BoNY investor and First Horizon servicer....any information with either?

[Chica]

We got behind on our payments back in November, due to one of our businesses not having work in this economy (our other business is doing okay). We called First Horizon and was told that without being behind they couldn't help, so we didn't make the November payment have have not made any payments since! In Dec/Jan we then called asking for a "packet" to be sent (financials, hardship letter, etc). We sent that in and was told that it would be 30-45 days to review our information to possibly qualify for a loan modification. We've been calling several times each week to get an update. No updates and we are past the 45 days, in the late 50's! The past few weeks we automatically get a put through to a voice mail (Maria Alonzo), who customer service told is our person of contact who is handling our loan modification. We've left 4 messages and she never has once returned our calls. We were told by customer service that we will not be sent a letter of defaut while our loan is in this state, however, I just don't understand how in March it will be 5 months of not paying, no one returns our calls, no letters, no automatic calls for collections, etc! It's crazy! I want to stay in my house and work with them, but with a $2600 1st (with First Horizon) and a $300 2nd (with Ocwen that we did get a loan modification in principal and interest last year...and this only took a month) we just can't afford to stay with one out of 2 of our businesses not producing. We were told that our investor is BoNY. Any thoughts, good/bad, etc? To top it off, along with our job situation and payments, we are around $150,000 upside down and with this factor also without any workout we won't stay....I just don't understand how it's coming up on 5 months without a payment and there are no calls, no letters, and no one that will return our calls! Everything I read says to call and stay in contact, that is what they want, but we are doing that and no one will talk to us! My husband did call NACA yesterday and we will go to the next public meeting next weekend (was told we had to go to this meeting before they will try and help us).

Thanks for any information with First Horizon and/or BoNY!

[Moe Bedard]

Hi Chica,


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


You may want to wait and see what NACA can do..........their Home Save modification program services are free and they will work on a low fixed rate modification to present to Bank of New York through First Horizon.......


First Horizon Home Loans

Loss Mitigation-1st Mortgage:
1-800-707-9998
ext. 33805
Loss Mitigation-2nd Mortgage:
1-800-396-6184

[123rwc]

We have about the same exact situation with FH. Sent our package in early Jan, told it would take 15-30 days to review. Received a letter confirming receipt of our package. No reply since. Calling just puts us to the same voice mail and no return calls.

[Chica]

Thanks *** and 123rwc for your time to reply. 123rwc, in the confirmation letter, did it say that it was a 15-30 day time frame? At least you got a confirmation letter, we never got this...we had to call to find out. We were also told 30-45 days each time we've called in to the loss mitigation, but we are past this time frame now!

Do you mind me asking if you are past due? As of March it will be 5 months since we've paid and no calls, no letters, no corresondance at all.

Have you been told Bank of New York is your investor? This is what First Horizon told us, but on our original loan docs we have Fannie Mae and Freddie Mac listed on the bottom pages? This doesn't make sense to me!

[Chica]

I'm told my investor is Bank of New York. I've called both Fannie Mae and Freddie Mac and they told me that they don't hold my loan. Do I qualify for any of the Obama programs, or am I soley dependant on what BoNY has to offer/or not offer?

Thanks!

[Dizzle831]

Basically. It's up to your bank to participate or not. I think the plan is garbage anyway. To qualify your LTV cannot exceed 105% which excludes almost everyone in Ca who bought 4+ years ago.

[whatdidigetinto]

i don't know if i have this right or not but what i got after reading over the information that for the *1)refi program :the ones to hold your loans have to be Fannie Mae or Freddie Mac and your LTV has to be 105%.But for the *2)modification program :it says nothing about your loan having to be under Fannie mae or freddie mac or any maximam or minimum LTV?

[jhn_plsn]

Originally Posted by whatdidigetinto

i don't know if i have this right or not but what i got after reading over the information that for the *1)refi program :the ones to hold your loans have to be Fannie Mae or Freddie Mac and your LTV has to be 105%.But for the *2)modification program :it says nothing about your loan having to be under Fannie mae or freddie mac or any maximam or minimum LTV?

I agree that the wording seems a little vague. This way the government can get out of the program when they realize the mistake.

[whatdidigetinto]

Originally Posted by whatdidigetinto

i don't know if i have this right or not but what i got after reading over the information that for the *1)refi program :the ones to hold your loans have to be Fannie Mae or Freddie Mac and your LTV has to be 105%.But for the *2)modification program :it says nothing about your loan having to be under Fannie mae or freddie mac or any maximam or minimum LTV?

is this what everyone else is getting?I just called countrywide and the girl i spoke to took my finacial info and said that i'm negative!well i told her that's the reason i'm trying to get into this program!i asked her about the guidelines and she said they really didn't have any guidelines YET!so then after asking me more about our financial she says "i think you may not qualify since your not on a Fannie mae or freddie mac loan?"so i said well i think we may not qualify for the refi program but i I THINK WE qualify for the modification one!cause it says nowhere on there that you have to have a Fannie mae or Freddie mac loan!!Plus we are paying way more than 31% of our income to our mortgage!And her ass stayed quiet!!why the hell is she saying we may not qualify if she has no guidelines in front of her!So she told me to fax in 2months worth of paycheck stubs and 3 months of bank statements and she would pass on our paperwork!so we'll see what happens!

[Chica]

We finally talked with First Horizon (investor is BoNY) yesterday regarding our hardship packet and us being 4 months late. She told us that we are minus $700 a month (no kidding...why we need help) and that our investor is not participating in any programs (even though I know they got TARP money....so wrong!). She said that she doesn't think we'll qualify for a loan mod. and even if so all they may do is give a 1-2 year interest rate.

We were going to go to the NACA meeting tomorrow, but after talking with FH I'm now wondering if we shoud waste our time. Even with an interest rate reduction, we are in Arizona and would say we are $100k-$150K upside down on our own. Due to this I don't even know if we would stay for an interest rate reduction (especially if it would only be for a year or two). My question is, do you think NACA could do better? Does NACA only push for interest reduction, or principal too?

What do you all think?

Thanks!

[Moe Bedard]

the NACA modification is based on an affordability equation which they will go over with you at the meeting..............and their modifications are fixed rates for the life of the loan.

It won't hurt you to at least go and see what they have to say........

[CW California]

Dizzie doesn't that 105% restriction apply only to the first mortage only?