BONY Investor Modification

[cporter75]

I was told today the investor on my loan with CW is BONY. Has anyone negotiated with this investor... and how are they on negotiating loan modifications?

I was also told I hadn't been assigned a negotiator yet, it's been 3 weeks since my documents posted on workout information, does anyone know what this means?

[Dan Bailey]

cporter,
Noone can negotiate directly with the investor...thats what they pay the serviser for-to deal with the homeowner.
If continued calls do not yeild info on obtaining a negotiator (since it has been some time) you may want to contact NACA and start the process with them.

[cporter75]

What I'm asking is has anyone that has this investor gotten a reasonable loan modification from them via CW.

I've started the process with NACA.

[helpsavemyhome]

Hello,

BONY is the investor of our CW loan. Is your loan "conventional"? CW told us that BONY is not easy to get modifications from, since they are not backed by the government like Fannie and Freddie....

Definitely stick with NACA....they will be your best chance at a modification or restructure.

[patnj]

BONY is my investor and I recently got a modification. I had a 6.5% interest only which was going to go interest and principal in 2 years. They gave me 3.50 for 5 years and then it will go up .50% a year until it reaches 6.5% again. If I was planning on keeping the house for more than 5-6 years it would suck but my kids will be done with school and then I'm gone. It saves me around 1300.00 a month which takes the pressure off.... Good luck.

[higleyj]

Hi Patnj,

My investor is also BONY. What did your financials look like when you gave it to your negotiator in terms of what was left over at the end of the month?

Thanks.

[patnj]

I had a deficit of around $300.00 and I was 2 months behind. They told me that you need to be at least 60 days past due to qualify.

[mrsnissyq]

Originally Posted by patnj

I had a deficit of around $300.00 and I was 2 months behind. They told me that you need to be at least 60 days past due to qualify.

patnj: Did you use Naca or complete the modification with CW yourself? We have BONY as our investoer and we have been waiting for a loan mod answer since December. We are over 90 days late now.

I will post here if I get anything from BONY. CW did tell me that there is a lot of loan modifications being requested and that many of the investors are willing to work with people. So we shall see...its always a different story from the reps at CW. It depends who answers the phone.

[patnj]

I did it myself and started it 12/8. I didn't know about NACA at the time or I would have used them. You should be fine as long as you are late. Did you have a small deficit when you did your financials?

[mrsnissyq]

Originally Posted by patnj

I did it myself and started it 12/8. I didn't know about NACA at the time or I would have used them. You should be fine as long as you are late. Did you have a small deficit when you did your financials?

Thanks for the quick response. I have a 6.5% interest only and showed that I could afford about $800 less then what I am paying now due to income reduction. They denied me the first time becuase they had our financials wrong. So I had to reapply on January 6th. As of right now, we dont have a status. Just active processing. They will not even tell me where it is along the process. They told me there are too many and they can't keep track of it. I have back property taxes due in March and my actual property taxes due in April. Over 4K and I still don't know if I should pay or not becuase I don't know the status of the mod.

So you started on 12/8 and just got approved? It took them about 2 months? If so, I am hoping we get something back soon.

[alikeith]

I too have BONY, I have had 2 mods with them in 2 years. One under the new Dec 1st program.

[mrsnissyq]

Originally Posted by alikeith

I too have BONY, I have had 2 mods with them in 2 years. One under the new Dec 1st program.

Alikeith: What did your time frame look like for your 2nd mod? I am assuming you applied for it after December 1st. Thanks for the information. I wish there was a better way to see how the loan mod is going. People like you give me hope and help me figure out when we might get a response. Thanks!

[alikeith]

Well i applied dec 1st, and they sent papers to me by 3rd week of December.

[mrsnissyq]

Originally Posted by alikeith

Well i applied dec 1st, and they sent papers to me by 3rd week of December.

That is awesome! May I ask what they offered you?

[alikeith]

They offered me a interest only loan for 10 years. its starts at 4% then gradually goes up to 8. This cuts my payment in half. My interest was 8.3%, then was to have gone up to over 9.5 this Feb, then again in May. And then again in another year. Only $125.00 of my payment went to principal as it was, so i am ok with the interest only payment. We can always pay more.

I am lucky too, as i have equity in my property, unlike others.

[cporter75]

Thanks patnj! This is the kind of info I was looking for.

[froglvr208]

I found out last week the investor on my loan is BONY. I started my loan modification request back in December with Countrywide. My interest rate only loan is adjusting February 09, the representative took my financial information over the phone, told me to fax my hardship letter, and my recent paystubs for myself and my husband. I did not hear from Countrywide for a month. I called them back on January 21, 2009, I was told my loan modification was denied due to incomplete financial statement or my income and my expenses did not meet their qualification. But the representative asked me over the phone since I am current on my mortgage they might be able to offer me the same interest rate. I finally received a federal express package from Countrywide, offering me a 7.25% interest rate, for 5 years my new monthly mortgage increase to $4,222, $500 more that my original mortgage payment, because I will be paying towards the principal of the loan. This is not a modification, this is a rip-off!! I feel like Countrywide is not working with me because I am not delinquent. Additionally, I can not asked for NACA's help because I have another property and I am unable to sell the property because I am $100,000 under. I have also called a modification company and they promised me they can get me a better rate with Countrwide, as low as 5% fixed rate. What are my options at this time, do I pay for the new proposed payment or hire an attorney or a modification company to help me?

[itscatnip]

BONY is also my investor. I applied for a loan mod twice and was rejected each time due to variety of reasons including the fact that i'm current (struggling to pay within 30 days) and my financials show a surplus or dont show a surplus.

I applied to naca and i'm waiting for the 45 day period since countrywide did not update my file within the 30 day period.

BONY is a horrible investor, they are not working with people

[alikeith]

To say that BONY is not workign with people is not true. I have had 2 mods with them and have had no issues what so ever. RIght now there are so many people in trouble and trying to get mods. I can see how there could be some people who unfortunately end up having issues dealing with getting their mod completed. I know its frustrating.

I can say, if you are current, then they wont see a need to help you. This new program requires you are 60 days behind.

I can say that the first mod i showed about a $200.00 Surplus, and this last time i was negative $300.00

[itscatnip]

forgive my blanket statement regarding BONY. I am extremely fustrated because they will not help most people unless they are 60 days behind (based on what i've been reading on loansafe).

I also got various reasons from CW reps and none of them were consistent.

I'm a customer with an outragous interest rate 10.3, an arm set to reset every 6 months, it can go up to 17 percent and i' m not allowed to refinance.

BONY should help people in my situation as well without asking us to risk our credit

[patnj]

Isctnip

you need to be 60 days behind for this program ro they will not see a need. Also I would show a small deficet. Good luck.

[alikeith]

Both times i was 60+ days.... You need to show you cannot afford the payment. I hate to say it, but the only way you probably will get any help is to fall behind.

They arent obligated to help you. Your the one who sigend the doted line for the 10.3% rate.... You had a choice not too. I know that sounds harsh.. but it is reality.

[itscatnip]

I was given a 8.5 rate then it I was notified at closing it would be 10.3. There is a huge back story here and I was given an illegal loan. CW received billions of dollars to help their customers modify or refinance out of predetory loans (this is well documented).

It is not fair that they are confusing people and denying them the opportunity to stay in their homes without damaging their credit.

[itscatnip]

thank you. I'm working with NACA and currently waiting for CW to respond. That's all I can do and I truly appreciate your well wishes. I wish everyone the same

[helpsavemyhome]

Originally Posted by alikeith

To say that BONY is not workign with people is not true. I have had 2 mods with them and have had no issues what so ever. RIght now there are so many people in trouble and trying to get mods. I can see how there could be some people who unfortunately end up having issues dealing with getting their mod completed. I know its frustrating.

I can say, if you are current, then they wont see a need to help you. This new program requires you are 60 days behind.

I can say that the first mod i showed about a $200.00 Surplus, and this last time i was negative $300.00

It IS fair to say that BONY is not working with people, because they're not. They didn't look at any of the paperwork I sent in when I tried to do the loan modification myself. They say they don't have to help people with 'conventional' loans because they aren't government backed. They may have been easy for you to get two modifications with, but the bottom line is that they are not helping most people. We are now 5 months behind and are $250,000 underwater. We had even put down $100,000 when we purchased the home. We live in an area that has been drastically affected. My neighbors also have a conventional with CW and BONY as the investor and they just got an auction date.