I have been trying (unsuccessfully) to modify my loan since late last year. Countrywide/BOA sent me a couple of modifications of which the terms were so close to my current loan that I declined signing. Upon announcement of the Making Home Affordable Program I requested another mod based on its guidelines, yet never heard anything in response. Just recently I was sent a HomeSavers Forbearance Agreement but I’m not sure if there are any advantages to signing it. My questions are:
1. Seeing I am eligible for a Making Home Affordable Modification shouldn’t I have been evaluated for that program prior to being offered any other alternatives (especially since I specifically requested it and sent in all required paperwork)?
2. If I was evaluated for a Home Affordable Mod and denied shouldn’t I have been notified of that? Or should I assume that because I was offered the HomeSaver’s Forbearance instead that I was denied for the Home Affordable Mod?
3. If I am eligible for a Home Affordable Mod (based on the criteria of the program) are there any other reasons I may be denied that might be beyond my control or that I’m not aware of?
4. If after completing the Modification Waterfall Process, my payment is still higher than 31% payment ratio, are there other adjustments that still be made (such as going lower than 31% standard or the 2% cap on interest)?
5. If additional adjustments are not possible and the 31% ratio can’t be achieved, am I then denied the Home Affordable Modification?
6. Is there any reason at this point for me to agree to the HomeSavers Forbearance program?
Thanks in advance!