Poll: Current or Late Payments to Get Loan Mod

davejet

LoanSafe Member
Trying to take poll for those successful with Loan Modification with Making Homes Affordable Prog with Bank of America/Country Wide

Please reply if you received a Modification Paperwork.

1.Were you current?
2.If Late on payments, how many months late before Bank of America offered a Modification
3. How much of a modification were you given? Reduction in interest rate and or reduction in principal?

This will help everyone out who is stretching to make payments which it might be better to miss payments.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
OK, I'll make this a sticky post for now and see if we can get some members to post the info you seek.
 

itscatnip

LoanSafe Member
Trying to take poll for those successful with Loan Modification with Making Homes Affordable Prog with Bank of America/Country Wide

Please reply if you received a Modification Paperwork.

Were you current? Yes

How much of a modification were you given? Reduction in interest rate and or reduction in principal? reduced from 10.3 to 3.375 with NACA. payment went from 3900 to 2251 (inc. escrow)
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
GREAT! Thanks for participating!
 

megfire

LoanSafe Member
Fell behind with Countfywide Nov08 paid in Dec08.
Finally had to close doors on my business Jan09
No income, some small side work allowed me to make 2 payments in march09
Found employment apr09 about 75% of what I was making in my business
That brought me current to Feb09, in communication whole time with CW
Couldnt make any payments in Apr09
Sent payment May1,09
Was returned unchashed on June 5, on BoA letterhead, just as I was set to send 2 more payments.
Called Jun5th submitted fincncials to Bof A was told not to send payments but to hold on to them
many calls to Bof A in June was told a package was comming to us for a Mod.
Jul 3 received Summons, Lis Pendens for forclosure. (guess that was the package they were sending.....)
Finished app with NACA Jul8, and was submitted to Naca negotiator.
So far CW/BofA usless, NACA called back when they said theywould helped me through the process and submitted me in less than 3 weeks. Now we just wait......and buy bullets.......JK (I think)
Still have to respond to summons though. We are asking Judge for a 45 day delay in hearing so process can work.

Will post details of mod and rate when package comes through ...but what NACA proposed was a payment that was the same 1,560 but included escrow for taxes and insurance, about a 600 per month savings
Soooo....CW/B of A current or late THUMBS DOWN. NACA so far THUMBS UP. BTW found out about NACA here
Good Luck
 

rozuki

LoanSafe Member
Here are my details:
I contacted CW/BofA 10/08 with hardship of divorce and stbxh 50% pay cut
Finally received loan mod paperwork from CW/BofA 2/09 (3 separate mods - all unacceptable to me)
Made 2/09 payment 1 day after the grace period...so that was start of being late
CW/BofA stressed that decent loan mod would not happen until at least 60 days late with mortgage
Found this website in 2/09 and learned of NACA
No payment made March, April, May, June
Submitted to NACA 4/15/09
Approved 6/10/09
Original mtg 10.55% ARM down to 2% fixed for life of loan
24K added to principal to cover the 4 payments missed and 1/2 year taxes
PITI went from 6371.48 to 2855.71
Credit rating destroyed by CW/BofA reporting 90 day default in mortgage payments
Sent in new loan mod mtg payment amount 6/25 for July 1 due date
As of 7/11/09 it has been received but check still not cashed and still having issues with
information being updated correctly on the website
 

megfire

LoanSafe Member
rozuki,
When you got your mod did you have to pay any money or just the first payment due for the mod
 

rozuki

LoanSafe Member
Megfire,

I did not send anything in with my loan mod paperwork as it stated $0.00 due when returning the docs (they were due back by 6/23). The first new payment amount was due July 1st. I mailed it separately to the address indicated on the loan mod paperwork a week before it was due...still waiting for BofA to cash it....three weeks after I sent it in!
 

cobra

LoanSafe Member
Was 7 months late due to unemployment.
This is what got for me from CW.

2.25% fixed for life(28 iears) Down from 8.65% Adj. *would have adjusted in 2012,
Payments went from $2,550 per mo. to $1,503
Late payments and escrow capitalized to end of loan.
No principle reduction (Didn't expect one).
No funds due with loan mod.
First new payment was July 1

Cobra...NACA and this forum helped me save my home.
 

motomom

LoanSafe Member
Have not made June or July's payment.
Submitted hardship letters and pay infor in June
Told we qualified for home affordablility plan due to income
They told us we would recieve a 2% interest rate fro life (was 6.375)
payments missed will be added to end of loan
This will take our payments from $1704 down to $1085
 

slateman100

LoanSafe Member
1.Were you current?
Yes, I was current.
2.If Late on payments, how many months late before Bank of America offered a Modification.
N/A
3. How much of a modification were you given? Reduction in interest rate and or reduction in principal?
My mortgage was changed from a 7% 5-year Pay Option ARM (worst mistake I ever made) to 5.2% 30 Year Fixed.
 

LRH1006

LoanSafe Member
1. Yes, we are current.
2. N/A
3. Modification given: from 7.75 (fixed) to 2.0% for life of loan. Essentially, our payments were cut in half.

Thanks for putting us onto NACA.
 

FLgata

LoanSafe Member
I tried to get a loan modification directly from CW in July 2008. My loan was an ARM at 9.5%, due to increase to 10.625% in January, 2009. THEY WOULD NOT WORK WITH ME BECAUSE I WAS CURRENT. I stopped making payments in October 2008. I signed up with the NACA in December 2008. In March 2009, I received an approval email informing me that my loan had been restructured to a 2% fixed for the life of the loan. I went eight months without making a payment. My first payment was due June 1st (no upfront monies needed for modification, but missed payments were tacked onto principal). My payments had been $2384 each month (always sent $2500 when I was paying) and my new payments are $1434 (including taxes and insurance). I could have never done this without the help of this forum and the efforts made by the NACA. THANK YOU LOANSAFE! :)
 

chrisb

LoanSafe Member
1. Were you current?
At the time NACA submitted I was, the next month I could not afford to pay ( my wife lost her job, could not afford it on my own)

2. If late on payments, how many months late before Bank of America offered a mod?
I was submitted on 4/16, still current, did not pay may, received approval email in June, so technically 1 month.

3. My mod was from 6.25% ARM @$2271.00 a month to 2% fixed @1,596.00 for the life of the loan. No principle reduction:( First payment due Aug 1st, no money upfront.

I am eternally grateful for this forum and NACA, and all of the nice people who post on these forums.:D
 

LHarveyMadman

LoanSafe Member
1. I was current when I requested and received my mod from B of A.

3. My interest rate was reduced from 6.25% interest only to 3.25% P&I for 5 years, then back to 6.25% P&I for the next 25 years. Principal remained the same. Payments were reduced from ~$3600 (interest only) to $3000 (P&I combined).

I'm very happy with this outcome.
 

rng0599

LoanSafe Member
3 Months Late when requested Mod from BOA
Recieved mod paperwork taking me down from 6.25 to 5.5%
This lowers my payment by 30 dollars
This is an unacceptable outcome.
I used a third part to help. They did not negotiate very well.
I am calling BOA mitigator today to see if I can sway his decision.
I will just be late again in 3 months........
 

klynn72

LoanSafe Member
1. no we were not current.... last payment we made was Oct 2008.

2. filed a request for mod on 12/15/2008, was told it would take 90 days to process. Followed up weekly and on 3/13/2009 we were denied a modification. Hired an attorney on 3/17....completely independent of the attorney on 3/19 we received a loan mod agreement, it was a 10 year step-rate deal which we rejected. Attorney took over, I didn't talk to the bank for months (it was kind of nice).....got an offer for a 4.5% P&I fixed rate for 5 years then it would convert to 7.1%.....we rejected that offer. We wouldn't be able to refinance in 5 years and didn't want the 7.1% rate when much better rates were now available. I should add that my attorney strongly urged us to foreclose because are upside down. I told him I couldn't rent for much less than $2,300 and that I wanted to stay in my house as long as I could afford the mortgage and that I didn't care about being upside down.....he said he would go back to the negotiator with that.

3. Finally got 3% interest only for 5 years then it will convert to a P&I fixed rate of 5.25% for the life of the loan. They tacked the interest for the last 10 months to balance on the loan and split the late fees with us.....we provided a cashiers check for that with our notorized documents.

My husband has since be hired by the LAFD....we are confident that the job security and the fact that we know his salary will be at least $25,000 more in 5 years will pull us through just fine. Essentially our mortgage went from $3,200 to interest only of $1,500 to convert in 5 years to $2,700. Just glad to have it all behind us and I get to keep my children in the only home they have ever known....YEAH!!!
 

CFWash

LoanSafe Member
Hi All!

Yes I was late

5 months late, applied for a loan mod in Mar 09. never heard anything till I sent that e-mail to Barbara (things sure quickly progressed from there) recieved and approval on July 17 09.

reduces interest from 6.5% fixed to 4.5% fixed for 5 years then increases to 5.5% for the life!

Payment due Sept 1st reduced by $286.00 month

**I was also offered a MHA mod via fedex - thought at the time I thought they were the same, after I signed above approval, I was called and approved for the MHA as well!! Does the confusion ever stop? :rolleyes:
 
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