Why WOULD SOMEONE NOT BE ABLE TO GET HAMP

[sick and tired]

Originally Posted by flagirl4444

Being so far behind doesn't necessarily cause a problem. How much are your taxes and insurance per month or year? How much is the past due interest?

taxes and insurance is 344.00 per month and past due payment is 29000.00 which is horrible they do not say what intrest alone is.
It bothers me because I have wasted 6 months playing fax games when I might have been able to do something.

[flagirl4444]

I ran some numbers. The total you owe is about $207k. Without forbearing any principal, if they lower the interest to 2% and extend the loan to 40 years, the payment would be $627 plus tax/ins $344 = $971. You are very close, and there are other variables we don't know. Such as, does the P&S agreement for the pool your loan is in allow the term extensions and/or principal forbearance necessary to get the payment low enough? Maybe you can get someone at BofA who is knowledgeable to answer some of those questions for you. Also, do you have a lot of other recurring expenses (high car payments, etc.) or debt that would make the payment unaffordable even at 31% of your income?

[sick and tired]

First I want to thank you for all of your hard work. I do not have any high expenses and my car is paid off. I have one credit card payment of 15.00 a month. I want to ask alot of questions but the negotiator was just you did not qualify and I did not want to upset her. I also notice after many times being told NO others are now being told YES.

[sick and tired]

Sorry but who can I call at BOA that would be knowleable other than the negotiator. Sorry this is all new to me

[flagirl4444]

Somewhere on this forum there are contact numbers for individuals at BofA who may be more helpful. There is a forum under "tell us your story" specific to BofA mods and I am sure you can find some contact info there for someone higher up who may get you better results, or at least is more knowledgeable.

[sick and tired]

Thank you so much I will look into it.

[ama125]

Ask to speak with your negotiator's supervisor.

[sick and tired]

I know the supervisors name and phone number but won't that just make the negotiator stop wanting to help me. She said she would get back to me at the end of the week with some kind of help. Would you wait for her reply, I just don't want to set someone off

[Sunbeam]

I suggest if you don't hear from your negotiator on Friday, call her and leave her a voicemail beause you know you won't get her on the phone, let her know you are aware she is trying to help you, but you are very worried and concerned and are therefore calling up the chain of command. If you state it this way, and keep your voice calm and professional you should not "set her off". Good luck!!!

[jaymack]

Floridagirl, you are one sharp cookie and you're posts are written clearly. Thank you.

I'm new to this forum, but regarding the NPV analysis...Correct me if I'm wrong, but it seems to me that being further delinquent on payments and, perhaps, having some more backend ratio or outside the mortgage debt could potentially help somebody be NPV positive...

In other words, if there is LESS of a chance that this loan gets paid back under current circumstance, there is more of a chance that loan would be NPV positive with modification?

Thoughts?

[davephx]

But on the other hand the more other debts you have the more likely you will redefault even with a mod. So it can work both ways. How much underwater I would think is a bigger factor. The more underwater, especially with just the first, the better for mod.

[MyHAMP]

Originally Posted by davephx

But on the other hand the more other debts you have the more likely you will redefault even with a mod. So it can work both ways. How much underwater I would think is a bigger factor. The more underwater, especially with just the first, the better for mod.

That's true. That fact can even level out a "monster forbearance" which would be required in our case..

Better they get that money later than not at all..

[imlars]

Originally Posted by sick and tired

taxes and insurance is 344.00 per month and past due payment is 29000.00 which is horrible they do not say what intrest alone is.
It bothers me because I have wasted 6 months playing fax games when I might have been able to do something.

Most lenders can only capitalize up to $25000. Who is the servicer? Who is the investor? Go to MakingHomeAffordable.gov

[davephx]

Huh? Where is the $25,000 test?

If recapitaize over $20,000 use to have to resubordinate under Fannie, now need title endorsement instead

For Freddie the 30% max to 100% LTV comes into play as I recall. Don't recall the $25,000 but so many directives hard to keep up and remember!

[MyHAMP]

Originally Posted by imlars

Most lenders can only capitalize up to $25000. Who is the servicer? Who is the investor? Go to MakingHomeAffordable.gov

Is that a restriction among certain lenders? I'm asking because I (and obviously davephx) never heard of that in the HAMP guidelines...