Quote:
Originally Posted by z24dawg89  kuchu0,
Could you elaborate on what you have working with BOA? I went home and the 3 month forberance thing is getting my curiosity. I also wonder if my loan is bank held or private investor? Like I said, its an FHA loan - is there anyway to tell? |
I think when they private investor, it simply means it's not owned by federal lenders like Freddie Mac and Fannie May. My sense is that it may generally be better to have the federal lenders because they have to follow the guidelines that have been set at the federal level. My private investor is not even allowing me to do a loan mod while I'm current. That's why my analyst suggested putting me on forebearance to make me fall behind by some 90 days.
The way it was explained to me is that with my lender you have only two options if you're still current (1) refinancing (2) forebearance. I'm not eligible for refinancing because I'm too far upside down. So the only option I was given was to go into forebearance so I could reapply once I had completed the forebearance period.
My primary concern with this is the fact that after three months, I'll have to go through this process again. Basically, once the forebearance period is over, I don't think the bank has any plans to continue not reporting my delinquency. That is extremely perplexing to me because on one hand, they put me on this forebearance plan so I qualify under the investor's terms. They made sure that the process wasn't going to affect my credit history, and for that I'm grateful. But based on what priscilla was telling me earlier, they sometimes give yo the run around when the forebearnace period ends. Having spent two months trying to get stuff done, I'm wary of how much longer this could take. So if my loan forebearance ends in three months and these guys keep giving me the run around for another two months, I'm worried about what kind of impact that's going to have on my credit history.
The BofA reps I talked to about this were shockingly clueless. Some of them told me that I would want to become current at that point if I wanted to be considered for a loan mod. I was like why the hell would I do that when I've already been told that my private investor would only consider loan mods for delinquent loans. That would be totally defeating the purpose of doing this forebearance stuff. The other thing that was suggested to me was going into this repayment plan when I make partial payments on what I owe. But I don't know if that is still going to mess up my credit history or not. Also, I don't know if that will make me ineligible for a loan mod with the private investor again. Basically, I sort of feel like 90% of BofA employees are more clueless than someone who has spent half a day reading through these forums. The stuff they tell me doesn't pass the simple logic test so I really don't take anything they tell me as reliable information and I always try to get as many opinions as I can. The problem is it's rare to get the same information twice from their employees so you're left with several conflicting messages.
Bottom line is, the most sensible person i've talked to so far is my analyst. And he's the one who suggested putting me on forebearance and seeing that I have very few other options, I've decided to do it. I think I was mostly motivated by the terms he said I may be eligible for (2.375% for the first five years and some 5-5.5% for the next 35). So we'll see what happens.
As far as your question, how can you tell if your loan is owned by a private investor or not, you just have to ask and they generally tell you.
You can find more details about my situation
here.
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