CA NOD Received - Recontrust

[TomJohnson1981]

Well, it looks like I find myself in good company. Here are the salient facts pertaining to my deal.

Purchased CA home in 2005 with CA Pay Option Arm via Countrywide.

Lost Job in August of 2009. Made payments until Oct. Couldn't get anyone on phone at Countrywide who seemed to care.

Missed Oct, Nov, Dec. Resumed Normal payments in January and have continued paying throughout 2010.

In the last 7 months, I've been told that I had a loan mod only for it never to actually happen, another loan mod we never received paperwork on, and finally around June30, we went through a HAMP mod on the phone, they told me I'd receive the paperwork via FEDEX within 30 days. Nothing.

So, I go on brief vacation at end of July. I get back. On July 30th, they sent a Notice of Transfer to "Foreclosure Review" committee. And on August 3, they filed a NOD.

I could back the giant back amount with penalties and resume payments at this point by dipping into IRA money, but it's got a 5 year recast and will explode in October 2010 anyway. So I need a mod.

I've never received anything regarding the CA Settlement.

Admittedly, I haven't been as diligent about this as I should have been. But I am starting now. Basically, I'd assumed that a Mod would happen, and it seemed more or less a wash with comparable rentals nearby, so I figured I'd stick with the house.

Now, I'd like to keep working toward the Mod, but keeping the house is not necessarily all that much more attractive. It seems I could short sale pretty easily to get out of it. But I don't really want to do that either. Most of all, I'd like to do any of the agreed upon mods in the past. Frustrating.

My question is: (a) by filing the NOD are they basically calling my bluff? Should I withhold payment? and save it? (b) If I do decide to walk? how long is it typically between NOD and the day I drive away in a uhaul?

Such a terrible situation, but almost comical after reading so many people with similar stories. Unbelievable how this is being handled.

[davephx]

The NOD is standard even if you are ON trials. They just are not suppose to sell the home while on Trails... which you aren't on yet which makes it more of a concern.

And we have some horrid reports of "oops we sold the house" when the modification folks had no clue what the foreclosure dept was doing.

The incompetence and determination to screw up modifications is unbelievable but sadly all too true with most servicers.

[TomJohnson1981]

Thanks for your reply. I talked to them first thing this morning. They said I had been "locked in" for HAMP in June and that I should've received fedex. No, she could not provide tracking numbers. She said, "no, the file shouldn't have gone to foreclosure - unless they thought you declined the mod". She then assured me that she was expediting another package and that there was absolutely no need to call the foreclosure department as everything is "on hold" pending the loan mod.

I asked her if that was procedural or some sort of legal requirement as part of the HAMP program. She told me she didn't know.

So, I've got a payment I normally send in due on the 15th. I'm guessing the prudent thing to do is put that payment in savings account pending whatever outcome I receive. It sounds like, no matter what she says, the clock is definitely ticking, no?

I feel like a ****er trusting them and continually paying. Then I'll come home one day and find a notice of the sheriff's sale.

And, finally, I'd like to keep the home - but if that is impossible, then I'd much rather short sale instead of foreclosing, but it looks like the timeframe is going to prevent that as an option? Or am I wrong?

[TomJohnson1981]

In an ironic twist, the fedex package showed up today - but it appears (at first glance) to be an MHA (making homes affordable) mod - when everything we've been discussing on phone was hamp? Is this a mistake in terminology on my part? I thought they were two distinct programs?

[davephx]

MHA is HAMP - Also MHA includes HARP, UP etc etc etc all under MHA - which was required as part of banks getting TARP funds but most have been repaid.

[CntrlVllyCA]

Your house can be sold without you knowing it so check the trustees website to make sure your property isn't listed and if so contact them and whoever else with a request to have the sale postponed. It only takes a few minutes to check their website.

*BAC properties ReconTrust listed for Trustee Sale.