Home Loans and Support

Ginnie Mae-FHA-HAMP

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by Blonde91, Sep 29, 2009.

  1. Blonde91

    Blonde91 LoanSafe Member

    Hi all.

    Wow all this info is making my head spin! We are coming up on 4 months delinquent and scared. To stop foreclosure, Chase just suspended our payments for 3 months in the hope that Ginnie Mae will have the FHA HAMP program in place by then. I was told by a rep @ Ginnie Mae that they are hoping to have the software installed to process FHA HAMP modifications in 3 weeks (likely story).

    Is anyone else in the same boat? Has anyone had any success with FHA HAMP through Ginnie Mae?

    Thanks and good luck!
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Hello and welcome to the community!

    I know, all this info can look daunting.

    Ginnie Mae backed loans can be tough because mortgage servicers want to make sure they abide by their guidelines.

    Here are some other members that have Ginnie Mae loans that you can research and join in the discussions.

    http://www.loansafe.org/forum/citi-...-success-citimortgage-loan-mod-questions.html

    http://www.loansafe.org/forum/citi-...lp-center/12253-fha-ginnie-mae-need-help.html

    http://www.loansafe.org/forum/citi-...citi-fha-ginnie-mae-loan-mod-information.html

    Here's the guidelines:

    http://www.ginniemae.gov/media/summary.pdf

    With the information now available, servicers can begin immediately to modify eligible mortgages under the Modification program so that at‐risk borrowers can better afford their payments. The detailed guidelines (separate document) provide information on the following:

    Eligibility and Verification

    • Loans originated on or before January 1, 2009.

    • First‐lien loans on owner‐occupied properties with unpaid principal balance up to $729,750. Higher limits allowed for owner‐occupied properties with 2‐4 units.

    • All borrowers must fully document income, including signed IRS 4506‐T, two most recent pay stubs, and most recent tax return, and must sign an affidavit of financial hardship.

    • Property owner occupancy status will be verified through borrower credit report and other documentation; no investor‐owned, vacant, or condemned properties.

    • Incentives to lenders and servicers to modify at risk borrowers who have not yet missed payments when the servicer determines that the borrower is at imminent risk of default.

    • Modifications can start from now until December 31, 2012; loans can be modified only once under the program.
    Loan Modification Terms and Procedures

    • Participating servicers are required to service all eligible loans under the rules of the program unless explicitly prohibited by contract; servicers are required to use reasonable efforts to obtain waivers of limits on participation.

    • Participating loan servicers will be required to use a net present value (NPV) test on each loan that is at risk of imminent default or at least 60 days delinquent. The NPV test will compare the net present value of cash flows with modification and without modification. If the test is positive – meaning that the net present value of expected cash flow is greater in the modification scenario – the servicer must modify absent fraud or a contract prohibition.

    • Parameters of the NPV test are spelled out in the guidelines, including acceptable discount rates, property valuation methodologies, home price appreciation assumptions, foreclosure costs and timelines, and borrower cure and redefault rate assumptions.

    • Servicers will follow a specified sequence of steps in order to reduce the monthly payment to no more than 31% of gross monthly income (DTI).

    • The modification sequence requires first reducing the interest rate (subject to a rate floor of 2%), then if necessary extending the term or amortization of the loan up to a maximum of 40 years, and then if necessary forbearing principal. Principal forgiveness or a Hope for

    Homeowners refinancing are acceptable alternatives.

    • The monthly payment includes principal, interest, taxes, insurance, flood insurance, homeowner’s association and/or condominium fees. Monthly income includes wages, salary, overtime, fees, commissions, tips, social security, pensions, and all other income.

    • Servicers must enter into the program agreements with Treasury's financial agent on or before December 31, 2009.
    Payments to Servicers, Lenders, and Responsible Borrowers:

    • The program will share with the lender/investor the cost of reductions in monthly payments from 38% DTI to 31% DTI.

    • Servicers that modify loans according to the guidelines will receive an up‐front fee of $1,000 for each modification, plus “pay for success” fees on still‐performing loans of $1,000 per year.

    • Homeowners who make their payments on time are eligible for up to $1,000 of principal reduction payments each year for up to five years.

    • The program will provide one‐time bonus incentive payments of $1,500 to lender/investors and $500 to servicers for modifications made while a borrower is still current on mortgage payments.

    • The program will include incentives for extinguishing second liens on loans modified under this program.

    • No payments will be made under the program to the lender/investor, servicer, or borrower unless and until the servicer has first entered into the program agreements with Treasury’s financial agent.

    • Similar incentives will be paid for Hope for Homeowner refinances.
    Transparency and Accountability

    • Measures to prevent and detect fraud, such as documentation and audit requirements, will be central to the program.

    • Servicers will be required to collect, maintain and transmit records for verification and compliance review, including borrower eligibility, underwriting, incentive payments, property verification, and other documentation.

    • Freddie Mac will audit compliance.

    I hope that helps a bit!
  3. bryanw328

    bryanw328 LoanSafe Member

    "I was told by a rep @ Ginnie Mae that they are hoping to have the software installed to process FHA HAMP modifications in 3 weeks"

    Boy I hope this is true!
    Good luck to you!
    I was "DENIED BY THE INVESTOR" (Ginnie Mae) on Aug. 11.

    I guess my next step should be to resend?
    Thanks! Bryan
  4. SillyWorld

    SillyWorld LoanSafe Member

    I been trying since MAY and Ginnie is the hold up so my Citi say's just another excuse, but go for it, this is just a lottery they choose we loose
  5. shay01

    shay01 LoanSafe Member

    Hi Moe or Others,

    How do I find out my investor?? I have a FHA loan, but at this point I am still just waiting for a neg to call me. Been getting run around since May, but after emailing Barbara two weeks ago was finally called back and told a neg would be giving me a call. Also got a email from Dan which I am sure he probably didnt send himself that also said someone would give me a call. To date no call yet just still waiting who knows what will be said this time. Since May you qualify, you dont qualify, denied, under review so who knows...
  6. dtap57

    dtap57 LoanSafe Member

    I also have an FHA/ Ginnie Mae loan. I haven't had any success getting a loan mod done. Im not aware of anybody getting a loan mod done with an FHA loan. Chase was supposed to have the FHA loan program up and running Aug 15 but here almost two months later still nothing. I seen only 45,000 loans out of 850,000 FHA loans behind will qualify for this new program. What happens to the other 800,000 loans?

    The only good thing about an FHA loan is that they don't want to foreclose but that is the only thing so far that is positive IMO.
  7. dtap57

    dtap57 LoanSafe Member

    Shay01, they will probaly tell you that your investor is Ginnie Mae. I don't know of anybody else who has an FHA loan being told any one else. These FHA loan mods are very frustrating!
  8. shay01

    shay01 LoanSafe Member

    I know dtap this is so frustrating I dont know if they will ever help us. I have been trying since June. I was told i qualify, i dont, denied, under review over and over again. After emailing OOP I was called 2 weeks ago and told that I would be assigned a neg. I have not heard anything yet so I guess I will see and keep playing the waiting game...
  9. Melanie702

    Melanie702 LoanSafe Member

    Moe- are these the guidelines specifically for Ginnie Mae for the FHA-MHA? I was told yesterday that they can't give me 40 years on my loan. The nego I talked to at BofA told me they only extend it to 30 years. I hope she's wrong because if that's the case, we QUALIFY!!! They are using what we owe on the credit report and that's the only thing stopping us, making our back end ratio 77.4% even though we're not paying. I have to look more into this.

    "The modification sequence requires first reducing the interest rate (subject to a rate floor of 2%), then if necessary extending the term or amortization of the loan up to a maximum of 40 years, and then if necessary forbearing principal. Principal forgiveness or a Hope for"
  10. aubie37

    aubie37 LoanSafe Member

    There are very few who have received FHA modifications so far. I have to send my NACA budget, hardship, etc. to a rep in the executive response unit at CitiMortgage. I wonder how many times though I should attempt to fax it.
  11. rollertom

    rollertom LoanSafe Member

    I also have a FHA HUD Ginnie Mae loan. I actually emailed the HUD department and got assigned a FHA case number and I am supposed to call and talk to one of their people about my loan. So I may do that next my forbearance ended and I have no idea what to do now since Chase will not return calls or emails...
  12. Melanie702

    Melanie702 LoanSafe Member

    What email address did you email? Can you give it to me, please? I emailed support@hmpadmin.com last night, got no clue who that is. I've emailed and called so many people. And all they could tell me was to call HOPE. I did, they didn't do a thing but say they already submitted financials to BofA in March for me. They said they couldn't do any updating, and that now it's between me and the bank. Is there also a phone number for Ginnie Mae?
  13. Blonde91

    Blonde91 LoanSafe Member

    Try calling 877 419 6493, that's the number I was given to reach Ginnie Mae. I also used a HUD approved Neighborhood Housing Service, but the bank seems to like to call me directly as well as talking with my negotiator
  14. Blonde91

    Blonde91 LoanSafe Member

    My negotiator said they told her to call back after 3 weeks, that will be next Friday, I will post any new movement here.
  15. Melanie702

    Melanie702 LoanSafe Member

    Thank you, Blondie. I will give them a call on my lunch break.
  16. Melanie702

    Melanie702 LoanSafe Member

    Hi, that number was actually for Chase.
  17. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    The guidelines I posted above are for all Ginnie Mae backed mortgages.
    • Call the phone number on your most recent mortgage statement or your payment coupon book. This will put you in touch with the servicer who may be able to tell you the name of your lender.
    • If you have an FHA loan, contact FHA’s National Servicing Center to determine who owns your mortgage:
    (800) CALL- FHA / (800) 225- 5342
    Email hsg-lossmit@hud.gov
    Department of Housing and Urban Development
    National Servicing Center
    301 NW 6th Street, Suite 200
    Oklahoma City, OK 73102
    • You can try to contact Fannie Mae. If they own the note, they may tell you or they may be able to provide the identity of the investor if the servicer can’t or won’t: 1-800-7FANNIE (1-800-732-6643).If the mortgage is listed as MOM (MERS as Original Mortgagee), you can search the MERS (Mortgage Electronic Registration System) database by mortgage identification number (MIN), your name and social security number, or the property’s address. Dial the toll-free MERS Servicer Identification System at 888-679-6377 (an automated touch-tone system) or search online at MERS Servicer ID. This will not get you the name of the investor/owner of the note, only the name of the servicer for the investor/owner. They could be one and the same, but not usually. After identifying the servicer, skip back to the beginning of this list.
    • UPDATE: March 18, 2009: Fannie Mae recently announced the launch of a new online look-up tool on the company’s Web site (Does Fannie Mae Own Your Mortgage? Loan Lookup Tool) that it says allows homeowners to determine if they have a Fannie Mae-held mortgage — a determining factor in whether a homeowner is eligible for the recently announced Obama Administration’s refinancing plan.
    • If you know the name of the bank or other lending institution that owns your mortgage but have no contact information for them, check out the HOPE NOW Mortgage Lender’s Directory.
  18. SillyWorld

    SillyWorld LoanSafe Member

    I even went through FHA councle sessions and each time told they cannot help me at all because I wqas not behind on my payments:rolleyes:
  19. ama125

    ama125 LoanSafe Member

    Here are the actual FHA-HAMP guidelines (the NPV test is not used and you must not be current, back end DTI cannot exceed 55%)...
    http://portal.hud.gov/pls/portal/url/ITEM/6FED8F4DCF0A5544E04400144F9D3D85
  20. ama125

    ama125 LoanSafe Member

    Silly, for the FHA HAMP, that is true...see the guidelines I posted.

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