are incorrect.
Below is what I came up with. Can I get a few of you to check my math to make sure it's correct?
Last full payment made:
Pmt Principal Interest Escrow Escrow Bal Prin Bal
5/09 154.95 749.66 160.98 386.44 140957.00
Payments that should have been made using trial period payments ($3,842.88)
Pmt Principal Interest Escrow Escrow Bal Prin Bal 6/09 155.78 748.83 160.98 547.42 140801.36 7/09 156.60 748.01 160.98 708.40 140644.76 8/09 157.43 747.18 160.98 869.38 140487.33 Remaining balance from trial pmts 646.11 1515.49 10/09 County Tax Payment (681.54) 833.95 2/10 Homeowners Ins Payment (516.19) 317.76
Missed payments:
Pmt Principal Interest Escrow Escrow Bal Prin Bal
9/09 158.27 746.34 160.98 140329.06
10/09 159.11 745.50 160.98 140169.95
11/09 159.96 744.65 160.98 140009.99
12/09 160.81 743.80 160.98 139849.18
1/10 161.66 742.95 170.34 139687.52
Past due amounts that should have been added to loan mod balance: $5337.31 >>
My Escrow Analysis (not what BofA shows):
Property Taxes $1,363.08
Homeowners Ins $516.19
Reserve Requirement $8.58 x 12 = $102.96
Annual Total $1,982.23
Monthly breakdown 165.19
Loan Mod:
New balance: $147,219.35
Past due added to balance: $6,262.35
5 year interest rate: 2%
New principal/interest monthly: $544.15
New escrow monthly: $180.03
New loan mod payment (first 5 years) $724.18
What it should be:
Principal balance after applying trial period payments: $140,487.33
Past due amount that should have been added to new principal balance: $5,337.31
New principal balance should be: $145,824.64
Difference: $1,394.71
New principal/interest monthly: $539.00
New escrow monthly: $165.19 New payment should be: $704.19
AZ, I didn't go thru all the calculation I need to go out for an appointment, I will do that later, however, the past due amount they need to add to your balance should only be the past due accrued interest not the entire missed payment. As to the escrow shortage, I have heard conflicting things regarding how it is treated. They might pay it from the left over balance in the partial account, or divide it into equal payments over a period of time.
Hope67: Here it is revised to show it with interest only (I should have caught that!): OR – Interest only that should have been added to the loan mod balance: $3,723.24>>
What it should be (interest only):
Principal balance after applying trial period payments: $140,487.33
Past due amount that should have been added to new principal balance: $3,723.24
New principal balance should be: $144,210.57
Difference: $2,539.11
New principal/interest monthly: $533.03
New escrow monthly: $165.19
Past due escrow that should have been added to payments: $814.26 (spread over 5 years = $13.58/mo) >> New payment should be: $711.80
I KNOW the escrow amounts are completely out of whack. My insurance just went down as I switched carriers. My property taxes should go down in October too but I won't know until the county assessor sends us our updated information. We should receive this next month.
Pmt Principal Interest Escrow Escrow Bal Prin Bal 6/09 155.78 748.83 160.98 547.42 140801.36
7/09 156.60 748.01 160.98 708.40 140644.76 8/09 157.43 747.18 160.98 869.38 140487.33
----------------
So had they applied the partial balance to your principal/interest and escrow as shown above, you would have had escrow surplus of $869.38 as of 08/09?
In your first post, you added the amount left in the partial account to your escrow balance (869.38 + 646.11 = 1515.49), then you took out your property tax and Homeowner insurance that were due in October and Feb from that amount leaving an escrow balance of 317.76. The question is how did you come up with the escrow past due amount of $814.26? Did anything else come out of your escrow account since 08/09? I mean other than the property tax of 681.54 on 10/09 and your homeowner insurance of 516.19 on 02/10?
If the $814.26 is the monthly escrow amount that were missed, then you should not considered them past due, what is past due would be what you owe at the time of the modification.
So had they applied the partial balance to your principal/interest and escrow as shown above, you would have had escrow surplus of $869.38 as of 08/09?
Yes.
In your first post, you added the amount left in the partial account to your escrow balance (869.38 + 646.11 = 1515.49), then you took out your property tax and Homeowner insurance that were due in October and Feb from that amount leaving an escrow balance of 317.76. The question is how did you come up with the escrow past due amount of $814.26? Did anything else come out of your escrow account since 08/09? I mean other than the property tax of 681.54 on 10/09 and your homeowner insurance of 516.19 on 02/10?
The $814.26 is the escrow payments that were missed from June 09 through Jan 2010.
Nothing has come out of my escrow account except for the one tax payment and one insurance payment.
My final mod paperwork shows an escrow shortage of $774.26 which they are having me pay over a 5 year period.I can't figure out how they came up with this number.
If the $814.26 is the monthly escrow amount that were missed, then you should not considered them past due, what is past due would be what you owe at the time of the modification.
As I said before. My escrow account is seriously messed up.
As I said before. My escrow account is seriously messed up.
AZ, if the funds in the partial account are applied properly towards your escrow account, you will actually have a positive balance in your escrow account. You don't owe them anything as to escrow.
AZ, if the funds in the partial account are applied properly towards your escrow account, you will actually have a positive balance in your escrow account. You don't owe them anything as to escrow.
That was my thinking. Want to bet they don't do it that way? lol.
I just checked my online status after reading your other post. My workout status still shows as referred but it looks like someone has been working on my account because under docs these were just added:
That was my thinking. Want to bet they don't do it that way? lol.
I just checked my online status after reading your other post. My workout status still shows as referred but it looks like someone has been working on my account because under docs these were just added:
02/08/2010
Modification
FAX COVER SHEET
02/08/2010
Modification
WORKOUT CHECKLIST
02/08/2010
Modification
INCOME ANALYSIS
On mine, they never listed any docs.
I'm willing to bet, even BOA, lol, should not just add the missed escrow payments. They can ask you to pay ONLY what you owe in your escrow account. Let's say you had a surplus of 200 in your escrow account when you stopped making your mortgage payment, let's say, they paid your property tax of 500 and homeowner insurance of 200, that would leave a negative escrow balance of 500. This is what you would owe regardless of the amount of missed payments.
Check my math for my perm mod 
>
Linear Mode
