Escalating your Making Home Affordable Program request to the Office of the President

pmase

LoanSafe Member
Dec 3, 2012
12
0
0
I HAVE TRIED FOR OVER A YEAR TO GET A LOAN MODIFICATION SO I CAN KEEP MY HOUSE. I HAVE BEEN DENIED SEVERAL TIMES AND NO REASON. THEY KEEP GIVING EXCUSES AFTER EXCUSES AND NOT GIVING ME A REASON FOR DENIAL. jUST RECENTLY I GOT A LAWYER IN JULY OF THIS YEAR AND THEY STILL DENIED ME 2TIMES. WE FILED AGAIN AND THE CASE MANAGER FROM BAC SAID IT WAS DENIED CAUSE IT WAS PAST 12 MONTHS. SHE STATED TO TRY FOR THE HAMP PROGRAM BUT I HAVE A FEELING THAT I WILL BE DENIED AGAIN. I ALSO CALLED THE CEO OFFICE AND REQUESTED A NEW CASE MANAGER BECAUSE I DID NOT FEEL THAT SHE WAS BEING HELPFUL OR DOING HER JOB. I DON'T KNOW WHAT TO DO ... I HAVE A DAYCARE BUSINESS OUT OF MY HOME AND I HAVE NO WHRE TO GO. PLEASE ANY ADVICE WOULD BE GREATLY APPRECIATIVE. THEY JUST GAVE ME PAPERS FOR FORCLOSURE COURT AND WE HAVE 20 DAYS TO ANSWER. mY LAWYER AND MYSELF HAVE SENT AN ANSWER LETTER AND WE WILL BE FAXING IN A NEW MODIFICATION FOR THE HAMP PROGRAM AGAIN BEFORE WE GO TO THE SETTLEMENT CONFERENCE. I DON'T WANT TO DO BANKRUPCY. I REALLY WANT A MODIFICATION. MY MORTGAGE PAYMENTS ARE 1100.00 A MONTH BUT I ONLY MAKE 1859.00 A MONTH CAUSE I HAVE LOST BUISNESS DUE TO THE ECONOMY AND LOSS OF JOBS. I'M REALLY LOST AND I HAVE BEEN TRYING AT THIS FOR SOME TIME NOW AND THEY KEEP DENYING ME... PLEASE SOMEONE HELP.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
I HAVE TRIED FOR OVER A YEAR TO GET A LOAN MODIFICATION SO I CAN KEEP MY HOUSE. I HAVE BEEN DENIED SEVERAL TIMES AND NO REASON. THEY KEEP GIVING EXCUSES AFTER EXCUSES AND NOT GIVING ME A REASON FOR DENIAL. jUST RECENTLY I GOT A LAWYER IN JULY OF THIS YEAR AND THEY STILL DENIED ME 2TIMES. WE FILED AGAIN AND THE CASE MANAGER FROM BAC SAID IT WAS DENIED CAUSE IT WAS PAST 12 MONTHS. SHE STATED TO TRY FOR THE HAMP PROGRAM BUT I HAVE A FEELING THAT I WILL BE DENIED AGAIN. I ALSO CALLED THE CEO OFFICE AND REQUESTED A NEW CASE MANAGER BECAUSE I DID NOT FEEL THAT SHE WAS BEING HELPFUL OR DOING HER JOB. I DON'T KNOW WHAT TO DO ... I HAVE A DAYCARE BUSINESS OUT OF MY HOME AND I HAVE NO WHRE TO GO. PLEASE ANY ADVICE WOULD BE GREATLY APPRECIATIVE. THEY JUST GAVE ME PAPERS FOR FORCLOSURE COURT AND WE HAVE 20 DAYS TO ANSWER. mY LAWYER AND MYSELF HAVE SENT AN ANSWER LETTER AND WE WILL BE FAXING IN A NEW MODIFICATION FOR THE HAMP PROGRAM AGAIN BEFORE WE GO TO THE SETTLEMENT CONFERENCE. I DON'T WANT TO DO BANKRUPCY. I REALLY WANT A MODIFICATION. MY MORTGAGE PAYMENTS ARE 1100.00 A MONTH BUT I ONLY MAKE 1859.00 A MONTH CAUSE I HAVE LOST BUISNESS DUE TO THE ECONOMY AND LOSS OF JOBS. I'M REALLY LOST AND I HAVE BEEN TRYING AT THIS FOR SOME TIME NOW AND THEY KEEP DENYING ME... PLEASE SOMEONE HELP.
Attorneys are useless with the modification process and you might as well throw your money out the window. The help is free and if you have that type of income and monthly payment have you thought about going through a FREE service instead?

It sounds as though you have an FHA loan, is this correct? If you do have an FHA loan you can go through HUD, they would have the latest information about the process through FHA. FHA recently implemented changes that would help you if the reason for denial was due to the fact that you are more than 12 months past due and if you do have an FHA loan.

See if there is a HUD agency nearby you and if not then you can call one here;

U.S. Department of Housing and Urban Development (HUD)


Also when typing on the forum, please remove the caps lock as it appears that you are shouting at us.
 

dcloanmod

LoanSafe Member
Nov 10, 2012
4
0
0
Hi Cat and Michael, We were told by BofA we were not able to be modified. They said it appears we don't need assistance. The home is $200k upside down, we are two installments late on taxes (in order to pay the mortgage) and the loan payment increased $700 December 1st. We couldn't make the payment we had (including taxes) and now it is going up $700. I am very puzzled. Can you let me know how they are calculating the ratios? I would think being two installments late prior to the payment increase would show we need help, but maybe they really want this $200k upside down (and climbing since we are not able to pay taxes) home.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org

bradvancil

LoanSafe Member
Nov 20, 2012
22
0
1
OK, gotcha. then who are the e-mail contacts for in the previous e-mail. Which would be more successful in escalating my file to underwriting?? I'm still debating about calling them. My NACA file was just submitted. I'm not sure if I want to push it quite yet...any suggestions??? Thanks!
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
OK, gotcha. then who are the e-mail contacts for in the previous e-mail. Which would be more successful in escalating my file to underwriting?? I'm still debating about calling them. My NACA file was just submitted. I'm not sure if I want to push it quite yet...any suggestions??? Thanks!
They are contacts within the OOP. When you email the CEO directly, your file is given to one of those contacts to handle, hence, it isn't necessary to email them, but instead just email your situation directly to the CEO email.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hi Cat and Michael, We were told by BofA we were not able to be modified. They said it appears we don't need assistance. The home is $200k upside down, we are two installments late on taxes (in order to pay the mortgage) and the loan payment increased $700 December 1st. We couldn't make the payment we had (including taxes) and now it is going up $700. I am very puzzled. Can you let me know how they are calculating the ratios? I would think being two installments late prior to the payment increase would show we need help, but maybe they really want this $200k upside down (and climbing since we are not able to pay taxes) home.
I am so sorry to hear this has happened. Try contacting Michael directly and he should be able to go over your figures in detail and let you know where the issue lies. He can be reached here;

Email: [email protected]
855.678.6690 toll free
619.202.0044 local pacific time zone
760.821.1516 local pacific time zone
 

wonderlan

LoanSafe Member
Dec 3, 2012
11
0
0
Hi Mrs. Orlando,

I received a denial as well for the DOJ modification - saying my housing was affordable under the payment. I believe they are still using the gross - and 31%. Although I've read numerous times that they suppose to use 25% instead. I'm paying close to $1000 dollars for my house I paid $86k for 10 years ago at a steeping 8% which is increasing almost yearly.
 

InNeedofHelp

LoanSafe Member
Sep 8, 2012
95
4
8
Hi Cat, Michael and others here. I've read most of this thread and just wondering whether it would behoove us to write to the CEO or if you have another recommended route for us. Or, if you feel we should start a new thread, please move accordingly. TIA!

Our situation in a nutshell:

We're in CA. Had Countrywide then moved to BofA. Attempted loan mod since June 2009 (only made two payments in '09 after mod approval but nothing since). Our house is underwater about $400-500k (depending on if you tack on the missed payments). We were offered two in-house mods during this period; both of which just put what we owed on the backend, causing our payments to increase. In Aug of this year, we applied and were denied a DOJ mod w/this reason: "Your loan is not eligible for a modification because we cannot create an affordable payment without changing the terms of your loan beyond the limits of the program". This was after we filed Ch 7 bk because our sale date was 2 days away and although they said they put in for a postponement, we got nervous and filed. ****ed though bc the day after we filed, they did postpone after all. They denied us less then a week after we filed. Our BK has since been discharged. We are sitting on pins and needles waiting for a new sale date. We did not affirm the house but would like to stay if possible. We have a 2nd we don't plan on paying on. We may, at a later date, try to negotiate a settlement with them (but depends on how things go w/the 1st).

We applied for the IndependentForeclosureReview but won't know if we qualify until at least 2 weeks. Has anyone else done this with any success? (I may, if ok with moderators, ask this again in another thread).

What should we do right now? The person who helped with DOJ mod said we can go back to him after our discharge to "try again". We feel they've never really given us a true mod. But, with so much overage, is it even worth it to try to modify anymore? Or, should we just pack our things and wait till they give us a new sale date and move to a rental? Any advice anyone can give will be much appreciated!

Separate question: how do you calculate the percentages/ratios some people are talking about? (i.e., 31% or 37% of gross)? What percentage are we or should we have to be considered for the DOJ or any other mod? What is NACA?

Thanks again so much!
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hi Cat, Michael and others here. I've read most of this thread and just wondering whether it would behoove us to write to the CEO or if you have another recommended route for us. Or, if you feel we should start a new thread, please move accordingly. TIA!

Our situation in a nutshell:

We're in CA. Had Countrywide then moved to BofA. Attempted loan mod since June 2009 (only made two payments in '09 after mod approval but nothing since). Our house is underwater about $400-500k (depending on if you tack on the missed payments). We were offered two in-house mods during this period; both of which just put what we owed on the backend, causing our payments to increase. In Aug of this year, we applied and were denied a DOJ mod w/this reason: "Your loan is not eligible for a modification because we cannot create an affordable payment without changing the terms of your loan beyond the limits of the program". This was after we filed Ch 7 bk because our sale date was 2 days away and although they said they put in for a postponement, we got nervous and filed. ****ed though bc the day after we filed, they did postpone after all. They denied us less then a week after we filed. Our BK has since been discharged. We are sitting on pins and needles waiting for a new sale date. We did not affirm the house but would like to stay if possible. We have a 2nd we don't plan on paying on. We may, at a later date, try to negotiate a settlement with them (but depends on how things go w/the 1st).

We applied for the IndependentForeclosureReview but won't know if we qualify until at least 2 weeks. Has anyone else done this with any success? (I may, if ok with moderators, ask this again in another thread).

What should we do right now? The person who helped with DOJ mod said we can go back to him after our discharge to "try again". We feel they've never really given us a true mod. But, with so much overage, is it even worth it to try to modify anymore? Or, should we just pack our things and wait till they give us a new sale date and move to a rental? Any advice anyone can give will be much appreciated!

Separate question: how do you calculate the percentages/ratios some people are talking about? (i.e., 31% or 37% of gross)? What percentage are we or should we have to be considered for the DOJ or any other mod? What is NACA?

Thanks again so much!

NACA is a Non Profit HUD certified counseling agency that helps homeowners with either modification programs or purchase programs you can read more about them here;

https://www.nacalynx.com/nacaWeb/refinance/homesaveProgram.aspx?language=

As far as calculations go:


Monthly Mortgage Payment:

The monthly mortgage payment used in calculating any monthly mortgage payment ratio in either HAMP Tier 1 or HAMP Tier 2 includes the monthly payment of principal, interest, property taxes, hazard insurance, flood insurance, condominium association fees and homeowner’s association fees, as applicable, regardless of whether these expenses are included in the borrower’s current mortgage payment. It also includes any escrow payment shortage amounts that are subject to a repayment plan.

The monthly mortgage payment does not include mortgage insurance premium payments or payments due to holders of subordinate liens.

Monthly Mortgage Payment Ratio:

To qualify for HAMP, Tier 1, verified income documentation must confirm that the borrower’s monthly mortgage payment ratio prior to the modification is greater than 31 percent. For HAMP Tier 1, the monthly mortgage payment ratio is the ratio of the borrower’s current monthly mortgage payment to the monthly gross income of all borrowers on the mortgage note, whether or not those borrowers reside in the property.

If the borrower’s monthly mortgage payment ratio is less than 31 percent, the borrower is not eligible for HAMP Tier 1 and the servicer must consider the borrower for HAMP Tier 2.

In the case of HAMP Tier 2, the borrower’s post-modification monthly mortgage payment ratio (also called a debt-to-income ratio or DTI ratio) must be greater than or equal to 25 percent and less than or equal to 42 percent (Acceptable DTI Range). In HAMP Tier 2, the DTI ratio is the ratio of the borrower’s modified monthly mortgage payment to the monthly gross income of all borrowers on the mortgage note. If the borrower is seeking to modify a mortgage secured by a rental property, the DTI ratio is the ratio of the borrower’s total housing expense to the monthly gross income of all borrowers on the mortgage note including any net rental income from the rental property being modified.

If a borrower being considered for HAMP Tier 2 has a modified DTI ratio that is outside the Acceptable DTI Range, the borrower is not eligible for HAMP and the servicer must send the borrower a Non-Approval Notice, and consider the borrower for alternative loss mitigation options.
 

InNeedofHelp

LoanSafe Member
Sep 8, 2012
95
4
8
Cat...sorry for the delayed reply. I didn't know I had a message.

Thank you so much for the detailed explanation of calculating ratios. That is so helpful!

Question - would I need to include the arrears in calculating the ratio? If so, how would I get the monthly amount for that? Would it be based on how many years we have remaining on the loan? Thanks again!
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Cat...sorry for the delayed reply. I didn't know I had a message.

Thank you so much for the detailed explanation of calculating ratios. That is so helpful!

Question - would I need to include the arrears in calculating the ratio? If so, how would I get the monthly amount for that? Would it be based on how many years we have remaining on the loan? Thanks again!
I have seen in the other threads you have posted in that you are 95 percent sure you want to walk. The issue you are going to keep running into with being two years past due and around 500k underwater is the reason they are giving about not being able to create an affordable payment while staying within the guidelines. They can only forbear a maximum of 30 percent and that is after capitalizing the arrearage.

There is an online NPV calculator that you can use to check your figures here;

Understanding Net Present Value (NPV)
 

InNeedofHelp

LoanSafe Member
Sep 8, 2012
95
4
8
Thank you for that Cat! We figured that too :-( but was hoping they may consider helping us. We knew it's a long shot though. I truly appreciate you being honest and trying to help us! Thank you also for the NPV link. Will check it out.

Thanks again! Have a safe and fun New Years Eve :)