Comments on: My Experience With The Making Home Affordable Refinance Program: Part 1 http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html Finances transformed by faith Sat, 21 Nov 2009 05:12:43 -0800 http://wordpress.org/?v=abc hourly 1 By: Brian http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-10229 Brian Mon, 12 Oct 2009 12:40:39 +0000 http://www.biblemoneymatters.com/?p=2939#comment-10229 My loan is through Countrywide and now BofA. Checked in August and found my loan was eligible for Making Home Affordable program. Called BofA in August and was told that my mortgage was eligible but their computer systems weren't setup for it yet and could I call back next month? Called in September, discovered that the woman I talked to was no longer employed there and got someone new. Same story about the computer system, "call back next month". Called last week, talked to someone new and was told that because PMI was built into my mortgage that I wasn't eligible for a modification. Has anyone else run into this? It seems like complete B.S. Ultimately the guy on the phone asked me if I had tried a "traditional refinance" at which point I laughed. I'm $50k in the hole because my equity has disappeared and don't have that much cash just laying around, so a "traditional refinance" doesn't work with me. I believe I'm screwed. Anyone have advice? My loan is through Countrywide and now BofA. Checked in August and found my loan was eligible for Making Home Affordable program.

Called BofA in August and was told that my mortgage was eligible but their computer systems weren’t setup for it yet and could I call back next month?

Called in September, discovered that the woman I talked to was no longer employed there and got someone new. Same story about the computer system, “call back next month”.

Called last week, talked to someone new and was told that because PMI was built into my mortgage that I wasn’t eligible for a modification. Has anyone else run into this? It seems like complete B.S. Ultimately the guy on the phone asked me if I had tried a “traditional refinance” at which point I laughed. I’m $50k in the hole because my equity has disappeared and don’t have that much cash just laying around, so a “traditional refinance” doesn’t work with me.

I believe I’m screwed. Anyone have advice?

]]> By: Lisa http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-10159 Lisa Thu, 08 Oct 2009 18:09:39 +0000 http://www.biblemoneymatters.com/?p=2939#comment-10159 After stringing us along for 5 months, Bank of America denied our home refinance through making homes affordable. According to the councelor we spoke with regarding the terms of the program, credit should not be an issue. However, Bank of America said they have their own requirements and after finding we had credit issues, denied our application. Does anyone know what my next step is? Should I just give up on the process or is there someone I should complain to about Bank of America not following the guidelines of the government program? Any info would be useful. After stringing us along for 5 months, Bank of America denied our home refinance through making homes affordable. According to the councelor we spoke with regarding the terms of the program, credit should not be an issue. However, Bank of America said they have their own requirements and after finding we had credit issues, denied our application. Does anyone know what my next step is? Should I just give up on the process or is there someone I should complain to about Bank of America not following the guidelines of the government program? Any info would be useful.

]]> By: Frustrated in MD http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-10017 Frustrated in MD Fri, 02 Oct 2009 02:38:29 +0000 http://www.biblemoneymatters.com/?p=2939#comment-10017 I'm also trying to modify/refinance under Making Home Affordable. I tried to modify my Countrywide loan (now BoA) over six months ago and got the runaround with BoA. BoA kept telling me I didn't qualify, so I contacted the HOPE hotline and attended their useless workshop. I also contacted CCCS who were also useless, although they did submit an online application to get the ball rolling on my modification, but that was back in August. I'm highly frustrated, but I found a great website in loansafe.org forums (under Countrywide thread) full of stranded homeowners with Countrywide/Bank of America going through the same run around. LoanSafe's forum has a great list of BoA direct contacts with their e-mail addresses to help out. For those who are getting stonewalled with their modifications, e-mail Barbara DeSoer, President of Bank of America Home Loans. I sent my e-mail and got a response/call the next day! Good luck to all, don't give up & check out the website at: http://www.loansafe.org I’m also trying to modify/refinance under Making Home Affordable. I tried to modify my Countrywide loan (now BoA) over six months ago and got the runaround with BoA. BoA kept telling me I didn’t qualify, so I contacted the HOPE hotline and attended their useless workshop. I also contacted CCCS who were also useless, although they did submit an online application to get the ball rolling on my modification, but that was back in August.

I’m highly frustrated, but I found a great website in loansafe.org forums (under Countrywide thread) full of stranded homeowners with Countrywide/Bank of America going through the same run around.
LoanSafe’s forum has a great list of BoA direct contacts with their e-mail addresses to help out. For those who are getting stonewalled with their modifications, e-mail Barbara DeSoer, President of Bank of America Home Loans. I sent my e-mail and got a response/call the next day!
Good luck to all, don’t give up & check out the website at:
http://www.loansafe.org

]]> By: Judy in California http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-9936 Judy in California Sun, 27 Sep 2009 20:33:52 +0000 http://www.biblemoneymatters.com/?p=2939#comment-9936 MY EXPERIENCE WITH BANK OF AMERICA! When I first heard about the making Home Affordable Program I wnet to the Govt. web site and found that we qualify for the program that is supposed to decrease your payment to 31% of your gross income.(We are at 45%) I then proceeded to call the bank and discuss it with them. They told me what documents they needed and gave me the fax #. I faxed all the docs and called them a couple of days later to check if they received them. They said no they had not and gave me another fax#. To make a long story short, after about a month of this run around I faxed 10 copies to each of the 5 fax #"s that were given to me and finally someone got one of the faxes! But they said that since we were current,nothing could be done and that we needed to be behind in our payments. Since we were going to be behind anyways(as soon as our savings was depleted in about 4 months) we stopped making our payments. We were 2 months behind and I called the bank. They said that they are reaching out to those who qualify via FedEx and we would just have to wait for the Making Home affordable package to come to our house(if of course we were qualified at all). Our house went into default and in our state we would have 60 days before the bank could put a sale date. We finally received the Fed Ex about a week after the default notice. Since we had been so thorough about getiing them ALL the Docs they needed, they had already configured a new payment which was around 31% of our gross. The trial Payments are supposed to consist of 3 and then they would calculate how to distribute the payment between PITI and HOA"s and send us modifation docs to sign. We have just made our 4th trial payment! When I call to find out what is going on with our mod , nobody in any dept. know anthing! The reps tell me that the workout dept.(whom are people you may not disturb) are working with Fanni Mae and are probably waiting on Fannie Mae's approval. What??? I ask. arent we already approved since we already have a set payment? No they say, in fact a lot of people that were originally given packages turns out do not qualify and are being given other options. These so called options are, paying the amount needed to become current and continue in your current loan, pay the whole loan off, or seek a realtor for a short sale!!!! Are you kidding me!!!!! What kind of assanine options are those!!!!??? The problem is that our Govt. is not holding the banks accountable for this program, and as a result, the banks do not have to answer to anyone! The customer has absolutely noone to turn to for help( not even attorneys) as this not a law but a "Program" and therefore no legal action can be taken. Shame on our Govt. for not following up on how the banks in the program are doing (dirty) business. MY EXPERIENCE WITH BANK OF AMERICA!
When I first heard about the making Home Affordable Program I wnet to the Govt. web site and found that we qualify for the program that is supposed to decrease your payment to 31% of your gross income.(We are at 45%) I then proceeded to call the bank and discuss it with them. They told me what documents they needed and gave me the fax #. I faxed all the docs and called them a couple of days later to check if they received them. They said no they had not and gave me another fax#. To make a long story short, after about a month of this run around I faxed 10 copies to each of the 5 fax #”s that were given to me and finally someone got one of the faxes! But they said that since we were current,nothing could be done and that we needed to be behind in our payments. Since we were going to be behind anyways(as soon as our savings was depleted in about 4 months) we stopped making our payments. We were 2 months behind and I called the bank. They said that they are reaching out to those who qualify via FedEx and we would just have to wait for the Making Home affordable package to come to our house(if of course we were qualified at all). Our house went into default and in our state we would have 60 days before the bank could put a sale date. We finally received the Fed Ex about a week after the default notice. Since we had been so thorough about getiing them ALL the Docs they needed, they had already configured a new payment which was around 31% of our gross. The trial Payments are supposed to consist of 3 and then they would calculate how to distribute the payment between PITI and HOA”s and send us modifation docs to sign. We have just made our 4th trial payment! When I call to find out what is going on with our mod , nobody in any dept. know anthing! The reps tell me that the workout dept.(whom are people you may not disturb) are working with Fanni Mae and are probably waiting on Fannie Mae’s approval. What??? I ask. arent we already approved since we already have a set payment? No they say, in fact a lot of people that were originally given packages turns out do not qualify and are being given other options. These so called options are, paying the amount needed to become current and continue in your current loan, pay the whole loan off, or seek a realtor for a short sale!!!! Are you kidding me!!!!! What kind of assanine options are those!!!!??? The problem is that our Govt. is not holding the banks accountable for this program, and as a result, the banks do not have to answer to anyone! The customer has absolutely noone to turn to for help( not even attorneys) as this not a law but a “Program” and therefore no legal action can be taken. Shame on our Govt. for not following up on how the banks in the program are doing (dirty) business.

]]> By: Leslie http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-9885 Leslie Fri, 25 Sep 2009 15:41:35 +0000 http://www.biblemoneymatters.com/?p=2939#comment-9885 I also wonder if any banks have the 125% program in place. My loan is also with Countrywide, now B of A. Program was supposed to be in place by 9/2009, but still isn't. I have a Fannie Mae backed mortgage so could take my business elsewhere for the refinance, is what I understand, so maybe I won't wait for B of A, but I don't know who IS ready to do the 125% program. I also wonder if any banks have the 125% program in place. My loan is also with Countrywide, now B of A. Program was supposed to be in place by 9/2009, but still isn’t. I have a Fannie Mae backed mortgage so could take my business elsewhere for the refinance, is what I understand, so maybe I won’t wait for B of A, but I don’t know who IS ready to do the 125% program.

]]> By: Suzanne http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-9848 Suzanne Thu, 24 Sep 2009 16:06:26 +0000 http://www.biblemoneymatters.com/?p=2939#comment-9848 Felicia- I have been in the process of applying for a loan modification through Sovereign Bank since May 2009. I call about once a week and was always told I was in "the final stage". About a month ago I was told my doc's are outdated and needed to resend the whole package updated. Like you, I seem to meet all of the qualifications. I was laid off from work, my husband is still employed. We have an outrageous interest rate of 7.75. We took this a few years ago to get out of an ARM. If approved for Obama's program we would be able to afford our payments. I am afraid that I have a false sense of hope and now after reading your experience with Sovereign I am wondering if we also have "pooled insurance". I've never heard of this, do you know how to find out if you have it? How was your experience of dealing with Sovereign for the loan mod? Felicia-
I have been in the process of applying for a loan modification through Sovereign Bank since May 2009. I call about once a week and was always told I was in “the final stage”. About a month ago I was told my doc’s are outdated and needed to resend the whole package updated. Like you, I seem to meet all of the qualifications. I was laid off from work, my husband is still employed. We have an outrageous interest rate of 7.75. We took this a few years ago to get out of an ARM. If approved for Obama’s program we would be able to afford our payments. I am afraid that I have a false sense of hope and now after reading your experience with Sovereign I am wondering if we also have “pooled insurance”. I’ve never heard of this, do you know how to find out if you have it? How was your experience of dealing with Sovereign for the loan mod?

]]> By: chitamonkey http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-9824 chitamonkey Wed, 23 Sep 2009 04:08:44 +0000 http://www.biblemoneymatters.com/?p=2939#comment-9824 My servicer is Chase. My loan is with FMac, but after having called numerous times regarding refinancing under Obama's plan, and they ignoring comp[letely or treating me bad because I actually pay my mortgage (so I do not qualify for hardship), I gave up. While calling many times my value cntinued dropping. By the time one representative quite casually accepted there is a program and asked my loan number said "can't do it. You are underwater now." They in fact lowered the value quite a bit. I know how much the neighbor sold a unit like mine just a couple months ago... Anyway. I said that I was willing to do a formal appraisal. HE said, "well actually still cannot do it because you got the loan through a broker originally" ???????? And he added "your broker might not even exist today." WRong. He does and I called him. He told me this is a total lie. It does not matter how you got the loan originally, as long as it is owned by FMac and serviced by this bank, this bank should do teh refinancing. ALl in all, I am stuck under water (now yes) with a loan by Chase. Stuck. My servicer is Chase. My loan is with FMac, but after having called numerous times regarding refinancing under Obama’s plan, and they ignoring comp[letely or treating me bad because I actually pay my mortgage (so I do not qualify for hardship), I gave up. While calling many times my value cntinued dropping. By the time one representative quite casually accepted there is a program and asked my loan number said “can’t do it. You are underwater now.” They in fact lowered the value quite a bit. I know how much the neighbor sold a unit like mine just a couple months ago… Anyway. I said that I was willing to do a formal appraisal. HE said, “well actually still cannot do it because you got the loan through a broker originally” ????????
And he added “your broker might not even exist today.” WRong. He does and I called him. He told me this is a total lie. It does not matter how you got the loan originally, as long as it is owned by FMac and serviced by this bank, this bank should do teh refinancing.
ALl in all, I am stuck under water (now yes) with a loan by Chase. Stuck.

]]> By: Felicia http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-9814 Felicia Tue, 22 Sep 2009 20:32:44 +0000 http://www.biblemoneymatters.com/?p=2939#comment-9814 I thought I had a good chance to qualify for the "Making Home Affordable" Refinancing program under the Obama administration. I don't have on blip on my credit. 2 of my credit scores are above 750 with one at 740 (This wouldn't prevent me from qualifying for the program but I would be entitled to better rates). My home value is at or below the balance on the mortgage (within the 125% principal vs value requirement) CHECK. My loan is owned by Freddie Mac, CHECK. And I am able to do the refinancing under my current lender, Sovereign Bank, CHECK. I was all set to go and change my rate from 6.6% to the low 5%'s. Until I got hit with something called "pooled insurance". No it's not PMI. It's some type of insurance that has nothing to do with the original 30 yr fixed mortgage I took out when I brought the home in 2003 or the 30 yr fixed refiinanced mortgage that I took out in 2007. Freddie Mac took this insurance out on my loan and grouped it with other mortgages. Just in case I defaulted or in order to trade it with mortgage backed securities (something like that). I don't really understand the particular details behind it. I just know I am not eligible to participate in a program that sounded perfect for my situation when I was a perfect candidate. What's the point of coming up with these programs if the rules are not uniform for Freddie and Fannie and there are additional loopholes that prevent someone with normal circumstances such as myself, from benefiting? I dont get it. I got all excited and wasted my time and energy for nothing. I'm highly upset and just plain pissed that I can't participate in this program b/c of something that is completely out of my control. This whole thing stinks. I thought I had a good chance to qualify for the “Making Home Affordable” Refinancing program under the Obama administration. I don’t have on blip on my credit. 2 of my credit scores are above 750 with one at 740 (This wouldn’t prevent me from qualifying for the program but I would be entitled to better rates). My home value is at or below the balance on the mortgage (within the 125% principal vs value requirement) CHECK. My loan is owned by Freddie Mac, CHECK. And I am able to do the refinancing under my current lender, Sovereign Bank, CHECK. I was all set to go and change my rate from 6.6% to the low 5%’s. Until I got hit with something called “pooled insurance”. No it’s not PMI. It’s some type of insurance that has nothing to do with the original 30 yr fixed mortgage I took out when I brought the home in 2003 or the 30 yr fixed refiinanced mortgage that I took out in 2007. Freddie Mac took this insurance out on my loan and grouped it with other mortgages. Just in case I defaulted or in order to trade it with mortgage backed securities (something like that). I don’t really understand the particular details behind it. I just know I am not eligible to participate in a program that sounded perfect for my situation when I was a perfect candidate. What’s the point of coming up with these programs if the rules are not uniform for Freddie and Fannie and there are additional loopholes that prevent someone with normal circumstances such as myself, from benefiting? I dont get it. I got all excited and wasted my time and energy for nothing. I’m highly upset and just plain pissed that I can’t participate in this program b/c of something that is completely out of my control. This whole thing stinks.

]]> By: William http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-9767 William Fri, 18 Sep 2009 22:48:57 +0000 http://www.biblemoneymatters.com/?p=2939#comment-9767 These stories just kill me to read them but like when a freakin hurricane hits, my eyes are glued to the cable news channel... I keep reading and reading and feel for the people writing them... I get more and more angry at the banks, the CEOs, and God forgive me for what I think about Hope and Change and its inventor! My second request for a loan mod to US Bank was denied because now I guess I don't meet some "Net Present Value" requirement. I'm happy because I wasn't even given a reason the first time they turned me down. OK........ what do we do about it? Its pretty obvious that there isn't help from anyone out there. The people who do claim to help will rip us off, lie to us, or at best... their hands are indeed tied and they know it. I was told about CCCS.... a credit card debt managment plan and their plan was actually more money per Month than my Mim balance due is... Ha Ha.... Oh Man. Is there any info, websites, anything on the law and how WE can use it in order to stay in our homes, maintain our credit accounts? I have never walked away from a debt in my life and I'm not going to start now but I'm certainly gonna try and make this a 2 way street again. There has to be a way. Good luck everyone. These stories just kill me to read them but like when a freakin hurricane hits, my eyes are glued to the cable news channel… I keep reading and reading and feel for the people writing them… I get more and more angry at the banks, the CEOs, and God forgive me for what I think about Hope and Change and its inventor! My second request for a loan mod to US Bank was denied because now I guess I don’t meet some “Net Present Value” requirement. I’m happy because I wasn’t even given a reason the first time they turned me down. OK…….. what do we do about it? Its pretty obvious that there isn’t help from anyone out there. The people who do claim to help will rip us off, lie to us, or at best… their hands are indeed tied and they know it. I was told about CCCS…. a credit card debt managment plan and their plan was actually more money per Month than my Mim balance due is… Ha Ha…. Oh Man. Is there any info, websites, anything on the law and how WE can use it in order to stay in our homes, maintain our credit accounts? I have never walked away from a debt in my life and I’m not going to start now but I’m certainly gonna try and make this a 2 way street again. There has to be a way. Good luck everyone.

]]> By: annie http://www.biblemoneymatters.com/2009/05/my-experience-with-the-making-home-affordable-refinance-program-part-1.html/comment-page-1#comment-9606 annie Thu, 10 Sep 2009 08:09:09 +0000 http://www.biblemoneymatters.com/?p=2939#comment-9606 My heart goes out to all of those homeowners who have been denied a MOD or REF .we have been denied since last Oct 08.we had to eventually stop paying just to get their attention.we are facing a sale date on our home on OCt 5 09 . during the process of a year we have been told nothing but lies.we do qualify for the Obama plan ,we did go thru hud councelors,we spoke to retention teams ,Hope and nothing. BofA (countryw) have untrained people answering and handling phone calls, making life changing decisions that affect everyone.All the empty homes in my block is sad to look at .My home will be next.Hang in there guys if you can get the help, well then you are that 1% out there.Its not the end of it ,but my prayers are with all those who have to leave and dont look back. God Bless u all. My heart goes out to all of those homeowners who have been denied a MOD or REF .we have been denied since last Oct 08.we had to eventually stop paying just to get their attention.we are facing a sale date on our home on OCt 5 09 . during the process of a year we have been told nothing but lies.we do qualify for the Obama plan ,we did go thru hud councelors,we spoke to retention teams ,Hope and nothing. BofA (countryw) have untrained people answering and handling phone calls, making life changing decisions that affect everyone.All the empty homes in my block is sad to look at .My home will be next.Hang in there guys if you can get the help, well then you are that 1% out there.Its not the end of it ,but my prayers are with all those who have to leave and dont look back. God Bless u all.

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