Do we qualify for President Obama's new plan???

[Rumor]

Hello to all,

We are currently 3 months behind on our mortgage due to reduced income. We had Countrywide call us a couple weeks ago requesting we fax over hardship letter and 2 pay stubs to see if we qualify for President Obama's new plan. However, I believe that our loan is owned by Bank of New York and not by Freddie Mac or Fannie Mae. Other than this issue, we fit all the other criteria. Do we have any chance to qualify for the new program if our loan is not owed by Freddie Mac or Fannie Mae??????

[gray517]

The freddie/fannie restriction only applies to the refinance portion of program, participation in the modification portion is voluntary but Countrywide a/k/a Bank of america has agreed to participate

here is some links about the new program

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

http://www.treas.gov/press/releases/...guidelines.pdf

http://www.treas.gov/press/releases/...es_summary.pdf

[nymess]

I just found out that my countrywide mortgage has fannie mae as an investor...does this mean that they have to do a modification for us with the presidents new plan? We have a lawyer/mortgage person working with us but they don't really seem to be on top of the whole thing.

[LenderNoHelp]

Originally Posted by Rumor

Hello to all,

We are currently 3 months behind on our mortgage due to reduced income. We had Countrywide call us a couple weeks ago requesting we fax over hardship letter and 2 pay stubs to see if we qualify for President Obama's new plan. However, I believe that our loan is owned by Bank of New York and not by Freddie Mac or Fannie Mae. Other than this issue, we fit all the other criteria. Do we have any chance to qualify for the new program if our loan is not owed by Freddie Mac or Fannie Mae??????

Rumor,

CW called me on 3/5 saying I may qualify for the Modification Program through Obama too. I faxed 2 paystubs and hardship letter on 3/9. Today, I called and they said I was denied and don't meet the qualifications. I asked if they can give me an explanation of where I don't meet the guidelines. They could not provide me the info. I said Bank of NewYork is my investor, you are telling me I don't meet their guidelines??? She just kept saying call back again to see if other programs may come up. I really would like an explanation of where I fail to meet the guidelines. I emailed my HUD counselor and he said I may meet the guidelines but still up to the lender.

[Moe Bedard]

mymess,


All of the information and guidelines to the program can be found here.............
FinancialStability.gov

you may want to pass it along to your atty.........

[Rumor]

Can anyone help me...??

We are 3 months behind on our payments with Countrywide and are currently being reviewed for the new Obama housing plan. Today, we had someone come saying they were a field agent and comfirming occupancy of the house. Is that to speed up the foreclosure process??? Can anyone please help...The whole situation scared me..

[mommy1119]

As far as I know that is for CW to make sure that the home has not been abandon. I don't think that you need to worry they have been sending somebody monthly to make sure we were still in the home. I am 8 months behind and just as long as you are in the modification process I think you will be ok.

[Rumor]

Hello all,

Is anyone having trouble making a phone appointment with NACA?? I keep putting in a date and nothing shows up. Am I doing something wrong??

[Melanie702]

Hi, same thing is happening to me too. I've been trying the last half hour.

[jet-a]

That happened to me too when I first tried it. I had to end up calling them to make an appt through a rep.

[Melanie702]

Jet-a,

What phone number did you call? I tried calling a few days ago, but it didn't give me an option to speak to someone, just told me to go to their website.

Mel

[cobra]

Happened to me also. I ended up calling NACA and made the appointment over the phone. When they entered it into the computer system I went in and confirmed it. The NACA counselor called right on time last Thursday night.

**At the top of the NACA web page just click where it says "Member" and drop down to confirm your appointment.

Regards,

Cobra

[Rumor]

Thanks for the info. I also tried calling them today but they were closed. I'll try again on Monday.

[Rumor]

Thanks for the info. My heart dropped when she told me who she was. I thought it was them speeding up the foreclosure process because they said we would enter the foreclosure process on March 19th. They said we are being reviewed for a loan mod but I don't believe a word they say. They've been giving us the run around for the last 5 months. Do you know how long do they usually wait until they actually start the foreclosure process of actually getting you out of the house? I mean, we plan on paying as much as we can but I'm scared that we'll have to get out within the next 2 months or so. I hate being in this situation. I hope things work out for you!!

God Bless!

[Irish Gal]

Rumor,

Have you checked your County Recorder's on-line site to see if a Notice of Default has been recorded yet ? In CA, if one has been recorded, you have 3 mos and 21 days until Trustee sale. If a NOD has not been recorded, you have longer. I would check that site regularly. Unfortunately, what goes on is one dept. purports to be assisting w/ a mod while another is moving forward with a foreclosure. Crazymaking. Familiarize yourself with your state's foreclosure timeframes/laws.

[chooch]

Ask the agent for ID and get their card. Nobody should be knocking on your door as an agent for your lender and not present some sort of ID. Unfortunately, there are unscrupulous people out there that are out for themselves. I have heard of this tactic used by investors, realtors wanting your business, process servers, and of course gypsy scammers in the past. If you read the Fannie Mae guidelines for the Obama plan, it says they confirm residency from such things as a copy of your drivers license, utility bills, and copy of tax return etc. I went 8 months without making payments, never had anyone knock on my door until they process server hit us with the foreclosure papers. I know we were getting charged a monthly fee by Countrywide for an occupancy check of some-sort, but I assume it was a drive-by check by an area realtor to make sure the house was still occupied and not abandoned.

[Rumor]

Thanks for all the answers...it was such a weird experience...she rang the doorbell, asked for my first name and said, I'm a field agent verifying occupancy of the residence and walked away. I tried calling Countrywide but they were closed. I'm going to call them first thing Monday morning. Problem is that we qualify for every part of the new Housing plan but it wouldn't surprise me if they won't modify our loan. The last time I spoke to them, they said that they can't refinance because we're deliquent but they can see if they can modify it. Our 11.5% interest just isn't cutting it anymore! Hope to post with good news soon!!

[Rumor]

Hello all,

I spoke to Countrywide again today and they told me that they've offically opened a "case" for us for The Housing Affordability and Stability Plan. They need a bunch of docs such as tax returns, bank statements, etc. Does opening this "case" actually mean anything?? I mean..they've been telling us for weeks that we're under review to see if we qualify, is this "case" a step toward getting approved?

[RENEE]

That is great. When I called on Friday of last week they saId they werent able to offer that to there customers. But I guess things have chanced. I am going to give it a try to. I have been denied twice for the modification. I hope this works for all of us..

[Rumor]

One other question is...I have a phone counseling session with NACA on Saturday. Will NACA still help us out if Countrywide is already reviewing our account?

[rozuki]

What number did you call that you spoke to someone about HASP?

[Rumor]

1-800-669-0102 The Home Retention Line.

[Rumor]

I have another question...Countrywide told me today that I need to fax over a notarized Affidavit of Hardship. Where do I get that from??? She said that notary public should have one. Is it a specific form that needs to be used or just a letter that we write that needs to be notarized?

[Rumor]

Well...I had a phone appointment with Naca today and they never called.....Do they usually do this?

[gray517]

Originally Posted by Rumor

Well...I had a phone appointment with Naca today and they never called.....Do they usually do this?

That has happened to others using their services, we had a couple of times they called later than the appt time. They are even more busy and overwelmed than they were when we used their services a couple of months ago (mod thru Naca is done and completed) that is why I recommend to anyone using their service schedule more than 1 phone appt at a time in case one is missed, i just logged into naca and there are many phone appointments times open for next week, log in and reschedule your appointment (schedule at least 2-3 appointment times) make sure you are in the phone counseling session or appointments and not face to face when you try to schedule your appointments, and make sure the correct phone number for them to call you is in there too. good luck