Home Loans and Support

Anyone offered Trial Payment Period?

Discussion in 'Bank of America Mortgage Help' started by vicjohn, Jul 14, 2009.

  1. vicjohn

    vicjohn LoanSafe Member

    Naca proposal submitted in Feb09 was rejected in Jun09 because loan wasn't seasoned and BOA countered with a trial payment period with reduced payments. I was told to make those payments and then they would review afterwards for a modification. I received BOA papers today, first 3 payments what they said but they added a LUMP SUM due for arrears balance in the 4th month!!!! With the following verbage "The final payment may often be referred to as a final "lump sum."......If you qualify for a loan modification, upon approval of our investor and submission by you of the required documents, this lump sum may be incorporated into a modification of your loan...." Papers dated July 10th and said due back within 5 days of date of letter, I'm sure they have to mean receipt of the letter. I know I've seen various posts relating to trial payment period, but wanted to start one just for this scenario. My investor if Fannie Mae. The trial amount is the same as what Naca was proposing, so I hope this is a positive that they might agree to it after the trial period.

    Can anyone let me know if you are in the same scenario and if possible your end results?
  2. Rumor

    Rumor LoanSafe Member

    Vicjohn,

    we rec'd a modification also today. Our file went to Fannie Mae thru Naca on June 22nd and no answer yet but we rec'd a modification from Hope dept. lowering our interest on our 1st loan from 6.75 to 4.75 until 2014. No upfront costs. It mentions nothing about late fees or anything, just Interest, Fees ($15) and escrow going to be added to the loan. I spoke to Naca, who advised me to fax it to them and call them afterwards to verify they've rec'd it so that the negotiator can look over it. I found out the name of my BofA negotiator today and emailed him and OOP asking for some help on the 2nd loan. I'm not holding my breath but I'm not sure what to do anymore. Oh ya, we have until August 10th to return with 1st payment due September 1st.
  3. helpsavemyhome

    helpsavemyhome LoanSafe Member

    vicjohn, they did the same thing to us....I called David L and told him we could not sign the docs due to the lump sum payment...if we had that much money we would not be asking for help. He told me if we didn't sign the papers, we would still be considered for a modification and principal forbearance...he also said that those three payments will NOT be going toward the amount owed, but held in a seperate account.<!-- google_ad_section_end -->

    I feel as if BofA is being sneaky with these offers...they are not telling NACA about the lump sum part of it, just the three trial payments. NACA didn't understand what I was talking about regarding the lump sum until I faxed them the actual docs.
  4. vicjohn

    vicjohn LoanSafe Member

    Guess what I received today....another set of Loan Mod papers from BOA!!!!! This one says your loan mod has been approved starting making payments Sept 1st. Interest rate remained the change and original payment amount remained the same, the only difference I see is they added arrears to the principal balance.....I don't know which is worse agreeing to a repayment period that isn't guaranteed after the 3rd payment or trying to keep up with payments that were taking a toll on my budget. FYI, both are addressed from the Home Retention team first from Simi Valley, CA and the one today from from Pittsburgh, PA. Currently waiting on a response back from NACA on latest papers.....
  5. vicjohn

    vicjohn LoanSafe Member

    I talked with David Sharpe, BOA person, who sent me the first docs on the trial period plan. He says they do not expect us to make a $30k payment at the end of the trial...that is the amount that will be submitted as part of the mod approval to FM along with updated stubs, etc. He said I probaly will not have a payment for Nov while the mod papers are being approved. He also says that since people where getting modifications and still not keeping up with those payment is why FM decided to do trial periods before final approval. Also, the trial period amount might exclude PMI, so that might be the only thing that increases the payment after the 3 month trial. He said the other offer is valid as well, but from a different retention dept. Still no response from NACA...
  6. helpsavemyhome

    helpsavemyhome LoanSafe Member

    vicjohn,

    I was also told that we wouldn't really have to make the $23,000 payment for the fourth month, but we did not feel comfortable signing the docs because they do state that the $23k is owed and if not paid, we will be in default. I was finally able to get ahold of Janice @ NACA and she said she is going to talk to BofA about it because she didn't like the way it was worded, either.
  7. Rumor

    Rumor LoanSafe Member

    Vicjohn,

    Did this David Sharpe confirm that your trial modification is not the Naca proposal??? I rec'd a modification from BofA also that doesn't address our 2nd mortgage and I can't get an answer from them on whether it's Naca proposal or not. Naca says it's not since they haven't rec'd anything from BofA and to keep on waiting.
  8. Rumor

    Rumor LoanSafe Member

    Vicjohn,

    Nevermind...I answered my own question. The trial is the NACA proposal. sorry :)
  9. Christine88

    Christine88 LoanSafe Member

    Vicjohn and helpsavemyhome,

    When is your first payment due?
  10. vicjohn

    vicjohn LoanSafe Member

    Christinee88, First payment due August 10th and by the 10th of each additional month during the trial period. I will say naca supv clicked the accept button on July 9th while I was on the phone with him, the papers were generated the next day on the 10th and I received papers on the 14th via fedex.
  11. Christine88

    Christine88 LoanSafe Member

    vicjohn,

    Thank you! The reason i asking because i found out today from BOA i will receive a package within 7-10 days. I was told on Monday my naca negotiator will call me within 1 week. I have feeling that this person will never call me. Can you give me that naca supv's name and phone # to me if you don't mind. I promise i won't tell him where i get his #.
  12. Rumor

    Rumor LoanSafe Member

    Christine,

    Is this a Naca proposal or one from BofA?
  13. vicjohn

    vicjohn LoanSafe Member

    I don't want to post contact info within the thread, but the following link is how I got a supv name and number: « For What It’s Worth
  14. Christine88

    Christine88 LoanSafe Member

    vicjohn, Thank you again!

    Rumor, this is naca mod.
  15. helpsavemyhome

    helpsavemyhome LoanSafe Member

    Christine, my first payment was supposed to be due on 7/1, but I could not get ahold of anyone at NACA to discuss, so we did not sign the docs due to the 'lump sum' payment of $23k. I did finally get ahold of Janice a few days ago and she said she is going to discuss with BofA and get back with me. I told her I will sign the docs as long as they take the $23k lump sum out of it.. I have no idea what is going to happen. Wish me luck.
  16. Christine88

    Christine88 LoanSafe Member

    helpsavemyhome,

    Thanks! I wish you luck.
  17. helpsavemyhome

    helpsavemyhome LoanSafe Member

    Thanks, Christine! I need all the luck I can get....it has been 10 LONG months now. lol Good luck to you, too!
  18. stressedout1

    stressedout1 LoanSafe Member

    hi vicjohn, it's me stressed. i am on my second month of trial payment. i wonder what bofa will do for me as well when my 3 months are up. the only thing is i have bony, not fm. i am just taking it month by month b/c the payment is affordable now and it's the same if i were to go rent. will keep you updated once my 3 months are up. it seems to me the seond offer you got does not do anything for you as the payment stays the same. i do hope all ends well for us, just like many in this forum. this loan mod is dragging on for too long and it's consuming our lives...sigh...
  19. helpsavemyhome

    helpsavemyhome LoanSafe Member

    stressedout, did the docs you signed for the trial period have a fourth payment listed on it as a 'lump sum'? Just curious, because mine did and Janice is checking into it.
  20. stressedout1

    stressedout1 LoanSafe Member

    hi vicjohn, i am out of town right now. i will check my paperwork when i get home and let you know. i didn't really look into the verbage all that much because i didn't really have a choice. either sign that agreement or foreclosure.

Share This Page

COMPANY LINKS

TESTIMONIALS

"Hello Moe, I just wanted to tell you, your website has saved my life (literally), I stumbled on your site in the middle of losing my home, I was able to network with people going through the same thing as I am. I didn't feel alone anymore, I have tried to give back and counsel those that haven't walked in my shoes yet. We hear so much about what is wrong with America, I just wanted you to know, you are whats "right" with America."

Nina Mitchell
Loansafe & MoeSeo Inc. © 2014 | LoanSafe.org is not a bank, lender, mortgage broker, law firm or affiliated with the US Government. Privacy Policy