Countrywide Officially and Finally a SUCCESS!!

[kenneth]

what papers do i need to keep faxing???

[Mary Salzer]

If you can not get status on your loan since no one will call you back, fax a request for the status on the progress of your request for modification. Make sure that it has the property address, borrower name, loan # and last four of primary borrower's SS#. Ask them since you have not heard from them, what is going on as to the progress on the modification of your loan, you need to hear from them as to the status, please call you at their earliest convenience.

[shannonek]

Kenneth,

My mod was just approved! Christy Mcgowan was my final negotiator...hopefully the outcome will be the same for you!!!!

She is very nice. Do you need her #?

Best of luck to you!!!


Shannon

[kenneth]

Originally Posted by shannonek

Kenneth,

My mod was just approved! Christy Mcgowan was my final negotiator...hopefully the outcome will be the same for you!!!!

She is very nice. Do you need her #?

Best of luck to you!!!


Shannon

i just got a letter in the mail with a # and her ext.do u have her email. i am trying to lower my 11.50% and 2001.00 pmt a month on a 180,000.00 home loan its a 2 yr adj. its set to go up it caps at 17.50%. was your deal simler to this??thanks

[kenneth]

my negotiator just call and ask me few qustions and said she was running ## on my loan mod and would call back friday. i have faxed my qwr 23 times so far and mail it. yea call fax call fax to no end.

[Cat Damiano]

Kenneth,



Wow 23 Times I think we have a RECORD.....

Way to be Proactive

[kenneth]

they are calling back.

[Mary Salzer]

NO "whatever" they are calling back, keep faxing, oh could you let me fax in around 3:00 Mountain Time tomorrow.....I wondered why their fax machines were do damn busy....

[kenneth]

can someone tell me what a HOEPA loan is thanks.

[kenneth]

Originally Posted by Cat Damiano

Kenneth,



Wow 23 Times I think we have a RECORD.....

Way to be Proactive

i am still smoking their fax ##.

[Cat Damiano]

What Is a HOEPA Loan..........
The Home Ownership and Equity Protection Act of 1994 (HOEPA), which is part of the Truth in Lending Act, requires additional disclosures and provides substantive protections for certain home-secured loans having rates or fees above specified triggers.

HOEPA covers mortgage loans for which the annual percentage rate (APR) exceeds the yield on Treasury securities with a comparable maturity by the following number of percentage points:

8 percentage points for first-lien loans.
10 percentage points for subordinate-lien loans.

OR
The total points and fees payable by the consumer at or before loan closing exceed the greater of:

$510* or 8 percent of the total loan amount.
*The Federal Reserve Board annually adjusts this limit based on the annual percentage change reflected in the Consumer Price Index in effect as of June 1, 04

[Mary Salzer]

Simply put and what I thought that you might have at the very beginning of this thread....HOEPA is a high cost loan, very predatory, extremely predatory loan. When you initially posted and told me your interest rate I was not sure, but kind of thought that you might have a HOEPA or Section 32 loan, same thing. It means that it is governed by a whole different set of compliance rules for the first thing, no prepayments are allowed on HOEPA loans, they have to do a whole different set of disclosures at the time the loan is originated....and so on and depending on the state, there are some really ugly state rules too. Now the definition of a HOEPA really complex, it has to do with APR and rate computations...Cat put it above, but it also has to do with other fees and disclosures and if they are not in line...oooopppppssss you Mr Lender goofed big time, the Feds do not like HOEPA being violated....believe me.

We talk about predatory lending, from the aspect that it is inflated income, inflated appraisals/values, high rates, but HOEPA is truly predatory lending at it's finest.....

I hope that they made a big fat mistake and this is a HOEPA loan and they make you a great offer for modification......

[kenneth]

thanks cat and poppy who can i send or fax my loan docs to and see what type loan i have.?

[Mary Salzer]

Contact Marshall's office and see what a document review would cost....they do them here through his office. He is the attorney at the Banner on the top of the forum.

[jennifer]

Kenneth
We got our mod the papers came today I faxed and emailed every day about 12 times. I think they love me !!!

jennifer

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