Fanie Mae as an investor - Loan Modification Forum

jet-a · #1 (**permalink**) IP: 68.2.172.13 08-07-2008, 06:24 PM

Hello
Last year I purchased a house using a no-doc loan for my move out of state. When I brought the house, I was making about 10-12K/year more than I am now. Once I got a job I tried to refi but couldn't and still can't because of property values. My current loan is a 8% IO that is fixed. I've only been late once but not at the 30 day point, just enough to cause a late charge. Things are starting to get tight and I am in the $200 surplus at the end of the month range I keep reading about. My loan was sold to Countrywide, and I tried to use them to refi but was told the property value was too low. Under this criteria would I be eligible for a modification?
Currently, my taxes, insurance and PMI are all escrowed.

I've been on the foreclosure route before and I don't want to get to that point if I can help it.

Thanks for the advice!

Cat Damiano · #2 (**permalink**) IP: 67.177.243.104 08-07-2008, 10:06 PM

Hi jet-a,

Welcome to the forum and thank you for joining.......

With the hardship of a drop in pay........I don't see why not...........it doesn't hurt to give it a try........

You would need to put together a hardship letter........if you need help with that.....there are examples in the Homeowner Tool Box to the left of the forum...........then contact the Home Retention Team to get started.....

Home Retention Dept.
1-800-669-6087

Please keep us posted on your progress.........

jet-a · #3 (**permalink**) IP: 68.2.172.13 08-08-2008, 06:24 AM

I called them this morning. They told me that since I haven't been late, if I was put in for loan modification it would take 10-60 days to approve or deny, and by that time I could be 2 months late ( I guess they don't take payments during that time?)

It sounds like I may just need to keep plodding along until things improve.

jet-a · #4 (**permalink**) IP: 68.99.202.43 10-23-2008, 06:14 AM

Hello,

I called Countrywide to try to start the process of load modification. I have a 8% IO loan that I can't refi because of home values, a job that pays less, but haven't been behind yet.

I am gathering the hardship letter and other documentation they asked for. They said that I didn't qualify for H4H but only for a possible loan mod.

I asked who the investor was, and they said Fannie Mae. Are they easier to work with for loan modifications?

Thanks!

Cat Damiano · #5 (**permalink**) IP: 67.177.243.104 10-23-2008, 09:16 AM

They normally go through the HOPE/HEART team for the modifications for FannieMae loans............so you may want to ask if you qualify for that program...........it will help you get a lower fixed rate that will allow payment toward principle too.

jet-a · #6 (**permalink**) IP: 192.91.171.36 10-23-2008, 10:04 AM

Quote:

Originally Posted by Cat Damiano

They normally go through the HOPE/HEART team for the modifications for FannieMae loans............so you may want to ask if you qualify for that program...........it will help you get a lower fixed rate that will allow payment toward principle too.

Thanks for the info!

Aren't those 2 programs for only if you are behind in payments? Would they still work with me if I'm not behind?

Thanks

Cat Damiano · #7 (**permalink**) IP: 67.177.243.104 10-23-2008, 10:08 AM

HomeSaver Advance is the program that FannieMae offers if you are behind..............the HOPE/HEART program can be offered if you are not behind...........but you would need to see if you qualify for the program.....

jet-a · #8 (**permalink**) IP: 192.91.171.36 10-23-2008, 10:15 AM

Quote:

Originally Posted by Cat Damiano

HomeSaver Advance is the program that FannieMae offers if you are behind..............the HOPE/HEART program can be offered if you are not behind...........but you would need to see if you qualify for the program.....

OK thanks...I've been searching on here for the info, is the phone # the same as retention?

Thanks again!

Cat Damiano · #9 (**permalink**) IP: 67.177.243.104 10-23-2008, 10:17 AM

no it is........
1-877-643-2788

jet-a · #10 (**permalink**) IP: 192.91.171.36 10-23-2008, 10:20 AM

Quote:

Originally Posted by Cat Damiano

no it is........
1-877-643-2788

Thanks much!

jet-a · #11 (**permalink**) IP: 192.91.171.36 10-23-2008, 12:59 PM

Quote:

Originally Posted by Cat Damiano

no it is........
1-877-643-2788

I called the # and they told me I had to work with the Home Retention team first. I already called them this morning and they gave me the fax # to send all of the requested information. The HOPE team told me that CW will send the info to them to deterpine my eligibility.

I'll update here when I get more info

Thanks!

jet-a · #12 (**permalink**) IP: 192.31.106.34 10-28-2008, 02:52 PM

Hello,

After 2 days my mod was declined. The rep didn't have much info, but it sounds like she was basically saying that since my loan was not deliquent, that it would not be modified.

She told me to call back in 1 month to see if there are other options. She also told me to pursue refinancing - HA HA HA

Should I keep trying or is it just a lost cause until I fall behind?

Thanks!

Cat Damiano · 10-28-2008, 03:29 PM

I am sorry to hear that.........

I would also try the Homeownership Retention Dept.......(different from the Homeowner Retention Dept) and see if you qualify for the program that is beginning on Dec. 1st instead...............as it is another option to see......

1-800-669-6607

chooch · #14 (**permalink**) IP: 76.29.55.172 10-29-2008, 05:55 PM

If Fannie Mae is the investor for my house, does that mean I have an FHA loan?

Cat Damiano · 10-29-2008, 05:56 PM

No........it means that you have a Conventional Loan