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FHA mod success stories?

Discussion in 'Countrywide Home Loans - Tell Us Your Countrywide ' started by BLINK66, Nov 6, 2009.

  1. BLINK66

    BLINK66 LoanSafe Member

    Hello everyone...I'm new to this site and was just wondering if there's any success stories on FHA mod (BofA)?? I've been trying to complete this process for sometime now. My last contact with my nego. was yesterday and she informed me that she was just waiting on how much legal fees where to be added to my mod... Are we nearing the end of this process? Any input would be greatly apprecaited!!
  2. dtap57

    dtap57 LoanSafe Member

    What kind of deal have they offered you on your FHA loan? So far not to many people have been able to get a very good loan mod on a FHA loan.
  3. baretta

    baretta LoanSafe Member

    Good for you, I hope that is good news at least! Were you just pre qualified or is this the real thing?? Have you already made your trial payments? I would be interested to know the details of what they offered you as I have an FHA loan with BOA too. Was it FHA HAMP or in house? Surprisingly there are not too many people on the forum with FHA Loans so we should talk!
  4. humrc

    humrc LoanSafe Member

    I applied for an FHA HAMP on 9/17 with BOA. Still in the "review" process they say. I'm guessing its just on hold till someone has time to get to it. They say that my investor though is not freddie or fannie but ginnie???? Also have high backend DTI (CC's im not not paying on). But from the looks of it they can pick and chose which parts of the guidelines they want to follow depending on how they feel that day LOL. From the looks of it, it may be an uphill battle.

    Good luck to all of us!
  5. baretta

    baretta LoanSafe Member

    Did you just deal with the loss mitigation dept or did you get a negotiator? I think most FHA loans are Ginnie Mae. So do they have to do a partial claim in order to get your payment down to 31%? That is where they are saying I am not qualifying...the max they can due based on the principal & Interest I owe is $5000 less then what I would need to get my payments to the 31% mark. Let's keep in touch and help each other out if we can, like I said there are not too many ohers on here with FHA loans and the rules are a lot different! Good luck to you!
  6. b_amagirl

    b_amagirl LoanSafe Member

    I have an FHA loan too and I am currently being serviced by BoA. My request was submitted by NACA on 10/12. I am hoping for a mod but reading on this site that its very hard for FHA loans I'm worried. I was wondering if I need to call NACA or BoA to find out who and if I have negoiator? thanks.
  7. BLINK66

    BLINK66 LoanSafe Member

    just got the call from my nego. and my mod is not a fha hamp its a in house mod....i was told that they will be adding all of my late charges and fees back into the loan and the mortgage will be for 30 yrs at 5.5% down from 7.0%..... she also told me that she was workin late tonight and tomorrow so as soon as i get any more info i will post.
  8. humrc

    humrc LoanSafe Member

    Baretta....at this point it is still with the loss mit. dept. They told me today that it has not been assigned to a negotiator yet and to call back weekly to find any changes of status.

    b_amagirl....I have friends who have gone through NACA and they were told to deal directly and only with them. However...and pls correct me if im wrong...at this point, i am trying everything i can to be proactive. i would call BOA if NACA knew nothing.


    Good luck BLINK! Just curious....what is ur current payments and what would this be? How late are you? Do you have a high backend DTI? And will this mod help you to keep ur house? (Sorry for all the questions)
  9. BLINK66

    BLINK66 LoanSafe Member

    humrc... to answer your question November 1 made 10 months late and my current payment is 2064... now im just waiting for my nego to get back to me on the new payment and no i do not have a high DTI... im hoping this mod helps me save my house..
  10. humrc

    humrc LoanSafe Member

    thanks for you response BLINK. I hope you get great news!

    Seems like to me most FHA's are simply getting in house mods. I would think that the government would want to do more these types of loans since they back em. Go Figure!!!!!!
  11. davephx

    davephx LoanSafe Member

    Back end DTI over 55% is a mod killer sadly for FHA-HAMP (But not regular HAMP) but if you don't have that problem their are some good points to FHA-HAMP.

    Some internal mods are being done if don't qualify for FHA-HAMP but at higher interest rates it seems but at least better than where most folks are.
  12. humrc

    humrc LoanSafe Member

    I just got a letter labeled from BOA but says "BAC Home Loan Servicers" Are they different than BOA? Anyways they are asking for our most recent paystubs, bank statements and tax returns. Not sure if this is good news, but at least its somethin.

    Dave ur right.

    Anyone no if the backend DTI contains everyday expenses or just what shows up on ur credit report?
  13. baretta

    baretta LoanSafe Member

    humrc,
    the back end DTI only uses recurring expenses like credit cards or cra payments and your new mod mortgage amount divided by your gross income.

    Anyone know what the current interest rate is for FHA? They told me that although I met the FHA HAMP requirements for front end and back end DTI that I did not qualify because the amount that would need to be deferred in a partial claim was $5000 more then the maximum allowable based on 30% of what I owe...thing is when I figure the amount that would need to be deferred looks like they are using 5.5 % and I thought it was more like 4.8? They said for FHA HAMP that they modified the loan to the current rate and amortized 30 years. This is so confusing...any thoughts??
  14. humrc

    humrc LoanSafe Member

    im not sure...but i hope for better than 4.8%

    What is a parial claim?
  15. baretta

    baretta LoanSafe Member

    well they told me that for FHA HAMP they modify your loan to the current interest rate at 30 years fixed so I don't know if you will get better then that. On conventional HAMP they can go as low as 2% but they don't defer any principal in a partial claim. A partial claim is the when they defer an amount of principal (thus lowering the current principal and interest owed)and basically make a seperate non interest bearing loan that does not have to be paid off until the you sell the home or refinance. They are just using a partial claim to get your payment to that 31% instead of a lower interest rate. I know it is confusing but try to plug your own numbers into this example, that is what I did.

    Example<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:eek:ffice:eek:ffice" /><o:p></o:p>
    <o:p> </o:p>
    Mortgagor had a reduction of income and is delinquent 3 full mortgage payments. The unpaid principal balance on the mortgage on the date of default is $150,000 and the monthly payment is $1,220 (consisting of P&I of $920 and escrows, including MIP, of $300). The financial analysis reveals that the mortgagor’s gross monthly income is $3,500 and the total monthly other recurring debt payments are $800. <o:p></o:p>
    <o:p> </o:p>
    In order to fulfill the 31% Front End Ratio requirement, the mortgagor(s) total monthly mortgage payment would have to be reduced to $1,085 ($3,500 x 31%). Therefore, P&I would have to be reduced to $785 ($1,085 total monthly mortgage payment less $300 escrow and MIP). Assuming that the loan modification will have an interest rate of 6% and a P&I of $785, the new mortgage amount would have to be $130,931, resulting in a principal reduction of $19,069 ($150,000 unpaid principal balance less $130,931). In this example, the mortgagor’s Back End ratio is 53.9% ($1,885/$3,500), which satisfies the 55% Back End Ratio limitation. <o:p></o:p>
    <o:p> </o:p>
    In this example, the maximum principal deferment is $41,340 (30% of $150,000, less the $3,660 delinquency, or $45,000 - $3,660). However, based on their gross income, mortgagor is eligible only for a principal deferment of $19,069 plus $3,660 arrearages (which would include any foreclosure costs incurred to that point, in accord with Mortgagee Letter 2008-21) for the total Partial Claim of $22,729.<o:p></o:p>
    <o:p> </o:p>
  16. humrc

    humrc LoanSafe Member

    I just checked my status online. For 2 months all it has said was that the financiial info from my HUD counselor was received back in Sept. Yesterday i faxed over my proof of income (pay stubs, bank info and tax returns) they have already updated my account online to show they received this. I was thinking it would take another 2 months to show. I hope this is a good sign.

    Hows it goin for u BLINK?
  17. BLINK66

    BLINK66 LoanSafe Member

    hello humrc.... im just waiting on fedex.. my mod was completed on monday payment went down only $134 all of my late fees was put back into the loan and i also have to pay $1700 upfront which is due when i return the docu's....ive been waiting so long for this.....its not what we expected but it saves our home....
  18. pen7879

    pen7879 LoanSafe Member

    Blink My mother is in the same situation you were in. she is now 10 months behind and we were advised after 4 months of going back and forth with Bank of America that we were not qualified for Obama's plan however they are still looking into whether they can do anything for us. I am real worried that she will loose her house and think that Bank of America is playing games, does this sound similar to what you went through with them or did you go througha private Loan remodification place.
  19. BLINK66

    BLINK66 LoanSafe Member

    this sounds very much like what i went through...back in april i did hire a mod company to help me with this but got nowhere with them.....so i decided to take matters into my own hands and emailed the oop of the bank back in september and it worked so if u havent tried emailing the oop, my advise to you would be try going that route.... good luck and keep the faith
  20. humrc

    humrc LoanSafe Member

    well just got off the phone....again! Still no updates other than the fact that the financials that i had submitted through a HUD counselor are about to become outdated. They said that i will have to call back next week and restate all my info over the phone. Last time i did this they denied me on the spot!!!!!!!

    Is this a normal process? Looking at the paperwork that the HUD counselor submitted, they used my net and did not include my credit card payments that we were not paying. Well i guess we will see what happens.

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