Modification Denied then resubmitted

[selfemployed]

I applied for a modification on Feb 4th with countrywide. My investor is BONY. I looked at my account yesterday and it said the modification was canceled buyer didn't qualify. I called and they could not tell me why they just said it didn't qualify.
The rep then told me that I was denied for the "homeowners retention program" and that she was going to resubmit it for a loan modification. That is what I thought I was applying for in the first place. I am so confused. I called back this morning and they told me that I was assigned a negioator and that my file has been sent to VP and Management. Does anyone have any idea what this means. I am totally confused as to why I would not quailty for one program and now they are trying another and why is it going to VP and Management?

[angelisax3]

My online account says the same thing. I received a package from the Hope Team on 2/3 then a call claiming I had great news on the way from Fannie Mae (whichever I never received since my investor is BONY). At that time, my status says I had multiple modifications in process-one had been cancelled on 2/3 and one was approved on 2/9. I received a 2nd fed ex on 2/9 from the Home Retention Program then a letter the next day saying I didn't quality for the Homeowner Retention Program. Since then, I have received another package from the Hope Team and another one from the HRP. When I called, they said I was lucky because I "qualified" for 2 programs. They basicall are the same offer - adding the past due to the end of the loan and interest only for 10 years.

[selfemployed]

I'm glad you were able to get a modification. Do you mind if I ask you what interest rate they gave you? When I called yesterday to ask why I was denied for the "homeowners Retention Program" they just said its denied because I didn't qualify but had no idea why. I then asked who my negioator was and she said there was no negioator assigned to it. I had to ask if there was anything else they could do, she asked for my income and expenses again. I gave her the same information as last time and she said that I was prequalified for a loan modification. What is the difference? The thing that irritates me is that if I didn't ask if there was anything else they could do that would have been it just denied.
Now with this "loan modification" program I already have a negioator assigned and it only took one day but there was never one assigned with the other one. How could they deny it if there was never a negioator assigned to it and why the heck has my file been sent to VP and Management? If anyone has any idea please let me know. I am so afraid they are going to deny me again and then require all my past payments due at once.

[angelisax3]

My current interest rate is 7.75 and the Hope Team offerred me a that same fixed rate for the life of the loan and added all the past due to principal increasing my payment by about $300/month. The Home Retention Offer reduced the rate to 6.85 for the first year than a .5 increase over the next few years maxing out at 8%. It would be an interest only loan for 10 years and my payment would go down $400. I haven't accepted either as of today because I was waiting to see what the President had to say. My best friend works at CW and she told me that everything is on hold and that I should wait til at least next week to see what rolls out. Meanwhile, I did call to discuss both offers and of course I'm getting conflicting info. I've also received daily calls asking me to call to "discuss" the offer.