What Now? Caught between BofA and Fannie Mae!

[flippinwacko]

Is the ex-spouse on the mortgage? Only the entities named as mortgagees can sign any type of agreement. If it is in both of your names you will need the other party to sign the lender forms along with you, or get a quit claim deed. In my experiance the lender does not consider a divorce decree adequate, and usually requests a quit claim. Mention it to your divorce attorney. Has the house been vacant? When did you last live there? Renting the house is a NO! Fannie will not modify the loan if it is being rented.
In my experiance most lenders will not assign an incomplete financial package to a negotiator. They must have all of the required financial information forms and requested supporting documentation prior to assignment. Last 30 days proof of income, last 60 days bank statements, last 2 years, signed and dated tax returns and W-2's, a utility bill from the last 30 days, homeowners insurance declarations page, property tax statements (if they are not escrowed) and proof HOA.
Call the lender to verify receipt of the package. The initial analysis takes approx. 14 business days. This is when it is determined if the package is complete. If it is complete it will be put in the que to be assigned to the next available negotiator.
If it is not complete they will try to contact you by phone or mail. They generally give you 10 business days to get whatever documents they request into them from that point. If you don't get the documents into them in that time frame your case could be denied and closed due to noncompliance with requests for documentation.

The ex-spouse is not on the loan...she is however on the other home loan, this is why she selected that property.
The house is vacant.
I have sent all of the necessary documents over 100 x's.
I have been assigned a negotiator.
However, I believe I have also been mislead.
The substitution of trustee was completely blank. No signatures, nothing...
I believe that there are issues with the loan

[flippinwacko]

In Garry's defense, you'd be surprised how many people out there are trying to milk the system. I worked in loss mit and you wouldn't believe what you see!

In Garry's defense I am in limbo...
So, should I just let it go and go rent some where?
And if a divorce decree is not adequate, then why do they ask for it?
Will they let me know if they need more documents?
They have been dragging this thing out for months.
I'm starting to see issues in the loan docs and substitution of trustee.
This was a loan originated by a builder and funded by countrywide.

[imlars]

The ex-spouse is not on the loan...she is however on the other home loan, this is why she selected that property.
The house is vacant.
I have sent all of the necessary documents over 100 x's.
I have been assigned a negotiator.
However, I believe I have also been mislead.
The substitution of trustee was completely blank. No signatures, nothing...
I believe that there are issues with the loan

Could be time for that free legal consultation. Forensic auditing is out of my league.

[Garry]

It sounds like Fannie may have cracked the whip, Flippin. You're down for the count, further than anyone would like to be, but you haven't hit the 10th. Don't give up, let this play out and see what they do before you go to plan B.

[Garry]

No, I worked at a 3rd party housing counseling agency fulfillment center. Come to find out those guys are as bad as the lenders. They team up with many of the brokers and mortgage bankers that got everyone into this mess in the first place and charge desparate people ridiculous fees for doing something that they could do for themselves if only they had a little help.
I post here because I hate to see people get taken advantage of. If I am able to help someone avoid falling into that third party trap, I will.

Glad to have you here, imlars. We need all the help we can get.

[goldie]

Goldie,

I see you emailed everyone at Fannie Mae as well!!!!
I did get through to second level at Fannie a week ago or so...
Oddly the bank got in contact with me, after I had told them that they foreclosed on me and didn't give me ever a reason for why they did not consider me for a modification! The next time I talked to the bank, they spewed some information that led me to believe that Fannie Mae had called them!

Honestly, I do not know who to believe anymore...

Flippin: I came upon this while searching for something else. Good info contained, especially the emergency ex parte order. Read up! Hope it might help & hope you see this.

Timothymccandless’s Weblog

[imlars]

In Garry's defense I am in limbo...
So, should I just let it go and go rent some where?
And if a divorce decree is not adequate, then why do they ask for it?
Will they let me know if they need more documents?
They have been dragging this thing out for months.
I'm starting to see issues in the loan docs and substitution of trustee.
This was a loan originated by a builder and funded by countrywide.

The divorce decree is an agreement between you and your spouse. It illustrates to the lender that you are no longer living together as man and wife only. The lender is going to want a signed and notarized quit claim.
The loan doc issues may be what is holding the process up. The lender may not be able to locate the actual note, and they sure aren't going to let you know they can't. Countrywide is famous for that and the only remedy that I know of is a forensic audit, which could cost you $500 and up. It all depends on how badly you want to hang on to the house.
They generally call the borrower and request a call back, or they send a letter by regular mail giving you 10 business days to get the requested documents into them.
Have you been calling them at least once every 2 weeks to get status updates? You can ask them if there is anything else they may need when you call. The negotiators are required to put notes into the system so that customer service can convey the information to the borrower if they do call.
The house being vacant could be working against you too. Fannie Mae will not modify non owner occupied properties. Non owner occupied properties are much easier for lenders to sell. No eviction hassles or costs, and the realtor that buys it won't have to deal with the costs associated with a cash for keys settlement. Couldn't you at least get the electric service turned on so that you would have a utility bill as "proof" of occupancy?
Do you know for certain that the property was sold? If it wasn't maybe you can do a short sale, or if that fails a deed in lieu? Either one of these may help you salvage your credit somewhat. Foreclosure stays on your credit at least twice as long as a Chapter 13 bankruptcy.
With a Chapter 13 BK you could live in the house, get a letter from the BK attorney giving you permission to pursue a loan modification and go through the BK dept at the lenders for your mod from that point. Your house would be protected for the 5 years that you'd be paying on your BK settlement so you would have time to get a modification in place.
Again, I don't have all of your information so these options may not apply to you. If it has not been sold out from underneath you there may still be options. Is the home worth the hassle of a consultation with an attorney? It's your call.

[scarylarry]

In Garry's defense I am in limbo...
So, should I just let it go and go rent some where?
And if a divorce decree is not adequate, then why do they ask for it?
Will they let me know if they need more documents?
They have been dragging this thing out for months.
I'm starting to see issues in the loan docs and substitution of trustee.
This was a loan originated by a builder and funded by countrywide.

flippinwacko,

You must have missed my hint from the other thread. Try e-mailing me at bachater99 at (yahoo) dot COM.
Your situation is more serious than most. I think if there is a chance to save your house, you need professional help or at least his advice. E-mail me and will give you his info.
If I were you I would immediately move into your house. it looks like they considered it unoccupied because you were not living there when they were talking to you.
One piece of advice that the "experts" always give is DON'T move out, DON'T walk away. It looks like they already foreclosed but there still might be hope with help. It doesn't hurt to ask an experienced lawyer.

Larry