Home Loans and Support

What Now? Caught between BofA and Fannie Mae!

Discussion in 'Loan Modification' started by flippinwacko, May 4, 2010.

  1. flippinwacko

    flippinwacko LoanSafe Member

    Neither want to help me! House has been foreclosed on! Auction sale results in House going back to investor (Fannie Mae)! Have tried to contact Fannie Mae and their response is to talk to BofA. BofA states they have assigned a negotiator, but not heard any responses! Real Estate broker and eviction attorney assigned! Worried that 90 day window will run out! Is there anyone or anything I can do, to stop this?
    Please, help!!! Thanks!
  2. goldie

    goldie LoanSafe Member

    Were you offered any FC alternatives? I thought Fannie was so "big" on FC alternatives? I too have B of A and Fannie. I don't know what you can do, besides get an attorney. The clock is ticking now. What state are you in? Have you looked at livinglies website? That's where I found an attorney. I don't know if I will be hiring him yet, but everything sounds good and he's an attorney that "gets it," I think.
  3. flippinwacko

    flippinwacko LoanSafe Member

    FC= Foreclosure alternatives? No...I have been hit with a Divorce, reduction in pay and sick mom...My divorce is still not done and I made plans to move back into the home! Split the properties between us! BofA kept on telling me they would postpone the Auction! Even up to 2 days before they sent requests to postpone! Apparently they state that it was refused by the investor and so according to the bank they had no idea what the status was! They kept on telling me to call recontrust! Even after telling the bank that recontrust says it went back to the bank...they dragged their feet for ever! I have called Fannie Mae and they give me the runaround and say that they only give BofA guidelines, but at the same time said, "BofA is one of the hardest servicers to deal with!" They tell me to contact the bank because the bank is the only recourse!
  4. flippinwacko

    flippinwacko LoanSafe Member

    California...2nd was already charged off by citi!
  5. goldie

    goldie LoanSafe Member

    Is there any fraud involved in your loan, recordings, assignments, TILA, RESPA, MERS, etc.? If so, those might be affirmative defenses, but you would have to file suit against the lender, etc. and get a TRO to stop the FC. Are you thinking of going the attorney route or just trying to deal with the bank on your own? Sorry to hear of all your troubles.
  6. flippinwacko

    flippinwacko LoanSafe Member


    Thanks Goldie!!! I am a stronger man, because of them all! My loan was through Countrywide! so there is no doubt in my mind that there could be issues with TILA, RESPA and or MERS!

    The bank is telling me that they now have assigned a negotiator, but, I fear it is just another one of those schemes!!! My property is about 50K plus upside down, so I have been feeling like they think they can get out of it losing only that much...But, I just can't read(poker) the bank anymore!

    I have the coin to hire an attorney, just to keep my options open.

    What do you think I should do?
  7. Againsttheodds

    Againsttheodds LoanSafe Member

    If your house is in CA and once the foreclosure sales are completed there's not much they can do. But if you want to hire a lawyer and hope that they find something wrong during the foreclosure process. If you want to save the house be prepare for a long and costly fight. In the meantime, they will make you move out until the case is settle. You can try to stay, but the bank reps will begin evication process (30 days notice) to removed you from the house. Because as of the foreclosure sale you are no longer the owner.
  8. flippinwacko

    flippinwacko LoanSafe Member


    Againsttheodds,

    Is this from personal experience or speculation? Lastly...why would you name yourself "Againsttheodds", if you really don't believe there is hope?
  9. goldie

    goldie LoanSafe Member

    What do I think? Go get a consult from a knowledgeable attorney who will review ALL your options. That's what I'm doing. Yes, it will be $250, but I believe it will be well spent. Don't decide at that moment to hire him/her. Think it over carefully. It will be expensive, but if there are violations, maybe your atty can force them into a mod, but then that brings up the point of MERS and whether ANYTHING is enforceable. This is a conundrum to say the least.

    Have you looked at the thread "I hired a lawyer" under B of A folder. Magnum is very knowledgeable in talking about MERS fraud, assignment fraud, etc., etc. Also go to livinglies and look for an atty referral there. My loan was part of CW too at one point, though originated with American Brokers Conduit and MERS, then AHMSI, then CW, then B of A. All UNRECORDED after ABC/MERS. They separated title from the note and that's a no-no. Broke the chain, which might be good for me - along with TILA/RESPA. But I'm running out of time.
  10. imlars

    imlars LoanSafe Member

    There is alot of missing information needed to figure this out. When and how did you request the modification? All of the information and forms needed are on the lenders website.The instructions must be followed to the letter. ALL requested documents must be provided along with the forms. Borrowers are generally instructed to fax the documents into the lender, but I highly recommend you also send a copy of everything you faxed to the lender by a trackable method such as FedEx. This way if they deny they received it you can go to FedEx online and get proof of delivery. Did you verify that the modification request and documents were recieved by the lender? Did you ask them if there was anything else that they needed to get the case assigned to a negotiator?
    How many months down on the mortgage are you? When did you go into foreclosure? Was the house actually sold at an auction already? When did you move out? What is your current debt to income ratio?
    Lenders are only able to capitilize around $25,000. If you are a year or more delinquent you may owe too much and have too little income to get a modification. In California once you go into foreclosure the lender can put your house up for sale at any time, without having to give you any type of formal notice. It is extremely important that you call the lender for updates at least every 1-2 weeks so you don't get taken by surprize. Fannie Mae will only modify a loan on a home that is owner occupied. They require current utility bills with your name and the property address on them to prove residency.
    Another possibility for the refusal could be that your debt to income ratio is too high. Do you have alot of credit cards etc...?
    Do you have any documentation to prove that you attempted to work with the lender?
    As late in the game as you are I'd look in the YellowPages and find a local attorney with a free consultation to discuss your options with ASAP.
    It is possible in some cases to file Chapter 13 and keep the home, but it varies from state to state.
  11. imlars

    imlars LoanSafe Member

    While it is true that once the home is sold you are no longer the owner,
    I have had borrowers that were living in the home when it was sold to a realtor and they were offered a "cash for keys" settlement. The client recieved $1000 per person, for herself and her 2 daughters, from the realtor for moving out within 30 days.
  12. goldie

    goldie LoanSafe Member

    The lender cannot put your house up for sale at any time with no notice if a notice of default has not been recorded and if it hasn't gone to Trustee's Sale.

    Not to say that hasn't happened WRONGLY, but California is a nonjudicial FC state and has to adhere to certain guidelines. You can search them on this site & read further.
  13. Againsttheodds

    Againsttheodds LoanSafe Member

    i think the OP does not want to lose their house. Yes, they will offer the CFK's but will also start the evication process.
  14. flippinwacko

    flippinwacko LoanSafe Member


    imlars,

    How would you know if it was sold to a realtor? Would it be a 3rd party label?
  15. goldie

    goldie LoanSafe Member

    Ah, I must be lacking reading comprehension I didn't see it had already been foreclosed on.
  16. flippinwacko

    flippinwacko LoanSafe Member


    Do you work for Bank of America?
    That is just it! The problem is that no one has given any reason for not modifying!
    In fact the only information I have gotten, was that requests were made to postpone the sale, in order to try to figure something out, but was told that they could not postpone it after the fact! To call the attorney! The bank is saying it is Fannie Mae...and Fannie Mae is saying it is the bank!!! Obviously neither of them care!
  17. Againsttheodds

    Againsttheodds LoanSafe Member

    I can't say much for "flippinwacko" but hey it's your choice ;) Remember the odd's is not in our favorite when dealing with the banks and asking them for help. The chips are stack against us. For me, I beat the odds (thus Againsttheodds) we received our modification and I've just paid off my 2nd for less then 4% what I owed.

    Hope? Hope is what you "wish" would happen and that some hidden laws/rules will help turn back what has happen. But that's not the case with you. Here's reality check: 1. Your house has been foreclosed 2. In about a week you will get a knocking at the door from the bank real estate agent asking you when you're planning on moving out 3. If you refuse, then they will begin the evication process 4. Within 30 to 60 days (unless the judge grant you an extention) a law officer will forcibly removed you from the house.

    That my friend is the real deal... No sugercoating or telling you lies. I know it's not what you want to hear.

    Like other have sugguested you can get yourself a lawyer and have them audit the foreclosure process but prepare for long and costly fight. Last time I checked, lawyers don't work for free...
  18. Garry

    Garry LoanSafe Member

    flippinwacko- Ok, so I guess this means you where on an MHA trial, and not just attemping to get one, correct? It seems this should have came into play if that's the case: Effective for mortgage loans in active HAMP trials initiated prior to March 1, 2010, servicers are now required to consider the Alternative Modification™ (Alt Mod™) prior to initiating foreclosure proceedings for those borrowers who were eligible for and accepted into a Home Affordable Modification Program (HAMP) trial period plan but were subsequently denied a permanent modification because of eligibility restrictions. https://www.efanniemae.com/sf/servicing/altmod/index.jsp
  19. goldie

    goldie LoanSafe Member

    Garry, when I asked about the Alt Mod I was told by the snotty little schmendrick at B of A that "B of A is NOT participating." When I informed him he has no choice, since I have a Fannie Mae, he stated, "I don't know anything about it." I proceeded to read him the requirements straight from the Fannie website and he again stated he knew nothing about it and REFUSED to let me speak to his manager. This was in the customer advocacy department. I started my MHA trial in 08/09 and made 5 payments. Two reps say I'm denied. Two say I'm still "qualified" and "in review." Fannie won't return my calls. When I call I am elevated to a level 2, told to leave a message (as they are so busy) and NO ONE ever (3 times now) returns my call.

    B of A has also lied and told me I was NEVER in the MHA (yet I have official logo paperwork with red, white, blue B of A logo on one side, MHA on the other. When further pressed about MHA and I tell them I can prove it, they then state I was "declined" on 02/19. When I tell them I never received a letter stating I was declined or the reason (and they refuse to give the reason verbally also), they say they are "not required to send it in writing". Totally contradictory to servicer guidelines. When the servicer won't listen either, who do you go to? I've tried MHA compliance, OCC, FTC, Treasure, Fannie Fraud Tips, yaddah, yaddah, yaddah. No one listens, cares or will do anything about it.

    Sorry, just letting off steam. No longer optimistic about working on this by myself.
  20. Garry

    Garry LoanSafe Member

    That's the problem Goldie, this stuff is so new the servicers have no clue. We need to keep hammering Fannie, make them aware, and inform the bank! I do agree with you now, also, about getting help and not trying to deal with the bank yourself. Stay positive though Goldie, this crap will get worked out.:)

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