Poll: Current or Late Payments to Get Loan Mod

#21
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! :)
May I ask what this did to your credit rating? Don't mean to be nosey but I am concerned about this.. thanks so much !
 

Jim B.

LoanSafe Member
#22
I have been on the phone all day with Countrywide/B of A Home retention department trying to qualify for a loan modification. I have a 5 year pay option Arm that payment is 2700. per month with 325 per month escrow impounds for property taxes.
My sitruation is: Both my wife and I are Residential Realtors. It has been extremely rough since January 2009, it has been like we have been un-employed for 6 months, making just enough money to feed ourselves and pay utilities. As of June 1st the Realty business is improving and we are becoming solvent again, however our home has depreciated approximately $100,000. I applied for Social Security to help even out the monthly income. I spoke with a Home Retention specialist with BofA today and they fed this info into their "calculator" or software program: My income from Real estate, combined with my Wife's income and social security is approximately $5400 per month, personal expenses are $1493. and my existing housepayment is $3000. per month (inc. taxes). This leaves a positive $907. per month after expenses. They fed the information into the computer, did not take into concern my home has depreciated over $100K and said I do not qualify for the making home affordable program. I even offerred to bring $6.000 to the table and they said I still do not qualify for any modification. What income, expenses and contribution will allow me to qualify for a loan, anyone know?? What is the MAGIC Formula??

Also, it sounds like NACA is a big hep in getting modifications done. Would you recommend that I contact NACA and go through them, rather than B of A? Does NACA look at more factors to see if a homeowner qualifys for a modification and in partithe Making Home Affordable Mod.

Also, I would appreciate best numbers to contact NACA.
 

patnj

LoanSafe Member
#23
Hi

I was 2 months late when I first applied back in December 08. I received my mod paperwork in Febraury but it was just all finalized last week. They reduced my interest from 6.25 to 3.25 for 5 years then it will climb again. I did not use NACA. I am going to go back to them next year for a permanent solution as recomennded by NACA whom I brought my mother to in May. They submitter her proposal at the end of May and we have not heard anything from them or CW. She should qualify for the 2% interst rate. She is also current.

Has anyone who wernt through NACA had any luck with Barberas office? I sent an email on behalf of my mom and they told her they knew nothing about her mod and to call NACA.
 

pyeatpr

LoanSafe Member
#25
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.

1. Yes.
2. I stayed current during the entire process
3 My APR went from 7.74% fixed to 5.45% Fixed
 

katita

LoanSafe Member
#26
Hi I know for sure that they want only 200 to 250 at bottom line,,,if you show them you have 900 at end of the month they assume you are still able to make your payments, Unfortunately you have to make it up ...you can call again and say your expenses have changed and now this is your real picture...please re evaluate my case"...tell them your expenses can get more adjustments you've done all you could...
 

stamber

LoanSafe Member
#27
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:

Hi CF Wash

How did you contact Barbara and what was your request to her? Thanks in advance.
 

Garry

LoanSafe Member
#29
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.
I tried to get help starting in December while I was current and was denied at least 10 times over the phone. I was told that the only way I could get the bank to pay attention was to get 3 months behind, so I stopped paying both banks. I still was not getting any help and had given up on it after countless phone calls and the house went into foreclosure. Out of the blue, in mid July I received a Fed-Ex package containing my Making Home Affordable mod trial offer.
 

Miche400

LoanSafe Member
#30
This is my 1st time posting. I've been reading so much and appreciate the information I'm finding here!

After our first income reduction we were 2 months late. Comparing our bills and income they said they couldn't help because there wasn't enough of a difference.

Our next payment was made by leaving other bills unpaid. This caused threats from the gas and electric companies. BoA couldn't help now because we weren't far enough behind.

After another reduction the mortgage moved to 3 months late and they began threatening us with foreclosure. There is no help available this time because we are too far behind.

Calling again they have nothing to offer us because the mortgage is already approved by FHA and HUD. The only suggestion is to borrow money or withdrawing from my 401 plan. Neither is possible.

It's now 4 months, we'll be meeting with NACA this Sat., 8/15.
 
#31
Definitely 3 months late before I was considered and approved or a loan mod! To those guys who got a loan mod and was current the whole time. I'm pretty sure they've been really diligent in calling and pursuing the bank. I just got tired of it. I stopped paying and they started calling.. although I still have to pursue them, but this time my calls were getting transferred to the correct department wherever that is. Emailing Barbara is really the fastest route, specially if you're willing to meet the bank halfway.
 

rozuki

LoanSafe Member
#32
I started my journey Oct 08, calling various depts at the bank, explaining my hardship...but because I was paying each month...got nowhere with CW/BofA. More than one rep said I would only receive a decent mod when I became 2 months late....so I stopped paying mortgage in March 09. Never once received a phone call from CW/BofA.

Finally got my loan mod, after going with NACA, in June 09...took 54 days. Went from 10.55% to 2% life of loan.

The whole process was mentally and physically exhausting...I just hope that somehow when I am ready to sell in about 10 yrs that my house sells for more than I owe!!
 

dozendogs

LoanSafe Member
#33
They won't talk to me about a loan modification because I am and have always been current on my payments. I was told that their criteria is in constant flux and to try again in a month. Even though I haven't paid my HELOC since 1/09 or credit card debt since 12/08.
 
#34
Hi
I saw your post about EMC.
No one here mentions EMC anymore -just Chase- but my contact info on my statements are still EMC and when I call Chase they do not have it yet.I still have to deal with EMC Have you tried to modify?
Thanks!
Connie
 

MrBreach

LoanSafe Member
#35
They won't talk to me about a loan modification because I am and have always been current on my payments. I was told that their criteria is in constant flux and to try again in a month. Even though I haven't paid my HELOC since 1/09 or credit card debt since 12/08.

I can't believe they can just change up their criteria as much as they do..

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whynot

LoanSafe Member
#36
I am current. Eventhough i was told i need to be behind (several months ago). I called NACA and got the ball rolling with them. I'm still not approved, yet, but i do feel that its moving faster with naca at the table.

I tried telling them that missing a payment will hurt us in so many ways (credit card interest rising). but we'll see.

If they say "NO", I'll just ask Why not and try again, and again and again. someone will give in.
 

cageycruz

LoanSafe Member
#37
Tried working with CW in Oct 2008. Got no where. In Jan 2009 paid Grander Financial to do loan mod for me. Was told in Mar my application was being considered by "The Obama Team" and expect answer in 60-90 days. Mar was told I didn't qualify and was being considered for another program and expect an answer in 60-90 days. Aug my file disappeared from the website. Grander said they're giving up and refunded my money.
They mentioned that people that were behind are "going to the front of the line."

Always stayed current and after 12 months nothing.

Now trying 2 different tracks: one with an atty and also have signed up for the next NACA workshop.

My situation might be different because it's a jumbo loan over $729k and the property might not be upside down (depending on whose appraisal you believe). We're looking at paying the loan down to get it under $729,750. My salary was cut 53% in Dec 2007. I'm holding on, still current, but won't be much longer.

Great info at this forum, thanks.
 

kura52

LoanSafe Member
#39
Love the forum and have learned so much!

I am current on my pay option arm loan, taken out in sept 06
Filed chapter 13 bankruptcy oct 07, mortgage is paid outside of bankruptcy
started initial mod request by making phone calls in dec 08. Hardship letter
stated in a nutshell that I want out of my pay option arm, am in Mich and aware that Mi was part of the AG settlement for these toxic loans. Income reduced due to chapter 13 repayments. Very concerned over negative amm that has accrued on my loan.
Officialy faxed docs on March 18 09. Included letter from lawyers office stating "ok" for me to deal with countrywide on this issue as mortgage is paid outside of bankruptcy.

Docs showed up on BOA website the next day. Web site also stated "your request for assistance is under review" Oh boy! Also stated I should hear something by june 12 09. Workout stage stated "processing"

called to check status April 9 and again April 15.basically just told they are behind.
Assigned negotiator on May 14. Yolanda was her name. she was quite pitiful in her knowledge of anything! Also extremely difficult to reach. she did not have voice mail. I just had to keep trying until i caught her!
spoke with her May 15, was told my invester was fannie mae. She states I was only eligible for HASP program because i was current. (I am still not quite sure what the difference between HASP and MHA is??) She stated with Hasp there is no "loan mod" (HUH?) then rattled on that they put you in a 3 month probation to see if you can make your payment which would be half of what I was paying. (that did not make much sense either to me...I was paying the min payment on my POA loan, which is $969.00. then she rattled that hasp was not finalized yet, and that BOA was looking at june 4 for a start date. she also could not give me a clue about what interest rate I'd be offiered.

Reached Yolanda again on July 1 . she tells me this time that HASP is MHA. Then she tells me they have determined I do not qualify! When I asked her why she said she she did not know. I asked her if it could be because I make too much money. She said, "that could be" what an idiot! Then I started going on about the AG settlement with the Pay option Arm loans, & that this was predatory lending on CW's part. I told her i had an article and other info I would like to fax to her supervisor to review as I was certain i was correct that they MUST work with me to get out of this toxic loan. she put me on hold; checked with her sup, then said fax the info, and that her sup said "if we are supposed to work with you to get you a fixed rate loan, then we will do just that". SO, I was a bit encouraged and faxed my info!

Low and behold, on July 14, per BOA web site, I am now approved for a loan mod!
I then called BOA bankruptcy dept (i like to switch departments at time, as i learn new interesting things when I switch from Bankruptcy to home retention!..always different stories from each area) I talked to Ashley who stated i have been re assigned a negotiator who is "over seas" his name is Reiaz Ahmed.She said at this point BOA has to present my "offer" whatever that is...to the investor/Fannie Mae for approval.She said I cannot call or e mail Mr Ahmed. and that if i dont hear anything by sept 14, then call back.
i tried several other times to get someone from bankruptcy or home retention to give me Mr Ahmed's contact info to no avail. But I did get a John from Bankruptcy to e mail him on my behalf; asking for him to call me. Never heard from him. I tried emailing him myself via the format we all know, even reversing his name and a few other tricks, all tries came back undeliverable.
NEXT STEP: I am preparing an e mail to Barbara Desoer that will go out first thing this Monday Sept 21st. I will be copying it to the Mi attny general also.
 
N

nativelasvegan

Guest
#40
1.Were you current? Yes. But will not make September payment due to the overwhelming number of people who are getting help because they are behind in payments. This is killing me to ruin my credit but I can't take it any more.
2.If Late on payments, how many months late before Bank of America offered a Modification Not late yet but will be on 10/1.
3. How much of a modification were you given? Reduction in interest rate and or reduction in principal? On 7/21 I was offered 2.37 fixed for 5 years, $2123.50 three monthly payments in the trial period, $1487.77 after the 3 months. <o:p>
</o:p>
Working with Jeff Momo in the Simi Valley office. He has no idea when the modification documents will be sent. Neither does his supervisor or anyone else I can get to talk to me. Sick of this #*%(. Told Jeff I couldn't make payments, he sent me a forbearance/repayment plan. Decided not to sign it/not going on this program. I'll just stop paying until they decide to offer me the documents containing the terms they told me they would give me.