Has anyone been denied a home modification by Fannie Mae? - Loan Modification Forum

SingleMomNCA · 07-29-2009, 09:22 PM

Okay, I posted yesterday but have another dilemma.

So, I decided to go around my Loan Specialist and see if I could find out the information I wanted another way.

Basically what I wanted to confirm was that my modifacation in fact was with the investor for final review and to also see if the underwriting department at WAMU had made a reccomendation on my file.

I spoke with a very nice and informative young man who was more than happy to tell me what he could based in the information he had in the system. Unfortunately, it wasn't very much.

What I was told was that there had been a discrepancy on my file (what that was, I have no idea but it sounds like it was approved during the first review and maybe denied in the second review after rreceiving the BPO). the gentleman did say that my file had been escalated to Fannie Mar for approval but that no recommendation had been made on my file. I asked if this was normal practice and he couldn't really give me a straight answer. What he did say was that because of the discrepancy, that may have triggered my file to be escalated to Fannie Mae. Since Fannie Mae is the investor on my loan, ultimately that have the final say on what will be reccomended. they will review everything that has been submitted by WAMU and make a decision. He said that the timeframe for this process is unknown but that he doesn't expect for it to be much longer and to call back next week to follow-up.

My new question is this.... I understand that this id the final step for me in this whole process (that started I believe in April 09) but I'm still uneasy considering that it can still go either way. Has anyone been denied a home modifacation by Fannie Mae?

Evan Bedard · 07-30-2009, 09:24 AM

Hi singlemomnca,

Once your loan has gone to the investor for final decision you will get an answer in probably 3-4 weeks.

Also it is possible that the investor may deny loan mods as they are not guaranteed..

mattfree99 · 07-30-2009, 11:22 AM

Actually if you are dealing with Citimortgage they will not even let you know if you have been denied. This has happened to me three times now.

SingleMomNCA · 07-30-2009, 11:37 AM

Wow - you would think they would let you know so that you can move on to Plan B. It doesn't take much to send a letter considering all the info we have to gather to send to them.

My loan is with Washington Mutual and backed by Fannie Mae.... not sure if that makes a difference.

mattfree99 · 07-30-2009, 10:09 PM

My Citimortgage lender is Freddie Mac not Fannie Mae. Citimortgage told me I did not qualify twice for what ever programs they had since April. And as a matter of fact they have not told me I did not qualify yet, for the third time. I just know the little note when I log on to my account stated it is under review is gone. So that probably means they have decided just have not let me know yet, again.

SingleMomNCA · 07-31-2009, 09:21 AM

Well, I just called again this morning to see if any progress has been made (I'm calling every other day until this thing is resolved!!!!). It's funny how the information I get changes from one CSR to another! But I think I was able to pick out the facts from the 3 different stories:

Looks as though my mod was originally denied by WAMU but was sent through again for reconsideration (you would think they could of told me that). They are still claiming that my file is with the investors but that the BPO was still pending (but I have confirmation that the BPO was ordered on 7/16/09). They claim that this is the only "missing" piece to the puzzle and once the BPO is recv'd, then a reccomendation will be made on my file.

I don't know, but I'm starting to loose faith in this whole process. I do understand that they are overwhelmed with other applications, but I don't understand how hard it is to communicate one story to the homeowner that consists of basic facts. I don't like being told things to simply "shut me up".... I have questions, and I want answers! This is my house, my home, my investment and I am trying to be as professional and proactive as I can to avoid the "worst case"..... Sorry... had to vent!

I'm tempted to stop paying my mortgage to see if that speeds up the process... Any thoughts?

07-29-2009, 09:22 PM	#1 (permalink)
SingleMomNCA Senior Member Join Date: May 2009 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Has anyone been denied a home modification by Fannie Mae? Okay, I posted yesterday but have another dilemma. So, I decided to go around my Loan Specialist and see if I could find out the information I wanted another way. Basically what I wanted to confirm was that my modifacation in fact was with the investor for final review and to also see if the underwriting department at WAMU had made a reccomendation on my file. I spoke with a very nice and informative young man who was more than happy to tell me what he could based in the information he had in the system. Unfortunately, it wasn't very much. What I was told was that there had been a discrepancy on my file (what that was, I have no idea but it sounds like it was approved during the first review and maybe denied in the second review after rreceiving the BPO). the gentleman did say that my file had been escalated to Fannie Mar for approval but that no recommendation had been made on my file. I asked if this was normal practice and he couldn't really give me a straight answer. What he did say was that because of the discrepancy, that may have triggered my file to be escalated to Fannie Mae. Since Fannie Mae is the investor on my loan, ultimately that have the final say on what will be reccomended. they will review everything that has been submitted by WAMU and make a decision. He said that the timeframe for this process is unknown but that he doesn't expect for it to be much longer and to call back next week to follow-up. My new question is this.... I understand that this id the final step for me in this whole process (that started I believe in April 09) but I'm still uneasy considering that it can still go either way. Has anyone been denied a home modifacation by Fannie Mae?

07-30-2009, 09:24 AM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone been denied a home modification by Fannie Mae? Hi singlemomnca, Once your loan has gone to the investor for final decision you will get an answer in probably 3-4 weeks. Also it is possible that the investor may deny loan mods as they are not guaranteed.. __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

07-30-2009, 11:22 AM	#3 (permalink)
mattfree99 Member Join Date: Jan 2009 Location: Where the unemployed is 18% Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone been denied a home modification by Fannie Mae? Actually if you are dealing with Citimortgage they will not even let you know if you have been denied. This has happened to me three times now.

07-30-2009, 11:37 AM	#4 (permalink)
SingleMomNCA Senior Member Join Date: May 2009 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone been denied a home modification by Fannie Mae? Wow - you would think they would let you know so that you can move on to Plan B. It doesn't take much to send a letter considering all the info we have to gather to send to them. My loan is with Washington Mutual and backed by Fannie Mae.... not sure if that makes a difference.

07-30-2009, 10:09 PM	#5 (permalink)
mattfree99 Member Join Date: Jan 2009 Location: Where the unemployed is 18% Posts: 24 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone been denied a home modification by Fannie Mae? My Citimortgage lender is Freddie Mac not Fannie Mae. Citimortgage told me I did not qualify twice for what ever programs they had since April. And as a matter of fact they have not told me I did not qualify yet, for the third time. I just know the little note when I log on to my account stated it is under review is gone. So that probably means they have decided just have not let me know yet, again.

07-31-2009, 09:21 AM	#6 (permalink)
SingleMomNCA Senior Member Join Date: May 2009 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Has anyone been denied a home modification by Fannie Mae? Well, I just called again this morning to see if any progress has been made (I'm calling every other day until this thing is resolved!!!!). It's funny how the information I get changes from one CSR to another! But I think I was able to pick out the facts from the 3 different stories: Looks as though my mod was originally denied by WAMU but was sent through again for reconsideration (you would think they could of told me that). They are still claiming that my file is with the investors but that the BPO was still pending (but I have confirmation that the BPO was ordered on 7/16/09). They claim that this is the only "missing" piece to the puzzle and once the BPO is recv'd, then a reccomendation will be made on my file. I don't know, but I'm starting to loose faith in this whole process. I do understand that they are overwhelmed with other applications, but I don't understand how hard it is to communicate one story to the homeowner that consists of basic facts. I don't like being told things to simply "shut me up".... I have questions, and I want answers! This is my house, my home, my investment and I am trying to be as professional and proactive as I can to avoid the "worst case"..... Sorry... had to vent! I'm tempted to stop paying my mortgage to see if that speeds up the process... Any thoughts?

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode