PHH Mortgage denied my mod, re: fannie mae does not allow more than one mod

[nestarchild]

I have been in this loan mod process since 1/7/2012, and my mod was just reviewed and denied 6/14/2012. I was told that my modification was denied by Fannie Mae, because they dont allow more than one modification. I received a hamp modification in 2009, and I made timely payments upto 12/2011, when I suffered a loss of income.
I went to the OOP (office of the president) of PHH to complain about the length of the modification process and the denial, and they were clueless and worthless. When I advised that the denial reason is not legitimate, and that Fannie Mae does allow more than one modification, they told me no. They sent me a denial letter, followed by notice of intent to foreclose.

I even sent them the Fannie Mae guidelines that state otherwise, they told me that they could not refer to anything that I sent, that it has to come from the investor. My PMI company even recommended a modification.

I need some direction on who can I get assistance from to get the servicer or Fannie Mae to look at file and modify my mortgage with my new income. Or what agency I can go to to file a formal complaint to hold the servicer accountable ?

I called Fannie Mae and they directed me to my servicer. My servicer is clueless and they are nonchalant about the process.

[Cat Damiano]

Hi nestarchild,


Welcome to the forum and thank you for joining............


In a situation such as this, where you re-defaulted on a HAMP backed by Fannie Mae, you are correct as you should be eligible to be looked at for the Fannie Mae standard modification program. You would not be eligible if the previous modification was not a HAMP and also if the circumstances were not extenuating.

What you may want to do is to see if their is a Fannie Mae mortgage help center nearby, they should be able to assist you in being reviewed for the Fannie Mae standard modification.

You can check for information and locations here;

Fannie Mae Mortgage Help Centers : Fannie Mae

Fannie Mae Standard Modification:

ELIGIBLE:
Borrower previously received and defaulted on either a Fannie Mae HAMP modification (or Fannie Mae HAMP Trial Period Plan) or a Fannie Mae standard modification (as defined prior to October 1, 2011)

Property may be owner-occupied or non-owner occupied

Property may be vacant as long as it is not condemned

Borrower must have a financial hardship (documented in the Uniform Borrower Assistance Form (UBAF), Form 710 – See the Servicing Guide for detailed guidance)

Loan must have been originated at least 12 months prior to the loan modification evaluation date

Borrower must have verified income (unemployment benefits are not an acceptable source), documented in accordance with the UBAF.

The pre-modification mark-to-market loan-to-value (MTMLTV) ratio must be greater than or equal to 80%

INELIGIBLE:
Borrower previously received a Fannie Mae modification other than a HAMP or a standard modification (as defined prior to October 1, 2011) and became 60 or more days delinquent within 12 months of the modification effective date.

The loan is secured by a non-owner occupied property and is current or less than 60 days delinquent
Fannie Mae will consider exceptions to the above eligibility criteria only when there are extenuating circumstances. You must submit a request to Fannie Mae for review if you believe a modification is appropriate.