Referred to HOPE Team Why?

[selfemployed]

Hi everyone,
I am trying to figure out what the heck is going on with my loan modification. I was told on Tuesday that I was denied for the Homeowners Retention Program because my loan did not meet the criteria. I have a pay option arm so I'm not sure why it wouldn't, but anyway they told me that I was prequalified for a loan Modification instead. When I called back on Wednesday I was told a negioator was assigned to my account but still in active processing. Today when I called they told me that my modification was now with a new department called the HOPE Team and referred me to them. When someone from that department came on the phone I asked why I was referred to this department and was told its the department that processes the loan modifications once they are approved. From what I know I have not been approved for anything yet and when she pulled up my account she says our name comes up and we may be receiving something in the mail in the next couple of days but she did not now for sure. All she could tell me was that our name came up in their system but she had no further information.
Could someone please shed some light on this for me. Would I have been referred to this department if we were not approved and if I was approved then why isn't it showing up on my account online?

[selfemployed]

Well I found out why they referred me to the HOPE department. When I called back tonight they told me that a modification was on its way! I should be receiving it tommorow by fedex. I am so anxious. I asked the HOPE rep what the terms were but she said she did not know. All she knew was that it was a program to bring my loan current. I hope its not just a repayment plan. I asked to have my interest rate fixed because its an option arm loan. I hope its a fixed rate along with adding my lates back in.
It only took two days from when they resubmitted my information. I was declined for the homeowners retention program on Tuesday and they resubmitted it that day and assigned a negioator and the modification was mailed out last night!
Has anyone got an offer to just get them current and not change any of the terms of the loan. I really hope thats not what this is. By the way my investor is BONY.

Will keep you posted!

[sandyh]

I as well was turned turn for the national home retention program on Tuesday - wonder if they did a whole batch of us. Online it says everything has been canceled & collection will continue but when I called today it still went to the office of the president and they say they are working on a different mod...I sure hope that is right. We are 90 days late at this point and our negotiator told us a couple weeks ago to wait to make any payments as she was thinking she was close with the mod. This is the most stressful time....

[MrsSix]

I believe that is the same department I am working with. Good luck!

[selfemployed]

All three of our situations sound identical. I was declined on Tuesday for the homeowners retention program and they also told me that I qualified for a different modification and tonight they said a package is on its way but they don't have the details.
We all need to keep our fingers crossed that this is good! It was so fast, just two days so that makes me wonder. I really hope its not just a repayment plan.

[teenut]

I was turned down from CW for a modification, then a packet showed up from the hope team, but don't get your hopes up because for many, these MOD'S are just to bring your account current, meaning they add all missed payments, interest, fees, etc. to the back of the loan, thus increasing your payments. When you call there is no negotiatior to speak to, and CW will send you to the hope team, and the hope team cant answer any questions or renegotiate the terms because they didnt put the MOD together. I have untill the 13th to sign and send mine back. It keeps me at the crazy ARM with higher payments, and in a couple of months I will be right back in the same situation. I hope you can at least get a decent offer. Good luck

[selfemployed]

Was your investor BONY?
The modification they sent you is what I am afraid of. I also have an arm and want a fixed rate. Its actually a pay option arm. I have four different payment choices each month and the minimum payment adds neg amortization to my loan every month.
I need a fixed rate not just my late payments added on.
I guess if they just send me paperwork to add my lates on and not fix my rate I will just decline it and keep trying.

Good luck to you

[teenut]

I cant get any information from CW as to who my investor is. But the fedx package came from the HOPE team which is also the HEART team. When I call the hope team to advise them this will not help me, the say I would have to talk to CW as they are the ones who put the MOD together, Hope is just a 3rd party paid by CW to send out the paperwork and answer questions about the terms, nothing more. So when I call CW and tell them this, they say their system says we have to deal with HOPE because they sent it out, so I ask them about this "negotiator" I will be hearing from, and no one at CW or Hope can tell me who this is. I have tried several times thinking I may luck up and get someone who knows something, but that was wishful thinking. I know the reps are just saying what they are told to, but CW has no clue whats going on. I recieved my packet on the 2/13 but my online status with CW still said denied. I call CW to ask about this packet and the rep said its denied and they have no clue about the packet I received. Then I check my account 5 days later and it says approved expect a packet and call from neg no later than 3/25, but the loan docs say must return by 3/13. I am not going to accept it either. But I take all this as good news that at least they are offering something which tells me my "investor" is open to modification. I will just have to call there bluff and hope they offer something better.

[selfemployed]

Well Fedex showed up today with our modification. All they did was add our late payments onto the back of the loan. They kept all the other terms of our loan the same. I have an option arm and really need to get a fixed rate. I thought they wanted to get rid of these loans and modify them. My rate changes every month. We first applied for the AG settlement and was told on Feb 24th that we were denied but no one can tell us why. Then on the same day they told us that we qualified for a different modification and two days later we were approved. This was the approval they were talking about.

My question is, we have until March 24th to return the docs if we are going to accept the modification. I really need them to fix the rate but am afraid that if I decline this offer and ask to be resubmitted for a fixed rate they will deny me and I won't be able to get this one back. So if I apply for a different modification and am denied can I then tell them that I will accept this one? Or is it too late by then?

One other question, we are in New Hampshire, so I don't know if my state was part of the AG settlement. Could we have been denied because of that?

[teenut]

I am facing the same thing. I have until 3/13 to return mine. I am afraid if I dont accept it, I will loose everything. I am going through NACA, but I am afraid I dont have enough time to wait. Is anyone sure that if you accept one MOD,you can not accept another for 12 months??