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REROAD or loan mod experts : )

Discussion in 'Loan Modification' started by chris516, Aug 6, 2010.

  1. chris516

    chris516 LoanSafe Member

    I called the MHA compliance number your provided (which by the way THANK YOU)

    She did a 3 way to MHA and we got to the bottom of things!

    My other question is why does BOFA show I am 2 months behind (basically since I was assigned a negotiator) when I am not? I ahev not started trial payments.

    Also MHA compliance rep stated I needed to be behind in order to be eligible for HAMP, I thought this was not true?
  2. redroad

    redroad LoanSafe Member

    Your welcome I am glad they could help you.

    There are 2 ways to qualify with regards to default.

    1) under imminent default
    or
    2) you have to be behind 60days

    if you were not considered to be in imminent default then the 60days is all that you have.
    Go to the online portal fror your servicer and see how your payments are being applied and post back
  3. redroad

    redroad LoanSafe Member

    I'm sorry but I don't remember if you have a FannieMae or FreddieMac owned loan. Do you have either of these?
  4. chris516

    chris516 LoanSafe Member

    Freddie Mac is my investor, I cant seem to access my mortgage online.
  5. redroad

    redroad LoanSafe Member

    So after your conference call with your servicer, what is your plan? If the servicer is saying you are already 60 days behind then why have they not sent you a trial?
    Who is your servicer?

    The fact that you have a Freddie Mac owned loan is a good thing and increases the chances of success in getting a HAMP mod. or even a alternative mod. if denied for HAMP so there is a very good chance you will end up with some sort of mod. if you can hang in there.

    What is the current unpaid balance of your primary mortgage?

    what is the gross monthly income for all who signed the original mortgage?

    what are your monthly property taxes and insurance?

    If you receive child support it is your choice to include it as gross income.

    Post back and let's get this rolling again so you can get back to your life.
  6. chris516

    chris516 LoanSafe Member

    I dont know why they are saying I am 60 days behind. They did not have an answer. At the same time I receive my usual mortgage bill in the mail with the amount I normally pay. NO ONE in the company can state why it states I owe $11k. THe ONLY thing i am behind in is they starting paying my taxes/insurance (escrow) back in November 2009 WITHOUT putting me on trial payments. I am negative escrow $3500. I was just told last week it shows on "their' screen i owe $11K. I will folllow up on Monday about this. I know I am not late. I have the checks i paid them.

    What is the current unpaid balance of your primary mortgage? $478,00.00

    what is the gross monthly income for all who signed the original mortgage? $8841.28

    what are your monthly property taxes and insurance? $918.00

    If you receive child support it is your choice to include it as gross income I did add the child support into the gross income.

    Thank you for your help.
  7. redroad

    redroad LoanSafe Member

    So with the numbers you given this is what we have:

    478,000 + 11,000 + 3,500 = 492,500
    492,500 @ 2% for 40 years = $1,492.41 + $918.00 = $2410.41

    $2410.41 is the minimum monthly payment amount they would allow without forbearance which might still be possible with your freddie mac mortgage.

    Your gross income of $8841.28 x .31 = $2,740.80 is the target payment given your gross income. Wht this means is you have enough income to qualify for a HAMP mod. even considering the disputed $11,000. If you try for an in-house they are going to go for 38% so your payment would be $3359.69 and there is still a chance they may not approve that unless your underwater quite a lot.

    I think your best shot at getting your payment reduced the most and greatest savings is with the HAMP mod. The interest rate they would be using if they ran you this week would be 4.5%. This is the rate you would pay from year 8 in the modification to it's maturity.

    Your only choice at this point is to be in default 60 days and given that you have a freddie mac mortgage you have more options if denied for HAMP. If you can just save the difference between your new trial payment and normal payment to cure the default amount if denied.

    Post back when you know more about the $11,000. I wish you the best
  8. redroad

    redroad LoanSafe Member

    what is your current principal and interest payment?
  9. chris516

    chris516 LoanSafe Member

    $3893.00 (thank you for the information) Monday I am following up with the $11k and to confirm they received my 3rd set up documents i sent, if not MHA compliance stated they will call with me,
  10. redroad

    redroad LoanSafe Member

    chris516, Putting the numbers and Loan mods, aside Just for the record I am a Native American man and I am from the Mohawk tribe. My wife and I live in western Pa. in an old growth hemlock forest. We have three grandchildren.

    You misspelled redroad so I thought maybe you should Know what it is "The Good Red Road".

    This description of the good red road reminds me of my Grandmother and how she discribed it:
    Walking The Red Road | Care2 Share
  11. chris516

    chris516 LoanSafe Member

    That is beautiful REDROAD
  12. molly12

    molly12 Guest

    Thank you for sharing this, Redroad.

    M

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