tell us about (bank of new york) what are they doing for home owners???
tell us about (bank of new york) what are they doing for home owners???
Bank of New York is the most flexible.. 99% of the time, the decision is in Countrywide hands completely. But they are not doing principal reductions at this time.
what are you hearing about principal reductions??
heehoo22
quick question for you, we got our mod thru naca, its 6% fixed and we can afford the new payment now, but my hubby just got another large pay cut this week, my unemployment makes up the difference thankfully, but if it runs out and i still can't find work (I pray that I do) would cw be open to lowering the rate again so that we can afford the payment with the reduced income. just curious, with the economy being so bad, i like to plan ahead and have all my options ahead of time. thanks!
oops sorry about the unrelated post, the thread name changed, i dont have one as mine is in the success section now.
They aren't coming anytime soon. They, most likely, will only be for pay option arms where the homeowner cannot afford their current payment and they are 60+ days behind.Originally Posted by kenneth
Generally you'd have to make 12 payments before applying for another modification but with the way the economy is, they may be willing to give it another look. Although the rate wouldn't be able to go down very much.
ok thanks, we should be ok, the new rate is low, i am just keeping my ducks lined up for future problems (less stress) thank you!
Bank of New York is the investor of my CW mortgage. I had been waiting for an answer regarding my loan modification since Oct. As of Jan. 12, Bank of New York "cancelled" the loan modification process without even looking at the 40+ pages of documents I had faxed in. They said they cancelled due to "guidelines that govern the loan". So, they haven't appeared to be flexible at all. We had our NACA appointment last Friday and our counselor has now submitted our file. We'll see what happens.
I have bank of NY and have had 2 mods in less then a year. THey seem to work with people easily
alikeith, do you have a Conventional loan? I'm curious because I've been told that Bank Of New York doesn't like to help with these type of loans. (CW was probably just telling me that!)
I sure hope they will accept our NACA proposal....that would be wonderful!
no i have a subprime hybrid
I have BONY and "they" haven't been flexible at all! OR, is it really CW that is being difficult? I have been told several times that Bank of New York will not offer me anything better than a five year freeze at 9.5%, but from what HeeHoo said above, it sounds like BONY is agreeable to whatever CW chooses as long as it is within reason (99% of the time). This really aggravates me! I am so glad that I involved the NACA.
I have BONY for my first with Countrywide and I was told this week by an agent in the Home Retention Office of the President that they are supportive of the 12/1 payment option settlement, unlike other investors she said. She went on to say that NO ONE has received a modification under the 12/1 Attorney General settlement for the payment option loans because "they have no guidelines as to how to administer it." She said a component of the plan is the principal reduction therefore they have to determine a uniform way to haveto ensure the loan is meeting that requirement. They can not give a modifcation under the AG payment option until this is sorted out. She said they have been telling people just a few more weeks, but she said "honestly, I have no idea when they will figure it out. It is fairly complicated."
Do you think this is correct? It would seem like it could be in limbo for a long time then....ours still listed that our loan is under review.
wow, an honest rep who flat out told the truth. I like it.
Yes it's true that we don't have the guidelines for the Payoption ARM loans under the AG Settlement. Our standard line is usually, "if you don't hear anything in 60+ days, please call back" but in reality, it's going to be longer then that although they haven't given us a direct answer. The foreclosures are on hold for these loans but who knows when they'll actually get modified.
Hi bony is my investor and i am waiting to hear if my mod request for the 12/1 is approved. I have a fixed rate interest only set to convert next year. Due to a loss in income i am now 21/2 months behind. My neighbor told me someone was taking pictures of my house this week. Anyone have any ideas why? I hope they wont swoop in and foreclose on me. I thougt foreclosure actions were suspended during the review process. I never got a letter to foreclose and i am really confused and worried,
Have you called and spoke to someone? I'm sure they will reassure you. The lady I spoke to did say that they are holding all foreclosures until a decision is made with the payment option. We are giving up a bit on a decision being made soon...we are 2 months behind but will be able to start to make min payments again. Not sure how that works - do you just always trial by 2 months until they force you to pay up??
Thank you starting this thread. We too have BONY. I called in this weekend to get a status on our loan modification and I was told that we might not hear anything back from CW 60 - 90 days from the date the program started which is 12/1. All the rep could tell me is that it was submitted to BONY for approval or denial. So my best guess is that CW was able to put something together for us and is waiting for BONY to approve??? Does anyone know how this works? Or does the investor run the numbers? Just curious. Also, we were told that we were part of the new home retention program which I am assuming was that 12/1 lawsuit. So does that mean that we are in queue with the other loans or does that mean BONY can accept a new loan mod aside from it? I also heard loan reductions will come but it will be later. Is that true?
Hi
I am not sure I to have BONY as my investor and when I called for a status yesterday I was told that I was in phase 2. Well came home today to a fedex package today. I was glad to see that I would get to keep my home! However, my interest rate went from 10.875 to 9.5 for 5 years than back to 10.875 this has only lowered my payment by around 16.00. I am already in the process with NACA and have a phone interview tonight I am going to see what they say. I am just afraid that if I let this chance go and than if NACA can't help I am out of luck. I do not think BONY is offering the best they can.
Mommy1119, if you call CW again ask them who your investor is. I would be curious to see if they are the ones that approved that lower payment. That is ridiculous!
They had previously told me my investor was BONY. I called CW today and they told me that was the best they could offer, take it or leave it. Now I am not sure what I should do, I could probably make the payments as long as everything in my life stays perfect and don't have any big issues that are going to cost me money. I am only left with about 100.00 after all my bills are paid at the end of the month. Impossible to save or ever get ahead.
My 2 cents...
Your mod was approved under the AG settlement... Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages
A fully amortizing loan modification with an interest rate reduction to the introductory rate or lower for five years and an automatic conversion to a fixed rate for the remainder of the loan term. If the new payment will not be affordable at the time of conversion, the borrower will be considered for a single two-year period of reduced rate financing and the conversion to a fixed rate will occur at the end of the seventh year.
So based on the income and expenses you provided they calculated that you could afford a rate of 9.5%.
9.5% is NOT a good rate at all and I don't think that it is the best they could do. If you are only left with 100 dollars in the bank account every month more than likely you will run into another situation where you won't be able to make your mortgage payment and wind up in the exact same situation.
If I was in this situation, I would probably not accept the mod.
i would re calcualte your figures and show as being negative.
Didn't you say you have an appointment with NACA? Just let them work it out and see if they can get you something better.
I have also been working with NACA and last night she told me that they were submitting to CW 3.9% for the life of the loan. I am just afraid that CW will not except that offer and than I will not have anything. If they are telling me this is it the best they could offer is there anyway I could get them to reconsider.
Thanks
mommy1119
They aren't going to accept 3.9% but they will, most likely, come back with something reasonable. NACA submits ridiculous proposals but they do get good modifications for homeowners.
Has CW ever totally declined a NACA offer?
Of course... there are times when a modification is just not an option or a person cannot afford their property.
That was what I was offered and I absolutely agree with you, Mickey! Of course I would like to keep my home...but at what cost? When you don't have the opportunity to save money...your future financial status is compromised. Well, your future period! All that offer is doing is delaying the inevitable. As we all know...something always comes up! Something will happen which will push me right back into the situation I am in now.
It was a hard decision to make, but I have come to grips with the fact that I can no longer afford this home. I will have no choice but to walk if my NACA proposal is denied.
In my case, there are pros to leaving and finding a decent rental property:
- no maintenance worries (roof leaks, dripping faucets, lawn care...etc)
- I can actually put groceries in the frige and pantry.
- I'll have extra money to put into a savings account.
- I can invest in a health care/dental plan.
These are just a few changes I can make in my life if I leave. I'm young enough where I can rebuild my credit and start fresh...with a new understanding of how things work. I will not be so trusting and I will make sure I understand what I am reading/signing!
Hi Heehoo22, Ijust talked to CW today & the rep, who said she was in India, told me that something called bony was the investor on my loan. I said, oh, Bank of New York.... I was appreciative that she told me....I also just found out from Citi Mortgage that they are the invesotr on my 2nd....
heehoo22...so do you suggest going straight to NACA instead of trying to get a loan mod ourselves? Sounds like they can do better then we can. So why bother waiting for CW and BONY to return with an offer. Also, I might have missed this, but do you happen to know how long loan mods are taking for BONY? We submitted again on 1/6/09. Thanks in advance!
I also have bank of NY through countrywide. Because I am self employed my tax return is much lower than what I actually make. I only claim about 45k after all my write-offs and I have a pay option arm loan for 401,000. Will they just go by my tax returns to determine my income or will they take business bank statements and profit and loss instead. I am afraid that after I submit everything they are going to tell me that my income is too low to help me.
In our last mod we couldn't use the last tax return becuase it was the beginning of the year and the last tax return were too outdated to use since we were making less money. So we showed my pay stubs and provided bank statements. My husband is self employed. And that was enough. But CW was our investor at the time, not BONY. I am not sure what BONY will require or ask for. We submitted the same thing this time.
thats what I am afraid of. Since the year just ended I figured they would want to go by 2008 tax returns. I am going to a NACA workshop on Saturday and see what they have to say.
Thanks for your info.
Well keep us posted. We have until April to file our taxes so all we can do is show them what we have right now which is my stubs and bank statements.
what are the names of the best people to work with at cw now? the ones i worked with on my mod are no longer at phone ## i have. whos at the top that makes the calls now???
1-800-405-0078
Best Regards,
Maurice Bedard
Founder of LoanSafe.org
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has anyone got a principle reduction through the Bank of New York (First Horizon). What kind of modification was offered to you?
Today I was told by the Home retention rep that BONY does not do loan extensions (Adding additional years on the life of the loan) so that my loan modification would not qualify for "The Making home Affordable Program." Does anyone have information on this?
Really? My investor is also BONY and i am on trial payment for MHAP. Does anyone else know about this?
-bofaborrowersj
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