Making Home Affordable-Obama Plan

[walterf]

In reading many of these threads, I'm in the same boat as everyone else. We have a First Franklin/Nationpoint-Fannie Mae MBS Loan. I've been talking to our First Franklin negotiator for a few weeks and am told they are still waiting for training from Fannie Mae on the HMP program. In reviewing the background guidance on the HMP Net Present Value Test (http://www.hmpadmin.com/docs/NPV%20Overview.pdf) I have no doubt they need extensive training just on the NPV Test, let alone the balance of the documentation required for HMP Mods ( Home Affordable Modification Program).

I'm curious if any professionals out there know how much weight Default Rates will be given versus REO stigma? I was surprised to learn that weight would be given to credit worthiness in the Default Rate analysis, especially when during the program roll-out they went to such great lengths to say that credit worthiness would not be a factor. Also, if credit worthiness is given great weight in the Default Rate analysis, doesn't that fail to recognize the situation that most borrowers are in who meet the basic qualifying parameters of the Modifaction Program, i.e. your'e already in default?

Also, I see in one of the loan modification documents an inference that back taxes and insurance will be spread out over payments over so many months, I wonder if that will be capitalized within the 31% calculation or will that be on top of the monthly payment?

[walterf]

Here's more information on the NPV Test (https://www.efanniemae.com/sf/techno.../aps/index.jsp).

[walterf]

Has anyone had a loan modification successfully completed through Obama's Home Affordable Modification Program on a Fannie Mae or Freddie Mac loan?

[Moe Bedard]

Members are just now receiving the Trial Modifications for the three month period. from Fannie/Freddie..............so nobody would have as of yet.

[walterf]

Great, thanks. I was starting to suspect that trial mods weren't being done by anyone yet.

[walnut33]

What is a trial Mod? I was given a loan modification last month and Fannie Mae is my investor. I received 5% interest rate from a combined 9%. which decreased my monthly payment by $500.00 per month. I had a 80/20 and the 20% was charged off.

[walterf]

Spoke with Nationpoint today, they are telling me they still haven't received training on the program from Fannie Mae. Anyone else hearing the same thing or anything else?