Here’s who I am:
I love God, Jesus Christ and the Holy Spirit. Believer in MIRACLES. Thankful for blessings and aware that when knowledge is given, much is required and I am ready to fulfill my purpose driven life. Happily married to my soulmate and love of my life, Oscar, and together for 21 years. I am a proud mother of 5 amazing kids 26 Christina, 23 Josh, 21 Jen, 15 Jason, 14 Jake. I love my Costa Rican mother Maria who raised me as a single mom and showed me a strong work ethic. Involved and have a passion for Real Estate, Title, Mortgage, Consumer Advocacy and Business for the last 26+ years. Love my Jack Russel “Jack”. Advocate, #1 Bestselling Author of 2 #1 Bestselling books, Save Your Home, and Fight For Your Dreams with Les Brown, Blogger on askaloanmodguru.com and The Huffington Post and an ovarian cancer survivor.
Here’s Who I help:
Homeowners that want to be their own best advocate. Homeowners that want to reclaim their power and voice. Homeowners facing foreclosure, Homeowners that have been incorrectly denied for loan modification, Homeowners with a Save Your Home mission. Through my blog, do it yourself service site, theloanmodguru, and my 334 page resource book, Save Your Home and I also help the Ovarian Cancer cause by supporting the National Ovarian Cancer Alliance when I donate 10% from the proceeds of my retail book sales.
Here’s how I help them:
Super passionate about about empowering homeowners with the right information to help them reclaim their power and voice to become their own best advocate, Fight for Their Dreams and Save Their Home. Through my various sites I provide inspiration, a positive outlook, accurate information, resources, Do it yourself strategies and solutions if you are ready to fight back and your choice is to Save Your Home.
Loan Mod Guru
Anna Cuevas
How Does an Award Winning Ex-Bank Executive Turn into America’s Loan Modification Guru?
If there was a superhero in the loan modification industry, Anna Cuevas would be it… cape and all. Proudly helping thousands of people save their homes and overturning countless foreclosures, Anna is a power-punched, fiery woman with a “take no prisoners” mentality. Her temerity in surviving ovarian cancer is just one more stripe that has fueled her into becoming an advocate for homeowners nationwide.
America’s Loan Modification Guru
She has become the symbol for empowerment and a guardian to thousands of fearful
homeowners that are faced with the hardship and stigma of losing their home.
Providing a powerful resource and toolbox to guide homeowners in the right direction,
she offers: proven step-by-step solutions, has taken the guesswork out of the
application process, deciphered the legal jargon, and unveiled insider secrets. With
Anna on their side, homeowners can now replace stress and agony with viable ways to
fight back.
A Trusted Advocate for Advocates
Noting the overwhelmingly misguided information blanketing the media, Anna is no
stranger to the countless stories of homeowners being advised that foreclosure is their
sole option. She lights up knowing that most are not even aware of their rights and are
inaccurately declined by banks.
Anna equips people with the educational fortitude to climb out of the victim trap, and
in doing so, has become a trusted advocate for advocates. Her brazen approach
teaches homeowners to be one step ahead of the banks, defend their homes, and stop
foreclosure. With consumer strategy training, she endorses homeowners to be their
own best advocate. She has held the hand of the everyday man, from attorneys, single
moms, police, to ice cream truck owners. Her gift in helping others has garnered rave
reviews echoing the same words over and over again: “Thank you so much. I didn’t
know I could fight back.”
She is a featured blogger for The Huffington Post, contributor for Ezine and
Articlesbase, founder of Ask a Loan Mod Guru, featured in FUSEing Families
Magazine, and is seen on the online TV show Main Street Marketing Machine. Anna
is author of “Save Your Home, Without Losing Your Mind or Your Money” and is cowriting
the book Fight for Your Dreams with Les Brown, as well as launching a “Save
Your Home” grassroots movement dedicated to empowering homeowners across
America.
Her slogan, “Expect only miracles and question authority,” has become a mantra for
thousands coast to coast. She has personally answered over 3,000 blog posts from
suffering homeowners seeking guidance and helping to reverse the powerlessness
behind foreclosure. Caped and soaring high, Anna’s mission is to transform
homeowners into proud crusaders with the knowledge and strength to become their
own superhero.
Hi Anna
I am unable to open the report that was emailed to me. It is listed as a .pages document.
Is there another version to send? We think we are on are way to a denial. My husband had to cash in some stocks for us to meet our monthly expenses. We were in the underwriting process in December, and when I called to find out when the final paperwork was to be sent, they said it went back to Freddie Mac for 1 last try. They said it was because one of our checking accounts had 5800 in it…. I am starting to wonder if they just were telling us that we were approved all along knowing we wouldn’t be approved. We are with citimortgage.
any help you can send out way would be greatly appreciated.
Paula Lanning
Hello Paula – I will email you the PDF version in a few minutes. What is your timeline? Are you currently behind? Do you already have a notice of default or a sale date? Did you only have the trial is that what you meant about them telling you you were approved or did they actually say you were approved for the permanent modification? The process of the HAMP is that after you are finished making the 3 trial payments then they send it to the investor for approval depending on how it scores on their NPV Net Present Value calculator or other guideline requirements. If your bank account shows over 3 months of mortgage payments available you could be denied but that DOES NOT have to be the end of it. You must get the details of the denial as of 1/01/10 – get them to go line by line, and then fix it and reapply. Also, Citimortgage has other in-house modifications that are pretty good too so don’t despair GOD has a plan for you and sometimes it takes patience but in the end you will be victorious.
it is normal for this HAMP process to take this long and to be sent to the investor for final approval – this is the government and lenders we are dealing with – they are short staffed and over worked -things are taking longer than anyone would anticipate. Being aware of this going in can help avoid unnecessary frustration during your while you wait.
Reasonably Foreseeable (Imminent) Default
A borrower who is current, contacts the servicer for a modification, appears potentially eligible for a modification, and has suffered an eligible hardship (as described above) must be evaluated using the imminent default screen set forth below. This screen must also be used to evaluate such borrowers who are in default but less than 30 days delinquent.
IF YOU ARE NOT BEHIND THIS IS THE GUIDELINE THEY USE ON SAVINGS:
The borrower’s cash reserves are less than three times the current monthly mortgage payment, including tax and insurance payments (using estimated payments if the mortgage loan is not currently escrowed). Cash reserves are liquid assets the borrower has available for withdrawal from any financial institution or brokerage firm, including checking and savings accounts, certificates of deposit (even if held for an extended time), mutual funds, money market funds, stocks or bonds.
Hi, I have been reading your webpage for awhile. Thank you for being so generous with your knowledge and time.
I started last year for a loan mod with Bank of America first they gave a quote to pay and said they would send packet so I did, I payed the first month and to no avail no packet they reported me late. I caught up my payment the next month because I never recieved any thing and they ruined my credit. Can you offer any sugestions to clear this up. Bank won’t do anything.
Hi Heather – I am glad you have found “our” site –
welcome. I am here for you.
So where are you in the loan modification process? Are you just wanting to fix the credit issue? If so, I would write to the 3 bureau’s and dispute the late – you can definitely fight it, I can guide you further but I am not sure if this is your question to me – let me know.
Mark 9:23 Jesus said to him, “If you can Believe, all things are possible to him who Believes.”
Expect Miracles,
Anna
Hello. After accepting a 3 month forbearance from our loan servicer (Cenlar) we are in the process of filling out our the HAMP application. When calculating our gross monthly income, do we include items such as shift pay, oncall pay, bonus pay, etc.? The reason I ask is because going forward, it is likely I will no longer receive this pay as I am changing shifts. This would impact front/back end DTI greatly and may be the difference in qualifying as including this pay would drop our front end DTI below 31%. Also, what is the required back end DTI to qualify for HAMP. Thanks!
Hello Tony – First of all who is your investor Fannie Mae or Freddie Mac – the servicer is under orders from those governing entities that they should NOT put people on a forbearance. Anyway when will you stop receiving that income – because as it stands they must use the current income – my suggestion is to get a Verification from your employer stating that it is going away as of the certain date, you need to give them solid proof that it is going away – how soon is it going to be?
Otherwise this is the guideline the underwriters will use : The borrower’s “monthly gross income” is the borrower’s income amount before any payroll deductions and includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payments, including Social Security received by adults on behalf of minors or by minors intended for their own support, and monthly income from annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income. If only net income is available, the servicer must multiply the net income amount by 1.25 to estimate the monthly gross income.
Also the maximum back end ratio prior to having to go to debt counseling is 55% but that is not saying you will be declined if it is over that just that you will have to go to debt counseling.
Indymac is refusing to tell me why I was denied for HAMP other than the standard “you didnt qualify”…while speaking with a default specialist I was told I should never have been offered the Trial loan mod because I had too much house, not enough income….isnt that the whole point for the HAMP program? I dont understand any of this. I was sent a copy of my income/expense sheet via email and the numbers were wrong! They have me at a monthly deficit of over $800…I DONT have a deficit. I have a suprlus of a few hundred dollars, I know its not much, but it’s still a surplus and not a deficit. So my income #’s are wrong and the expense #’s are wrong. I was told I could resubmit the corrected/updated numbers. However, now I’m being told I am just denied and thats that….with the wrong #’s! I asked if I would receive a denial letter explaining why I was denied…but no response.
Hello Maria – Indymac/One West Bank is a pain to deal with, so you have to fight them with facts and guidelines, and escalation to management and other entities. Don’t worry too much I have seen people get denied even 5 times then go on an get approved. Believe that you will get it done and don’t let yourself get frustrated or discouraged if you know you can make a reasonable payment fight it all the way. Are you behind? do you have a Notice of Default? If you get a chance to write me a letter about your experience please do so – I am sending the letters to their executives and government entities. Do you know who your investor is? Is it Fannie Mae or Freddie Mac? Visit my other site http://www.myhomeremedy.com/contact.html here there is a tool to help you find out if your loan belongs to these entities. By the HAMP guidelines they must tell you the reasons. I would first find out who owns the loan. Post it here and I will tell you how to proceed. Did you do the calculations yourself yet using your total gross income, multiplied by 31% and then calculating your prop tax, homeowners insurance, and HOA and minus from the 31% number? what figure do you get? what is your total loan amount including past due payments? how much was your previous payment.
Hi Ms. Cuevas, first let me thank you for responding and so quickly! I have checked a few times and according to the website niether fanny or freddie are my investors…I believe it is Aurora as I recieved a letter from them a couple of weeks ago. I confirmed it with Indymac and was told Yes Aurora is my investor but Indymac handles the loan mods…I was offered a Trial loan mod back in Sept (I was told by a private atty and a HOPE counsleor I qualified for HAMP)..as of last week, however, now I’m being told I no longer qualify for HAMP (even though the numbers are wrong on income/expense sheet)…I dont know how to do the calcualtions as you suggested (Im horrible at math..which is probably why Im in the position Im in now)….basically I was given a neg am loan 3 yrs ago (3yr pre pay penalty btw) on stated income. I was told to just refinance 3 yrs later before the my mortgage payment ballooned…I tried..starting in 2008…4 different times to modify loan with no response from Indymac. Then I hired the private atty (who btw is now gone in the wind with my up front money I gave him $2800). Then the Trial loan was offered in Sept 2009. The only payment I missed was in Aug. But now apparently because I was paying the Trial loan payment from sept till now…I am now 5 months behind?! So my default letters now tell me I owe over $10,000 to cure the default. and then I guess resume the $2800 balloon mortgage payment which I cant afford..then apparently my payment will be going up again next month and then again in 2011….its a nightmare loan and according to Indymac I cant get out of it. I guess I feel I was set up by Indymac 3 yrs ago as they must have know this was eventually going to happen….I still dont understand why Indymac is saying I dont qualify for HAMP….my gross is $4914.63, my net is $3400 + $400-$500 for mileage reimbursement (varies) + $412 child support + $500-$600 (daughter’s part time income, varies). So total monthly net is approx $4712. My current loan is now at $477,000. My trial offer payment was $2164.60. My total monthly expense is $2014.68 so according to my calculations (IF Indymac had honored the Trial loan mortgage payment) I would have approx $500 to 6 surplus. If I am to resume the $2778 I would have an -$80 deficit but again that $2778 is still a neg am payment AND it is going up again and again….I dont think I gave you the numbers you requested…I’m sorry….I dont think I’ve slept since December! I was just hoping you could confirm whether or not I truly do qualify for HAMP or not…..
You are very welcome! I want you to promise me that you will just do something nice for YOU today and tomorrow – and believe that you WILL get through this because from what I can see you should be able to get it done. It might not be easy or happen over night or even over the course of a few months but I believe that you will get this done. Good things come to those who wait – you know nothing good ever comes that easy. God is just working on your plan and it may take just a little bit longer. I want you to sleep tonight knowing that you have found someone here that cares about your well being, and I do. Your trial payments go into a suspense account so that is why they may think you are more behind because it doesn’t go into your regular payment account.
ok lets walk thru this
Give me line by line
ONLY your GROSS income from wages or salary
then your average car allowance
annual property tax
annual homeowners insurance
monthly Homeowners Association dues
if we need it what is your daughters income GROSS only
YOU WILL GET THROUGH THIS! I BELIEVE YOU SHOULD BE ELIGIBLE – SO GET READY TO KEEP FIGHTING AND TO FIGHT YOU NEED TO BE HEALTHY AND TO BE HEALTHY YOU NEED TO STOP WORRYING AND GO FOR A WALK IN NATURE – GET YOURSELF A YOGA DVD – SIT QUIETLY AND MEDITATE – OR GO DO SOMETHING FUN WITH YOUR DAUGHTER AND SOME POSITIVE FRIENDS AND YOU WILL SEE THAT THINGS WILL BEGIN TO FALL INTO PLACE – PROMISE ME!!!
I have to tell you as I am typing this I am crying…crying because I can’t beleive after months of asking questions to attys, bankers, forum groups…you are the only one who has truly given me hope just by asking me simple line by line questions. I cant tell you how stupid I have felt because I dont understand numbers….you have talked to me like a human being..like a mother with children…and I cant thank you enough!
gross is $4914.64 mo.
average car allowance? if you mean mileage reimbursement it is $500 on average mo.
annual property tax is $6373.24
annual home insurance $374
no homeowner association dues
daughter’s gross is approx. $750 mo. (part time varied hrs)
I’m going to take your advice now Anna and I am going outside with my 8 yr old son to play a little basketball before it gets too dark. Thank you again!!
I am choked up just reading your post. I am so glad that I could maybe make up, even if just a little, for all of the lack of help you have received in the past. Don’t let anyone make you feel stupid, trust me many people at the banks don’t even understand their own guidelines because they are rapidly changing. Even some people that have been in real estate for years don’t get these complex calculations and formulas – so don’t LET anyone make you feel stupid because the reality is that no one CAN unless you let them. And you only let them because your are frustrated and tired but no more!!! You are going to fight!!! Ok first thing have you lowered your property taxes yet? Go on ww.eppraisal.com and find were you should be and prepare a sheet with 3 comparables that you are going to send to your county once you look up their form so you can work on getting that down.
4914.63 + 500 mileage + 412 childsupport = 5826.63 x 31% = $1806.26 this is the maximum your mortgage payment including taxes and insurance can be under HAMP. (I wouldn’t count your daughters income if you may not need it otherwise it takes you to 2038.76 max payment- only use once all else is completely exhausted) I am posting 2 new articles under a series called Hope For Homeowners – I want you to read.
annual taxes 6373.24 (seems really high work to lower) divided by 12 = 531.10 per month and insurance (good rate) annual insurance premium 374 divided by 12 = 31.17 per month
Now take 1806.26 minus 531.10 monthly taxes and minus 31.17 monthly homeowners insurance – as it has to be included = $1243.99 maximum for just the modified mortgage payment remember the total cannot exceed 1806.26
So at the 1243.99 to get to this payment you start with extending the term to 40 years, next 2% interest and you have a 477,000 total outstanding debt , now this is still not enough because you get $1444.48 as the payment doing these first two items then the next thing is principal deferment and this is not mandatory but OneWest bank does allow this – to get to the 1243.99 we need they would have to defer some of the principal to get you to $410,794.00 (a deferment of 66,206, interest free is what you need!) – and I have seen this done, you just have to play the game and resubmit and escalate if necessary be patient, save some money while they keep processing, do something nice for yourself to stay calm- believe that it will happen, like a young carpenter from the plains of Galilee once said “As Ye believeth so shall it be done unto you”, so believeth Maria you can do this. When was the last time you were denied? Was it after 1/1/2010 because that is the date that the rule passed that they have to give you the reasons. You can request the reasons in writing and state that as a participant of the HAMP program and per Fannie Mae and Freddie Mac guidelines from 1/1/2010 they must tell you and they have 10 days to answer your request. I have files that we have resubmitted after numerous denials then were approved finally.
I have literally scoured the internet for hours upon hours the last few months. Reading every article, every blog, every “comment” I came across…and then by the grace of God I came across an article today “hamp program is not working letter to Barack Obama” and I read your comments. Only two hours earlier I was told by my default specialist that basically there is no way for me to keep my home because I dont qualify for any modifcations. I am stuck in a horrible neg am loan that will soon take every last dime. And then I was reading your comments, and then you were answering my questions, and then my heart grew a little lighter, a little stronger… and then, and now, I just keep thanking God he let me find you. You and I are strangers and perhaps we will never meet, so please let me just say that from the very bottom of my heart, the time and energy you have given me tonight has been such a blessing. Whatever happens, I will never forget the kindness you shared with a stranger.
You are so welcome Maria! I thank you so so much for taking the time to say such kind words to me, it really does make me feel very happy to know that I have helped you. I know people are going through such heartbreak right now and my job is to try to bring you back to faith. I want you to know that if I can make our FATHER happy by being his instrument than I can feel pride and inner peace in my heart for being true to his will for me to continue with my purpose. I wish that inner peace be in your heart as well. I know you can do this and I want you to believe in your heart that you will accomplish this. In fact thank God already because I can feel that it is his will, otherwise you would not have found me. I personally have witnessed miracle after miracle. Including my own survival from ovarian cancer last year. You already have an attitude of gratitude so I am sure it will not be hard for you to keep your course and make this happen. I want you to take a week break and then put a new file together break it all down for the lender in a cover sheet as I wrote out for you in my post (spell it out), then I don’t want you to call the person who previously helped you at OneWest bank, I want you to put your new package together meticulously – make it look professional, put your loan number on each page and resubmit it, just give them time to close out your previous file. Where did you send your previous package? By the way what is your property value now?
Dont forget you can do this! Fight fight fight!
If God is with you and it is obvious that he is then who can possibly be against you???
If you can send me that letter venting all of your previous frustrations I would be so grateful. I want this to stop for you and for others.
Of course, I will definately send you a letter…..where do I send it to?
I went to eppraisal.com as you suggested earlier..
eppraisal $358, 759, zillow $469,500, cyberhomes $454,410
I checked my annual la county tax statement and under “current assesed value” and “taxable value” the numbers are the same…”land” $399,091 and “improvements” $133,138…….I dont know what all this means.
I sent my modifcation application and Trial loan agreement to Indymac…is that what you were asking?
I kind of understand the numbers as you broke them down for me…kind of. Ok, not really.
But I’m understand way more than I have for months! So thank you. What I really, really dont understand though is the deferment of $66,206?? So does this mean Indymac was correct in telling me I didnt qualify for HAMP?
Thanks again for everything…truly.
Maria – I will email you so you can reply with the letter. Also, I will help you do the form for your County taxes – It looks like you are being taxed at 532k and you may be able to lower it to around $358k – to an annual around 4475 – that would be fantastic!!
on the deferment I did not mean to confuse you – I just think that if you push the lender to try to get you a deal with a deferment of 66k that would be a great goal!!! No INDYMAC is denying your HAMP because they have a bad system!! So keep trying!!!!
ONLY IF YOU ARE NOT ABLE TO GET THIS – TRY A FEW MORE TIMES – THEN YOU CAN RE-SUBMIT WITH YOUR DAUGHTERS INCOME.
so I suggest you resubmit – a nicely organized package – do one page with 3 comparables from eppraisal close to $358k each so they can see the true value.
Hello Maria – for Los Angeles County property tax reduction request go to http://assessor.lacounty.gov/extranet/guides/prop8.aspx here you will find the instructions and the form for you to lower your property taxes.
I want you to put a coversheet on the letter to OneWest Bank along with the Qualified Written Request you have ready to go- certified, return receipt requested- In this letter tell them that you have done the calculations and you do not see why you have been denied the HAMP program. As per the latest Home Affordable Modification Program dated 01/01/10 guidelines for participants they must clearly tell you the reasons for your denial.
Kelley Cooper Spencer
OneWest Bank, FSB
Vice President
Loss Mitigation Disposition
7700 W. Parmer Lane
Building D, 2nd Floor
Austin, Texas 78729
Dear Executive Team -
I am very upset at the recent denial I was given over the phone. I understand that as of 01/10/2010 under the HAMP participant guidelines you must give me the reasons why I was denied, I still do not know why I was denied.
I have done my calculations and do not understand why you would deny me when I can clearly make a reasonable payment
4914.63 + 500 mileage + 412 childsupport = 5826.63 x 31% = $1806.26 this is the maximum your mortgage payment including taxes and insurance can be under HAMP. I am working on ways to raise my income and have cut back on my expenses. I want to save my home. I want to work with you to come up with a solution – please help me.
my annual taxes 6373.24 (I am currently appealing as the value for my property has dropped to $358,000) divided by 12 = 531.10 per month and insurance my annual insurance premium 374 divided by 12 = 31.17 per month
When I take 1806.26 minus 531.10 monthly taxes and minus 31.17 monthly homeowners insurance – = $1243.99 maximum I understand based on my income 1806.26 is my maximum payment
Using the standard HAMP waterfall:
I know I need to be at a mortgage payment pre-escrow of: 1243.99 to get to this payment you start with extending the term to 40 years, next 2% interest and you have a 477,000 total outstanding debt , now this is still not enough because you get $1444.48 as the payment doing these first two items then the next thing is principal deferment and I understand OneWest bank does allow this – to get to the 1243.99 we need you would have to defer a minimal amount of the principal to get me to $410,794.00 (a deferment of 66,206) which I will end up paying
596,640 is what you will make from my payments over 40 years + the 66,206 deferred amount = 662,846 over the life of the loan or NPV calculations will show that you are better off helping me stay in my home and modifying my loan than it would be to go foreclosure at: $358,000 current value – foreclosure costs that are estimated around $60,000 with realtor cost, marketing time, and clean up and maintanence- giving you a total profit under 300,00 where you will gain an additional $370,000 IN PROFIT FOR YOUR INVESTORS BY HELPING SOMEONE STAY IN THEIR HOME – SOMEONE WHO CAN PROVE THEY CAN MAKE A REASONABLE PAYMENT – PLEASE HELP ME.
In my town there are 239 properties at trustee sale, 169 with a notice of default, 135 that are bank owned. Please help me to save my home.
Anna – you are truly amazing and there will never be enough thanks I can adequately express to you. I am blessed and humbled that I was so fortunate to have crossed your path….You mentioned your fight with cancer. I also fought it two years ago. God gave me the strength to get through that and I know He will help me get through this as well… but before I met you I was in a pretty low place…. feeling sorry for myself, feeling stupid, worthless and little, feeling like a horrible mother because I couldnt understand the mathmatics of how to go about keeping my children’s home, and I began questioning God’s trials. I thought I was alone in a world full of people who said the words “I want to help” but never really did. And then God introduced me to you and I cried, and then smiled…just smiled, for the first time in many, many months. I could see God smiling back at me and saying “see, it always works out”. Anna, even if I end up losing this battle with the banks, I really havent lost the battle of whats important. My faith in goodness has been restored and what could be better than that? So, thank you.
I know I rambled and I apologize…I just needed you to know that whoever you are Anna, you are remarkable.
oh Maria – you are so so welcome! Thank you for sharing your story and your heart with me. I am the one that feels blessed that God chose to use me for his work “saving homes and saving souls” to be able to bring you back to God- remember who you are Maria there is no way that you are any of those things you were thinking about yourself for not understanding this super complex process, not at all! I was having a bit of a bad day and you also made me smile down to the core of my soul – so thank you too!
I only want one thing from you – well two….
#1. I want you to promise to start believing that you will save your home and act like it has already been done. Thank God because it has already happened, I can feel it – just give the Lord time to get the perfect plan for you, he is working on it. Don’t even say if I lose this battle with the banks because you aren’t going to!!! Believe it – promise! and DO NOT GIVE UP! – promise!
EXPECT MIRACLES – THINK GOOD THOUGHTS BECAUSE THEY BECOME THINGS.
Anna Cuevas; A Loan Mod Guru
#2. I want you to send me that letter about everything you have gone thru to my email – include your loan number, I am also going to forward to a few contacts I have.
Maria please enjoy my favorite quote:
Our Deepest Fear
Our deepest fear is not that we are inadequate.
Our deepest fear
is that we are powerful beyond measure.
It is our light, not our darkness,
that most frightens us.
We ask ourselves, who am I to be brilliant, gorgeous,
talented and fabulous?
Actually who are we not to be?
You are a child of God.
Your playing small doesn’t serve the world.
There is nothing enlightened about shrinking
so that other people
won’t feel insecure around you.
We are all meant to shine as children do.
We were born to make manifest
the glory of God that is within us.
It’s not just in some of us; it’s in everyone.
And when we let our own light shine,
we unconsciously give other people
permission to do the same.
As we are liberated from our own fear,
our presence automatically liberates others.
- Marianne Williamson
I PROMISE TO DO BOTH!!
I’m leaving work in a few hours but I had some questions: (I just dont want to screw this up)
Do I send the certified letter now or wait until the official denial letter? When I send the certified letter, you mentioned a cover letter..? just a plain paper with my name loan # and address? Is the Qualified Written Request the one you sent to my personal email? So I’m sending the Qualified Written Request with the letter example you provided above? And then you mentioned something about sending 3 comparables? Am I sending all this together?
Oh my gosh, see what I mean? I just confused myself again. I’m sorry…you have so much useful information but I have it all confused now as I”m not sure in what order it all goes..if it goes out seperately or individually….
Also, do I mention in my letter to the Executive Team that my income/expense sheet is wrong and if I will be allowed to update/correct it? I dont know if I’m should continue making the Trail payment (because the default specialist said no I have to make the regular payment and the default payment $10,000, but again he denied me under wrong income and expenses)….
By the way, the letter I’m sending to you…I ramble as you now know
, so would you like me to keep it short?
Hello Maria – I know this is so darn confusing I want to help change that for people. Don’t worry you do not bother me. I am here to help you put it together. Unfortunately the government and the lenders want people to do this on your own but it is a tough job – its bad enough it is emotional, then they make it complicated.
Pag 1 will be your cover letter which is the example I gave you and actually address it to the lady I gave you – just add your loan number, name , address and sign it.
Next you will put a 2nd page which will be the comparable page with the 3 comparables, 3rd page will be the qualified written request. Don’t add anything else to this.
Once you get the denial in the mail then we will go at this from a different angle. Don’t get discouraged when you get the letter. We are going to fight this!!
You don’t have to be afraid anymore, or confused. I am here for you.
Do you have a sale date or Notice of Default?
Expect Miracles. God is crazy in love with you!
Anna
Hi Anna! Ok, got the order down…thanks…but how do I do comparables? Do I just print some other houses from zillow? And I am sending this BEFORE I get the official denial letter? Do I mention I havent been allowed to update/correct my income/expense sheet?
No sale date as far as I know…but PLENTY of default notices…last one came last week with a due date of 02/09/10.
Also, I’m working on my letter to you but I need to know if you want it long or short.
Btw, I want you to know I actually slept last for SIX hours all they way through!!…..thanks to you!
Yea- sleep is great, so happy- it is going to get better and better, treat yourself right- you deserve it, do nice things for YOU!!!! You are sending exactly the 3 items I mentioned ONLY don’t add anything to it other then what I did – Do not mention anything else about income and expense etc. – we will resubmit a new package later, after you get your denial and they receive your letter.
if you want send me your address to my email – and I will send you the 3 comps to use. Also can you email the notice you received so I can make sure it is the Notice of Default and I can tell you what dates to watch out for.
Your letter can be long — spill out your guts – everything they made you go thru and feel. You inspired me to write an article today about Indymac
Anna
I can’t wait to read your Indymac article!
I’m sure it will be great! And, as always, I thank you from the bottom of my heart.
Anna, I just came across your sight and hope you can help me also. I just spoke with our servicer today and they have asked me to fax in some information. My question is: how much income do I need to show if my 1st PITI is $1537. We have a 2nd, which I know they won’t do anything with, right? It is $249. Now they asked me about all other bills, so I assume they are looking at a DTI on the back also? Anyways, I guessed about $2885 for other bills (includes 2nd mortgage). The loan balances are 292,000 on 1st and $34,900 on 2nd. eppraisal say $359,712 the other 2 are at $318,000. Thanks for everything you do here.
Sam
Hi Samantha, your 1st PITI that you gave me is the current amount?? When you are trying to get a HAMP modification you don’t need to worry that much about how much your current payment is
there is also a new program called 2MP which is the HAMP for 2nds but for qualifying purposes on the 1st it is not counted.
They will always ask about your other bills, because if they cannot qualify you for HAMP they try other programs, dti on the back (*for our fellow readers -which just means the ratio of income to TOTAL debt including credit debt such as cards, auto, etc) unless it is super high they just check back end dti to figure out if you need to go to credit counseling, you usually will not be declined for this unless it is really bad- who is your lender? is your investor Fannie Mae or Freddie Mac? I have a look up tool on http://www.myhomeremedy.com/contact.html
The best thing to do is get your gross income:
x 31% this is the max PITI under HAMP:
take taxes and insurance monthly amount:
minus it from the 31% figure:
this is the max mtg payment
then take the total 1st loan amount extend the term to 40 years if it still doesn’t get you to the max mtg payment then
lower the rate until you get to 2%
I can figure it for you if you plug in the gross income and the monthly homeowners ins, prop taxes, and HOA
You are very welcome – I hope I can be of service to many, pay it forward and Don’t forget to sign up for my special report and my other tools and tips.
Anna
Anna
Hello,
I just wanted to share with people about my IndyMac experience. I believe they honestly don’t know what they are doing. I have been dealing with them regarding a loan mod since Oct 2008! Now it is Jan 2010. We stopped making our payment Jan 2009. It has been 1 year with no payments and we are still in the house!
I remember when Obama spoke in March 2009 about the HAMP program I cried, thinking that we would get some assistance on our neg am loan that jumped up from 2,000 a month to 4,000 in the spring of 2009.
In September 2009, we finally offered the HAMP program our 1st payment was due Oct 1,2009 I paid it on time. Unfortunately, on Oct 1st we filed chapter 7 bankruptcy.Thinking we get all this stuff done an behind us.
This was a BIG mistake it messed up our whole HAMP program they kicked us out of the program Nov,2009 The letter stated due to our bankruptcy filing we no longer qualified for the HAMP. And that we could re-apply after our discharge date Dec 28, 2009. I just wanted to let people know don’t file a BK during the HAMP it will mess things all up!
Currently, we have reapplied for the program and the default escalation dept. is who is helping me only because of all my complaints I submitted to 8 different departments at indymac/onewest. Our impending sale date has been put on hold until we find out if we qualify again. I should find out any day. Below is the one person who answered my email:
John.olinski@owb.com at onewestbank/indymac
I also complained to:
SIGTARP Hotline
Special Inspector General – TARP
U.S. Department of Treasury
1.877.SIG.2009 (1.877.744.2009)
http://www.SIGTARP.gov
I also had the http://www.Hopenow.com program help us.
Anyone yting to fight for thier house just hang in there. I have probably called indymac once every day since Oct 2008. Sometimes I have called 12-14 times a day. I will let you know if we get on the HAMP program again or not.
IrisRobin
i may be denied hamp because my mortgage is less than or equal to 31% of gross. I have until 2/15 to respond. What might be my options?
Hello Matt – First of all what do you need to respond to ? What notice did you get from them, what are the details on the notice? Who is your lender?
Ok so have you done the calculations yourself to see if they are accurate? Remember it is 31% of your current income and the max payment includes, prop taxes, homeowners insurance, and HOA -
is your Gross income multiplied by 31% higher than your total Principal, Interest, Taxes, Insurance (P.I.T.I)?
Hi Ms. Cuevas -I’m so happy that I found your site. You are obviously an exceptionally bright, giving and resourceful person and thank you for all of your good work. I just wanted to write and let you know that I unfortunately have a mortgage through corrupt IndyMac bank and have tried everything – alerting them six months ago that I would be having financial problems, calling, certified letters, hardship application, getting a Hope counselor, sending them a “RESPA” letter, speaking with a real estate attorney – etc – and IndyMac would not work with me. Now I am not eligible for modification b/c I have liquidated all of my assets and I have no income due to disability. My disability checks will most likely start up in about 2 months, but IndyMac has said this is too late and foreclosure proceedings will commence (I’m three months behind on payments). So, I’m going to file a complaint with the MA Attorney General’s Office, OTS, and contact my congressman. I don’t think these things will help me, but it will make me feel better to do so. If you have any suggestions as to how I can buy time until my disability payments begin, I’m all ears. Thank you again for being such a great advocate.
Hello there Jane – I am sorry to hear about your problems with the infamous Indymac -and thank you for the kind words you don’t know how much it means to me. I have been humbled and blessed with the amazing people on this site – I am honored to be brought into your life and for you to share your experiences with me. My hope is to empower people and to help you all to bring life back to normal and to help you all get through this and know you have someone here who really cares about you as a whole person not just a loan number! So you are very welcome and know that you are no longer alone, you have me!
*side note Please please forward a letter to me detailing all of your trials and tribulations dealing with INDYMAC loan modification issues- and if you want to help me I need as many letters as I can get my hands on to try to help people by working on trying to bring about change! I cannot seem to get people to send me the letters, so my hands are tied in trying to take this up the chain of command and fighting at a higher level for people until I get more letters!!!!
Ok – on your case — do you have an award letter? Do you know who your investor is? Fannie mae or Freddie Mac? How long ago did you apply? what was your previous payment, how much is the award for? how much is your annual prop taxes, insurance, HOA – and how much do you owe, and is your house worth?
lets start there and we will move forward from there.
EXPECT MIRACLES! Think good thoughts because they do become things!
Picture yourself in your minds eye as having already achieved this goal. See yourself doing the things you’ll be doing when you’ve reached your goal.
Earl Nightingale
Anna
Dear Anna,
i just found your website and was please to find that there is someone out there really helping people in despair. My story is problably similiar to many others dealing with Chase. I’ve been trying to get a loan modification since April 2008 from Wamu/Chase. I was approved for a trial plan for the months of July 2009 thru Sept. 2009. I made all trial pmts on time. I called Chase in Sept. 2009 to find out next step and they instructed me to resubmit all updated docs and continue to make trial plan pmt for Oct. 2009. On 10/26/09, i was denied for insuffient income. Since the mortgage is in my husbands name, i had only submitted information pertaining to him. So when i was denied i called Chase and asked if i include my salary as well and they said yes. i resubmitted all paperwork to them. My husbands gross is $5833.00 a month. My gross $1200. My mortgage pmt is $4,803.61. My taxes, ins, and shortage comes out 1,026.00 a month. On Jan 11, 2010 i was called by chase and once again denied for insufficient income. I really need some help. I don’t want to lose hope. I was told my case was closed. My financial situation has changed since my last document submission in Oct. 2009. My salary is now $550.00 a week gross. If i resubmitted updated documents to reflect this do you think i have a chance?? Any assistance would be greatly appreciated. I will be having a conference call tomorrow 1/27 at 3pm eastern time with a Chase Manager and a Chase Specialist regarding my application.
Elaine, Hello welcome to our page! Please don’t lose hope! God is crazy in love with you! Go within and ask the Holy Spirit to help you pull out somemore strength, it is there within you for the asking. I think you will continue to take charge!! You can do this Elaine, you have already bettered your situation with your new income, you are trying!
I need some more details to be able to help you. Were you applying for HAMP? What is your total principal balance? does this include any late payments? how much in late payments do you have, how many months, what state are you in?
do you know who your investor is? What exactly is yearly property tax, homeowners insurance, and HOA –
We can let circumstances rule us, or we can take charge and rule our lives from within.
Earl Nightingale
Hello Elaine – How did your call with the Chase manager go?? Please let me know.
Anna – Also don’t forget to check your spam to confirm your email and add me to your friendly email list so you don’t miss out on all the tips and tools I send out
Hi Ms Cuevas
Thank you so much for your feedback. You have a great deal of patience and clarity! First off as your requested, I will send you a separate letter detailing my particular IndyMac experiences. I think there should be a class-action lawsuit against them. They received a sweetheart deal from the FDIC and are still screwing people around.
As for my particular situation, the loan is owned by Fanne Mae. I purchased my home in 2004 during the “high time,” refinanced a couple of times and the loan was sold to IndyMac prior to them being bought out. It is assessed at 296K and I owe 311900. My monthly payment includes escrow (tax/insurance) and is 2094.00. I applied for hardship in Oct 2009, never heard a thing back. Received a forbearance offer to lower the monthly amt to 1300.00 but it expired by the time I received it. I called to ask for an extension, was told no. They do not respond to any correspondence and when I call customer service I never get the same info twice. I was on the phone with them a couple of nights ago along with a Hope counselor and they guy we spoke with was a jerk. On the advice of a RE atty I am filing a homestead and also speaking w/a bankruptcy atty for a pro bono consult to see if this will slow down the foreclosure process. I am also going to list my house w/a friend who is a RE agent. Lastly once I get the actual foreclosure notice (I was told it is imminent) I will sent them a cert. letter asking them to produce the note. I don’t know what else I can do at this point. And it is all in the midst of awaiting my disability approvals. Thank you again just for listening.
Hello Jane – do you have the disability award letter? or any paperwork saying how much it will be?
Start this now – you can get it done –
I want you to put a whole new package together – make it meticulous ! Base all the numbers off of what you know you are going to get. Put your loan number on every single page.
Make a comparables page using 3 like recently sold properties from – http://www.eppraisal.com
Go to realtytrac.com and plug in just your city and state – list out how many bank owned props, how many preforeclosure, and auction properties in your whole city.
Find articles if there are problems with foreclosures in your city. Then assemble a nice package – it does not have to be 200 pages
Get your expenses, and income buckled down and clear – make sure you multiply by 125% the amount you are going to be awarded in disability and note it as your income –
what do you have to show what it is going to be? did you do my calculations? how did you end up?
BEFORE YOU CALL anywhere get your package perfect – have your numbers clear then – CHARGE FORWARD – and believe you will make it happen!! Do this like an expert – you can do it and I want to hear all about it and expect your success!!! Don’t lose hope and don’t give up!!!
Jesus says: And so I tell you, keep on asking, and you will receive what you ask for. Keep on seeking, and you will find. Keep on knocking, and the door will be opened to you.
Then you are going to send the package along with a statement on the top stating that you are applying for the HAMP program and all foreclosure activity should be placed on hold.
with a strong cover letter CC all the parties below on your letter to:
OneWest Bank/Indymac –
2900 Esperanza Crossing
Austin, TX 78758 and fax 866-235-2366
then send it – via fax to :626-2291143 attention Kelly Spencer / Loss Mitigation VP
then ONLY FOR HAMP to:
Phyllis Caldwell
Chief of Treasury’s Homeownership Preservation Office
Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220
Fax: (202) 622-6415 fax and mail overnight –
mark it urgent and put that you are not getting any assistance from Indymac/OneWest Bank
you are going to overnight this same package to Sheila Bair at the FDIC
550 17th Street, NW, Washington, DC 20429
and to Fannie Mae – you are going to call this number 800-732-6643 press 1 and tell them your story they will connect you with a 2nd level manage that has access to your loan and will put pressure on Indymac
TIPS:
Copy of your loan application paperwork and all documentation you’ve submitted to your lender. It’s best if you scan a copy of what you’re sending before you send it so that you have an exact duplicate.
Keep a paper trail of everyone you have spoken to at the lender. Get the employee’s name, employment identification number, and note the date and time of the call. Be sure to summarize what was discussed, including any steps you were asked to take (such as supplying additional information).
Be sure to stay in touch with your lender about your loan modification. Call daily or every other day. You need the lender to realize that you’re not going to give up and that you expect action.
YOU CAN DO THIS – I am here for you!!! go go go!
EXPECT MIRACLES,
Anna
Hi Anna (is it OK to call you Anna?) OMG you are truly amazing. Today is my birthday, and quite frankly, I was not expecting it to be the best of days, but your post and advice have changed that. I have always been a proactive person and have always felt better about “doing” something – even if the result doesn’t turn out the way I might want it to. Because you have given me a constructive plan, something to “do” instead of just worrying, crying, freaking out, etc., I am so grateful. I am going to start on your steps and will let you know as things progress.
There is one possible caveat: I do not have a disability award letter yet – I will not have figures until around the end of March but I can get approximate figures – I do not have official documentation yet – can I somehow use/submit this information?
*Separately, I received your group email and tried to reply but it was returned. I’m sending you all of my prayers and good energy. And I would like to also send you an Indy Mac nightmare letter that you requested.
Thank you so much, and today I will start my “homework” assignment.
JANE, of course you can call me Anna – and you are very welcome! Thank you for making MY day with what you shared with me – Thank you for letting me into your life and for sending me your prayers and energy – that group email goes out from an outgoing only box-
I know this fear puts people in a frozen, almost comatose state, the anxiety can be unbearable if you keep thinking about things that may never happen
– its going to be ok.
*** Jesus gives us a remedy for worrying, a productive alternative to worrying: “But seek first His kingdom and His righteousness, and all these things will be given to you as well” (vs. 33). “Our Lord does not simply command us to avoid worldly anxiety, but gives us something positive to do instead, as a means of precluding it.”[13] We are to replace worrisome fretting with an active pursuit of God’s will. Let God do the worrying, you do the serving. By “first”, Jesus does not mean “first in time”, but “first in importance”. “Jesus is clearly saying that the disciple’s first and best effort is to be directed toward God’s kingdom, not any personal needs.”[14] If you are primarily occupied with seeking God’s will and serving Him, you won’t have time to worry about the others things.
Jesus enumerates two things to “seek first”: “His kingdom” and “His righteousness”. These are almost synonymous. To seek “His kingdom” is to be submissive to God as King, seeking to do the things that He wills, as well as battling to expand His kingdom. To seek “His righteousness” is to obey His law completely, including the teachings on true righteousness given by Jesus here in the Sermon on the Mount.
Jesus concludes this section: “Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own” (vs. 34). This almost sounds like a worldly teaching, kind of a “Don’t worry, be happy” philosophy. But Jesus’ teaching, “Do not worry”, is in the context of faith that God cares for us today, and will care for us in the future. Moreover, this life is full of trouble, and “each day has enough trouble of its own.” Thus, to anticipate future troubles by worrying about them today is to double them. Blessedly, though troubles visit us daily, so does God. By His grace we will pass through the troubles of this life, enduring them, learning from them, being strengthened from the journey, until we enter into His kingdom and glory forever, where we will never again hunger or thirst, where we will be led to springs of living water, where God will wipe away every tear from our eyes (see Rev. 7:16-17). May the Lord be praised!
*Side Note – it doesn’t mean you can’t take action- because God helps those who helps themselves – but it does mean do not worry about it – bring God in he wants to be there in the front of your mind.
Sorry – I did have one more question. Should I complete IndyMac’s HAMP application, or the one from the Making Home Affordable website? IndyMac’s is slightly different. I like the HUD one better but not sure what to do.
THANK YOU SO MUCH.
JANE, HAPPY BIRTHDAY TO YOU (cha cha cha) – HAPPY BIRTHDAY TO YOU – HAPPY BIRTHDAY DEAR JANE, HAPPY BIRTHDAY TO YOU …. AND MANY MORE!!
I Hope today is the beginning of a whole bunch of amazing years for you! and I hope you go out and do something fun for you! Sneak in a little massage or facial ( thats always my favorite)
oh yeah…. and NO MORE crying – theres no crying in baseball (A League of their Own) – or Loan Mods for that matter! Except tears of joy when you get your loan mod!!
Ok, use the Making Home Affordable Forms (be a rebel use the forms YOU want! LOL) – remember to CC all of the people I said in your cover letter – very important –
on the top put I REQUEST TO BE PROCESSED FOR THE HOME AFFORDABLE MODIFICATION PROGRAM
PER THE MHA WEBSITE:
SERVICERS HAVE MADE A COMMITMENT TO DELAY FORECLOSURE SALES ON ALL LOANS THAT MEET THE MINIMUM ELIGIBILITY CRITERIA FOR A HOME AFFORDABLE MODIFICATION WHILE AN APPLICATION IS UNDER CONSIDERATION.
*Remember even if they set a date – you can postpone it – I have postponed sooo sooo many Indymac Sale Dates – you just CANNOT give up and you MUST be RELENTLESS (as in They cannot stop the wrath of Jane!!
but in a nice blessed, Holy Spirit guided way. – If God is on with you – tell me WHO can possibly be against you? ????
- Where are you getting your figures from now? Do you have an attorney? are you getting any interim pay? – lets think of something… Brainstorm on everything you think you could get?
EXPECT MIRACLES – because YOU ARE THE GREATEST MIRACLE IN THE WORLD – DID YOU READ THAT POST? GODS MEMORANDUM?
Anna
Hi Anna,
Are you able to assist me? I have been trying to modify my loan with Indymac for over a year now? Do you have any contact info or an office?
Thank you,
Suzette Rios
Hi Suzette, welcome to our forum!!! I am here to help you, you can count on me – anything you care to share here on the site? If not I will email you shortly – take a deep breath, and say a little prayer.
GOD BLESS YOU – EXPECT MIRACLES!!!
Anna
Hi Anna,
Thank you so much for the birthday wishes and ecard – you are incredibly thoughtful and kind. Thank you.
Hello again Anna,
I heard back from my atty concerning projected disability income. I do not have any income now; the projected disability income is expected to start in March 2010 at $3200/month. Until then – nada. In terms of submitting income for the HAMP application, should I just put down the project amounts? I do not have anything in writing yet for the disability. I would only be able to show what my salary was before disability, and cut/paste the disability policy info that says that LTD pays 40% (offset by anything SSA would give me, but the two checks would total the same amount).
Hello Jane – Ask your Attorney if he can put anything in writing for you — or if he has anything from his correspondence back and forth – how are you coming up with the figure? It must be on something – somewhere-
Let me know – if I have to I will call him for you!
Ask the Attorney to do it for you – thats why they get paid the BIG bucks
EXPECT MIRACLES,
oh did I ever tell you that GOD is crazy in love with you??
Anna
Hello Anna,
On top of all of your spirit, perseverance and knowledge you have a great sense of humor! I can only repeatedly thank you for your advice, encouragement and support – thank you.
The deal w/my disability is in a few different parts. First, my attys are preparing an appeal for short-term disability benefits that I was denied. Simultaneously, they are preparing the applications for long-term disability and Social Security. I have to go for two more medical exams in February before all of these submissions can be made. As a result, there is no back/forth correspondence yet, and there are no award figures. However, I do have my Social Security statement which says I would get $1782/month on disability. I also have my long term disability policy from CIGNA that states I would get 40% of my salary from my former employer. I have pay stubs from my employer showing my salary, so it would be fairly easy to make the calculations. I also have my W-2 for 2009. I would not be able to get anything else from the lawyers until the STD appeal, LTD and STD applications are submitted. As part of the modification application, could I submit the SSA statement along with the CIGNA LTD policy info and paystubs to show the projected monthly income? Other than this I will have to wait until the end of next month after my medical exams, when the submissions are official. I apologize for rambling on about all of this and for taking up so much space on your blog. I hope that there is at least some info from my situation that can help someone else. Thank you so very much.
My dearest Jane, Put it together with what you have like you said, remember to put the disability total income at 125% as it is non-taxable it gets calculated that way, put it together how you said you could do – at least get everything in process and get the ball rolling and your application in – then lets pray that it all starts to roll in soon and come together perfectly
EXPECT MIRACLES,
Anna
Thank you very much Anna. I will continue to put everything together and will let you know when I’m ready to start the mailing/faxing/calling phase! You really are a superstar. Thank you, sending you prayers, prayers all around.
Jane, You are all superstars in my book for having the courage to fight this and you will see that it will all come together, sometimes it takes a little longer for Gods plan to unfold. Keep us all posted – inquiring minds want to know.
How was your Birthday – I hope it was GREAT and if you are like me celebrate it and milk it the whole month!!! LOL
by the way did I tell you today that God Is Crazy in Love with You??
EXPECT MIRACLES!
Anna
Hello,
Failed NPV calculations, Negotiatior at BofA says I do not qualify or HAMP. what are my options?
Good morning Letty,
I got the info you sent me. I need you to separate the tax and insurance
what is the annual tax and annual insurance.
Now take a deep breath ask the holy spirit to work thru you
call your lender right now. Tell them you want exact numbers of the income they used and what expenses. Tell them you want exAct reasons you failed npv and what factors were used. They make aLly of
mistakes! If you don’t get do
done helpful politely end the call , say thank you and call back until you get some one more helpful!
I’m going to help you get thru this!
Expect only
miracles.
Anna
it look like we all have failed npv…are banks qualifing anyone for hamp?
Hi frank! Welcome to the site. I know it it so frustrating!
If you follow the same steps I sent to Letty I can help you work thru this! Also I’m still waiting for your numbers.
Expect
miracles!
Hello Frank – Stay positive – Usually as with everything we only hear the negative press, I just came back from the UPS store where we just sent back 4 permanent HAMP loan modifications. It took a lot of persistence and hard work BUT they got done. You have to set your mind to be determined to make it happen.
Please watch this healing video : http://www.youtube.com/watch?v=8UP3LHBgtIc I was healed of ovarian cancer this last year – If God can heal that he can work miracles in saving your home.
EXPECT Miracles,
Anna
http://ezinearticles.com/?Denied-For-HAMP-Because-You-Failed-NPV-Calculations—What-is-NPV-Test?&id=3574993
You can ALWAYS Make them verify the numbers they used! You MUST do this step- and you can reapply either with the corrected numbers or new numbers if your income increases or decreases!
I am here for you!
EXPECT MIRACLES!
Anna
Hello Anna, the SuperHero,
I have been getting all of my letters together, the HAMP app, etc and I should be ready to send everything to IndyMac w/copies to the others (list from you) on the list in a couple of days. In my case, I didn’t have any problem gathering things and listing figures – the sticking point once again is the fact that I have no assets and I am projecting disability income. When I was first denied my continuation of disability benefits, I used all of my liquid assets to pay my bills and mortgage. Now I’m down to nothing, on food stamps and getting help from local groups/organizations to pay my utilities. I’m not complaining – it has been an eye-opener and I’m so grateful for the help. The irony is that had IndyMac cooperated and worked with me months ago when I requested help, I wouldn’t be in this position. I am going to have to word things in such a way as to make the projected disability a “sure thing” vs. in reality, the disability companies are just as bad as mortgage lenders – deny, deny, deny. If my funds don’t come through on time, I will have to go through an appeal process with both CIGNA and Social Security. I’ve written a cover letter that outlines all correspondence w/IndyMac, their lack of compliance, and it is followed by the three comps, local statistics on foreclosures and bank-owned properties, and two articles from local papers saying that foreclosure is on the rise in my neighborhood. I then have the HAMP app, cover letters to the different people at different entities (FDIC, US Treasury, etc) bank statement, tax return, and last pay stub from Sept 2009 when CIGNA cut me off. Is there anything else you can suggest before I assemble this all and send it on it’s way? I’m sorry; I’m just worried about the present lack of income. Do you want a copy of my letter to IndyMac for your files? It is a little too personal to post on your blog. Thank you again, sorry to go on so long, and yes, for one day (my birthday last week) I didn’t worry or do anything related to this stuff. I gave my brain the day off! God bless.
Hello everyone – if any of you have found any of this information to be helpful , There is no obligation at all just a small request from me for some kids to get an opportunity to be inspired to make changes by visiting and learning about America – I am currently trying to raise funds for 8th grade students to go to Washington DC this April- Yes I am working on that too, no wonder I don’t sleep anymore –
Also, if you know anyone that would be willing to contribute even $5 please forward this address – if we don’t like the way things are going we have to change it.
It doesn’t matter if it is $5.00 a cup of starbucks is around this much- whatever you think you can donate to our future leaders to fight for future Justice – we need to mold them – these are the ones that will fight for our social security
http://www.8thgradegoestoDC.myevent.com/
Hi Anna,
I never was late in my payments, applied for a loan mod directly with my lender, was placed on the trial due to my loss of job then change to a lower paying position and made my payments, early, (made necessary arrangements so that I was again, never late), and am now being told by my lender that they would approve the permanent loan mod if it was up to them but cannot approve it due to guidelines. I was told by the same individual that if I sent them updated paystubs that he would request a restart. They now show me as past due and am getting collection calls indicating negative credit scores and late fees. I have had excellent credit prior to this. Anna, am I in jeopardy of losing the loan mod as well as my credit worthiness and home? Please assist.
Thank you!
Hello Tony, Welcome! I am here for you!!!
Get me this info so we can figure out whats going on.
Who is your lender? How long ago were you denied? Is your investor Fannie Mae or Freddie Mac? Get me that info so I can guide you in your next step!
“However, as it is written: “No eye has seen, no ear has heard, no mind has conceived what God has prepared for those who love him”—” (1 Corinthians 2:9)
EXPECT MIRACLES,
Anna
Hi Anna
I really need help like so many others after a year I have been denied due to Failed NVP test, but here they will not give me the figures used Chase acts tlike they never heard of the test and Fannir Mae claims they can not release it to me what can I do now.
Hello Elizabeth – Welcome to “our” site!!! You can do this!! FEEL free to send me you details so I can take a look at the formula and calculations for you – Beleive you will be successful and you will!!
Get them with their own guidlines – put this in writing – there is a sample letter on this site * Feel free to lean on me!
Supplemental Directive 09-08 November 3, 2009
Home Affordable Modification Program – Borrower Notices
Negative NPV. The Home Affordable Modification Program requires a calculation of the net present value (NPV) of a modification using a formula developed by the Department of the Treasury. The NPV calculation requires us to input certain financial information about your income and your loan including the factors listed below. When combined with other data in the Treasury model, these inputs estimate the cash flow the investor (owner) of your loan is likely to receive if the loan is modified and the investor’s cash flow if the loan is not modified. Based on the NPV results the owner of your loan has not approved a modification.
If we receive a request from you within 30 calendar days from the date of this letter, we will provide you with the date the NPV calculation was completed and the input values noted below. If, within 30 calendar days of receiving this information you provide us with evidence that any of these input values are inaccurate, and those inaccuracies are material, for example a significant difference in your gross monthly income or an inaccurate zip code, we will conduct a new NPV evaluation. While there is no guarantee that a new NPV evaluation will result in the owner of your loan approving a modification, we want to ensure that the NPV evaluation is based on accurate information.
Hi
I am so happy to have found this web site god only knows I have just been denied because failed NPV test after waiting over a year. The problem is they will not give me a copy of the test. Chase acts like they ever heard of the test and Fannir Mae rep I have been working with states he can not give it to me what can I do?
Please advise
Elizabeth
The last loan modification that I was denied for was back in August. They did not tell me a reason, they just sent a letter saying that we were denied.
Do they still have to provide the reason why? Can I still be able to stop my foreclosure? I have a pending sale date of Feb 5th.
I wish I found your site sooner.
Thanks,
JB
JB — It is not too late – I want to help you stop your foreclosure sale – Give me your details
Who is your lender
What is your principal balance
what is your current payment
how much is your house worth
what is your total gross income
monthly, taxes – insurance and How
let me know asap
EXPECT ONLY MIRACLES — lets save your home! GOD IS GOOD and ALMIGHTY
Anna
JB – I need you to check your email – I want to help you stop the sale — URGENT you do not have any time to waste.
EXPECT MIRALCLES – hurry Who is your lender?
Anna
If you applied for HAMP they MUST tell you why after 01/01/2010 — I want to help you who is your lender?
7. Be strong and of a good courage, fear not, nor be afraid…for the Lord thy God, he it is that doth go with thee; he will not fail thee, nor forsake thee.
EXPECT ONLY MIRACLES,
Anna
Hi Anna,
I was told on January 28th by phone that I was not approved and that if it was up to them, I would be. That per Fannie Mae’s guidelines, they could not approve me. That because I made arrangements to pay earlier than the due date, (which I was instructed to do since they remove the grace period), that they feel I can afford the payments. My response was, yes, I can afford the NEW payments, not my current/original payments. I called Fannie Mae and they denied that claim, that they control GMAC’s decision. My lender is GMAC, no Fannie or Freddie involved but I do not know for certain who is the investor. I was told yesterday to reapply since I am “late,” so in a panic, I downloaded the forms and resent them, via fax, late yesterday afternoon.
Thank you very much for being there!
Hello Tony – Did you just reapply with the exact same numbers? Call back and ask them point blank who is your investor, how much they used for income and how much for expenses and what is their BPO figure (this is appraisal they do Broker Price Opinion) they put this figure into the NPV calculator to see how much the property is worth –
EXPECT ONLY MIRACLES – read my post to Letty — they are human they make mistakes all the time! KEEP fighting – feel free to give me the calulations so I can check them for you! Lets win this battle -
Anna
Isaiah 56
Salvation for Others
1 This is what the LORD says:
“Maintain justice
and do what is right,
for my salvation is close at hand
and my righteousness will soon be revealed.
I just spoke with Ms. Cuevas over the phone in reference to my personal situation and she was very helpful in answering a lot of questions that I had.
I’m sure, like many of you who have managed to google your way here, that you are feeling frusterated, lost, and angry trying to find a solution to your individual problems. Speaking with Ms. Cuevas gives a genuine feeling that something can still be done.
Most of the people I’ve talked for have been pushing a short sale and/or asking for rediculous variations of service fees before you can move forward. At a time like this, you kinda wonder “Is this person charging too little and may not be effective?” or “Wow this person is charging an arm and a leg. I pray to god that this is not another scam!” There are a lot of scammers out there and when the clock is ticking, you cannot afford the risk of losing anymore time or money.
Ms. Cuevas offered to lend a her hand with her resources in this last hour and minute. Most people would have walked away (or at least the ones who have been sharking offers at us over the last 2 weeks) knowing how inclined we are towards our last ditch effort (Chapter 13).
Regardless of the outcome, we are DETERMINED to keep our house and will continue our efforts to fight our fight with OneWest/IndyMac bank.
I don’t know how I can thank Ms. Cuevas for now, nor do I know how I will repay her for her kindness. What I do know is that once the dust settles, I will make every effort to contribute and help pave the way for changes to be made at the people level.
Thanks Anna!
-JB
Oh JB you are so sweet – I am only doing what is right in my book and what I would hope someone would do for me. I know in these times everyone is only out for themselves – if we want the World to change we must be the change we want to see in this world…. and it starts with me and you
Thank you for the kind post.
EXPECT MIRACLES – your life is not over in 2 days – Take a deep breath you have a good game plan – Now work the plan – be confident, you are being led!!
Anna
Just found your website.. So much information!! i hope to read most of it to get some help!! thanks Carol
Welcome to “our” site Carol — I am here for you! Who is your lender – tell us what is going on- we have alot of really great people on our site. I would like it to be interactive so we can all offer help and positive vibes to eachother!
Seek and you shall find, knock and the door will be opened
EXPECT ONLY MIRACLES,
Anna
Ms. Cuevas
Hello – Elizabeth your comment was blank. Please let me know how I could serve you.
Anna
Trust in the Lord with all your heart, and lean not on your own
understanding. In all your ways acknowledge Him and He
shall direct your paths.
– Proverbs 3:5,6
Ms. Cuevas
I just finish drafting my letter to Chase I also found the provisions that Fannie Mae (my investor) have updated as of Februaru 4, 2010. One of the most interesting findings here is the following: “Announcement 09-05R requires servicers to re-evaluate a loan using the NPV model if the borrowors documented income differs from the stated income used in the borrowers initial qualifying NPV test. For mortgage loans with an initial NPV evalution before December 1, 2009, servicers are not required to perform an additional NPV evaluation based on the borroer’s verified income documentation.” However “in situation where servicers reevaluate a loan using the NPV model based on the borrowers verified income documetation, servicers are reminded that they should test a borrower using the same major version of the NPV model that was used to test the loan for trial modification eligibility.” Now with this said I have been approved for not one but thre trial modifications and since all my mdoifications periods fall under this guideline the model used is also very important for me as soon as I get my response I would ask that you assist me with my NPV test.
I founf this information on the Fannie Mae web site who is my investor Freddie Mac also has the same guidelines here is Fannir Mae https://www.efanniemae.com/efmSearch/efanniemae/search.do?ht=0&qs=&qc=&pw=100%25&ws=0&la=en&qm=0&st=1&qpSelected=Single-Family&lk=1&rf=0&rq=0&si=0&col=efm&charset=iso-8859-1&query_text=NPV&searchOrigin=Home&userType=ANONYMOUS&pageTitle=Search+Results&searchOriginURL=%2FefmSearch%2Fefanniemae%2FsearchAdvance.do%3FsearchOriginURL%3D%2Fhome%2Findex.jsp&qp=%2Burl%3A%2Fsf%2F&qt=NPV if anyone needs it let pray and fight God has ten thousands of angels and Anna is one of them.
God Bless keep the faith
Elizabeth
Hello Elizabeth! Great job getting empowered!! Knowledge is power and people have been kept in the dark LONG ENOUGH! The key is that we ourselves must find it within our selves to not feel victimized and fight! With that being said we must all start today and take action to protect our best interests, feeling down about it doesNOT make things better -only worse.
We need to remember who we are – and let everyone know it!
Our Deepest Fear
by Marianne Williamson
from A Return To Love: Reflections on the Principles of A Course in Miracles
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won’t feel insecure around you. We are all meant to shine, as children do. We were born to make manifest the glory of God that is within us. It’s not just in some of us; it’s in everyone. And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others.”
Elizabeth – thank you for the compliment – we are all Gods angels for someone
Thank you for sharing this with the group Elizabeth- yes in laymens terms:what this pretty much means is that – (it is actually to protect you) lets say that you qualified for the trial with submitted income and all and they ran an NPV prior to Dec 1, 2009 then when it comes to the permanent modification they decide to run a NEW NPV and now you fail – that rule stops them from doing that –
but if you gave only a verbal of income when they ran the NPV then when your actual income documents come in then they ARE allowed to run the latest version of the NPV calculator.
I understand all of the HAMP Guidelines with over 25 years of real estate, underwriting professional experience and will gladly help everyone learn to understand these complex terms in simpler form
so you can all be confident in your conversations with the lender – You will probably know more than them —
EXPECT MIRACLES – and be an angel to someone – pay it forward always
Anna,
I am hoping and praying everyday that hopefully, after waiting for almost 11 months now, that BofA will approve us for a permanent modification. We have been so lost and don’t know who to talk to, then i found your site.
Will you please, please let me know what does it take for us to finally get approved and i hope you may be able to help us…
I appreciate everything in advance that you might be able to share with us.
Thank you!!!
Hello April, Welcome to our site!! Please fill me in on more details about what you have been going through with B of A as well as some of the details of your situation.
What is your principal balance
what is your current payment
how much is your house worth
what is your total gross income
monthly, taxes – insurance
We can depend on God as our source of strength.
“He gives strength to the weary and increases the power of the weak. Even youths grow tired and weary, and young men stumble and fall; but those who hope in the Lord will renew their strength. They will soar on wings like eagles; they will run and not grow weary, they will walk and not be faint.” Isaiah 40:29-31, NIV
“The Lord is my light and my salvation; whom shall I fear? The Lord is the strength of my life; of whom shall I be afraid.” Psalms 27:1, NKJV5
EXPECT MIRACLES!
Anna
Hello Anna:
Thanks for the valuable info you have provided.
HOW DO I CONTACT YOU off this page.
Here is my stituation.
I just initiated the HAMP with BoA (loan is with Freddie Mac). I have been told that we are pre-approved for HAMP (based on the figures and numbers i gave over the phone). Was told to wait for 45 business days to receive package in the mail which will have docs related to Trial Period, new payment amount, and start date. will have to send it back with other supporting docs such as tax return and pay stubs etc. NOW at the end, the rep said, you are pre-approved which means that after review, you could be denied even for Trial.
Does having too little income (which is still more than 1st & 2nd existing monthly payments and excrows) could cause the servicer/lender or investor i.e. BoA or F.Mac to deny the HAMP?
Any information will be great help.
Thanks
Hello Salman,
You are very welcome. This site offers free assistance I request it be done on the site so everyone can benefit from each other. Feel free to ask any questions you may have – I am here for you.
Your trial can be denied if once they get your paperwork it is different from what you gave them over the phone. Then after you make your 3 trial payments(which you must make on time or you can be denied for this too) you may fail NPV test and other calculations if you are not late on your mortgage or lets say you have too much money in your bank account.
Your 2nd is NOT used to calculate the payment. They also do not calculate your household debt for this portion of the calculations but for NPV it uses the inputs in my article – to calculate the risk of you defaulting on the payment again.
Trust in the Lord with all your heart, and lean not on your own
understanding. In all your ways acknowledge Him and He
shall direct your paths.
– Proverbs 3:5,6
EXPECT MIRACLES!
Anna
Anna:
Thanks for your response. Here are the specific figures and details (as you said, might help someone):
1st Mtg Balance: 351,000
1st Mtg payment: 2300 (principal & interest)
Taxes & HoIns: 950 p.m
Total monthly payment for 1st: 3250 p.m.
2nd (15 yr baloon @ 8.5%): 550.00 p.m
CURRENT INCOME (as reported over the phone)
Self: 3432 p.m. Gross on W2.
spouse: 580 p.m gross on w2 {part-time, strong possibility of getting a pay raise resulting in about 1000/- p.m in a month or 2}
Total current gross income: 4012/- p.m
Questions:
Based on the above figures:
1. Does it look like we might get denied even Trail Offer for HAMP (although rep said we are preapproved, but not guaranteed)?
2. What are the possibilities of getting denied for permanent HAMP due to NVP?
3. If by the time, we receive the papers for trial HAMP, (which according to BoA will take 45 business days from Feb 11, 2010) our situation changes, likes spouse gets raise or something and consequently the paperwork (pay stubs) looked different than we reported over the phone. Would they accept written explanation showing both old and new stubs? and finally, what impact could such a change in the situation (i.e. improvement in income) have over NVP, better chances to pass or what?
Thanks for your time and attention and specially kind and wise words.
Salman
Salman – I have a question – why is your property tax and insurance SOOO high? What is your property value, I need to know this to be able to see preliminary calculations? http://www.eppraisal.com
We need to work on that!!! Get back to me so I can give you some steps to take.
Before worrying about NPV, because NPV is very complicated , my intention here with NPV explanations is not to worry people but to inform BUT*** the first calculations under how to calculate your income for HAMP must be read BEFORE moving on to worrying about NPV- For God is not the author of confusion, but of peace.
– I Corinthians 14:33
EXPECT MIRACLES
Anna
Dear Anna:
My house is located in Stewart Manor, NY which is in Nassau County (Long Island). The property taxes here are really high, plus the property is in an “incorporated village” which has its own taxes on top of property & school taxes from the town/county. The total school, town and village taxes come upto about 9600/- (yearly). Here’s the breakdown of escrows.
Homeowners insurance–Annual $928.00
School taxes HEMPSTEAD TOWN–Semi-Annual $2,595.58
City taxes STEWART MANOR VILLAGE–Annual $1,745.84
City taxes HEMPSTEAD TOWN Semi-Annual $878.09
As to the value of the house.
Cyberhomes lists the value at 407K
Zillow @ 448k
eppraisal @ 442K-520k
Town of Hempstead (tax deptt) has assessed the property @ 355k (which sounds more realistic given the market conditions)
Total loans on the house (1st & 2nd) is: 430K (both loans are with BoA and FredMac)
Any other piece of info that could help in making the assessment for HAMP?
Thank you, once again and May God bless you for all you are doing and help all who are facing hardships.
Dear Salman, Freddie Mac is a good thing –
I do want to know is your current income the same as on your W2 ? You definitely need to increase the income as it stands right now this is how it will look
1243.72 is your max allowed total payment
-950 total taxes and insurance
293.72 is all that is left for Mortgage principal and interest
My suggestion is to figure out ways to increase income – rent a room -do some jobs on the side – follow some hobbies you are passionate about and run a side biz – I will run some numbers for you when I am back to my computer to let you know where you should try to come close – you are not too far YOU CAN DO IT!!! Do not be discouraged!
Have I not commanded thee? Be strong and of good courage;
be not afraid, neither be thou dismayed; for the Lord thy
God is with thee whithersoever thou goest.
– Joshua 1:9
EXPECT MIRACLES!
Anna
Hi Anna, I got your info from a friend of mine who told me to contact you. I was just denied a loan mod. from Home Eq. I have been working with them since last August. I also went to a NACA class hoping to get help from them. But no help yet. The same day that I got denied a Foreclosure notice was posted on my house. I am a realtor and am making income at this time, but my husband was the sole supporter of my family he was in construction and has been out of work for a few months. I called my lender asking about help. They said that I can send in new financials but the problem is that I am waiting for several of my deals to close escrow. My husband is making a little income now. Please help me save my home. I have three kids in school in my area. My payment was about $3,800. per month with a principal of about $494,000. now which is an adjustable rate. My home is only worth about $250,000. I don’t have a lot of time. They said on May 1st they will set the trustee sale date which will be about 4 weeks from that time. Thank You for any help you can give me. I have been praying that someone like you would come along to help us. Cyndi
Hello Susan – Welcome to our site -What a long ordeal, I know how frustrated you may feel-
I would say the first step is for you to sign up for the Free Special Report so you can put together your financial package. I understand you are working on your deals, when are they due to close? Start gathering your paper trail. I am here to help you in any way I can .
If you have faith as a grain of mustard seed, you will say to your
mountain, “MOVE!” and it WILL move… and NOTHING will be
impossible for YOU!
– Matthew 17:20
Expect Miracles,
Anna
Hello Cyndi – I just wanted to make sure you got my answer.
Expect Miracles,
Anna
I am trying to do a re-finance (with the Government home modification program); however, my bank did not participate. Other lending institutions will not take me as I am not a current customer. Where does someone like me go?
Thank you.
Hello Vanessa, give me some of the details of your situation so I can try to offer some suggestions on how to proceed. I will be glad to help.
“Trust in the Lord with all your heart; and don’t lean on your own understanding. In all things acknowledge him, and he shall direct your way. [Proverbs 3:5, 6]”
Expect Miracles,
Anna
Hello Vanessa, I understand what you are going through – I would like to be able to assist you – who is your current lender? and what is your current situation – can you give me some details so I can help you figure out a plan. I look forward to hearing back from you!!
Isaiah 33:2
O LORD, be gracious to us; we long for you. Be our strength every morning, our salvation in time of distress.
Expect Miracles,
Anna
Anna,
Please help! I feel it was more than a coincidence that I found you and your site. Each day I pray for the Spirit of the Lord to guide us and to guide the people at the bank who are making the decisions that will affect our family.
We have been behind on out payment for about 15 months, we began the HAMP modification paperwork in July. We have an FHA loan through Sun Trust. We have heard NOTHING, I have called about twice a month for any updates and they say they are working on it. Last week we got a notice of a sale date March 3rd!
I called SunTrust and they said said they can try to stop it, but our modification isn’t done being processed?
To complicate matters even further, my husband just lost his job.
We were hoping the modification would have come through by now, now we are faced with updating our financials with unemployment income. I am scared we will be denied now. I don’t know what to do.
I am trusting in the Lord, I know whatever happens is part of his plan for us, I just want to make sure I do everything in my power. Faith without works is dead right? I have to do my part and then leave it in His hands.
Hello Holly – welcome – there are no coincidences
God is crafty – I just love him, he’s sooooo cute!! I am glad to help you!
Talk to me about the differences in the previous pay to the unemployment?
How much was your trial payment? Are you on the trial right now? — Did you submit income after the 3 month trial if you were on that?
Jesus said unto him, If thou canst believe, all things are possible to him that believeth.
–Mark 9:23
EXPECT MIRACLES,
Anna
Hello Holly – boy what a pain with SunTrust ! So no trial no nothing huh? I am going to get you some contact info for you –
I need you to find your FHA Case Number and call this number but before you do – make sure you have your file in front of you and all of the details/dates/converstations of how they have been giving you the run around. TELL THEM EVERYTHING AND TELL THEM ABOUT THE SALE DATE!!! Let us know what happens and give us the play by play we are praying for you!!!
THIS IS FOR FHA – PROBLEMS ONLY!! Call the National Servicing Center at 888-297- 8685.
Isaiah 12:2
Surely God is my salvation; I will trust and not be afraid. The LORD, the LORD, is my strength and my song; he has become my salvation.”
Expect Miracles,
Anna
Hi Anna! I thought I posted a comment before, but I never heard back from you. I recently got my trial period through my lender Indymac Bank. However I am missing one payment. It says in the paperwork under Additional Information… Any difference between the amoutn of the trial period payments and your regular mortgage payments will be added to the balance of your loan along with any other past due amounts as permitted by your loan documents. Does this mean that my missing payment will be added to the balance of my loan or do you think its best that I come up with the missing payment during my trial period? I tried contacting the lender but they weren’t really much help. If you could let me know your thoughts that would be great.
God bless!
Thanks!
Kim
Hi Kim – I am so sorry!!! I know I answered you back — hmmm thats weird, maybe I never pressed submit. I am sincerely sorry!!
Anyhow NO do not make any other payment ONLY your trial or you may get kicked out of the program. They will add the other to the end of the loan.
You are fine – CONGRATS!!
Psalm 28:7
The LORD is my strength and my shield; my heart trusts in him, and I am helped. My heart leaps for joy and I will give thanks to him in song.
Expect Miracles,
Anna
One main problem I have with BAC is that they are currently running 4 different computer systems for tracking mods.
They are
1. AS400
2. HomeBase
3. HomeSaver
4. SharePoint
When you speak with BAC verify that the rep you are talking to can view all 4 systems otherwise you may not get a true and accurate update on your mod.
Let me know if this helps
Thanks
AW
Anthony thank you so much for your insight = I am sure everyone with a BAC loan will appreciate your post!
“Commit to the LORD whatever you do, and your plans will succeed.”
Proverbs 16:3
with an attitude of gratitude,
Anna
Please help, I thought I posted a question last night but I dont see it listed. I applied for the HOPE modification program through my lender Bank of America. My income circumstances changed after I lost my job, I was subsequently able to find a new job, however, at a significantly less salary.
I received a denial letter from BOA stating that I did not qualify for the HOPE program under their investor guidelines. However, when I called in to find out why I did not qualify, I was told that although I meet the federal guidelines and my income is 31% under my mortgage, I dont qualify because I have alot of debt and they can’t tell how its being paid. I tried explaining to them that at one time I had good credit, and as a result, I took out credit cards/dirt bike loans for my brother. My brother has been making payments directly to those lenders for his debt, this is how the debt which is appearing on my credit report is being paid- because its really not by debt.
I also advised that my grandmother does help me out alot with paying my utility bills. They said to get a letter from my grandmother and have her give me a certain amount for those bills every month. I have no problem providing this letter, but if they then count this as my income- then won’t they try to turn around and say that now I dont qualify because my income is not under the 31%. It seems like a catch 22 situation to me. What do I do? Please help.
Hello Tyesha,
I am so glad you found us – why don’t you give me all the details, gross income before taxes, mortgage balance, how many months late, monthly property taxes, monthly property insurance
current mortgage payment.
Lets work on this – and you will see you are going to get this done – we just have to do some work on it
“And Jesus said unto them … , “If ye have faith as a grain of mustard seed, ye shall say unto this mountain, Remove hence to younder place; and it shall remove; and nothing shall be impossible to you.”
Romans 1:17
EXPECT MIRACLES
Hi Anna, Thanks for all the kind words of encouragement. I, too, am wading in frustration regarding my loan mod denial. I was told i can appeal it to citimortgage and could re-apply. I don’t want to be denied yet again – I was told i had a variance of only $65 on the first round. How or why, they would not elaborate. I paid into trial payments for 8 months, only to find out that very little was actually applied to the amount past due so repayment plan options seem unlikely now. I’m not going down without trying all my options. That said, I’m at a loss as to how to re-apply with updated financials in order to make approval more likely. Is there a way to have you help with my specific case because I only have days left to officially re-apply according to them. Thank you in advance for your help!
here’s a thought on hope to share:
“In the depths of winter I finally learned there was in me an invincible summer” Albert Camus
Hello Barbara, You are very welcome! I am so sorry you have gone through all of this – you will come out of this and a stronger invincible summer!!! That is for sure –
Do you have any idea if your loan is Fannie Mae or Freddie Mac? Or who your investor is? Can you give me some more details? I am here for you!
He heals the brokenhearted, binding up their wounds.
4 He counts the stars and calls them all by name.
5 How great is our Lord! His power is absolute! His understanding is beyond comprehension!
Expect Miracles,
Anna
Hello,
My dad only owns 50,000 on the mortgage.. he fell behind because he had at one point lost his job.. he filed for bankruptcy but is now out of it. He applied for MHA program and was denied.. due to loan maturity.. what is that???? they couldnt explain.. they told me they will see if he qualifies for a non government loan but that he will have to put 5,ooo down and 25,ooo in fees will be added to mortgage. Can you help me ..what can i tell these people.. i have a package for MHA program and it says nothing about being denied for loan maturity.
Hello Ramon,
Ok so your dad owes 50,000 right now right? Who is the bank? How much were his payments before? and what was the last payment he made? What is your home worth and how long has your dad owned it? How much is he making now?
I will instruct you and teach you in the way you should go, I will
counsel you and watch over you.
– Psalm 32:8
Expect Miracles,
Anna
Hi,
Five months ago I paid a company called PC up front to submit my loan re-modification papers to IndyMac. I had to borrow the money from my Mom so I was worried if I was doing the right thing, but we were assured that we were the perfect candidate for this program. We were told this would take anywhere from 3 to 5 months. It has been five months now and we have been rejected twice with letters from IndyMac saying we don’t qualify for the HAMP program. PC says IndyMac has us failing the NPV Test and that we are in a soft denial stage. Our facts are that we have a 470,000 interest only loan and pay 2992.00 a month. We make about 5700.00 to 6000.00 per month before taxes depending on my husbands commission. He is an account manager for a car parts company. We expected his commissions to be a lot more by now, but the small independent car companies have been hit hard or have closed. In order for us to make our house payment we have had to use all our charge cards to live, We are using a month and a half of paychecks to make one months payment. We have had to use all of our saved tax money for bills and mortgage. In December 2009 we had to pay our property taxes so we didn’t pay our mortgage. We now have a rolling 30 status. We are using our credit cards to live, but soon we will be totally maxed out. In April we will have to pay taxes again and will not be able to pay our mortgage too. We are worried that IndyMac can decide to foreclose on us if we have a rolling 60 status. Pro-City is doing all they can they say, but we are at the mercy of the investors. I have owned four homes in my life and have never been late on one payment. I am 59 years old and do not want to lose my home or to start over. We have been told that we are in review with the investor and have been for two months. Pro-City says this could go on for another 6 months. We were also told that it actually benefits IndyMac to foreclose, as they get paid 80% of the home value from the government through some special deal. We can’t make it another 6 months at this rate and my Mom needs her money back sooner than later. We never ever thought this would take so long. Do you think Pro-City is doing all they can or is there something else we can do to get this done? My fear is they will drag this out as long as they want until we miss enough payments they can foreclose on us. I thought these people were suppose to be helping us not taking our homes from us.
Hi Geraldine,
My suggestion would be to talk to both PC (are you able to go see them? ) and Indymac – ask PC if you can be on a conference call with them to Indymac and see what the status is – or call Indymac and ask them for status and see what they say. What state are you in? Stay informed and stay on top of any dates that come up – Get me your state. I am here for you.
Rise up; this matter is in your hands. We will support you, so take courage and do it.”
Ezra 10:4
Expect Miracles,
Anna
Thanks Anna for responding to me so quickly. It is so nice to talk to someone who has knowledge of these re-modifications. I am in California and just from reading all your posts, am amazed at how many people are in the same boat as us, if not worse. I can’t imagine waiting a year or more for an answer like some of these people have had too. I’m going crazy after 5 months. IndyMac won’t tell PC who the investor or investors are. They talk to a contact person once a week or week and a half for an update. PC says there negotiator is responding to all negative responses of IndyMac and going over all our numbers with them. At the moment I don’t think it is an income/mortgage payment problem. I don’t think IndyMac wants to qualify us for the HAMP program. PC says they are still fighting for it, but IndyMac may offer us a traditional modification or some other program. PC says they feel like their having to teach IndyMac as to why they can’t do certain things, as they seem to be able to modify the NPV test to their advantage because there is know restrictions on them. I forgot to tell you before that we are also upside down on our house at about 80-90,000. Anyway, I think PC is doing what they can for us. Even though we had to pay them money up front I think if we had tried to do this ourselves we would have hit a brick wall. At least we have not gotten a hard rejection yet. There is still some hope they might offer us something. I guess I am venting more than I have actual questions for you. Your comments or suggestions are all helpful, as I know knowledge is power. Thanks for your insite and your positive feedback.
Gerry
Hi Anna, Your very fine advice, encouragement and help is just fantastic. You have helped so many others so much, and me too just by reading though your replies to everyone!
My two young daughters and I want to stay in our nice home that dropped in value from about $425k to about $300k since we bought it in 2007 for $425k ($417k loan with MetLife). My dear wife had to move out due to mental illness. Last year, I started missing payments, and then was accepted into the HAMP starting July, 2009. I faithfully made all payments ($2400) through January 2010, but was just denied the HAMP modification, and they now say my regular $3112 payment is back in effect, but that they plan to resume foreclosure (no sale date yet). I bring home about $6k a month from my super-stable job, and we owe about 9 months ($30k) in back mortgage payments and fees. Finally, I soon have to file Chapter 13 because of debts I cannot afford to pay owing to my wife’s illness and my single-parent expenses (childcare, etc.) – there are creditors suing me that will garnish my wages, throwing us under the bus financially. With Chapter 13, I can keep the house, but my monthly payment will soar to about $3600/month to complete the Chapter 13 plan over 5 years. If unavoidable, I will pay the $3600/month to stay in the house for now in order to keep my daughters in a stable home. Can MetLife accept me into the HAMP after I file Chapter 13? I plan to reapply for HAMP modification, but will Chapter 13 exclude me? We really want to stay in the house and will fight whatever battle we can to keep it. We pray daily that we will be able to make it through this tough time without the bank taking our last hope of home ownership and stability away. Your advice and ideas are very welcome.
Hello Chris – You are so welcome – I am here to serve and be an instrument for God and am trying to do just that
I am so proud of you working hard for your family and providing a stable environment for your girls – I am a mother of 5, so I know about family and its importance – I am sorry to hear about your wife and I hope she will find Gods healing hand upon her – check out Father Fernando Suarez – I received some miracle healing beyond belief of ovarian cancer last mothers day as well as spiritual awakening that led me to begin this site – so we all have God to thank 
Ok the guideline on HAMP leaves this kind of grey because although it says you are eligible it leaves the door open saying that it is up to the servicers discretion – but this is while you are in the BK – I have gotten it done – so I believe with belief, focused prayer and determination ANYTHING is possible. I personally would try to get it done prior to filing for BK – this will give you a stall tactic if necessary afterwards.
I would send a letter asking exact reasons why you were declined – there is a template on this site – also, I would call and go line by line to see what figures they are using to qualify you – mistakes are made on a daily basis!!! Do you know who your actual investor is ? Fannie or Freddie?
Stay positive and determined and you WILL save your home –
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect Miracles,
Anna
Anna, I have very good news, and it is nearly unbelievable but true. On Feb 24th, the day after my message to you and after being denied the HAMP mod, I got a FedEx package with full loan modification docs inside. They contained the approval documents for a 2 percent loan for 5-years and inching up to 5-percent, a percentage point a year, and then spread out to 40-years. It rescues my family and lowers my payment by 37%! Today, I checked the county auditor, and my HAMP loan was recorded on my birthday! All of this is so miraculous and attributable to the goodness of God. Your help is no less special, as I kept the faith per your instructions, and here we are with a permanent modification. You are so right, Anna. Thank you! To others- DO NOT GIVE UP!
Chris, Glory to God!! I am sooooooooo excited for you that is sooo sooo awesome! Thank you very much for sharing this great news with everyone here – Happy Belated Birthday to you –
Never give up on anything is the motto of this story, because if you believe and take action together is the success formula of life!
Shout for joy to the LORD, all the earth.
Worship the LORD with gladness;
come before him with joyful songs.
Know that the LORD is God.
It is he who made us, and we are his;
we are his people, the sheep of his pasture.
Enter his gates with thanksgiving
and his courts with praise;
give thanks to him and praise his name.
For the LORD is good and his love endures forever;
his faithfulness continues through all generations – Psalm 100
Miracles are all around us — and sometimes we don’t even notice.
Anna
Hi Anna, First God Bless you for interceeding on the behalf of others with such powerful information. I have had the run around with Bank of America. Applied in July for modification program, was given trial payments acording to the document until September, made them all. They kept stalling asked me to continue making payments through November and did that to. Received letter in Octobe stating Thanks for submitting completed documents information has been verified and accepted under the guidelines of the HAMP, enclosed find signed copy of HAMP trial period. Then in January receive letter that unfortuantely based on prelim review may not be eligible due to fact that everytthing I pay is less than 31% of gross income? First mistake is they used fed income tax statment which had my husbands income on their, and I told them that I was sole payor of mortgage which is in my name, and I signed trial documents solely. They then say resubmit letter with that information and my check stubs. I did that, didn’t hear from them until I called to find out status on 2/22 and they say oh you were denied, and should have received letter of intent to accelerate. No in between contact, neither did they offer any options unti I called 4 times got 4 different people and one person says oh you can try for in house modification. I feel so confused, not sure what to believe with this bank. The person I worked with said to come up with down payment of 5k (12K in rears) and they would consider for inhouse. I’m going to get that 5K but want to know what are the chances this inhouse thing will ahve same results more confusion? Any advice or guidelines you can give will be greatly appreciated.
Warm Regards, cheryl
Hello Anna. You seem to be able to help alot of people here and I thank you for assisting us. I can’t believe how many Indymac stories are similiar to mine. We have been through forbearance agreements with them and our payments went up to $3000. We only owe them $40,000 ($16,000 are their attorney fees). We went through settlement court to get them to modify our loan through HAMP. We went for our second hearing conference and Indymac’s attorney said that the investor is not participating in any government programs and is not modifying our loan. We were basically told that we would have to come up with $20,000 by March 12th and our payments would be $5,000 for the next 6 months. They know we can’t afford this and they are also aware of how much equity we have in our home. Everyone that I have spoken to (ex: HUD, FHA, etc) have said that they know you have equity and just want your home to make money off of it. My attorney wants us to go through Chapter 13 but I don’t want to do that especially after reading what has happened to some people on this post. What shall we do? Thank you for being there for us. Oh and the judge asked Indymac who my investor was and they said they didn’t know. I know that it is not Freddie Mac and it is not Frannie Mae because I called them both.
Hello Margaret!!
Wow, this is horrible! I think your attorney may be giving you great advice – regardless of other people on this post your situation is different and in your case they are not willing to modify your loan so if you file the Bk you may be able to lower your overall debt and you can mess anything up because their is not anything to mess up. I would get a qualified written request done and have your bankruptcy lawyer make sure every penny of fees the lender is charging you is accounted for.
If you sign up on my site you will get a template of one. After your bankruptcy you may be able to then refinance your loan into an FHA to get out of this loan asap – once you restore your credit.
What was your origianal payment?
“We love Him because He first loved us.”
1 John 4:9-10
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“And Jesus said unto them … , “If ye have faith as a grain of mustard seed, ye shall say unto this mountain, Remove hence to younder place; and it shall remove; and nothing shall be impossible to you.”
Romans 1:17
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“There is no fear in love; but perfect love casteth out fear … ”
1 John 4:18
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Be strong and courageous. Do not be afraid or terrified because of them, for the LORD your God goes with you; he will never leave you nor forsake you.”
Deuteronomy 31:6
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The LORD gave this command to Joshua son of Nun: “Be strong and courageous, for you will bring the Israelites into the land I promised them on oath, and I myself will be with you.”Deuteronomy 31:23
Have I not commanded you? Be strong and courageous. Do not be terrified; do not be discouraged, for the LORD your God will be with you wherever you go.”
Joshua 1:9
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Then you will have success if you are careful to observe the decrees and laws that the LORD gave Moses for Israel. Be strong and courageous. Do not be afraid or discouraged.
1 Chronicles 22:13
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Be on your guard; stand firm in the faith; be men of courage; be strong.
1 Corinthians 16:13
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But even if you should suffer for what is right, you are blessed. “Do not fear what they fear ; do not be frightened.”
Take Courage
1 Peter 3:14
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Rise up; this matter is in your hands. We will support you, so take courage and do it.”
Ezra 10:4
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Immediately he spoke to them and said, “Take courage! It is I. Don’t be afraid.” Then he climbed into the boat with them, and the wind died down. They were completely amazed,
Mark 6:51
Hi Ana,
Is there anyway to find out who our investor is with our IndyMac loan?
Thanks
Gerry
Hello Miss Gerry,
Sometimes it is on your notices, look around and see if you see it, if you have a notice of default sometimes you find it on there – but the company that you are working with should be able to call and get it. Sometimes you have to keep calling to finally get someone to let you know, you –
I have a link to see if you have Fannie Mae or Freddie Mac @ http://myhomeremedy.com/contact.html
“The LORD also will be a refuge for the oppressed, A refuge in times of trouble. And those who know Your name will put their trust in You; For You, LORD, have not forsaken those who seek You.” (Psalms 9:9-10 NKJV)
Expect Miracles,
Anna
Thanks Anna, but I know I don’t have Fannie Mae or Freddie Mac. PC, who is representing us says IndyMac won’t even tell them who the investors are. All my paperwork is from IndyMac with no other company or person listed. I thought you might have heard of another way besides asking to find out who they are.
Thanks
Gerry
Hi, I have spent the last 5 months waiting to have my home loan modified. I spoke with a loan specialist with my lender (Select Portfolia Servicing), the stated that I qualified. My husband and I have been in our home for 4 years and recently have had some medical bill. We have waited for reimbersment from our insurance company Atena. Still a waiting game, due to this we are one month behind (always). During the modification “trial period” we made a full payment monthly, yet remained a month behind. I just received a letter from SPS saying that we do not qualify because we remained a payment behind. Due to this our second mortgage “Citimortgage” says we qualify for a 3.5% but no longer qualify because our first will not modify. We do not what to lose our home, and just need to get this under control. My husband income (quarterly bonuses, now bi-annual have been cut). Nice huh, 3 years he has been with Bank of America as a senior PB. Any advice you could give would be great, I do not know what to do or say to these lenders.
Thank you so much,
Angela Rogalla
Hello Angela,
I am so sorry you are going through all of this. So you made every trial payment right? Have you requested to speak with a manager, ask them to tell you why you are behind if you made the 3 trial payments (they do put the money in a suspense account during the trial because it is not a full payment you technically are considered late but if you made the trials they need to explain to you why they are denying you? That is what I would suggest – If you sign up for my free special report you will get what is called a Qualified Written Request this will give you a full disclosure of what happened to your payments. Next write a detailed letter and copy your cancelled checks or proof of the trial payments. You can reapply SPS will eventually get it done.
In trouble we are prone to forget all that we have heard and read that makes for our comfort. Now what is the reason that a man comes to think of that which otherwise he should never have called to mind? The Holy Spirit brings it to his remembrance; He is a Comforter, bringing to mind useful things at such times when we have most need of them.
Richard Sibbes
Expect Miracles,
Anna
Hello Anna,
I’m hoping you can give me some direction. First of all, let me just tell you up front: I don’t qualify for HAMP; my husband I moved to TX from CO in order to find jobs. He was laid off 9/11/2008, I was laid off 4/17/2009. We’ve been able to rent my condo out, but not for nearly what the mortgage happens to be. So the condo in question in CO is not our primary residence. My mortgage was taken over by Ocwen, after my former mortagor, Taylor, Bean & Whitaker, went bankrupt. I had tried twice to with with TBW on a loan modification, when I first lost my job and we were still living in the condo. I have tried four times since to work on a loan modification with Ocwen; and with three of my four submissions, they claim to either not have the proper paperwork or none at all. Now they’re telling me with the fourth submission that I may not qualify because even though I’m working, they don’t consider my income to be stable, because I’m working through a temp agency.
I honestly don’t know what to do. I am trying to remain positive, but my positive attitude slips with every certified letter of default Ocwen sends me. Any advice you could give me would be greatly appreciated.
Thank you in advance, and God bless.
Hello Erica – The main thing that you have to be sure of is to tell them upfront that you are not applying for the HAMP – How long have you been with the temp agency and is your work with them steady? Put your case together – maybe get a letter from the temp agency stating that they have steady work in the area you temp in — pile up evidence for yourself. Even if the work was not very steady state that you would then also qualify for unemployment in the event that you didn’t have work. Also get the value of the condo, has it decreased, put together comparables showing a value drop http://www.eppraisal.com ask them if they really want another condo on their books in this bad market. Try this address for submitting a new package make sure your hardship letter explains everything but explain your facts and try not to make it longer than a page – take a step back and then re-read it, remember someone has to read it.
Ocwen Financial Corporation
1661 Worthington Rd., Suite 100
West Palm Beach, Florida 33409
“Peace I leave with you; my peace I give you. I do not give to you as the world gives. Do not let your hearts be troubled and do not be afraid.”
John 14:27 New International Version
Expect Miracles,
Anna
Dear Anna:
about a year ago Indymac ” modified” my loan, in other words my PITI payment is slightly higher than what I was paying as ” interest only”. I was able to manage the payment for 10 months but now I fell behind 2 months going into the third. I can’t make the minimum payments on the second. I know that in a couple of months I can start making the payments again since I will be starting a new job but do you think I can try a second modification? Have you seen any modification where they forgive the late payments intead of adding them to the principal and having a balloom payment at the end?
Please reply.
Thanks
Hello Sunny – Did you get a HAMP mod the last time around OR? I have done more than one modification for the same borrower before and with Indymac – but not 2 HAMPS which is all they do now but if it was a year ago it was probably the FDIC mod. I hope this answers your question. I am here for you.
Defend the helpless and everyone in need.
4 Rescue the weak and homeless from the powerful hands of heartless people. Psalm 82:3-4
Expect Miracles,
Anna
hi diggety, I love your website, i was on testamonials and clicked home and there was your beautiful smile! good job!
Hello Anne,
I’ve only just discovered your site yesterday, but what a Godsend you seem to be for so many people.
I’ve been attempting a modification w/Indymac for over a year now, having received one denial to date…I’m prepared to fight this all the way, as I have studied the Hamp and used the FDIC NPV calculator, and am confident we should qualify for a modification…We have been on a 6 month forebearance plan since Sept., where the payment was almost 31% of our income ( after allowing for taxes and insurance) on the dot…We have made those payments with no problem.
Yesterday I composed a letter that I am planning on sending to any of the higher ups at Indymac who’s info I can find, along with copies to my congressman/senators, the OTC, etc…Could I perhaps send you a copy of my letter, which will explain our situation better to you, ( and what led to the first denial), and to also get your input as to any changes you would make with it??
Our basic stats are the following:
Monthly Gross Income $3321
Taxes $100
Insurance $80
Loan Balance $236,000
Current Payment ( IO) $1429
Estimated Home Value $175,000 (Cyberhomes)
$145,000 ( County Assesor’s Value)
Fannie Mae is the owner
I look forward to hearing from you, and any advice/suggestions you can offer.
Thank you,
Jules
Hello Julia,
Thank you for the kind words, I do appreciate hearing such nice things:) I am just an instrument. I am sorry to hear about everything you have gone through – I know it is soooo incredibly frustrating to go through this over and over for many. I wish that the system and the process could be different but we have to play with this deck we are currently dealt with so the main thing that must be done is realize that this crazy system is like this and STAY POSITIVE and determined- and BELIEVE!!! so Julia it looks to me like you are on the right track. I would also contact Fannie Mae and the treasury Department – especially if Fannie Mae owns your loan. I would be happy to look over your letter. I have other sample letters on this site with the fax number to the treasury.
1029.51 is your total max payment at 31% including tax and insurance – 849.51 total mortgage only
If they were to lower your rate to 2% and extend your term slightly to approx 32 yrs you would be there and it appears that reasonably speaking your numbers are in line with the program!!
Keep going you are doing a great job!!
I’ve commanded you to be strong and brave. Don’t ever be afraid or discouraged! I am the Lord you God, and I will be there to help you wherever you go. Joshua 1:9
Expect Miracles,
Anna
Thank-you for the warm welcome…I “think” I have emailed our info to you, and will await your response whenever you get the chance.
I’m ready to fight and win this thing!!
Take care,
Jules
Jules, You are very welcome for the welcome
and we want to hear about your progress, we have alot of people in waiting in the wings on “our” site and hearing stories of hope and inspiration are all some people need to continue their journey with a sense of confidence- and that is the goal because it is many times what makes or breaks someone in this process.
I did look over your numbers, and it looks pretty good to me, I did a little analysis, I hope you saw taht – just keep fighting
You asked me if you can send me your letter – that is what I meant –
I am the Lord your God. I am holding your hand, so don’t be afraid. I am here to help you. Isaiah 41:13
Expect ONLY Miracles,
Anna
Earlier today I either faxed, or emailed my story to the following:
3 higher-ups @ Indymac/Onewest including,Kelly Spencer
The Treasury Dept.
The OTC
My Congressman, and both Senator’s
I had looked for a fax number for Sheila Bair, but couldn’t find one, so I will be mailing my letter and info to her tomorrow.
And I have not yet called FannieMae, but will before the end of the week.
While reading through the site, I thought that somewhere mention was made of an article that you wrote, telling how to come up with the “magic” numbers they’re looking for…However, I can’t seem to find that article…Could you perhaps point me in the right direction please??
Thanks for your guidance and support Anna!!
Jules
Hello Jules,
I would say that Fannie Mae needs to be a priority, don’t hang up until they help you – I have called on behalf of one of my clients and they were quick to try to get me off the phone to file a complaint with the OTC, but I kept pushing and let them know they are the investor, and magically got help – now have you written to ask for the EXACT reasons why you were denied?
Here is an article that helps you figure out more or less where you stand with HAMP – but the other issue is that with Indymac especially and some of the other lenders, some want more but typically they want to see approx $200 in disposable income from current net and total expenses – there is an NPV factor that you and I would not be able to figure out and that is their risk factor of your likelihood to re-default and it is based off of many different components with this being one of them.
Ps being in a negative equity position is helpful for this program.
Philippians 4:6 Be anxious for nothing, but in everything by prayer and supplication with thanksgiving let your requests be made known to God.
EXPECTING MIRACLES,
Anna
Bank is GMAC,I was HAMP denied.
As letter states:Principle balance exceeds program limitations.I have never borrowed against this loan. All the principle is the original balance from the initial loan with a second from National City.Letter also states that account is in review for another workout option.I have called twice to find out what the other workout option is and they keep telling me two call back in a week.Do you have any opinions about this situation
Hello Ron- From what it seems your figures might be that your loan is above the HAMP program amount of 729,750 ? IS it? or your income is such that they would have to cut the principal to be able to modify your loan to the floor rates, and max term extension. I would call back and see if they could give you a straight answer on exactly what they mean, even if you have to request a manager that is what I would do – put on your boxing gloves!!!
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hello Ron – The main thing that that denial tells me is that your numbers are off –
and that they would have to lower the principal to be able to offer you a modification-
Please post your numbers to this site – and I will help you.
Now may the God of hope fill you with all joy and peace in believing, that you may abound in hope by the power of the Holy Spirit. (Romans 15:13 NKJV)
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Anna,
I too am in desperate need of help with Indymc, OWB. I sent in all my documents on May 25th 2009, kept calling, of course they said it was in review, in August I get a packet in the mail with a forbearance plan, good until Jan 2010. I made every payment on time. In November I call, I was told I was denied because I had a surplus of 18,000!!!!! Are you kidding me?? If that were the case would I be writing this?? They couldn’t explain what happened, I was told to send in everything again, which of course I did. I call every week, to find out that they need something else, which I always provide. They say it is in review… and could still go to foreclosure at any time, I get 6 letters of default every month. I am at my wits end, my home is all I have left, and I got behind due to having a stroke.
Please help.
JR
Hello Jr – Take a deep breath, that is the first step in regaining your sense of self after all of the chaos you have been put through but I am sure that there is a light at the end of the tunnel – I am sorry for all of the mistakes that have been made on your case – I am so sorry to hear about your stroke, The Holy Spirit is waiting for you to call him in for help – please don’t allow this to make you sick, lets take a strategic approach to get this done. I am here for you now and you are going to make things happen. Please give me all of the details of your file.
If you are tired from carrying heavy burdens, come to me and I will give you rest. Matthew 11:28
Expect ONLY miracles,
Anna
Thank You Anna
This has been going on with Indymac since 2008. They would put me on a payment plan, and then say a month later that it was not valid. I will start with the latest, On May 25th I got a packet in the mail from Indymac. I sent everything in and called every week, it was in review. In Aug. I got a forebarance agreement in the mail, That was good from Aug to Jan. My daughter moved in to help with expenses so I sent in her income as well. In Nov. I called to check on my status, I was told I was denied because I had a surplus of 18,000. WHAT? Of course that was a mistake on my financials. I sent in all new paperwork in Jan. I call every week, and then they always come up with something else that they need. I have sent in everything they ask for. I cont. to get 6 default letters in the mail, I have made a payment every month. I called this week, to see if it mattered if I made my payment this month on the 20th and not by the due date, they said no because I was being charged a late fee anyway. Anna, I am so scared they will put it into foreclosure. I read where Indymac makes more money if that happens. Everyone has the same story, how are they getting away with this. They say I owe 23,000 back payments. Like I said, my home is all I have left, and I have a 7 year old grandchild that needs a roof over her head. I know you can help!
JR
JR- You are so welcome. If it is of any consolation to you I received not just 1 but 2 permanent modifications from Indymac -I know they have alot of negative press, some may be true some not – The point is that YOU must go on- YOU must fight for your case. You are NOT alone- remember that most of the letters are computer generated and the process continues but if you are in an active HAMP Review then they put a hold on any foreclosure sale.
How much is your total gross income now? How much do you owe and what is the property value?
What state are you in?
Romans 8:31
31What, then, shall we say in response to this? If God is for us, who can be against us?
Expect Miracles,
Anna
around 3100 with my daughter helping out, I owe 182,000, and the value I will have to check, I live in TX
Is it true what they said about making my payment 5 days late? I can’t make it this month on the 15th
JR- 5 days late is not going to make a big difference. Are you on the trial right now or just making a regular payment?
Mark 11:23 For most certainly I tell you, whoever may tell this mountain,’Be taken up and cast into the sea,’ and doesn’t doubt in his heart, but Believes that what he says is happening; he shall have whatever he says.
Expect Miracles,
Anna
No the forebarance ended in Jan, so I am making regular payments, but even if its on time I am getting a late fee, because I am behind. So what do I need to do now? I will call Monday and check on things.
Hello JR,
My suggestion is to fill out a HAMP package and submit it for the HAMP loan modification specifically – If you have signed up for my free report you will get a copy of all of the application – let me know if you have it otherwise I will email it to you. Then I want you to put a letter together and send it to ME – I want this letter to outline every thing you have gone thru with Indymac from the beginning – I am trying to gather 100 letters – include your loan number and sign it –
“The Holy Spirit is a constant companion on your journey.
If you want some good company along the way,
get to know the One who guides you.”
Expect Miracles,
Anna
Thank you Anna for all your inspiring words to so many of us. I have sent in the packet that Indymac sent me, I called today, and it is still in review. So isn’t that for the HAMP? I will do the letter.
Thanks,
JR
JR – you are so very welcome! Indymac will process your loan for the HAMP modification – I am praying for you, stay positive no matter what and believe and give thanks as if it is done!
I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear.
Is not life more important than food, and the body more important than clothes? Look at the birds of the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them.
Are you not much more valuable than they? Who of you by worrying can add a single hour to his life? “And why do you worry about clothes? See how the lilies of the field grow.
They do not labour or spin. Yet I tell you that not even Solomon in all his splendour was dressed like one of these. If that is how God clothes the grass of the field, which is here today and tomorrow is thrown into the fire, will he not much more clothe you, O you of little faith? So do not worry, saying, “What shall we eat?” or “What shall we drink?” or “What shall we wear?” For the pagans run after all these things, and your heavenly Father knows that you need them.
But seek first his kingdom and his righteousness, and all these things will be given to you as well. Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own – Matthew 6:19-34
Expect Miracles,
Anna
Anna,
I called today and the rep. said it was in review, but he would send it to a supervisor about the mistake they made back in Nov saying I had the surplus of 18,000, and that maybe they could look at it for the HAMP mod.
A LOAN MOD packet came in the mail saying that I had been approved for the life of the loan, and the interest was lowered from 7.87% to 6.25% and the payment was 1351.00 to 1322.00. I don’t know what to think?? IS this for real?
I am confused, I am paying 1606.50 now, there is a shortage of 255.00 (escrow) so will there still be with the new payment?? I am to send this back by March 31st and have it notorized. Please advise Anna, I am in shock!
Thanks,
JR
Hello JR – a classic case of the hand doesn’t talk to the foot – you need to stay on the negotiator to make sure they fix this issue of your income – surplus! escalate this to a manager if you get no where with the rep, and then escalate it over their head if you can’t get anywhere with them and then write a detailed letter. Start there first and let me know what happens.
For the LORD your God is a merciful God; he will not abandon or destroy you or forget the covenant with your forefathers, which he confirmed to them by oath – Deuteronomy 4:31
Expect Miracles,
Anna Ceuvas
I called today and the loan mod was from INDYMAC, they said it starts 5/1/2010. I guess I need to do it, it is better than nothing, RIGHT? I can’t believe they did this! Maybe it is an answer to my prayers. The rep. said they can still look at me for the other, thru fannie mae and HAMP. Please let me know your thoughts, The details are in the previous email.
JR
JR – so did they say this is NOT a HAMP loan modicfiation? what state are you in? By when do you need to sign this? its really not much of a lower payment but can you give me all of your details so I can better answer your question:
I need your property value
how much you owe
gross income
how far behind in payments are you?
type of loan you had
property taxes per month
property insurance per month
are you Fannie Mae or Freddie Mac?
I will be happy to see how it looks for HAMP vs what you got –
For the LORD your God is a merciful God; he will not abandon or destroy you or forget the covenant with your forefathers, which he confirmed to them by oath – Deuteronomy 4:31
Expect Miracles,
Anna
Sorry I just remembered they said I was in the second look process?? What does that mean.
Thanks so much
JR – no worries, I am here for you.
Second look process is just that they have a process to look over the file a second time prior to determining eligibility. Stay Positive, follow up and do not give up!
John 20:29 Jesus said to him, “Because you have seen me, you have Believed. Blessed are those who have not seen, and have Believed.”
Expect Miracles,
Anna
I have been in the modification process for almost 10 months now. We were not late on our payment. But with my husband injured and not working..and a drop in my hours we knew we would be in trouble. Chase took all our numbers and said we qualified for a HAMP. We made our payments on time 651.32 for six months as requested. About 3 weeks ago they called to say we were denied because we make too much money. My husband will lose his workers comp soon because they say his injury is irreparable. The docs have told him to file for SS which we just did but it is a year long process.
Do the banks take into account workman’s compensation even though it is not permanent? I don’t understand how they can say we qualify and then say we make too much money.
They called on Friday and said they will look at an in house mod. When my husbands WC stops at the beginning of April, should I reapply with only my income?
Chase told us we would have to make the back payments plus interest and fees which is now $8265.00 or sell or they will foreclose. When we first were approved for this mod were told that in case of denial they would put all of that at the end of the loan and we would just continue with our present mortgage.
Hello Nancy,
I know it is discouraging and a pain to say the least but keep fighting!!! Can you give me some of your details so I can help you navigate this?
I have people with Chase that were denied 5 or 6 times before getting approved, as hard as that sounds in the end they came out on top of the whole situation with terms so great it was worth the battles and aggravation. We never know what God has in store for us but in the end we always find out it all had a purpose. You can continue to fight to have that put behind the loan. Do you know who your investor is?
1 Peter 5:7 casting all your anxiety on Him, because He cares for you – read about Veronica under testimonials
another recent happy ending here!
EXPECT MIRACLES,
Anna
Dear Anna Cuevas,
On January 16, 2010 I received a call from a Vericrest Financial asking me the status of my house. I thought it was odd because Vericrest Financial were aware the house was on short sale. I advised them that the house was on short sale and that there was an offer; which was sent to Vericrest on December 2009 by my realtor.
During my conversation with Vericrest they suggested to me that if I wanted to keep my house I should apply for a modification because they have different programs. I told this person I had tried before (last year 2009), but was informed Vericrest did not do modifications. That’s when this person told me that Vericrest re-structured the company and they were working with the Modification.
I sent all the documents this person requested with the hope that I would be able to work with the Vericrest in saving my house. Unfortunately this was not to be. After several un-answered calls to Vericrest, I found out through my realtor Vericrest had closed the case for the short sale and my application for a modification was denied a few days later.
Vericrest lead me to believe I could work with them to save my house. As a result I lost my realtor, the offer for the short sale. The stress and frustration are unbearable. Vericrest called me and offered me hope. I feel this was a bait and switch tactic on the part of Vericrest to foreclose on my house.
I hear of so many people in worse situations than mine and they are able to get assistance to save their home.
Sincerely,
Vilmarie
Hello Vilmarie – What happens is that many times one department does not speak to the other department and many times either do not have access to eachothers notes – I know that it feels like a conspiracy but in my heart I really feel that it is a case of these lenders being overwhelmed with new processes and a caseload, well that you can imagine. Lets try to figure out why you did not get approved for the modification – give me all of your details and we can go from there – I am here to help you – I think God maybe has his own plan to keep you in the home? Crazier things have happened, like my mysterious ovarian cancer remission
I will help you – lets save your home Vilmarie, what do you think? I am here for you.
Trust in the LORD with all thine heart; and lean not unto thine own understanding.
6In all thy ways acknowledge him, and he shall direct thy paths.
Proverbs 3:5-6 This passage is fitting for you Vilmarie
Expect Miracles,
Anna
Dear Anna Cuevas,
On January 16, 2010 I received a call from a Vericrest Financial asking me the status of my house. I thought it was odd because Vericrest Financial were aware the house was on short sale. I advised them that the house was on short sale and that there was an offer; which was sent to Vericrest on December 2009 by my realtor.
During my conversation with Vericrest they suggested to me that if I wanted to keep my house I should apply for a modification because they have different programs. I told this person I had tried before (last year 2009), but was informed Vericrest did not do modifications. That’s when this person told me that Vericrest re-structured the company and they were working with the Modification.
I sent all the documents this person requested with the hope that I would be able to work with the Vericrest in saving my house. Unfortunately this was not to be. After several un-answered calls to Vericrest, I found out through my realtor Vericrest had closed the case for the short sale and my application for a modification was denied a few days later.
Vericrest lead me to believe I could work with them to save my house. As a result I lost my realtor, the offer for the short sale. The stress and frustration are unbearable. Vericrest called me and offered me hope. I feel this was a bait and switch tactic on the part of Vericrest to foreclose on my house.
I hear of so many people in worse situations than mine and they are able to get assistance to save their home.
Sincerely,
Vilmarie Sanchez
Hi Anna,
I’m impressed by how much you know about the HAMP Program and would love your words of wisdom on next steps. Your kind direction would be tremendously helpful.
On March 5th, I was denied the HAMP by CitiMortgage for having a negative PMI. This is incorrect. When I called Loss Mitigation, they told me they did not receive a letter I sent about my new job. I’m a self-employed consultant and started a new year-long contract in January. The figures they used were from when I first filled out the HAMP paperwork in November.
How do I get them to reopen the file on me? When I asked about reapplying, the supervisor said he thought I couldn’t reapply for 6 months (but didn’t know for certain). Do you know? They are trying to get me to do a Traditional Modification, but 3% fully amortized isn’t much different than my current interest only loan. I’d really like to try for the HAMP. This would allow me to stay afloat until my industry bounces back. I also have a 2nd property. Can I can even qualify for the HAMP because of this? (It’s for sale)
Here are the monthly financial numbers CitiMortgage currently has on me:
Current mortgage = $2963
Total Personal Expenses = $6061
Salary = $1898 (way wrong)
May I ask for your opinion? I have the opportunity right now to negotiate my monthly salary. Based on their $6061 expenses number, what range would be best to qualify for the HAMP? I assume I’ll need my net salary to be over $6061 – correct?
I’m happily (but extremely) busy with both my new job and caring for my beautiful, newborn son, so your help would be incredible.
Thanks,
AP
Hello AP – I am the servant ready to serve all needy minds with my simple advice, with my gifts of healing truth, and with my humble wisdom
I am here for you!
Negative PMI or Negative NPV?
If the numbers they have are incorrect they need to accept your new package, I would not bother calling it in but mailing it in direct – along with the full HAMP Application
– The HAMP program is very specific it takes your gross income and multiplies it by 31% to get your new modified total payment – I know that CIti likes to see a small surplus when dealing with their inhouse programs but for HAMP if your debt to income ratio is over 55% then you are simply required to attend debt counseling -If you get me some more details I can help you figure out some numbers.
How much is your total mortgage balance
how much is your home worth http://www.eppraisal.com
how much is your gross income
how much is your monthly property tax
how much is your monthly prop insurance
what did your denial letter say exactly
Expect Miracles and know that someone here cares and God is with you always,
Anna
- Lord, make me an instrument of your peace;
where there is hatred, let me sow love;
when there is injury, pardon;
where there is doubt, faith;
where there is despair, hope;
where there is darkness, light;
and where there is sadness, joy.
Grant that I may not so much seek
to be consoled as to console;
to be understood, as to understand,
to be loved as to love;
for it is in giving that we receive,
it is in pardoning that we are pardoned,
and it is in dying [to ourselves] that we are born to eternal life.
Thank you SO MUCH for your quick, kind response and gift of wisdom. I can’t tell you how much I appreciate you right now. I am encouraged that you suggest reapplying. Have you seen anyone do this with success? with CitiMortgage?
Yes, sorry, I meant Negative NPV. I’ve actually not received the decline letter yet, but got the bad news when I called Loss Mitigation to check on my status 3/7. They said I was declined on 3/5. I suspect I’ll get the letter any day.
Here are answers to your questions:
How much is your total mortgage balance –
$468K (1st CitiMortgage) + $56K (HELOC National City) = $523K
how much is your home worth – $334K
how much is your gross income – May I ask what range would be best for HAMP because I’m negotiating my contract now. They have my debt at $6061/mo. Does it need to be enough so my debt to income ratio is less than 55%? I wasn’t sure if you mentioned that because it was grounds for automatic denial by Citi.
how much is your monthly property tax – $413
how much is your monthly prop insurance – $111
Would you like numbers for my 2nd property too or does that not matter?
Here’s the scary part. Today, I received a letter in the mail from Citi Collections that stated:
“THE ABOVE REFERENCED LOAN IS IN DEFAULT. Payments have not been made as required by the note and mortgage or deed of trust (the “Security Instrument”). To cure the default you must pay the past due amount of $11,874.76, including $0.00 in late charges and $27 in delinquency related expenses. We must receive your payment by 4/5/10. Failure to cure the default by 4/5/10 may result in the acceleration of all sums due under the Security Instrument. This means the entire unpaid balance will become due. Also, your property may be sold in accordance with the terms of the Security Instrument and applicable law. The Security Instrument entitles us to collect all expenses incurred in pursuing our remedies.”
I received this scary letter and still haven’t gotten a letter saying I was declined. Glad I got a heads up when I called Loss Mitigation Monday. At that time, they told me that since I’d been declined, my account was now 97 days past due. They said I could pay half ($5937.50) and I would set to being 37 days past due. Anything over 90 days is grounds for foreclosure. WHAT???!!! I was unaware that the money I wasn’t paying each month was slowly accruing into a lump sum. I was also unaware that if I was declined, my account would be considered past due. I just wish they would’ve told me. I thought the HAMP program was supposed to help people. The Loss Mitigation Rep did tell me if I did a Traditional Modification they could roll this amount into my new loan. However, he did press me to pay half and said my house could technically go into foreclosure because it’s over 90 days.
May I please ask for your advice on what to do? Should I pay this? Will they really foreclose on my house? I will get going with my new paperwork & HAMP application.
There is one confusing letter I received on 1/21 from Citi that I should mention just to give you all the scoop. It said:
“You are at risk of losing eligibility for permanent Home Affordable Modification Program (“HAMP”) modification, because, based on our preliminary review, you may not be eligible for HAMP because your current monthly housing expense, which includes the monthly principal and interest payment on your first lien mortgage loan plus property taxes, hazard insurance is less than or equal to 31% of your gross monthly income.”
Doesn’t that mean they thought in January that I made too much money? How could that be when their numbers have me at negative NPV? I’m confused.
Your gift of healing truth and wisdom is enormously appreciated!
Thank you,
AP
AP – I think the very first thing you should do is write a letter to Citi – The answer is yes, I have resubmitted to Citi and yes I have gotten success with Citi and you can too!! Next you need to figure this backwards for your particular situation with Citi take your loan amount 468,000 @ the lowest rate w/HAMP 2% and stretched out term to 40 years $1417.22 + tax and insurance $524 = 1941.22
then divide by 31% = $6262.01 this is probably going to be the range you need to be in income wise
It has NOTHING to do with your 2nd
In a nutshell NPV means that it makes them MORE profit to foreclose than to modify – I do not know why you got the 2 conflicting notices but if the income was to high you would also not be eligible – SO, as I said above write a letter immediately and find out what went wrong- and then go from there. Take a deep breath, you can do this- stay POSITIVE all the way around, there is no room for any negativity, you must go forward and you must cast out all negative thoughts. I am here for you.
Please enjoy my favorite Earl Nightingale – We Become What We Think About! What do you think? http://www.youtube.com/watch?v=JgUc7eLXs0s
The Office of Homeownership
Preservation
Phone: 1-866-915-9417
Fax: 1-480-753-7832
Email: mortgagehelp@citi.com
URGENT ASSISTANCE NEEDED – REQUESTING ALL INCOME AND EXPENSE AMOUNTS USED AND THE NPV INPUTS USED IN DENYING MY HAMP HOME AFFORDABLE MODIFICATION PROGRAM
Loan#
DEAR EXECUTIVE OFFICE MHA/HAMP ESCALATION TEAM:
I was recently notified that I was denied for a HAMP loan modification due to NPV – Per the Treasury guidelines for HAMP I have the right to have an explanation of what the NPV means including for you to tell me the factors used to make the NPV decision and I hereby request the values used in making the calculations along with the date the process was completed within 30 days of the notice of denial. and dates, per that same guideline. I have attached the portion of the Treasury HAMP directive for your review. In addition I would like a line by line explanation of what gross income was used, what expense figures were used as well as where the value you obtained came from, was it a BPO, What amount was it, because the value I have differs significantly from the value figure I was given by the representative.
HAMP Directive:
When the borrower is not approved for a HAMP modification because the mortgage loan is deemed NPV negative as outlined in Announcement 09-31, Updates and Clarifications to the Home Affordable Modification Program, the notice must include a list of certain input fields that are considered to reach the NPV result and a statement that the borrower may, within 30 calendar days of the date of the notice, request the date the NPV test was completed and the values used to populate the NPV input fields defined in Attachment 1.
Sincerely,
cc: Department of Treasury
Phyllis Caldwell
Chief of Treasury’s Homeownership Preservation Office
Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220
Fax: (202) 622-6415
———————————————————————————————————————-
O, God, who by the light of the Holy Spirit, did instruct the hearts of the faithful, grant that by the same Holy Spirit we may be truly wise and ever enjoy His consolations. Through Christ Our Lord. Amen.
Expect Miracles,
Anna
Anna you have raised my spirits and I feel positive! Thank you for helping me with calculations. Thank you so much for the letter. You are amazing! May I ask you a few additional questions:
Is the $6262 gross or net?
Does having a negative NPV mean it makes them less profit to foreclose than to modify? Would you suggest I wait to receive Citi’s reply with values used in making calculations before sending in my new HAMP Application?
Should I continue making my lower trial mortgage payment?
Should I ignore the collections / foreclosure hullabaloo?
Should I try to pay down the deferred lump sum ($11,874.76)?
Thank you for reminding me to breathe. You’re a ray of positive light! I enjoyed the Earl Nightingale video and agree with his motivating thoughts. Thank you for sharing!
AP
AP – I am here to remind you to remember who you are – You are very welcome!
6262 is gross for HAMP -
Negative NPV means it is more profitable to foreclose -
I would suggest to wait for the reply
If you pay the money – you will lose your possibilities of a loan modification because then it adds an additional test, like the NPV test, it is the imminent default test and if you are up do date on the mortgage you must be put thru that test – also, if show more than 3 months of payment available in the bank you will lose eligibility –
If you are currently denied they most likely will not accept any trial, but if you are currently in an active trial payment situation you must make the payments but I do not think you are currently in an active trial. I cannot give you legal advice as I am not an attorney I can only tell you what I personally would do and paying the lump sum is not something I would do.
I would kind of ignore the collections – but stay on top of what is coming in the mail you do not want any surprises, you just have to stay completely on top of your game!!
You can do this – stay strong and stay positive and again call in the Holy Spirit into your life and into all of your decisions and conversations call in the Holy Spirit for the other person on the line too – you will see drastic changes in your life as soon as you completely eliminate all negative thoughts and lean on the Holy Spirit, stay in all day prayer, have a goal in mind and thank God every morning and evening and all day
, you are never alone and all of the answers are right there, When God is with you WHO can possibly be against you?? – meditate upon awakening and before going to bed even if for -5 to 20 minutes – I am here for you – check out my site http://www.myhomeremedy.com go to the bottom of the first page I have a free meditation demo – it is amazing and it is free and will help you in all areas of your life.
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect Miracles –
Anna
You are a ray of light and it’s a blessing my path crossed yours! May I clarify if a negative NPV test equals automatic denial of the HAMP? If so, would the following numbers we’ve kicked around equal a positive test?
$6300 gross monthly income
$334K appraisal (number Citi has)
$6061 – Total Personal Expense (number Citi has)
$468K – loan amount w/CitiMortgage
$525/mo – PMI
Could these numbers equal acceptance? Your help with this calculation would be tremendously helpful. I’m not sure how they determine NPV. After I take out my federal tax, my mothly Net income would be $5818 which is less than the $6061 Total Personal Expense. Will that affect my eligibility? I can negotiate for more salary if I need to. I believe they will agree to $6300/mo. for a year contract. Sometimes companies try to pay in 3 month chunks (versus monthly), but do you agree I should only accept monthly so I don’t have more than 3 months mortgage payments in the bank? I can make clear in my application that they’re paying me in 3 month increments, but I don’t want room for misinterpretation. I’m assuming you meant I can’t have more than 3 months of the new HAMP mortgage of $1941.22/mo (so $5823.66).
You are an angel. Thank you Anna!!!
Hello AP – ohh thank you for the kind words it makes me happy that I could offer any ray of hope to people that come into contact with me
A negative NPV = less profit from modifying the loan for the investor and yes it would equal a denial.
Remember the NPV calculations are done with several inputs and any information I give out is just a guide … not the actual program they use , mine is just a guide based on probability when looking at it from a straight profit from payments where as theirs has a whole value on your probability to re-default and I don’t and other calculations that I cannot guess on…
But yes from those numbers you have their it seems to me to be more profitable to modify with the HAMP then to foreclose. Monthly is better- as many underwriters may get confused with a different type of pay structure.
6300 gross (HAMP is measured by gross) x 31 % = 1953 total payment minus your 525 escrow = 1428 total mortgage payment which
can be accomplished with the HAMP guidelines and will equal more than the $334k in current appraisal making it more profitable for them to modify – so it is my humble opinion that this would work.
remember to put an organized package together and fill out the HAMP application ONLY and mail or fax it in.
*Again, I am not an attorney and I am not giving out any legal advice anywhere on this site, at all – just my humble opinion and interpretation of the HAMP guidelines*
If we think of the Holy Spirit only as an impersonal power or influence, then our thought will constantly be, how can I get hold of and use the Holy Spirit; but if we think of Him in the biblical way as a divine Person, infinitely wise, infinitely holy, infinitely tender, then our thought will constantly be, “How can the Holy Spirit get hold of and use me?
(Reuben Archer) R. A. Torrey
Expect Miracles,
Anna
1000 Thank you’s Anna. You are amazing to me!!! Thank you for your insight. I am caring for my first newborn baby (a boy
, so getting this help makes me so hopeful for my new family.
May I ask you a couple more questions to make sure I apply for the HAMP correctly? I want to make sure I wrap up my re-application with a nice big red bow.
I’m $12….yes, just $12….off of your number of $6262 for my previous 4 mos gross salary. This is the amount I was paid on average from Nov-Feb. I am paid in chunks throughout the year, so I made $15K in Nov….$10K in Dec and zero in Jan & Feb. This equals $6250 on average for those 4 months. That’s $12 below $6262. This month, I received a year-long contract for $6500/mo. which is $238 above $6262. My questions:
Do I need 3 months at above $6262? I know with most refi’s, you need 3 months of bank statements. I know $12 is nothing, but I also believe the HAMP might be strict.
How do I get a new HAMP application? I think I can remember what I sent the first time.
Is $6500 too much? You told me being around $6262 would be good. I don’t know if being $238 dollars above the number you quoted is grounds for denial. Citi also has me at $6061 total monthly debt which is $440 difference. I suspect I’m wayyyy below what they normally count for being “too highly compensated”, but I wanted to get your opinion. I know they’re strict and I’m not sure of the parameters.
The letter you sent me said I have 30 days to protest the denial. (Btw, I’ve never received a letter from Citi. How I found out about my negative NPV was verbally from a Loss Mitigation Rep when I called them on 3/7 to ask about my status). Should I wait to send the letter you sent me until closer to 30 days….of course, making sure they receive it by 4/29? Again, my denial was 3/5/10, so should I wait so I can get more “time” under my belt at $6500 (if $6250 is grounds for denial)?
I have CitiMortgage collections calling me 2X a day, but I will ignore these lovely messages. I believe that the Loss Mitigation and Collections depts. don’t communicate.
I have such a positive mindset thanks to you!! I know you’re not an attorney, so whatever happens falls on me. Just know, I deeply appreciate your help…and so does my sweet baby. We love you!!!!
Hello AP- awe I love babies!! Mine are soooo big now, my baby is my Jack Russell LOL – What is his name
More the reason to fight fight fight for your lovely home!!!
If you have your new contract you should just go with that now – and submit a copy along with your application – the difference is 73.78 in payment – I think you are good –
I will email you a HAMP application – don’t worry that the collection department calls – that is their job and you are on auto-dial LOL They DO NOT communicate at all!!!
You are very very welcome, you and baby cakes – from Auntie Anna – I am so glad you are feeling positive your baby needs all the positive vibes he can get
He will watch over your life – Ps 121:7
Expect Miracles,
Anna
The file you sent lendercontactlist.pages is not readable by andy program I know of.
I replied to your email ask@loanmodguru.com and it was rejected according to COX cable by the server.
Hello Steve – I am sorry I have a MAC and forgot to convert that to PDF – I will resend it right now again in the correct format – thank you for pointing that out – and my email is ask@askaloanmodguru.com that is probably why it did not go thru because it is missing the ask after the @ – although I answer all questions on this site
I am here for you.
O LORD, how manifold are thy works! in wisdom hast thou made them all:
(Psalm 104:24)
Expect Miracles,
Anna
Hi Anna:
We just received our perm. mod. from IndyMac. I am a teacher and get paid on 10 month paystub yearly whereas my husband has 12 month salary. IndyMac computed total monthly gross as sum of gross from our two paystubs. Whereas if they had taken my yearly gross salary and divided by 12 thus giving my true monthly gross salary in their calculations then 31% of that would be less than what they came up with. During trial mod. they did that but for perm. mod they did not. I called to CSR and they said to check back in 7 days. Do you think I can get that adjusted (since there is a difference of $400 per month) or not? Will they revise the numbers?
Hi Anna,
We finally have IndyMac off the income verses mortgage payment as we clearly qualify for the HAMP program in that regard. They are now going through the Property value test and PC is going back and forth with them on that. They have all but said they want our house. We are continuing to make our payments and hoping for the best. PC has told me a couple of success stories with their clients writing letters to the President, to the Attorney General and to the Treasury depart. Soon after they received their remodifications. I have told them I am going to do that because I don’t think it could hurt. My question for you is do you have the addresses and/or faxes to any of the ones I mentioned above? When I do write is there any pointers you can give me on the letter?
Thanks for all your help
Gerry
Hello Geraldine,
In my letter I personally would write about all that you have been through in a concise and factual manner – include how frustrating it has been all going down to where you are today and what is going on. I would meditate a little on it and write it from the heart without making it a lengthy book ( sit back an re-read it) My suggestion would be to ask the company that you paid to work on your behalf to help you as they said other clients of theirs are doing this – Hopefully they can help you put it together since you are paying them to help you I would expect them to help you with this too as part of their service. I personally have not written to the President and the Attorney general is for your own specific state – each state has their own and they have an online complaint form. Here is the address to the Treasury – Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220
The President of the United States of America, The White House, 1600 Pennsylvania Avenue, Washington DC, 20500
Attorney General’s Office California Department of Justice Attn: Public Inquiry Unit P.O. Box 944255 Sacramento, CA 94244-2550
Again if you write it from the heart in a concise yet factual manner and list what has happened, what is happening, what you need, and what kind of help you want from them I think this will get you further along
And don’t forget to ask your company for samples from their “other” customers that were able to get their modifications that way you can see what was effective for them.
I’ve commanded you to be strong and brave. Don’t ever be afraid or discouraged! I am the Lord you God, and I will be there to help you wherever you go. Joshua 1:9
Expect Miracles,
Anna
I cosigned for my son,s home in 2005, since then there have beed many unfortunate incidents that have occured.I thought he was getting a loan mod, but it was just denied.Should my income be used if I do not live in the home?
hello kathryn:
Here is the guideline from HAMP in regards to having to use your income or not –
If borrowers who are unrelated by marriage, civil union or similar domestic partnership under applicable law purchased their home together and one borrower has vacated the property, is the occupying co-borrower eligible to apply for HAMP?
Yes, the occupying co-borrower may pursue HAMP if a quitclaim deed evidencing that the non- occupying co-borrower has relinquished all rights to the property has been recorded. Servicers must refer to investor guidance to determine which parties are required to sign the HAMP documents.
The Lord bless you and keep you; the Lord make His face shine upon you and be gracious to you; the Lord turn His face toward you and give you peace” – Numbers 6:24-26
Expect Miracles,
Anna
Thanks Anna. I will give it a try. I will be talking to my negotiator hopefully this week.
Gerry
Gerry – Here is a prayer for your successful outcome
Are you also the one talking to your negotiator yourself? Just out of curiosity what exactly has the company that you hired done for you, I just notice you are still having to do alot of leg work yourself
but I wish you nothing but the BEST!!
But seek first his kingdom and his righteousness, and all these things will be given to you as well. Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own – Matthew 6:19-34
Expecting miracles,
Anna
Anna,
I have found your words both incourageing and inspiring. I am a strong believer and only know by grace I have come this far. Here is our story and our ask for advice and assistance.
In May 2009 we were told be Saxon Mortg. that we qualified for teh HAMP program. They went over the initial guidelines and faxed us the initial paperwork. (I must mention we did retain a lawyer because for 8 months prior we did not get anywhere with Saxon except a sale date) At any rate, the advisor stresses the importance of teh first three payments, how they were a must without exception it was considered our trial payment period. After which time if payments were made we would be appoved our interest rate adjusted and brought up to date and out of forclosure. Well we made our payment and then nothing from no one. We were let wondering what to do. We made phone calls no success. Finally we spoke with someone in Oct. who stated we needed to continue to make payments we discussed not paying in Sept because we did not knoe what to do and they stated we were fine because we made the initial three month payments June, July, and Aug. met the initial trial period requirement and to just do our best to continue making monthly payments as they worked on our modification. Oct. 30th I called to make a payment over the phone and was told that I could not make phone payments. i became very upset and said this would then cause me to be late. The son person stated in so many words that while in this program, after making the initial payments which he researched and stated we had, that while in the process of getting to pur file all other payments were not manditory but were to be made as a good faith. Well I sent the payment overnight. Then the end of Nov/Dec we reeived a letter from Saxon stating our loan was up for revision and our new payment would begin in February 1, 2010. So Nov./Dec payment missed. In Jan we recived a letter stating we were in joporedy due to not making all our payments and we had to the 31st to become up to date. So I of course became VERY neverous and called Saxon and they confirmed that we owed 3 missed payments of about $6900.00. In explaiining this to our lawyer advisor, she stated she contacted the loan processor and he said that the letter we received about not paying till Feb. was if we were not in the hamp program, our loan is up to change every 6 months and that is our adjustment letter, however we were to only follow letters that talk about hamp. Then she discussed the missed payment notification and he stated to not worry about it and to try to make up the payments if we could but to make sure we continue to make our monthy remaining payments. So we made Jan, Feb, and received planning to make March on the 19th and then beause we were going to get three payments in April we were planning to make 2 payments in April. Well first week in March we received a call from our lawyer advisor who stated sh spoke withthe modification department ond our packet was all set and sent to hamp for review. We should be getting a call with a proposal and then if we accepted it we would be finalized. We were excited to feel like we were finally in the home stretch however, last week I received a letter from Saxon stated we were denied from the hamp program due to missed payments. When our lawyer advisor sontacted them she was told nothing could be done and we would also not be elligable for any other program because we were eto big of a risk because we did not demonstrate that we could make our payments regularly. We were in this place because my husband had 2 seizures only to find he had a brain tumer, immediate brain surgury and a long recovery. However threw the grace of God he made a full recovery. We have been able to go back to work full time. He is a 15 year teacher and I am a 14 year social worker bothin stable jobs in a stable area in the baltimore area. We can prove that we can pay our monthly mortgage. We absolutely LOVE our home, and no not want to lose it. Our lawer is looking at what can be done I just really feel I cannot relay on them only I need to activate for ourselves and get as much help as I can. Please Please advise us on what we an do to save our home. My husband does face some PTSD so I am taking on a lot of this and fear telling him without doing everything first.. I pray to hear from you soon.
I cling to Gods words daily and can only trust He is in controll and will not give us more than we can handle.
Thanks for all you do I look to hear from you SOON!
Kelly
Hi Kelly:
I am sorry to hear that you have gone through all of this trouble – unfortunately it is almost part of the process these days, we just have to work harder and stay determined and positive!! So what is your attorney doing for you now? I am not an attorney and I do not give ANY legal advice just my humble opinion and experience. I have successfully modified over 175 mortgages and approximately 10% have been from Saxon, including 2 foreclosures overturned. What steps are your attorneys taking to get this worked out for you? Have you escalated this to a manager? I want you to print out what you wrote to me – and then my suggestion would be for you to make a condense version and call tomrw even if it takes a few calls – I want you to first call in the Holy Spirit as you are writing it out and also ask the Holy Spirit to guide both you on your call along with the person on the other end to help you – if it is of any consolation to you I truly feel that this is something that you can fix – If you have to fill out the whole thing again and send it in that might be your other option – they are so busy that you can really technically reapply most times without a hitch – I wouldn’t call it in I would just put it together and send it in:
Saxon Mortgage Services 800-594-8422
Saxon Attention: Home Preservation HMP Documentation Department
4708 Mercantile Drive
North Fort Worth, TX 76137
888-240-1885 Fax
What, then, shall we say in response to this? If God is for us, who can be against us? He who did not spare his own Son, but gave him up for us all—how will he not also, along with him, graciously give us all things? Who will bring any charge against those whom God has chosen? It is God who justifies.
Expect ONLY miracles and LEAN on the Holy Spirit he is waiting for you Kelly – don’t forget!
Anna
This is my situation. I was laid off in June of 2009. Used serverance pay to make mortgage until Oct. 2009. I was making close to 70k per year. Afterwards, I took a little job at 11.00/hr. Still could not make mortgage. It wasn’t until mid December that I found something decent and that only pays 38k. Thus, far I have missed Oct-March payments. Recently my husband and I were in a car accident and he has been out of work since January. I have been working with NACA since Sept 2009. I just went to a tour they had in TN and was told about a HAMP program. I have a FHA loan so my options were very limited. They advised me that I could do a trial payment of 982.00 for 3 months based on my income alone.(I am the only one on the mortgage). Then I must pay down 400.00 dollars worth of monthly payments in credit card debt. In addition, I am paying some other credit card debt through a credit counseling service. Once this is all done, they will consider the new mortgage payment as permanent. These are my questions:
1. Is it true that my HAMP can still be denied?
2. What information will they be reviewing after the trial period? ( I have worked several odd jobs and a work at home job).
3.I am looking at possibly getting a new job making 50k.. how will this affect me and my HAMP?
4. I have the money to pay off the debt they are asking(approx 12k) and I will still have the debt to pay through CCC. Should I catch up the mortgage or do as they are asking and risk still be denied the HAMP?
Even if I paid the arrearage, I will still not have sufficient income unless I get the new job to pay my cred card debts and other neccessities.
Please advise. Thank you so much for your insite.
Hello Ruth – I am sorry to hear about your situation, stay strong, the Holy Spirit is here to guide you, and I am here for you – lets try to figure out your game plan.
So during the application of your FHA HAMP you were told to pay down 400 of monthly debt equivalent to 12k? Please tell me did you get this in a letter or how did this come about?
Is your debt to income ratio high because of credit card debt (are you currently paying that debt or are you behind?) How come this debt was not included in the Credit Counseling?
Help me with the details:
WHo is your lender
how much do you owe in total
what is the value of your home http://www.eppraisal.com
how much was your previous payment
how much is your monthly property tax
how much is your monthly insurance
1. yes HAMP can be denied after the trial for various reasons – always keep in mind the profit from modifying must be higher than the profit from selling your home via foreclosure or a shortsale. They will run NPV test – you can read some of my articles on this topic
2. they will verify that the income is not more or less than a% of what you stated for your trial plan or if your income documents are over 90 days old you will need to provide new documentation and 31% of that amount will be the correct amount of the modified payment and again if it is over a certain percentage than what you previously had you will have to do the trial over again with the new amount.
3.So if you get the 50k per year job the modified payment will go up to 31% of that
4. If they see the 12k in the bank you most likely be denied HAMP –
Why don’t you see if you can still put the other debt into the CCC ? instead of plunking down so much money –
WHy did they say that by having an FHA your options are limited ? when in fact your options are greater with the possibility of a partial claim from FHA -
Keep fighting!!! You are going to make it Ruth!!
“Fear not, for I have redeemed you;
I have summoned you by name; you are mine.
When you pass through the waters,
I will be with you;
and when you pass through the rivers,
they will not sweep over you.
When you walk through the fire,
you will not be burned;
the flames will not set you ablaze – Isaiah 43:1-2
Expect Miracles,
Anna
Anna, thanks for responding. The answers to your questions are below:
Q:So during the application of your FHA HAMP you were told to pay down 400 of monthly debt equivalent to 12k? Please tell me did you get this in a letter or how did this come about?
A. I was advised by Bank of America at the NACA tour in TN to pay down my “credit report” by 400.00 monthly. When I checked my bills this was equivalent to $12, 140.00. (This total is not included in the Debt program). I asked my NACA negotiator to have BOA put this in writing when they send me my papers for the 3 month trial. This was on 3/11/10′. No papers fed-ex’d to me yet.
Q. Is your debt to income ratio high because of credit card debt (are you currently paying that debt or are you behind?) Yes, it is high due to the credit cards. I was working with the CCC prior to my job loss and issues with my mortgage. As of date, I am current on the payments.
Q.How come this debt was not included in the Credit Counseling?
A. At the time these particular cards didn’t have high balances. Also, I had a Bank of America (MBNA)card that was run up to 16k and a joint card with my mom through FIA(Wachovia). I didn’t want to have my mom’s account involved in this mess and so the banks did not want to work with me. They said in order to lower the MBNA, I had to put the FIA card in the program. Later MBNA offered to lower my payment to 300.00/month if I closed the acct. The FIA card is still at the same rate as before with a pymt of 200.00/month and they closed it.
Help me with the details:
Q.WHo is your lender
A. Countrywide…now Bank of America
Q.how much do you owe in total
A. As of today $157,271.13 for the mortgage
Q. what is the value of your home http://www.eppraisal.com
A. Your site did not work for me. I used Bank of America’s site at: http://bankofamerica.cyberhomes.com/ and got $151,399. Which is supposedly a change of 2626.00 over the last month.
Q.how much was your previous payment
A. Previous payment was $1234.82
Q.how much is your monthly property tax
A. This was escrowed in the paymt. Annual county taxes was $1,206.93
Q. how much is your monthly insurance
A. Also escrowed. Annual homeowners insurance was $423.00 . While FHA MIP was $64.72 monthly
1. yes HAMP can be denied after the trial for various reasons – always keep in mind the profit from modifying must be higher than the profit from selling your home via foreclosure or a shortsale. They will run NPV test – you can read some of my articles on this topic
***If HAMP is denied will my house foreclose or will they allow me to put it in the back and try to catch up?
2. they will verify that the income is not more or less than a% of what you stated for your trial plan or if your income documents are over 90 days old you will need to provide new documentation and 31% of that amount will be the correct amount of the modified payment and again if it is over a certain percentage than what you previously had you will have to do the trial over again with the new amount.
*** So, they will probably ask for paystubs again? What are the taxes for then? I made an additional 3k in 2009 that I don’t believe they know about since I didn’t work this “at home”job consistently. this was a total for the whole year.
3.So if you get the 50k per year job the modified payment will go up to 31% of that
***Then I will definitely not qualify for the HAMP
4. If they see the 12k in the bank you most likely be denied HAMP –
****How can they see this? I cashed in a 401k to pay the debts down. Should I take it out the bank? This was for paying out debt and possibly mortgage if they could not help me.
I appreciate you help in all of this. I really need some help and guidance.
Why don’t you see if you can still put the other debt into the CCC ? instead of plunking down so much money –
***do you mean see if BOA will allow this or just check with the CCC to lower the monthly payments?
WHy did they say that by having an FHA your options are limited ? when in fact your options are greater with the possibility of a partial claim from FHA -
***What do you mean a partial claim? I was told that the banks could do more for people with Freddie Mac and Fannie Mae loans in terms of a modification. Whereas with a FHA the only option was the HAMP.
***Also, are you aware of some type of grant or loan that HUD offers to pay up to 7500.00 to a homeowner to pay late payments? Supposedly you don’t have to pay this back.
Hello Ruth :
Here is the info on the partial claim ****so you know what that is:
Under the Partial Claim option, a mortgagee will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan (not to exceed the equivalent of 12 months PITI). The mortgagor will execute a promissory note and subordinate mortgage payable to HUD. Currently, these promissory or “Partial Claim” notes assess no interest and are not due and payable until the mortgagor either pays off the first mortgage or no longer owns the property.
When Naca is involved I would first try to contact them to see where they are in the process because you do not want to mess anything up -
On the credit cards that are not included, if they are really your mothers debt you should have her write a letter saying she is responsible for those debts and start having her write the check for them, make sure you do a good letter of explanation showing that your mother is responsible for those debts so you don’t have to plunk down 12k – if that money that you borrowed is in your account you will most likely be denied.
If you are denied for HAMP first of all I would not give up that easily because you sound like you should qualify – so fight fight fight, escalate it if you have to and reapply if you have to – SAVE your home, you can do this Ruth, you are so close, you are not asking for much – and FHA has HAMP.
See, the LORD your God has given you the land. Go up and take possession of it as the LORD, the God of your fathers, told you. Do not be afraid; do not be discouraged.” – Deuteronomy 1:21
“For the LORD your God is the one who goes with you to fight for you against your enemies to give you victory.” – Deuteronomy 20:4
Expect Miracles,
Anna
Anna, I hate to bother you, but I don’t know if you saw my other questions or not. I Put “Q” on your questions to me and noted “A” to my answers. There were some other questions I had in regards to some statements you made that are noted by some ***s,
I am actually 7 months behind. The partial claim that you are talking about, are you speaking of the HAMP still? I know that NACA told me that the past due will be added on the backend and won’t need to be paid until the end of the mortgage term. Is this the same thing?
I had a question about what the bank needee to verify on the tax forms?
Should I do as BofA is asking and pay down the debt? Vs just paying the past due and try to make the payments going forward? My fear is that the HAMP will be denied and my house will be foreclosed while I have no money left.
Ruth – don’t worry you do not bother me. I know you are scared and worried and you have someone to lean on here! I did answer your questions but here are these answers.
The partial claim is FHA – they pay up to 12 months of past due – they do like a principal deferment type of deal where that money is set aside and due at the end of the loan with no additional interest (like a loan with no interest)
different from HAMP where they take the past due and add it to the back of your loan where you will pay interest on it now – we are talking 2 separate things here with FHA because you can apply for both-
Regarding your taxes: technically you don’t have to file until 4/15 for last year and can get an extension until August – Make sure you put together a letter of explanation that specifies that this is what you make now – that you do not work for any other companies now – (not to be confused with the hardship letter) The Letter of Explanation or LOE in loan world is just explaining a particular item. So it would be one in regards to this and put it in an income section of your file, next one for your mom being responsible for those other credit cards and put that with your expenses – big enough for them NOT to miss it.
If you get your mom to write that letter and have her start writing the check to those payments and you make a copy of the checks – then you could have a cushion in case your HAMP does not come thru or if you get that great new job you can then catch up. That is my personal opinion. Check and see if this would work – I know alot of people that co-sign for others and they are not made to pay that debt, even in the application of a new loan if you can prove the financial responsibility is on another, they do not count it against you, but get the paper trail going asap -talk to your NACA counselor, I want to make sure you are protected. Now is NACA just working on a regular HAMP modification for you or one of their other programs?
Ruth will you do something for me? Will you promise to take a deep breath and go out into nature today – sit for 15-20 minutes and call in the Holy Spirit to be with you for the rest of this journey, and everytime you call and talk to someone ask the Holy Spirit to be the one guiding your words and theirs – I promise that it works, I do this all the time but with faith and belief and BOY the conversations change drastically either that or my feeling about them and the inner peace I experience are profound. Please do the 15-20 meditation today – and if you can everyday or 10 in the am and 10 in the pm – the answers you need will flow to you. I can see you have a lot of anxiety and I do not want you to get sick- stress is NOT a good thing for ones body and if you want to fight this and I know you do you need to start first with YOU!!! I am here for you Ruth!
“I have told you these things, so that in me you may have peace. In this world you will have trouble. But take heart! I have overcome the world.” – John 16:33
Expect Miracles,
Anna
Expect Miracles,
Anna,
How do I get FHA to do a partial claim? Who do I speak to on getting this ball rolling. If I can just get them to do that, then I can pay a chuck of debt off with the money I do have and then be able to maintain my mortgage at its current payment. OR maybe still get it modified for more cushion.
The credit card that my mom co-signed is my debt. I want to pay my obligations, but she may be willing to assist me in this matter. Only thing is, she does not have a checking account. The remaining debt that is not in a DMP is also mine.
This LOE you are speaking of, it needs to go into the paperwork that BofA is suppose to be sending to me?
Thank you for being so supportive in this matter. This stinks. I am not suppose to be in debt like this. I guess it is a lesson paid for.
Ruth
Ruth
Ruth – here is some info about what a partial claim is – the lender should already be applying for it when you apply for the HAMP –
If your mom is willing to pay the debt for you, then you may not have to pay first before you get the modification, and have such unease about it not happening and you being left in a mess – that might be a good idea – she can buy money orders – make sure she is the buyer and
make a copy of it and a letter from her certifying that she is taking over those payments – this is only for your loan that will not be on her credit or anything like that- Moms are awesome and so helpful – I love my Mom so much!! Then you can still pay it off after you know if you qualify or not – boy a bk 7 would have wiped it all out, and given you a clean slate.
The Helping Families Save Their Homes Act of 2009, signed into law on May 20, allows FHA to give qualified FHA-insured borrowers the opportunity to reduce their monthly mortgage payment by modifying the mortgage through FHA-HAMP. FHA released the program’s implementation guidelines today. FHA expects all servicers to implement the changes by August 15. The program permanently reduces a family’s monthly mortgage payment through the use of a partial claim, which defers the repayment of mortgage principal through an interest-free subordinate mortgage that is not due until the first mortgage is paid off.
FHA has used the partial claim option in the past, which allows a lender to advance funds on behalf of a borrower, to reinstate a delinquent loan that was up to 12 months delinquent. Now, this program will allow HUD to bring the borrower’s payment down to an affordable level. This will be accomplished by bringing the mortgage current, buying down the loan by up to 30 percent of the unpaid principal balance and deferring these amounts in a partial claim.
it goes on to say:
FHA borrowers who are experiencing difficulty making their mortgage payments should contact their loan servicer or HUD’s National Servicing Center at (888) 297-8685 to determine if they qualify for the FHA-Home Affordable Modification Program
God is our refuge and strength, an ever-present help in trouble. Therefore we will not fear, though the earth give way and the mountains fall into the heart of the sea – Psalm 46: 1-2
Expect Miracles – you can make this happen – don’t give up!
Anna
Anna,
I hate to keep bothering you, but I had a couple of questions that you may have missed:
***If HAMP is denied will my house foreclose or will they allow me to put it in the back and try to catch up while paying the regular payment amount? (although it will be a stretch to make the payments).
***When the bank goes to verify income, will they probably ask for paystubs again? What are the taxes for 2008/2009 for then? I made an additional 3k in 2009 that I don’t believe they know about since I didn’t work this “at home”job consistently. this was a total for the whole year. Will this mess me up?
If they see the 12k in the bank you most likely be denied HAMP –
****How can they see this? I cashed in a 401k to pay the debts down. I know it will be noted in my taxes since it was an early withdrawal.
***Also, are you aware of some type of grant or loan that HUD offers to pay up to 7500.00 to a homeowner to pay late payments? Supposedly you don’t have to pay this back.
***Also, when they reviewed my credit report, my student loans are deferred until June. However, my budget that was drafted by NACA showed the payment in the budget. NACA stated that the bank included this amount in their calculations and does so whether they are deferred or not. Do you know if this is true?
I really don’t know what to do right now. I feel stuck and don’t want to make the wrong decision. NACA is just waiting on me to get my paperwork from BofA. My NACA negotiator told me that as long as I did what they were asking(paydown the debt and make trial payments on time) then I would be fine. But I keep seeing where people are still getting denied.
I am really confused and don’t know what my best option is.
Thank you for your insight.
Ruth
Hello Ruth,
Did you get my response?
Here is the info on the partial claim ****so you know what that is:
Under the Partial Claim option, a mortgagee will advance funds on behalf of a mortgagor in an amount necessary to reinstate a delinquent loan (not to exceed the equivalent of 12 months PITI). The mortgagor will execute a promissory note and subordinate mortgage payable to HUD. Currently, these promissory or “Partial Claim” notes assess no interest and are not due and payable until the mortgagor either pays off the first mortgage or no longer owns the property.
** I do not know about the grant you speak of – I will fish around to see if I find something
When Naca is involved I would first try to contact them to see where they are in the process because you do not want to mess anything up -
On the credit cards that are not included, if they are really your mothers debt you should have her write a letter saying she is responsible for those debts and start having her write the check for them, make sure you do a good letter of explanation showing that your mother is responsible for those debts so you don’t have to plunk down 12k – if that money that you borrowed is in your account you will most likely be denied. They can see this if you show them the bank statement when they ask you for bank statements.
If you are denied for HAMP first of all I would not give up that easily because you sound like you should qualify – so fight fight fight, escalate it if you have to and reapply if you have to – SAVE your home, you can do this Ruth, you are so close, you are not asking for much – and FHA has HAMP.
Regarding your taxes: technically you don’t have to file until 4/15 for last year and can get an extension until August – Make sure you put together a letter of explanation that specifies that this is what you make now – that you do not work for any other companies now – (not to be confused with the hardship letter) The Letter of Explanation or LOE in loan world is just explaining a particular item. So it would be one in regards to this and put it in an income section of your file, next one for your mom being responsible for those other credit cards and put that with your expenses – big enough for them NOT to miss it.
On your student loans this is the HAMP guideline:
Payments on all installment debts with more than ten months of payments
remaining, including debts that are in a period of either deferment or forbearance. When payments on an installment debt are not on the credit report or are listed as deferred, the servicer must obtain documentation to support the payment amount included in the monthly debt payment. If no monthly payment is reported on a student loan that is deferred or is in forbearance, the servicer must obtain documentation verifying the proposed monthly payment amount, or use a minimum of 1.5 percent of the balance.
If you get your mom to write that letter and have her start writing the check to those payments and you make a copy of the checks – then you could have a cushion in case your HAMP does not come thru or if you get that great new job you can then catch up. That is my personal opinion. Check and see if this would work – I know alot of people that co-sign for others and they are not made to pay that debt, even in the application of a new loan if you can prove the financial responsibility is on another, they do not count it against you, but get the paper trail going asap -talk to your NACA counselor, I want to make sure you are protected. Now is NACA just working on a regular HAMP modification for you or one of their other programs?
See, the LORD your God has given you the land. Go up and take possession of it as the LORD, the God of your fathers, told you. Do not be afraid; do not be discouraged.” – Deuteronomy 1:21
“For the LORD your God is the one who goes with you to fight for you against your enemies to give you victory.” – Deuteronomy 20:4
Expect Miracles,
Anna
Need Help…NPV…denied
Hi Anna,
I found your website last week after being hit with the news my Hamp application was now denied. This is after they told me I was approved since 12/09 and I should just wait for the final paper work. I was so shocked I couldn’t believe it. They told me I was approved and the underwriters had approved it. I asked them several times if there was anything else to worry about and they said no it’s just waiting for paper work.
Now I’m so upset I can hardly think but I plan to fight to save my home. They have sent me a letter and said I can request the figures from the NPV evaluation and if I think there is any change or mistakes to reapply. It says the investor has not aproved the modification based on estimation of cash flow to the investor. I also got paperwork I can fill out to apply for their in-house assistance programs.
I am not under water on the mortgage and I was not behind on payments. Now they are saying I’m behind because of the temporary modified payment I have been making since I was approved for it in Sept. 09. They threatened me with foreclosure even though I have made all the payments they requested. They said didn’t I read the fine print and realize I would be facing foreclosure if my HAMP was not approved.? No, I did not know I would be threatened with foreclosure when I followed all the rules.
I applied in the first place because I was laided off of my job. I receive unemployment and they approved me for the HAMP ( according to their office) after getting all my unemployment papers I sent that showed I would receive unemployment for more than 9 months. My payment was $947 and was lowered to $631. My mortgage balance is $116,000.
My question is should I reapply for HAMP or apply for their program now? According to them I should pay the modified payment until 4/8/2010.
Your website is great. Thank you very much for any advice and help. Is this the best way to contact you?
Sincerely,
Susan
Hello Susan – I am so sorry to hear about your news
you must feel terrible and like you mentioned shock – but you have to take a deep breath, call in the Holy Spirit and fight!! I would right away ask write to them to get all of the figures and inputs used in making their determination – that is step one. Next: How much is your monthly taxes and monthly insurance? was your previous payment including escrow or did you pay it seperately? What is your property worth and do you know who your investor is? The payments you have made sit in a suspense account until you are either approved for the HAMP or not, then they are applied to the oldest defaulted payments – who is your lender by the way?
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won’t feel insecure around you. We are all meant to shine, as children do. We were born to make manifest the glory of God that is within us. It’s not just in some of us; it’s in everyone. And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others.” Marianne Williamson
Expect Miracles,
Anna
I have been working with BoA on the making homes affordable program. I started on the 3 month trial period in Oct. 09 and have been making regular payments and regular contact with their dept. I was told to keep making the mod. paymts. & keep checking in with them. I did. And I have notes, names and dates. On March 15 2010, I was told by a supervisor (after not getting any info or paperwork as to the progress of our acceptance or denial) that we did not make enough income to qualify. Shocking news to me because we fit all their criteria & I managed everything in a very timely manner. I have read your info. page on the subject, however we are now in serious default , even though I’ve been making modified payments all along, they are proceeding as if I was not. On March 25,2010 they are accelerating our loan & beginning foreclosure. Do I still make the modified pymt? We can’t afford the regular payment which they are now asking us to do. I am now doing paperwork to lower our prop. taxes. I am concern that by the time we reapply our house will already be in foreclosure.
Hello Stacy, I am sorry you are going through all of this- do you know if your loan is Fannie Mae or Freddie Mac owned?
Most of the times they still proceed with everything so they don’t have to start over again if the borrower does not make their trial payment – I wish it wasn’t like that as it would avoid so much anxiety for people going through all of this –
I would first call and try to get some information and also write a letter requesting all of the income and expenses they used. Many times they make mistakes in the inputs and at least you will know if it was an error – I would suggest you do this right away, I have seen this many a time where the income being used was figured out wrong or they omitted someones income from the calculations – this would be a good start that you could do today. Have you finished the trial payments already? Please let me know what they say and the answers to these questions. Also what state are you in, have you checked into your foreclosure laws to see what your timeline is, that would be another thing to brush up on so you know exactly how much time you have to work with and keep fighting- keep a calendar so you are on top of important dates – continue to fight you can do this!
And we know that all things work together for good to those who love God, to those who are the called according to His purpose. For whom He foreknew, He also predestined to be conformed to the image of His Son, that He might be the firstborn among many brethren. Moreover whom He predestined, these He also called; whom He called, these He alos justified; and whom He justified, these He also glorified. What then shall we say to these things? If God is for us, who can be against us?” Romans 8:28-31
Expect Miracles,
Anna
Hello, thank you for this wonderful site. I would like to give you some numbers and get some advice as to what I can possibly do to save my house. This is my 2nd application for HAMP. I was denied the first time for lack of income. I changed my numbers and I’m hopeful that it’s enough.
origination principle 49,980
origination date 1999/10/08
1st pymt date 1999/12/01
term 360
int. rate 5.9
current principle 41,468
loan paid through 2010/01/01
princ. & int. 296.45
escrow 224.55
total pmt. 521.00
total income 1300.00
eppraisal 89,202
zillow 84,000
cyberhomes 91,879
My house is probably really worth about 69,000. It is not worth as much as the average home in this neighborhood or area. Should I have an appraisal done on my own or would it even matter?
I am so confused about what calculations to use and I’m worried that my income is still too low. I thank you so much for any advice that you have to give. God Bless.
Brandy
Hi Anna:
I love your letters and inspiration, thanks a ton!
A while back, you mentioned that there were people in every state government office that you could include in your letters and pleas to the banks…would you happen to have a URL or a list of addresses for these state government people?
Kind Regards
Joe
Just to quickly update everyone on my efforts with Indymac/Onewest.
I was contacted by a Mr. John Olinksi a VP with Indymac…He was very gracious and connected me with a Ms Valicia Washington, an “Associate Analysis” for “Corporate Customer Experience” yesterday Tues, Mar. 16th…She went over my figures again, and said that she would verify them with my original Loan Escalation Specialist, a Mr. Dan Mandick, and get back with me Today, Mar. 17th
True to her word she did, and said the numbers looked in order, and that they were ordering a BPO on the property, and that she would follow-up with me next Tuesday, Mar. 23rd…She also said that all foreclosure procedures were on hold for 60 days, ( although I thought it was on hold anyway).
I’m hoping this is a step in the right direction, especially the BPO, as this is the farthest I’ve seem to have gotten to date, i.e does this mean the numbers so far look “ok”, and now let’s see the property value??!!…I’m not at all concerned that the value of the house will come back too high, as I know I’m anywhere from $50-$100K underwater.
Also, I received a second email from Mr. Olinski asking if Ms. Washington had reached me, and if everything was being taken care of to my satisfaction…And if not, to contact him again.
So folks…Anna…Do you think I’m getting somewhere now??
Again, thanks for all your help!!
Jules
Julia!!! Yes, awesome I am so happy for you – This is great news, all of your hard work and determination paid off!- You will see things will keep moving for you – stay positive and believe and it will happen!! Give thanks as if it is finished and see the positive response coming in your mailbox!! Be sure to let us know!
Hip hip hooray!!
Shout for joy to the LORD, all the earth.
Worship the LORD with gladness;
come before him with joyful songs.
Know that the LORD is God.
It is he who made us, and we are his;
we are his people, the sheep of his pasture.
Enter his gates with thanksgiving
and his courts with praise;
give thanks to him and praise his name.
For the LORD is good and his love endures forever;
his faithfulness continues through all generations – Psalm 100
Miracles ….gotta love them!
Anna
Anna,
In the midst of all your help, I don’t know if I said THANK YOU! So, here it is….Thank you.
From reading your information on the partial claim, it sounds like it can only be initiated by the bank with a request for HAMP. If FHA loans qualify for this then why are so many people being denied for HAMP?
I would like to get caught up on the payments at this point solely with the FHA parital claim and just start paying the regular amount. If at all possible. Once I pay this up to current, I will have the option to pay my cc’s off. I will be able to breath smoother. So, do you truly think it is best pay the debts they are asking and go for the HAMP now? Even outside of my joint card with Mommy, I have to pay down some cc debt to be considered for permanent HAMP.
P.S. My husband laughed when he saw your comment about me getting stressed. He told me that I worry to much and great bigger problems than what they are. He told me before you “Leave it at the altar and trust in the Holy Spirit.”
Ruth
I LOVE Jack Russell’s! They’re so darn smart. Thank you so much for the info and for emailing me the HAMP application (seapru@yahoo.com).
May I clarify “new contract”? I haven’t received anything from them since Oct. Back in Oct, Citi sent me a “Helping You Stay in Your Home / Making Home Affordable” application packet which asked for things like: a trial plan contract, a 4506T form, 2008 tax return, pay stubs, bank statements, prop tax statement. They accidentally sent me two and I kept one, so I can just put that info together again. Is this what you mean? I’ll be getting the letter with my official denial for negative NPV any day. Or does this also contain a new contract?
May I also clarify “official” dates. Loss Mitigation told me they just sent the denial letter (certified mail). However, their internal notes say I was denied on 3/5. Technically, is my denial date when I receive and sign for the certified letter? I just want to make sure they receive the letter you sent me requesting NPV specifics within the 30 days. The reason I ask is because I am trying to s-t-r-e-t-c-h things out because I won’t receive my next bank statement (which will have my new wage deposit of $6500) until 4/12.
Thank you Auntie Anna! Thank you for giving me the courage to fight fight fight for my family
AP – here is a pic of Jack – http://www.askaloanmodguru.com/67/is-your-loan-eligible-under-the-homeowner-affordability-modification-program-aka-hamp I used him for the article I wrote
He is smart but totally overprotective of me since I have been working from home since my ovarian cancer diagnosis last year – don’t worry I have received many miracles, that is why I am sooo passionate about miracles, I am in full remission. Any how he doesn’t like anyone to come near me when he is next to me LOL – its kinda funny to me I feel like I have my own body guard and he loves me unconditionally which is so so cool. A different love obviously than a baby, or my kids that I just love so so much- just a childlike playful relationship with a pet, makes you feel like a kid again with life’s simple pleasures. hahaha I am getting philosophical about my “Jack”.
OK for contract – you told me you just got a new employment contract – that is what I meant for you to send in.
Yes you can use that second package you kept- that is what I mean.
To play it safe I would use the denial date to send the NPV input request that they gave you anyhow the re-review is going to take a bit and by then whalla you will have your bankstatement, you can also print your notice of deposit online if need be.
You are very welcome – PS God wants you to know that he is CRAZY in love with you!
Romans 5:5 and hope doesn’t disappoint us, because God’s Love has been poured out into our hearts through the Holy Spirit who was given to us.
Expect Miracles,
Auntie Anna
Hi again Anna, Please ignore my question about official dates. I just received a certified letter from Citi collections stating I must pay $11,874.76 by 4/5 or risk foreclosure. I’ll make sure they receive my request for NPV calculations by 4/5 and have the letter certified. Is that what you suggest? Sending everything certified mail? Still haven’t received the official denial letter though which is weird.
Thanks in advance for helping me understand what you described as a “new contract”. I am so thankful for your help, motivation, encouragement and friendship. You’re truly truly a blessing
Hello AP
hows my nephew ? Yes send it certified so you have proof of dates – stay organized – you can do this – I just feel it 
well the guideline said they have to mail out within 10 days of denying it. The letters are computer generated when you reach a certain default date – keep track but don’t let it discourage you from your goals- stay focused!!!
Nothing shall by any means hurt you – Luke 10:19
Expect Miracles,
Anna
Anna,
My question is why do they go off of your gross income? My husband’s take home is 5200 a month but his gross is 7000. I am work from home and have to do a p & l; my gross was 7500 a month but do to the economy it has dropped to 2800 -3000. Why do they not conceder our total household expenses, including my business as it is in the home and takes up a lot of my income. Our total household expenses NO credit card dept included are 4008.59 with a 4100 current 1st & 2cnd that we stopped paying when they denied us a couple months back for the hamp because we were not 30 days late. We had to stop paying our payment last month to go 30 days so that they would consider us in the hamp. Now just when we consider getting an attorney we get the congrats you qualify now. Our Corporation has failed due to the economy and I will pick back up in June. But we have fallen behind. Without our home I have no business, (licensed daycare) we need to lock our mortgage into something not in an arm that will adjust to over 7k a month in a couple years. Beside the normal upside down over 245k as we purchased here in San Marcos the end of 04, and then the market crashed. Never had equity did 100% financing with a first and second… Can’t walk away… My husband just found out that he might (most likey) will get laid off within the next 2 to 3 months. I can get my income up to where it was before at the end of the summer, or do we try and get it up as high now to help pick up the difference when he does lose his job? Catch 22. We need to mod our loan to get a fixed rate etc. I know Miracles happen every day and I won’t give up, I know I came across your site today because God put you in our path! You are such a blessing to so many people reading what everyone has been saying!
Blessings to you
Catherine
Hello Catherine,
The HAMP guideline mandate the way income is calculated and they must only use the gross income. The income for self employed is the income from the Profit and Loss P & L after the expenses. The good news is that for HAMP being up side down is a big plus – so look at the bright side.
What is then your total gross income
monthly property taxes and insurance?
what is your value http://www.eppraisal.com
who is your lender
how far behind in payments are you
who is your investor
how much are prop taxes, and insurance p/month
ok so I am confused, are you approved or not? “Now just when we consider getting an attorney we get the congrats you qualify now.” I am here for you. I am so glad you found “our” site too!!
Be strong and courageous. Do not be afraid or terrified because of them, for the LORD your God goes with you; he will never leave you nor forsake you.” – Deuteronomy 31:6
Expect Miracles,
Anna Cuevas
Hi, Anna.
Just when I thought it couldn’t get any worse. I went into work today and they told me that the business was not moving as planned and they terminated me.
I have not received my trial packet for the HAMP; I guess I need to call NACA and notify them of this change.
My question now is…….Does unemployment count as a steady income for the HAMP?
If I file bankruptcy chpt 7, can I still keep my home?
Ruth
Hi Ruth.
Well I like to say when God closes a window he will open a door! Yes unemployment does count as steady income for HAMP. I would wait to file any sort of Bankruptcy – because if you ever need to stop a foreclosure last minute it is great to have this handy dandy BK tool in your back pocket – I in my humble opinion would not suggest you do that right now but later , especially for your credit cards it would be nice to wipe them out!
If I were you I would let things run their course, no need to stop the flow of process, if there is flow – at that point you will have your claim info for them etc. – Don’t rock any boat yet. We don’t always understand things at the time they are happening but God has this wonderful plan that will unfold when you let go and really trust him with all of your heart and soul – and in the end things are always better than if we ourselves would have planned it! This has been my life’s experience.
I lift my eyes up to the hills-
where does my help come from?
My help comes from the Lord
the Maker of Heaven and Earth’ He will not let your foot slip-
he who watches over you will not slumber
Dear Anna,
First and foremost, YOU ARE AN ANGEL ON EARTH! I have spent hours reading your site and the help you provide people is priceless. The knowledge and support and to the point no nonsense advice is EXACTLY what each of us need. Lose the negativity, and fight for your home, if it is salvagable.
Ok…here’s our situation. We are 3 years into a 30 yr fixed mortgage w/6.375% interest rate. Oct. 2008 my husband lost his job (income was over $200,000/yr in 06/07) but steadily declined (automobile sales manager) and loss of position in Oct. 08. Attained employment March 09 and income now $7,000/mo gross. Our mortgage payment is: $4465.97. Upon my husband’s job loss in Oct. 08 we used credit cards and savings to live. Wachovia was our mortgage company at that time. We asked for help, but were told we did not qualify for help being that we were not late. We told them we did not want to be late on our mortgage or any other bills due to impeccable credit, but they said they could do nothing for us until we were late. So, the inevitable came. We were late. Jan 09 we sent a hardship letter and all financials as they requested. A few weeks later we received a letter stating that they would help us by “allowing” us to make a payment AND A HALF monthly to catch up! Hello? Are you kidding me here? I must be on Candid Camera (looking around for the red light)… Nope, they were serious. Ok, I can’t pay that if I can’t pay my current mortgage. My husband was receiving 1150 unemployment.
Anyhow, March 09 secured employment. April 09 filed a request for a HAMP modification. Updated all financials WEEKLY via fax to no avail. Their excuse was that they were inundated with requests. I get it. By Aug. 09 we were into foreclosure. At our hearing in August, the judge reprimanded the Wachovia attorney and said they were keeping us sitting on the edges of our seats for far too long and we deserved an answer to our modification request. The judge didn’t set the sale date for 30 days out as he was for most cases we saw before us, but instead put it out 90 days. He told us that he recognized our unfortunate circumstances and felt we deserved a timely answer. He said if we didn’t hear back within that time to come back in and file a motion for an extension of the sale date and he’d grant it. By Oct. still no word. We hadn’t made a payment in 9 months at this point. Then Wells Fargo took over for Wachovia. We were granted a Trial Modification within two days of review! Woo-hoo! We thought we were in the clear. Our payments went down to $3334.27 and they were set up to automatically be withdrawn from our checking acct. Nov 09, Dec 09, and Jan 10. All were made and then I made one in Feb 2010 as I was “awaiting” my final mod. docs. I was asked to just submit latest paystubs and new hardship and financials. Did it. Then two weeks later, I called back and found out we were denied. The reason? No one knew. No one could “understand the lingo” in the computer. They asked supervisors. No answers. They said they’d send a request to the processor to call us and they took the “best number” to reach us, but NO ONE CALLED. Wells did NOT send us a letter notifying us of our denial. They said they don’t do that. They don’t send out a letter of denial for the HAMP as they are looking at other work out options for us. They send out a letter once they’ve exhausted all work out options and none work. Oh, great, thanks for taking my money for nothing! Sheesh! Ok….so I researched and called repeatedly until I found an AMAZING girl who actually gave me HER CELL PHONE number so if I wanted to check on my status I could call or text her and she’d call me back! What a HUGE HEART she had. On the phone with her last week (mid March 2010) for over 1 1/2 hours and we figured out that it was the loan to value that caused our denial. Also she said it showed a surplus of $4,000. per month for us! What? Ok…then I realized that I put our GROSS income down when it asked for NET, but they processor should have caught that if he/she really looked at my husband’s pay stubs, correct????? In Oct 09 when I submitted our financials to Wells for review, I put down the max we’d make in a month (I fluffed it a bit, praying that would help us). I put us down for 10,400 gross (My husband’s best case salary and bonus, plus my income at that time. I’m a seasonal swim instructor) but should have entered the NET there. It asked for NET, but somehow I overlooked it. So, when they needed updated financials in February, BEFORE THEY DENIED US, I submitted the GROSS again as an oversight! Sheesh! My error!! We did have a change in income, as it was mid-winter early February and I was not teaching swim, so I had no income to report. I put us down for $9000 (again, my husband’s best case scenario of monthly income.)
We were denied based on the loan to value percentage, according to the rep I last spoke with and also she said we showed the $4000 surplus I spoke of earlier, so it appears they went off of the numbers I gave them back in October and they also must NOT HAVE looked at my husband’s pay stubs or I’d think they’d have caught my gross vs. net error. Granted, it was my error, but I’d think they’d be verifying income a little better than to just go off of what I put on a financial disclosure form!?!?
Moving on, here’s our situation, we have over $100,000 in credit card debt for which we haven’t paid in over a year. No judgements to this point, fingers crossed. We are going to file a ch. 13, but have been in limbo waiting for our mod. We were told if we filed our mod would be cancelled, so we were eagerly awaiting our approval for the mod. Sorry to get off topic…trying to give you the stats here…. Ok…$100,000 credit card debt. Guaranteed income of $7,000 gross salary,however, year to date income due to commission bonuses of over $1,000 per month has my husbands year to date gross at: $15,400. Our total owed on our house with late fees and all now is over $580,000. Our principal mortgage balance is $547,818.00. The average value between zillow and the eappraisal site you gave is $402,000. Our mortgage of $4465.97 includes taxes and insurance that were approx. $900 combined, but due to a tax decrease this past year, Wells Fargo said our escrow amount is now at $752/monthly. After paying our mortgage (which we are not paying now) along with our utilites, car, car insurance, life insurance, food, gas etc. we have a deficit of $-1360.27. We are 3 years into a 30 yr. mortgage. HELP, please please please HELP us figure out what to do first. We want to save our home, but don’t know what to do. Again, we have three children, ages 8, 12, and 19 1/2 (who is pregnant and due in 11 weeks), so we are really concerned as to what will happen to us. We also were in foreclosure and that was put on a suspended status while the trial mod. was in place. I was told by the last Wells Fargo rep. that we are still in the suspended status while they are “actively reviewing our file” for other work-out options for us. So, if they deny us, are we going to have a sale date set without our knowing??? In my mod. papers is says they DO NOT HAVE TO NOTIFY US IF THEY INTEND TO SALE except where applicable by law?? HUH? So, if they put us back into active foreclosure do we NOT get a letter notifying us of this by the court? Anymore court hearings where the judge sets another date or does he just set a date of sale without having to have a hearing again?
As you can see, I am FULL of questions. I know I went on and on in this email/post, and I apologize for this. It just feels good to know there is someone out there who may have a REAL answer for us.
Thank you SINCERELY for your time Anna!
Deana in Florida!
Hello Deana, So great to have you with us her on “our site” You are right what a battle you have been through my friend, and I commend you for sticking with it as long as you have, I think you can win this battle!! The denial after a trial is par for the course, unfortunately if the numbers don’t jive at the end, but nonetheless all fightable, thank goodness! The amount of paycuts people are having to take just to have a job these days is really a tough reality for many, but you know what you guys will make a comeback, tell hubby to stay strong and he’ll be back!!! — they should have been looking at those paystubs a little better and all of this back and forth could have been avoided, the problem is workload then the hand doesn’t talk to the foot in most cases again because of the workload in these departments is really out of control crazy! Tell me do you have a Wachovia Pick a Pay option arm or a regular loan?
Ok so what was the final thing they said about your process right now – are they fixing the income? is your file cancelled? cuz if it is we have to get your new file cooking asap!
ok first of all – you need to make sure your sale is still on hold – (this is normal to put it on hold and restart it if someone gets denied) you have to be in full control of your situation – Do you have a copy of your sale notice? there is a website and a phone number on there with a sales line number – call it EVERYDAY if you have to to make sure – put a reminder alert in your cell phone, that way there are no surprises. Ok what is going on with your new friend at Wachovia? Who is your loans investor? I am concerned if they said loan to value usually that is not about surplus, it is about property value, ask them if they did a BPO (brokers price opinion) and what they have down for the value. I would be curious to know – wait on the chapter 13, because that is a secret weapon if needed, in an emergency filing to stop SALES, keep this in your back pocket – GOD is crazy in love with you By the way!! and I am here for you!!
For the LORD your God is the one who goes with you to fight for you against your enemies to give you victory.” – Deuteronomy 20:1-4
Expect Miracles,
Anna Cuevas
Expect ONLY Miracles,
Anna
Hi Anna,
Thank YOU for your answers! Ok…I’ve gotten a bit further and here’s what I’ve learned. We were denied and the “rep” read to me this: Denial based on forbearance LTV less than or negative 100%. She said there was a BPO and it said our home value was $248,000, which is WAYYY OFF! The rep also said that we showed a surplus of $4,000 per month, which is 100% INCORRECT. WE have a deficit of $1260. That’s been changed in the computer and I’ve faxed all pay stubs, new financial disclosure form and hardship letter 6 times within the past week. I faxed it twice (three different days). Onto the property value…. Property appraisers office shows: $ and I’ve been to Zillow, eppraisal, and cyberhomes all showing a range of 372,000 to 420,000. I challenged that and I also JUST TODAY finally had a rep that “gave up” the name of our loan processor along with her email. I am unsure what angle to approach with this woman, but I have to let her know that the BPO, however they got it, is WRONG! Not just my opinion, but many sources prove otherwise. Our home was appraised at over $700,000 just 3 years ago.
To answer your questions from above, we are in a 30 year fixed rate mortgage. Our foreclosure status still shows a “suspended status” in their computer system. I am worried because on my trial mod. documents it says (in fine print) that they do not have to notify me if they continue on and accelerate forth with the foreclosure. Ugh! I can access the county clerks court documents so I can see if there is a pending sale. I would have thought that we’d get a court date to go before a judge and he’d set the date, but I’m assuming that I’m wrong about that!???
So, right now, I’m awaiting a call from our “loan processor” before the end of the day the rep thought I’d hear something. We’ll see. It has been sent to the escalation department with notes stating that we are questioning/challenging the LTV figures and also noting that our income on the financial worksheet was wrong and we do not have a surplus, but rather a deficit.
What do you think about our chances of a HAMP with the income we have $7k gross and expenses leaving us with a deficit of $1260. We have more debt but are going to file ch.13 (we’re waiting like you said to use that when we may need to) but as of what we have for current bills (utilities, car food etc) we have a $1260 deficit. We owe principally 547,000 and with all arrearage and interest/fees etc. we’re at $580,000. Is it do-able??
Thank YOU Anna!
Deana
Hi Deana – ok this is for everyone —- *******ATTENTION – YOUR VALUE COMING IN LOW FOR THE LENDER/BANK BPO IS A GREAT GREAT THING – THE LOWER THE BETTER!!!!!!! ******* THIS IS WORTH REPEATING THE LOWER THE BETTER, DO NOT FIGHT IT DO NOT CHALLENGE IT, WE ACTUALLY WANT TO CHALLENGE TO GET IT LOWER IF POSSIBLE*********
You will be in a better position to negotiate when the value is lower (yes, this is when plummeting values actually can be a blessing in disguise, if that is possible)
REMEMBER: THIS IS ALL ABOUT PROFIT FOR THE LENDER! SO IF IT IS MORE PROFITABLE TO MODIFY AND MAKE MONEY FROM THE PAYMENTS MODIFYING THAN FORECLOSURE THIS IS HOW YOU GET THEM TO WORK WITH YOU –
ok back to you Deana – the problem I see here is that they DO NOT want to do a principal forgiveness or forbearance in the amount of $112,000 that it would take to get you to the 2%, 40 year with the 31% of 7,000 = 2170 – escrow 752 = $1410
MAP is only for previous option arms at Wachovia (even if Wachovia is Wells) – so in your case “AMP” (a Wells Program) would not run certain tests like the HAMP but I still highly doubt that you will get them to forgive $112,000 , when going for the inhouse programs that is when NET vs Expenses come into play more than with the HAMP and it becomes less about being 31% as much as getting you in the positive, so if you are showing such a large deficit, just make sure that when you kick in a possible modification payment that you are still not in the RED or you are dead meat (3% was just an example, Wells as most lenders only do what they have to) – the good news is that if your income changes before you are ever approved for a permanent HAMP you are allowed to reapply!
I bet if you are able to increase your gross income to the amount where the lender does not need to lower principal you are more likely to get an approval.
This is why the said LTV less than 100% negative because they would need to lower your loan amount SO much to get you into the right payment amount – and they just WILL NOT go $112,000 –
what is your regular payment now? prior to the trial? FAX your escalations on Wells Fargo to 866-359-7362 and to 866-278-1179 be sure to CC the Treasury, the FDIC – make sure you are first going through the regular channels – then if you feel you are not getting the correct responses then escalate – BUT I WARN YOU – DO YOUR NUMBERS AND HOMEWORK FIRST!!! THIS IS VERY VERY IMPORTANT –
When you go to war against your enemies and see horses and chariots and an army greater than yours, do not be afraid of them, because the LORD your God, who brought you up out of Egypt, will be with you. 2 When you are about to go into battle, the priest shall come forward and address the army. 3 He shall say: “Hear, O Israel, today you are going into battle against your enemies. Do not be fainthearted or afraid; do not be terrified or give way to panic before them. 4 For the LORD your God is the one who goes with you to fight for you against your enemies to give you victory.” – Deuteronomy 20:1-4
“Be strong and courageous. Do not be afraid or terrified because of them, for the LORD your God goes with you; he will never leave you nor forsake you.” – Deuteronomy 31:6
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Also….We NEVER received anything in writing regarding our denial based on LTV. They specifically stated to me that they don’t send out denial letters when you are denied for the HAMP because they are working on other “work-out options” for us. Is that legal? Do they have to notify us? Will the loan processor be more likely to contact us based on our LTV question? I’d like to email her today if possible. I’m finding it hard to believe anyone will ever contact us. They NEVER have. It’s always me calling. Which is fine. I’ll keep calling, but I just feel so strung along. ‘
Trying to stay positive. Worried about teaching swimming if we lose our home. Very worried. Stomach in knots most days. Just feel after 15 months an answer would be nice. I don’t want to get strung along for another “trial period” and false hope either. If the numbers look like they could work, great. But if you think No way, I need to know that too.
Wells Fargo is our mortgage company also. Wells took over for Wachovia in October, at least for our mortgage.
Thanks Anna.
Deana
I guess it depends if you want to try to get some sort of balance reduction it would take 8387.10 to merely have to reduce rate to 2 % and term to 40 years
$2510 total payment inc 750 tax and insurance(easier approval) I think your 7000 is too low -31% = 2170 – 750 = 1420 they have to lower the balance to 468,916 which = 111k + in forbearance, a much harder sell to the bank, that’s why you got the ltv forbearance denial!
I think you should push to have the income of 8387.10 used if you don’t care about principal reduction and just want it done ! Or somewhere in between if you want to push for some reduction which has come out as a possibility from the White House this week. I am here for you
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Please ignore my previous question about official dates. I’ll make sure they receive my request for NPV calculations by 4/5. Do you suggest sending everything certified mail? I still haven’t received the official denial letter though which is weird.
I actually just accepted a certified letter from Citi with a smile on my face thanks to you. Because of your positive reinforcement and “warm fuzzies” I am so filled with hope and not afraid.
Thank you in advance for clarifying what you meant by “new contract”. Also, should I send the letter and my new contract/app to Citi in AZ, MD or TX? I found this address:
CitiMortgage
Office of Homeownership Preservation
14415 S 50th St., Suite 100
Phoenix, AZ 85044
I am so thankful for your help, motivation, encouragement and kindness. My stress and dispair has been replaced by peace and a desire to fight fight fight. I will keep you posted on how things go my friend
Hello AP – Great job on the positive attitude! You are going to save your home – I can just feel it – and remember read Conrads story – belief and determination will get it done – call in the Holy Spirit to be with you every step of the way!
Remember the contract was your new work contract for the year that they gave you, was the offer in writing? you can submit that to the AZ office. You are very very welcome – I am so happy that you are ready to fight it till you win! That is the only way to live –
Psalm 40
1 I waited patiently for the LORD;
he turned to me and heard my cry.
2 He lifted me out of the slimy pit,
out of the mud and mire;
he set my feet on a rock
and gave me a firm place to stand.
Expect ONLY miracles my friend as they are upon us!
Anna Cuevas
Yes, my offer is in writing. Should I send everything certified mail or UPS (for tracking)? I want to have proof they receive everything correct? Could you also please resend the HAMP application? I didn’t receive it, but here’s my best address:
I will keep you posted on how things unfold. You are a beautiful person and I am so blessed the Holy Spirit works through you. So very blessed
Hello my beautiful AP, how is my baby boy ? Go UPS track track track your fight fight fight until you WIN WIN WIN
You are too cute! I love the Holy Spirit we so underestimate the power of the Holy Spirit, and yes it is he who does all the work, Glory to God!! but thank you it is a great compliment that you can feel the spirit…as God is the one I am trying to make proud by bringing home some of the flock that comes near me.
Comforter – John 14:16
And I will pray the Father, and he shall give you another Comforter, that he may abide with you for ever
Expect Miracles,
Anna
Hi,
I have a question. We have been using a hud/mshda approved counselor to do the modification process. We met with our counselor last thursday because we had received a modification agreement in the mail from BOA but it was more than the 31% (hamp) They are asking for a response by tomorrow but our meeting with their lawyers is scheduled for march 31st. I found out today from BOA that this is an inhouse mod instead of the hamp. Our counselor is in training all week and I don’t know what to do. According to the counselor we do qualify for the hamp. She did email me that we go to our meeting on march 31st but didn’t say how we respond to the other offer by tomorrow. If you could answer for me I would appreciate it. Thank you Donna
Hi Donna, I would love to give you my opinion but I need a little more information to guide you ….. keep in mind that if you are not being offered a HAMP you are always eligible to reapply for HAMP even if you take the in-house program, at least it will stop your foreclosure activity ….. you are only disqualified from a 2nd HAMP loan modification if you already had a HAMP –
But I am definitely here to help you answer questions:
Gross income
current value of your home http://www.eppraisal.com or http://www.zillow.com
who is your investor
what was your trial or 31% payment
what did they offer you
how much do you owe
Matthew 8:13 Jesus said to the centurion, “Go your way. Let it be done for you as you have Believed.” His servant was healed in that hour.
Expect Miracles,
Anna Cuevas
I don’t understand the budget issue. No where in HAMP is a budget required just a calculation of the bank end DTI ratio which has noting to do with being denied (except for FHA-HAMP does disqualify)
55% Back End DTI
Borrowers who otherwise qualify for a modification under this program, but who would have a post-modification Back-End DTI greater than or equal to 55%, will be provided with a letter stating that they are required to work with a HUD-approved counselor and the modification will not take effect until they provide a signed statement indicating that they will obtain counseling.
And from Treasury in response to SIGTARP review on 3/25/10 says:
“Failure to pay back-end or consumer loan debts will not result in the borrower losing the home. A permanent HAMP modification reinstates the delinquent first mortgage and reduces mortgage debt by a median of $500 per month giving borrowers a greater ability to control other credit obligations without fear of losing their homes in foreclosure.”
Dear Anna,
We are in the process of applying for the home modification loan with Bank of Americas.
We are really confused in figuring out the monthly income and expenses as required under the Borrower Financial Information section.
What made it complicated are the rental incomes we have with two other properties. Though the net rental income after all the expenses (including maintenance, repairing, depreciation, and others) were in loss territories, when we have to report gross rental income separately from the expenses, it made our monthly gross income looked overly inflated and if this is the case, we wouldn’t be able to quality for loan modification program. But we have made several attempts to refinance our home, we were rejected either because of our house was devalued too much or we don’t have enough income. We would like to try for the home modification.
My question is how should I report our rental income in the monthly income section? Should we report gross or net? In either case, how do we report the expenses (such as maint. & repairing, PITI, utilities, supplies, advertising, etc.). Should we net them with the gross rental income and report it as a part of gross monthly income calculation or may be split them partially, such as PITI under the monthly expenses section (since under the monthly expense section it has a line asking for Other Mortgages/Liens) and remaining others, we net it with the gross rental income?
We are really confused. Please help.
Thanks,
Yangfang
Dear Yangfang,
I know it is so confusing for most homeowners to figure out all of the calculations especially when it comes to rental income -
Here is the HAMP Guideline for rental income hopefully this helps and I can clarify if necessary: I would even attach this guideline (cut and past it on a word document). Stay strong and fight fight fight – you can do this!! BELIEVE!
“Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you. For everyone who asks receives, and he who seeks finds, and to him who knocks it will be opened. (Matthew 7:7-8 NKJV)
HAMP directive:
To compensate for vacancies and operating and maintenance expenses, no more than 75% of the gross rental income may be used as qualifying income. The Mortgage payment related to the rental property, if any, must be deducted from the 75% of net rental income. If the result is positive, then include the amount in income, otherwise include the negative amount in the total monthly debt payment-to- income ratio.
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Dear Anna,
Thanks so much for providing me with the helps I most needed!
Let me clarify if I understood this guideline clearly by giving you an example:
Gross monthly rental receipts: 5,000
PITI (principle, Ins, Tax, Interest): 3,000
Other expenses (maint&repairing, ultilities, & others): 400
based on straight line cal: Net income = $1, 600 (5,000-3,000-400)
based on the 75% guideline: Net income = $750 (5,000*.75 – 3,000)
Therefore, based on the 75% guideline, the maxium monthly income I could claim is $750 and not $1,600. Am I right?
Since in this case the result is positive, I include this amount in as a part of the monthly gross income; otherwise, if my 75% turns out to be a negative figure, such as if I change my PITI number to 4,000 instead of 3,000, my calculation would be that:
based on straight cal: Net income = $600 (5,000-4,000-400)
based on the 75% guideline: Net income = $-250 (5,000*.75 – 4,000)
In this case, I would include the 250 lost in the monthly debt section?
Thanks,
Yangfang
Dear Yangfang:
here is the correct from Freddie Mac HAMP Bulletin for underwriting 4/21/09
Copies of all pages from the Borrower’s most recent two years of signed federal income tax returns, including Schedule E – Supplemental Income and Loss. To compensate for vacancies and operating and maintenance expenses, no more than 75% of the gross rental income may be used as qualifying income. The Mortgage payment related to the rental property, if any, must be deducted from the 75% of net rental income. If the result is positive, then include the amount in income, otherwise include the negative amount in the total monthly debt payment-to- income ratio.
When deducting the expenses per the guideline it is ONLY PITI that you will deduct from the 75% of rental income then the maintenance expenses, etc are already accounted for in the usage of only 75% of that net.
5000 x 75% – 3000 – do not reduce the maintenance from the number as it is already calculated into the 75% number
So do not fear, for I am with you; do not be dismayed, for I am your God. I will strengthen you and help you; I will uphold you with my righteous right hand.
Isaiah 41:10
Expect Miracles,
Anna Cuevas
The Loan Mod Guru
Dear Anna,
I am excited to report that I found the answer to what we are discussing. Based on the Supplemental Directive 10-01, dated January 28, 2010, here is an assertion about the rental income:
*Rental income. Rental income is generally documented through the Schedule E –
Supplemental Income and Loss, for the most recent tax year.
a. When Schedule E is not available to document rental income because the property was not previously rented, servicers may accept a current lease agreement and bank statements or cancelled rent checks.
b. If the borrower is using income from the rental of a portion of the borrower’s
principal residence, the income may be calculated at 75 percent of the monthly
gross rental income, with the remaining 25 percent considered vacancy loss and
maintenance expense.
c. If the borrower is using rental income from properties other than the borrower’s principal residence, the income to be calculated for HAMP purposes should be 75 percent of the monthly gross rental income, reduced by the monthly debt service on the property (i.e., principal, interest, taxes, insurance, including mortgage
insurance, and association fees), if applicable.
So based on this, I think the calculation should be first applied the 75% rule to the total monthly gross rental income and then reduced the PITI amount.
Thanks for your helps and encouraging words.
Yangfang
Dear Yangfang – yes this is correct first the 75% then the PITI but not the maintenance in addition to this
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won’t feel insecure around you. We are all meant to shine, as children do. We were born to make manifest the glory of God that is within us. It’s not just in some of us; it’s in everyone. And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others.” Marianne Williamson
Expect Miracles because you are a miracle!!
Anna Cuevas
Thanks, Anna. I forgot to mention to you that my first month trial period begins on April 1, which is this coming Thurday. I know I have to submit the first month trial payment by this day. Do you know if I have to also submit the full application package by this day? I probably need to ask BOA about this, but last week when I asked a modification loan rep. with BOA, she didn’t seem to have a clue, so I thought to ask. If it is also due Thursday, I feel I am running out of time as I haven’t completed the package (financial statment) as well as pulling all the documentations together.
Hello Yangfang. If they took your financials over the phone and the trial is set up your package is not due the same day just prior to the end of the 3 trial payments I would say as soon as possible but by the time you make payment number 2 for sure-
Immediately he spoke to them and said, “Take courage! It is I. Don’t be afraid.” Then he climbed into the boat with them, and the wind died down. They were completely amazed,
Mark 6:51
Expect Miracles,
Anna Cuevas
The Loan Mod Guru
Hi Anna,
It has been a couple of weeks since I have been on this site so I just saw the note you sent me. To answer your question, PC has submitted all the paperwork to IndyMac they have asked for and have been talking to them on a regular basis. That’s about it. They call me about every two weeks or so and give me an update on what IndyMac is doing. My negotiator has changed a couple of times, but I have not actually talked to mine. I talked to her assistant last week and she said they went over our figures again with IndyMac and they finally agreed that we have a hardship. We were asked to send in all of our pay stubs, bank statements, and W-2′s from 2009 since January from PC. They now want us to send in our bank statement and pay stubs at the end of every month on a regular basis. IndyMac wants to see that nothing has changed for 2010. It has been 6 months now that we have been trying to get a modification. PC says it has been taking anywhere from 9 months to a year to get a modification from IndyMac now. We are apparently still in a soft denial stage. I sent IndyMac a letter telling our story because I wanted to be more than just a number to them and PC faxed it over to them for us. PC said they think the letter was good and that it helped us. I don’t really know what IndyMac is waiting for and I’m not sure what more PC can do. I was going to write letters to everyone in the government, but haven’t yet. After talking to PC last week, I had a little more hope as they seemed pleased with their progress with IndyMac. I don’t see how many more questions IndyMac can have about our situation. Do you think PC should be doing more for us? This is taking forever…….
Gerry
Hi Anna,
Hats off to you for your great work. I’m co-owner of a fee based loan mod firm in Chicago. We offer a fee refund if unsuccessful and have an attorney on staff to handle things if they end up in court. We’re honest, hard working and very successful.
My question for you – do you think most homeowners can/should try to manage their mod process themselves?
If not, do you feel homeowners can rely on “free” HUD referal agencies? Almost all the agencies I’ve spoken with work for the bank or are paid by someone who is fronting for the banks. I expect their advice is accurate, but is it objective?
Regards, Charles
Hi Charles,
Thanks so much for the compliment – I appreciate that. Its great to hear that you are doing the right thing, keep up the good work Charles!
The answer to your question is – it depends- I think that if people can get completely organized, learn everything they can about the process, understand all the terms thoroughly, be ready for the frustrations, be ready not to give up whatever happens, don’t let anger and frustration get to them and allow it to stress them out, allocate time to be on it, wait on eternal hold over and over again, have the courage within to escalate to whoever it takes to get the job done and be the squeaky wheel, Not let emotions get in the way – conduct the whole process like a business, fight about the right things – then yes they can do it on their own.
I think there are some good agencies out there but not everyone really has a grip on the ins and outs of how this all works and is willing to fight for you – you still have to remain VERY involved and be on top of your own case because not too many people will fight like you can fight for your own home – not too many others losing sleep like the homeowner is over their situation so you have to stay involved and still be a big part of your own fight and you have to know more then them to make sure the answers are the right answers. Many people will continue to fight this battle on their own -unfortunately there are too many shady people taking advantage of people and everyone is scared to ask anyone for help. People have to be present and aware in this whole process to be successful – it is possible and it can be accomplished!!
Romans 12
Living Sacrifices
1Therefore, I urge you, brothers, in view of God’s mercy, to offer your bodies as living sacrifices, holy and pleasing to God—this is your spiritual[a] act of worship. 2Do not conform any longer to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is—his good, pleasing and perfect will.
3For by the grace given me I say to every one of you: Do not think of yourself more highly than you ought, but rather think of yourself with sober judgment, in accordance with the measure of faith God has given you. 4Just as each of us has one body with many members, and these members do not all have the same function, 5so in Christ we who are many form one body, and each member belongs to all the others. 6We have different gifts, according to the grace given us. If a man’s gift is prophesying, let him use it in proportion to his[b]faith. 7If it is serving, let him serve; if it is teaching, let him teach; 8if it is encouraging, let him encourage; if it is contributing to the needs of others, let him give generously; if it is leadership, let him govern diligently; if it is showing mercy, let him do it cheerfully.
Love
9Love must be sincere. Hate what is evil; cling to what is good. 10Be devoted to one another in brotherly love. Honor one another above yourselves. 11Never be lacking in zeal, but keep your spiritual fervor, serving the Lord. 12Be joyful in hope, patient in affliction, faithful in prayer. 13Share with God’s people who are in need. Practice hospitality.
14Bless those who persecute you; bless and do not curse. 15Rejoice with those who rejoice; mourn with those who mourn. 16Live in harmony with one another. Do not be proud, but be willing to associate with people of low position.[c] Do not be conceited.
17Do not repay anyone evil for evil. Be careful to do what is right in the eyes of everybody. 18If it is possible, as far as it depends on you, live at peace with everyone. 19Do not take revenge, my friends, but leave room for God’s wrath, for it is written: “It is mine to avenge; I will repay,”[d]says the Lord. 20On the contrary:
“If your enemy is hungry, feed him;
if he is thirsty, give him something to drink.
In doing this, you will heap burning coals on his head.”[e] 21Do not be overcome by evil, but overcome evil with good.
In gratitude,
Anna
Hi Anna,
I hope you’re doing so well! I’ve missed corresponding with you
May I ask how long it usually takes for Citi to reply with the NPV info? Per your advice, I’m waiting to receive this info before completing a new HAMP application. Could you also please email me the HAMP application? I haven’t received it yet. Is it the same as the one I found on this link:
http://www.citigroup.com/citi/citizen/community/homeownershippreservation/info.htm
My last question is would it be better for my NPV calculations if I’m less under water? The appraisal value Citi used for my property is much less than the values given via that link you sent me….and much less than the county appraisal (like $100K). Or is Citi’s value based on other factors? Sending blessings to you!
AP
Hi AP , I miss you too!! You want it to be less – in this case LESS is MORE
it should take about 20-30 days to hear back from them – I will find out what the guideline is, I am walking out but I wanted to get back to you before I left –
God Bless YOu —
Expect mIracles,
Anna Cuevas
Hi Anna, First of all, thank you providing advise and service to people in desperate needs. I also applied for a loan modification under Obama program. On the paper, i qualify for a modification under HAMP. My investor is also participating in the program. My servicer is America’s Servicing Company and investor is U.S.BANK.
My income is as follows: The loan is under my wife’s name. She is currently unemployed. No Benefits because she was self employed. She has no income. she is the only one on the loan. I am also self Employed. I contribute $6200 toward the household expenses. So, the total household income is $6200
current Mortgage is: $3531.64
Interest Rate: 6.75%
Escrow: $422.19
Total PITIA: $3953.83
We are currently behind 20 months
Front-end DTI is 63.77%
Other expenses and utilities are $2241.33
Property loan amount is : $526,421.13
Current property Value is : $295,151
The property was on Foreclosure sale on March 4, 2009. Since then, i have been filing paperwork and asking for a workout. They postponed sale date each month. Just recently, they cancelled the trustee sale.
I Specifically asked for a modification under HAMP PROGRAM. I filled the official RMA and provided all the documentations knowing that US BANK is participating in the program since August 9th, 2009. In the cover letter and in the hardship letter I asked them to review it under the HAMP program and provide any notification in writing as required in the Supplement Directive 09-08.
Needless to say that, they have not complied with the directive. Have not given my any denial reason in writing or over the phone. I just got off the phone with them and they are informing me that they approved me for a in-house modification at 4% interest rate over 40 years.
They payment they are giving me is $2921.13 including escrow. It would be 47.12% front-end DTI.
Under the HAMP program, my payment should be $1922. Including escrow. Under HAMP program, a 27% forbearance will be required. I understand that the forbearance must not be more than 30%. And, after the forbearance the remaining loan amount should still be higher then the current property value. In my case both are true.
Question 1:
Question I have is that the payment they are giving me is $1000 more than it would be under HAMP Program. They have not comply with the guidelines of the program. What can I do to force them to review it under the HAMP program?
Question 2:
Since they canceled the property sale, do they have to give me another trustee sale notice? or, they can Just go back and sell the property without me knowing about it. That is if I decide to push for HAMP MODIFICATION and not agree to the in-house modification.
Question 3:
If I do accept their modification because of the fear of foreclosure, would that completely disqualify me for a HAMP modification few months down the road?
Question 4:
I know I can not afford the payment they are suggesting. But, I can stay afloat for another few months at that payment. If I sign it, I would go take me out of a foreclosure situation. I know, I will fall behind in few months. What happens then? will the foreclosure process start all over again? could I again apply for a HAMP modification?
Question 5:
We also have huge credit card debt ($180K+). We are waiting to file chapter 7 BK to get rid of all the debt and get a fresh start. COULD OUR CREDIT SCORE be a factor in HAMP? But, as per supplement directive 09-08, the should disclose why they can not do this modification. right? We are not making any credit card payments right now. could that be the reason?
Question 6:
Anther senario is that I take the modification they are giving me, File for chapter 7 BK. Get a discharge. Could I go back to apply for OBAMA program? At the payment they are giving me, the front end DTI would still be 47.12%. Under obama program, they are required to reduce it to 31%. Could that work?
I know without BK option, I would be flying without parachute. We have not filed because we wanted to use it as a last option if the lender does not give any modification. Now what?
Please advise. I am at a crossroad. I really want to save my home. I really really need need your help.
Thanks,
Shyam
Hi Shyam you are very welcome!
Question 1:
Question I have is that the payment they are giving me is $1000 more than it would be under HAMP Program. They have not comply with the guidelines of the program. What can I do to force them to review it under the HAMP program?
ANSWER: HERE IS THE ESCALATION NUMBER FOR ASC – ALSO WRITE IN A LETTER TO WELLS FARGO EXECUTIVE TEAM – State that you are applying for the HAMP loan modification and you do not understand why you are not being re-viewed for this specific program HERE IS A NUMBER 866-453-6315 , KEEP ESCALATING in Writing! cc everyone! Treasury, President of Wells Fargo, FDIC, etc. – They are not forced to participate but I would still escalate it – many times the upper management does not know what is happening in the front lines. Forbearance is a tough one most lenders and Wells (owns ASC) is one of them. You may want to consider renting a room to get you out of needing the forbearance of principal because that could very well be your problem
Question 2:
Since they canceled the property sale, do they have to give me another trustee sale notice? or, they can Just go back and sell the property without me knowing about it. That is if I decide to push for HAMP MODIFICATION and not agree to the in-house modification.
ANSWER: ONLY IF THEY RESCINDED THE ACTUAL NOTICE OF DEFAULT- Otherwise they can repost the date at any time – best to keep checking the sale line on your original form – they may or may not send you another notice.
Question 3:
If I do accept their modification because of the fear of foreclosure, would that completely disqualify me for a HAMP modification few months down the road?
ANSWER: I would escalate it first and find out what is going on, in my opinion – I am not an attorney and I cannot give legal advice, but if you do accept it, it should not disqualify you for HAMP unless it is already a HAMP because you can only have 1 HAMP
Question 4:
I know I can not afford the payment they are suggesting. But, I can stay afloat for another few months at that payment. If I sign it, I would go take me out of a foreclosure situation. I know, I will fall behind in few months. What happens then? will the foreclosure process start all over again? could I again apply for a HAMP modification?
ANSWER :IF they rescind the foreclosure through the county records then yes they would have to start all over again – and as far as I see if you did not default on the HAMP you can apply for a HAMP.
Question 5:
We also have huge credit card debt ($180K+). We are waiting to file chapter 7 BK to get rid of all the debt and get a fresh start. COULD OUR CREDIT SCORE be a factor in HAMP? But, as per supplement directive 09-08, the should disclose why they can not do this modification. right? We are not making any credit card payments right now. could that be the reason?
ANSWER: I WOULD MAKE IT VERY CLEAR THAT YOU ARE NOT PAYING ON THESE IN THE FORM OF A LETTER OF EXPLANATION – CREDIT SCORE ONLY PLAYS A FACTOR IN NPV ( TO ANALYZE YOUR LIKELIHOOD TO REDEFAULT ON THE MORTGAGE.
Question 6:
Anther senario is that I take the modification they are giving me, File for chapter 7 BK. Get a discharge. Could I go back to apply for OBAMA program? At the payment they are giving me, the front end DTI would still be 47.12%. Under obama program, they are required to reduce it to 31%. Could that work?
ANSWER: THAT SHOULD WORK! and you will be free of that crazy debt too! just that it is nice to have the BK card in your pocket as a tool to stop the sale if it gets to that point. when is your agreement due back?
I know without BK option, I would be flying without parachute. We have not filed because we wanted to use it as a last option if the lender does not give any modification. Now what?
I’ve commanded you to be strong and brave. Don’t ever be afraid or discouraged! I am the Lord you God, and I will be there to help you wherever you go. Joshua 1:9
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
I hope that you are well!!! Can you please email the application that you mentioned. No rush, just when you have a chance. Thank you so much!
AP
Hi AP,
I just posted a new article and I put the forms up within the article for you!
HAMP RMA Application
I am praying for you!!! Keep us posted.
In trouble we are prone to forget all that we have heard and read that makes for our comfort. Now what is the reason that a man comes to think of that which otherwise he should never have called to mind? The Holy Spirit brings it to his remembrance; He is a Comforter, bringing to mind useful things at such times when we have most need of them.
Richard Sibbes
Expecting Your Miracles,
Anna Cuevas
Hello:)
We attempted to get help from our lender back in 2009 and they repreatedly told me that they could do nothing until we were in default…even when I explained that after we paid all of our bills we had NO money left in our account for food or gas. My husband was receiving extra money for coaching and tutoring but because of the budget cuts in California they took this money away. When we no longer recieved this money we were forced to use our credit cards…some of which have been cancelled or the interest rate has sky rocketed because of our debt to income ratio–so now, even if I wanted to I couldnt use the credit cards as a cushion…this is another reason as to why we stopped making payments. Since our lender would not help us we hired MBM law group to represent us and we paid them 3000$ up front. They advised us not to make a payment so we didnt. The lawyers told us that they were only using my husbands income becuase he was the only one on the loan docs and out lender is using both of our incomes. Litton sent us a letter that said that we do not qualify for the HAMP program but that we needed to continue to make our trial payment (which is 100$ cheaper than what our house payment was-went from 2900 to 2780) They also stated that they are looking into what other programs we qualify for, but that they are also going through with the foreclosure proceedings. We tried to contact our lawyer but we can never get through…we take turns waiting on hold for more than 45 minutes at any given time. My husband and I want to stay in our home, but cannot afford a 2900$ payment. I even asked to have the property tax info changed before we started this process because our house is worth 155,000 and we paid 360,000 but nothing changed. If they would just adjust the proprty tax and interest rate I think we would be ok. We are not sure what direction we should go? Any help would be greatly appreciated. I have to say that your encouraging words are helpful and I know that our God is a GREAT God, and I also know that He is carrying us through this tough time. Thank you for being there for so many people.
Brian and Amber
Hello Brian and Amber – I am so glad you find comfort in the words God wants people to find to bring them back to him and believe. So what has your lawyer actually done for you?
what did they say about the denial? Have you gotten the reasons for the denial?
Have you worked on your property tax appeal? when did you apply ? this would be helpful as well as finding a lower property insurance if yours is high- every penny counts
I don’t know the rest of your scenario but would love to take a peek if you send me the details and post here on the site – There are many great lessons that if we pay close attention to will make you so much stronger – one of them is to know you will make it happen.
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
EXPECT ONLY MIRACLES,
Anna Cuevas – PS you are very welcome!! You are NOT alone in this fight, call in the HOLY SPIRIT – he awaits your call, remember I am here for you too!!!
Loan Mod Guru
Ana,
I was recenlty denied by my bank after 6 months of timely payments and documentation always sent far ahead of time – I did 3 programs, 1 motn HAMP, 3 forebearance and completed another 3 HAMP – I was denied because I have reserves in excess of 3 months…does this make sense for HAMP? Shouldn’t everyone have at least this if they can, no mateer the program, so they can live – plus my expenses exceed my income – as shown on my financial worksheet – so that “reserve” will eventually vanish. Why didn’t they tell me this 5 months ago?
Oh Lou,
I am sorry to hear of all of this confusion that they put people through especially after the fact
– having no more than 3 months payment reserves is part of the guideline for HAMP – Who is your lender? let me know so I can give you some guidance we have another person who was denied for the same thing but then called in and they miraculously approved him…. you may want to call and see too -
I would put a really good letter of explanation together in conjunction with your hardship letter. Give me some more details about your situation Lou.
“Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you. For everyone who asks receives, and he who seeks finds, and to him who knocks it will be opened. (Matthew 7:7-8 NKJV)
Anna Cuevas
Loan Mod Guru
HELLO ANNA…I AM NEW HERE..THANKS FOR THIS SITE…HERE IS MY SITUATION:
I APPLIED FOR THE HAMP THRU BAC ON 3/8, I CALLED ON 4/13 THEY RECEIVED MY INFO( TAX ES, BANK STATEMENTS, HARDSHIP LETTER, PROOF OF INCOME)… ON 3/12 AND THEY TOLD ME IT HAS BEEN ASSIGNED A NEGOTIATOR AND IS STILL IN REVIEW AND TO CALL BACK IN 1-2 WEEKS TO CHECK STATUS………..MY QUESTION IS….WILL THEY NOT CONSIDER ME IF I DONT MAKE ANY PAYMENTS? I AM CURRENTLY DUE FOR JAN, FEB, MAR, APRIL…I WONT BE ABLE TO MAKE A PAYMENT UNTIL MAY BUT I HAVE TO CALL THEM BACK BY APRIL 27TH…PLEASE LET ME KNOW IF I NEED TO SELL SOME STUFF TO MAKE A PAYMENT …TO PREVENT THEM FROM DENYING ME.
Hi Anna,
I just sat and read through most of this site and your knowledge and willingness to help is very encouraging. You are an angel. I am getting ready to send in my initial application for a modification with Indymac/OWB. I am not past due but I do have an interest only loan that I would like to have converted to a fixed rate P&I payment at 31% front ratio. I checked the fannie mae and freddie mac sites and they do not own my mortgage. I am ok with my current payment except that it is interest only. I really would like the same payment as P&I by having the interest rate lowered. I am upside down in my little florida condo (as most are here) so refinancing is not an option. My only question at this point is, if I am offered a trial modification that is lower than my interest only payment, is it okay to continue making the payment that I do now? I really do not want my credit to be negatively affected by this since the mod can be declined. Any insight you can provide is appreciated! God Bless.
Hello Nik, Thank you so much for your kind words – it means alot to me to know I am serving our Lord in someway
If you are offered a trial payment and you make your current payment unfortunately the HAMP guidelines show this as a cause for denial as you could make your payment – now tell me when is your conversion to fully amortized from Interest Only supposed to take place?
Here is the credit reporting guideline –
Credit Bureau Reporting
The servicer should continue to report a “full-file” status report to the four major credit repositories for each loan under the HAMP in accordance with the Fair Credit Reporting Act and credit bureau requirements as provided by the Consumer Data Industry Association (the “CDIA”) on the basis of the following: (i) for borrowers who are current when they enter the trial period, the servicer should report the borrower current but on a modified payment if the borrower makes timely payments by the 30th day of each trial period month at the modified amount during the trial period, as well as report the modification when completed, and (ii) for borrowers who are delinquent when they enter the trial period, the servicer should continue to report in such a manner that accurately reflects the borrower’s delinquency and workout status following usual and customary reporting standards, as well as report the modification when completed. More detailed guidance on these reporting requirements will be published by the CDIA.
“Full-file” reporting means that the servicer must describe the exact status of each mortgage it is servicing as of the last business day of each month.
bserve therefore all the commands I am giving you today, so that you may have the
John 20:29 Jesus said to him, “Because you have seen me, you have Believed. Blessed are those who have not seen, and have Believed.”
I just left your state yesterday!!! Sorry I missed you
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Thank you for posting those guidelines!! My loan will be interest only until December 2016 (10 years) and then it will change to a 20 year P&I payment. I fear that these programs will no longer be available and I dont expect to regain the equity that I’ve lost in that short span of time. I do have a second mortgage with a higher rate that I pay more on when I am able to, in order to pay that off before the first changes. My job just went from base + bonuses monthly to just base pay, so it would help to get this modification.
Thank you for the work you do!! God Bless.
BTW, you are pretty amazing, this is the most straightforward info i’ve received during this entire process. My gross income is $3,460.00, the monthly mortgage is $1942.00, and my monthly expenses are $4,250. I was denied for HAMP because i had more than 3 months in savings but have resubmitted as my savings are below the three month criteria now. I’ve been in the trial period for almost 6 months. I have never missed a payment or been late since lay off from my job a year ago, thus the reduced income. Does this sound like i will qualify for HAMP and what might be the likely monthly payment? Also I recently got a call from my PMI company encouraging me to work with them to restructure the loan so that they could present the mortage company with an offer to take the loan over. He said it was because too many of the loans they insure were being defaulted on so the were taking action and could come to a decision on my behalf in 4-6 weeks. They called me a couple weeks ago and then i received a second call. The person i talked to told me that i only had 3 weeks remaining of a 60 day time frame (which i didn’t even know about) to decide on the offer. He didn’t seem to care that i’d gotten some movement from Wells Fargo when i let them know i’d begun speaking to my PMI company but really seemed to want me to let them take the loan over. Should i be suspicious?
Hi Pilar – wow thank you for the nice words! I am glad you like it, ALL Glory be to God in the highest!
I need a little more information to be able to tell you if it sounds like you will qualify, per my humble opinion.
I will respond to you just as soon as I possibly can, I am here for you. Please make sure to post the following details so I can provide you with my opinion and breakdown if this is what your question relates to:
Mortgage Balance
How many payments are you behind
Current Value – (keep in mind lower is better) check http://www.eppraisal.com
Current Payment
Lender
Investor if you know who it is
Total GROSS income
Monthly Property Tax
Monthly Homeowners Insurance
Monthly HOA (if you have this)
I don’t think you should be suspicious I have seen some good stuff come from the PMI company – but get me the above info and I will give you a better opinion. I may not be able to answer until late tmrw.
Trust in the LORD with all your heart, And lean not on your own understanding; In all your ways acknowledge Him, And He shall direct your paths. (Proverbs 3:5-6 NKJV)
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Ana this is such a God send. i think i might be in the last stages as they’ve never called and asked me to send info. So i want to make sure i use the best calculations. Each time when i get doubtful, things like this happen that remind me that there is a Power greater than myself and that i am held.
Mortgage Balance = $215,365.51
How many payments are you behind = 0
Current Value – $128,371
Current Payment = $1942.05
Lender = Wells Fargo
Investor if you know who it is = Freddie Mac
Total GROSS income = I do contract work so it varies from month to month. I’ve indicated that on average my monthly income is $3,460.30. (i’ve calculated average monthly expenses to be $4105 leaving a monthly average deficit of $644.70. They’ve asked for a P/L for January through March. Revenues were $2,085-Jan; $3,485-Feb; $8,000-Marc of which $3,150 was paid out in subcontracting services leaving a $4,850 balance. The March contract will be billed quarterly over 2 years and after subcontracting fees will yield $1,181.25. I’m concerned because the P/L info doesn’t match the prior income statement info as the actual deficit for the quarter were: Jan-$1,512; Feb-$660; March-$370 for a monthly average of $847. I do have a one-time professional expense at $600 that if taken out would drop the average to $650. Suggestions? I’ve been told that the max deficit they will allow is 50% of my monthly mortgage payment but I don’t know how that works out when you throw in all the other calculations)
Monthly Property Tax = $274.
Monthly Homeowners Insurance = $108.67
Monthly HOA (if you have this) = None
Hello Pilar
ok at 3460.30 you are in pretty good shape from what I see – because the lowest you can go before they would have to dig into their pockets and do some sort of forbearance of principal balance would be an income of 3338.23
so at the 3460 x 31% = 1072 total HAMP payment which includes: Principal, Interest, Taxes and insurance so minus the tax and insurance = 689.93 for your mortgage payments
now taking the 215,365.51 total balance going to the floor rate of 2% and max term extension of 40 years = 652.18 so if you see yours above you appear to be in good shape.
The deficit really does not matter as much on the HAMP as it does on in-house modifications – there is another formula for people that are not late read about it at this link:
HAMP test of imminent default for people that are not late
All who trust the Lord, be cheerful and strong. Psalm 31:24
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna, what an awesome site..i’m so glad that i found you. i just have a quick question for you. we are 2 months behind on our mortgage now. and i have been getting myself educated and informed about applying for the Govt load mod. But i just found out thru my servicer that my invester happens to be private and is NOT participating in the govt mod program. the floor rates they are offering in house are not that different than what i have now..what are our options? I’m just so stressed out right now. Any info you can give us would be greatly appreciated.
Hi Nicole,
It would be helpful to know who your lender is – keep in mind that things change every day and some investors that didn’t participate 2 month ago now do- new incentives make it more attractive, but also keep in mind that in-house modifications are sometimes just as good and sometimes even better but they usually go by net income vs expenses to qualify you. Call your lender without giving your loan number fish around ask about the programs.
Expect ONLY miracles – don’t think the worst or it will come true – so think ONLY good thoughts. check this out : http://www.youtube.com/watch?v=JgUc7eLXs0s – get positive make it happen!!!
God cares for you, so turn all your worries over to him. Peter 5:7
Anna Cuevas
Loan Mod Guru
Hello Anna , I have one heck of a long story that I will try and keep short. I was 6 months behind on my countrywide 6.125 10 year interest only…I was interveiwed on the phone in febuary of 09 I explaines I was self employed and gave her a profit and loss verbal statement of income. I recieve a mha packet on my door my trial payments started in june of 2009 completing in august of 2009. My payment was four dollars of oringinal payment…my self and my attorney at the time called conatantly asking where they got this number we didnt get anywhere it was make the payments or loose the house…apporching my final trial payment I get a sale date …My attorney writes recontrust and tells them that Iam in a ”work out” and they cannot sell my home or we will sue them. the foreclusure stops . we resubmit finacials over and over again to get the payment corrected we get no where….in November I get a a mod agreement sent to me with the same payment and a step program like mha I sighn it notarise it send in money. This mod like a ghost vanishes and it turns out it was not mha it was a rate reduction program from the lender . I was never told what happened to it but the check was cashed. I continue with mha to getting to the final cuts . underwritting gives me a ”pass” and I am praying Iam home free… I call ,and call,and call asking where are the final docs? I get told a note in my account said i cancelled mha!!!!!! At this point , Iam screaming and crying… i contact vp of underwritting he says it was a error and we are moving forward. my loan is in w.o.m Iam waiting on final docs a year and 3 months and Iam scared to death they will deny me . my attorney says it was illegal to take my money in the ”ghost mod” that was never upheld or sighned by the bank. I also had a note in my account saying do not tell homeowner file has been cancelled underwritting department will detrmine further steps please advise h/o to continue with payments. ???!!!That is called FRAUD! I was also charged 1,642 dollars in attorney fees for f.c. when I was in mod back in june of 09. My case is still in ”reveiw” with no answer on the final docs. Iam at my wits end Iam out of money to persue bofa in a legal battle over the ”ghost mod” sent in November. Iam sorry for all the mis spelling but , Iam out of gas and fight and hope …please , help
Hello Gina,
If I were you I would put together a good letter detailing all of the outrage you have been put through – but I want you to look at this like a blessing – only God knows why things have been delayed, I think he is working on a better deal for you. You will see God is amazing – I know you are tired and out of gas but I know that miracles happen on a daily basis. First make sure your numbers make sense – then
This is where you should send your letter:
Attn: Office of the President
Countrywide Mortgage
400 Countrywide Way SV-HRD
Simi Valley, CA 93065
PO Box 940070
Simi Valley, CA
93094-0070
I have had many many people go thru all kinds of similar things and come out winning in the end.
Call in the Holy Spirit to give you strength and I want you to put on your positive channel, also call in the Holy SPirit to Bank Of AMerica when you call them or write to them , you will see changes, believe – please watch this
Expect ONLY Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
I hope this email finds you so very well! I am in a positive mindset, but a scary thing happened yesterday. I received a “Notice of Default” taped to my garage door. The 4 page letter says I owe $20K and have 120 days before my house may go on foreclosure sale at auction (also says a notice of sale cannot be issued for 30 days and the auction 90 days after that. I’m sure you’ve heard all this legal stuff before). May I ask you a few questions:
1. Is it time for me to find a lawyer?….or contact the free housing counselors at 888-995-HOPE?
2. Should I communicate with the local Trustee who is named on this notice? They mention several times that I have 30 days to communicate with them in writing to dispute the debt. I know I have debt
3. I’m still awaiting the letter from Citi with NPV values used (per the letter you sent me). Should I not wait and send in my new application with my offer letter and new bank statements now?
4. Where should I send it? I mailed the NPV request to AZ. Should I send my new app/offer letter to AZ or TX? Whenever they’ve asked me to mail info it’s been to Irving, TX.
I’m getting calls every day from Citi collections that I’m ignoring. I have a name, ext. & fax # for a woman in Loss Mitigation (Beverly Jones) who was handling my account in December. Should I contact her? I’m just concerned that my house will go to foreclosure sale before they’ve reprocessed my new HAMP application.
I’d love love love to get your thoughts. Thank you once again for your wealth of knowledge and kind assistance
Sending blessings to you!
Warmest regards
AP
Hello AP -
I am glad you are in a positive mindset – obviously the Notice of Default is normal if you have not made your payment usually is done within 3months of the default. It is not the end of the world it just means you have to work smart, and harder to make things happen.
I cannot tell you whether to contact an attorney – The housing counselors can help you but I would still suggest you have all of your ducks in a row first but use them if you feel they can help but don’t ONLY rely on them – you MUST BE PROACTIVE!
FIRST THINGS FIRST – call in the
holy Spirit it works- believe. Go out into nature and meditate on what you need help with – then…..
I would send a stronger overnight letter escalating this to:
ATTENTION:
Mr. Sanjiv Das President CEO
Mr. Paul Ince CFO
Citigroup. Headquarters: 399 Park Ave. New York, NY 10043. Phone: 212-793-1994 call here and ask for the executive team – BE THE SQUEAKY WHEEL
CitiMortgage, Inc.
1000 Technology Dr. O’Fallon, MO 63368
You are now very sad.
But later I will see you,
and you will be so happy that no one will be able to change the way you feel. John 16:22
Expect Miracles,
Anna Cuevas
Loan Mod Guru
I will be a squeaky wheel! Thank you for the warm words, blessings and meditations. May I ask for your thoughts on one more thing? I have completed my new HAMP application (they actually sent me 2 accidentally last year). Would you suggest I overnight it to AZ, TX, MO or NY? Or, should I make copies and send it to all four? Maybe also send to Mr. Das and Mr. Ince or does just a letter explaining the situation suffice to those executives? Should I also mail one to the woman at the Treasury? I’m ready to be squeaky!
Thank you Anna!
AP
Hi AP -
I would send it to the office in MO – and email it and fax here
The Office of Homeownership
Preservation
Phone: 1-866-915-9417
Fax: 1-480-753-7832
Email: mortgagehelp@citi.com
I would mail the complaint letters and NPV explanation to the executives and cc the Treasury with that first and give that 10 days – if it were me, again this is my opinion. You need to be sure you fixed the issue of why you were denied in the first place and you cannot do that until you know all the reasons…..
Matthew 9:28 When he had come into the house, the blind men came to him. Jesus said to them, “Do you Believe that I am able to do this?” They told him, “Yes, Lord.”
Expect ONLY Miracles,
Anna Cuevas
Thanks for this very informative site!
Citimortgage has made continuous mistakes on my HAMP and now they have dropped me from the program. I know this is a lengthy post but I appreciate your input.
I “signed up” over the phone with loss mitigation on 8/1/2009. Citi put me on a trial payment of $955 (down from $1192).
Weeks went by and I did not receive my paperwork which they said would be shipped within 10 days. I called many times and many times the paperwork was “reordered,” “reissued,” “reprinted.” I continued to make the trial payments and repeated the calls and got the same answers about the paperwork. No paperwork.
In October of 2009 I called Citi and was told the reason I didn’t get the paperwork was because I was dropped from the HAMP program because a Citi rep didn’t check a box in their system which verifies my “verbal acceptance” of the program. The rep checked the box and we started the process all over again with a new trial amount of $966.
The request for paperwork merry-go-round started again. I called and called and was told repeatedly the papers were reordered etc. Nothing arrived and I continued to make my trial payments.
Finally on 12/26/2009 I received my HAMP package via UPS. The agreement said my trial payments were $761.37 starting on 12/1/2009
I gathered all required docs including a copy of divorce decree, a P and L for as I am a contractor and even included copies of my tax returns. I put color tabs on each doc so as to be easy to sort. I scanned every single document and the return envelope for my records and sent the package to Citi. Proof of deliver shows they received it 1/15/2010.
Afterward I began to contact Citi to check on the status. Loss mitigation and Mortgage Outreach Services said they did not receive anything or it got lost. Since I had scanned all my documents I emailed everything to MOS’s ca team in Irvine Ca per their instructions. I called MOS several times and they confirmed receipt of the information. Then I inquired on the payment amount of $761.37 on my agreement which seemed strange. MOS told me that it was a mistake by Citi and it did not include taxes and that I should send in $966. I had made 2 payments of $761.37 per the agreement but immediately resumed paying $966. I continued to contact MOS weekly to check the status. Everything was being “processed.”
On 3/7/10 I received a UPS package from Citi stating I would be dropped from HAMP if I did not provide a form 4506 and pay stubs. The 4506 had been mailed and emailed several times and I provided a P and L per the instructions, several times. I contacted MOS and a very helpful rep and the “missing” docs were emailed to her with her confirmation via email that everything looked “fine.”.
On the 4506t I was instructed to put my ex-wife’s name and ssn on the form for 2007 taxes only by MOS and Citi loss mitigation because it was a joint return. I did not have her signature because I cannot reach her but Citi and MOS said that was not a problem because I can request a copy of my taxes. Of course I had already sent signed copies of all taxes to Citi and MOS via UPS and email.
On 4/10/10 I contacted Citi to check the status and was told they did not receive the 4506t. I immediately emailed the MOS rep and checked it out. MOS said everything is fine and was sent to underwriting.
So yesterday I got a letter stating the loan is in default. I called Citi loss mitigation and they said I was dropped from the program because of incomplete documents. 4506t.
MOS told me today that it is not right and that I should have received notice of being dropped and to contact Citi and escalate things with a supervisor. That is what I will do.
Any advice for this situation? Thank you!
Hello CJ,
I am sorry you have gone thru all of this unfortunately it is par for the course in the modification “game”. I wish it did not have to be like this and I personally am working hard to bring about change.
I would escalate in writing!! Detail what you have gone thru and write to the executive team.
Please keep me posted, I have some other numbers and an address to the CEO of Citi if necessary- don’t give up!!
The Office of Homeownership
Preservation
Phone: 1-866-915-9417
Fax: 1-480-753-7832
Email: mortgagehelp@citi.com
Look to the LORD and his strength; seek his face always – 1 Chronicles 16:11
Expect Miracles
Anna Cuevas
Loan Mod Guru
My Brother Louie Le Laurin gave me your site .We leave in Manteca Ca. Our home is upside down by 70% Were with B of A and 2nd with Citi would like to loan modtify or short sale. Looking for optionsCan you help?
Hello Bob – Please let me know how I can serve you, I am here for you. Louie has my contact info. If you want to talk.
“Come to me, all you who are weary and burdened, and I will give you rest” – Matthew 11:28
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Dear Anna,
I am very happy to have found your website.
I initially obtained a so called 80/20 mortgage through OCWEN, which sold the 80% loan to CHASE (couple of months after the closing).
(
I was able to obtain a loan modification with OCWEN, the 20% lender. They were very helpful, prompt and responded quick to my application. I cooperated with them the same way I have with Chase, the 80% lender. It has now been close to a year since I started the modification process, and only 3 weeks ago I received a letter from Chase, stating I have not been approved for MHA. They are claiming I am not eligible, due to NPV failing to satisfy the guidelines of the owner of my loan.
I requested the NPV values they used to arrive to this decision, but I am confused as to how to handle the situation from now on. I have been checking status of my property, and as of 4/8/2010, it has been listed as in “pre-foreclosure”:(( I am not sure exactly what this means?? I am very confused, because of lack of information.
My family was confident Chase will work with us and grant us a Loan Modification, the same way Ocwen did, and now we are not sure what is going to happen, and how long will it be, before they take further actions
Here’s the information you have requested:
Mortgage Balance – $202,400
How many payments are you behind – Date of last payment 10/13/2009
Amount of last payment – $1,780.55 ( under the trial period )
Current Value – $158,589 (*original appraisal – $254,000)
Current Payment – $1243.07
Lender – Chase
Investor if you know who it is – unknown
Total GROSS income – $3,140 – 3,540/ monthly income (varies each month due to cash income)
Monthly Property Tax & Monthly Homeowners Insurance (total escrow) – $425.28
Monthly HOA (if you have this) – N/A
May you have any suggestions for our particular situation, please help us!
Thank you very much in advance!
Dear Alexandra,
How long ago did you request the values of the NPV – the most important things about that is #1 did they use the correct income? and #2 did they use the correct value of your property?
What state are you in?
From what I see if they used only the 3140 or less you would probably fail the NPV 548.12 + 425.28 for escrows = 31% of 3140 making them have to lower you balance to 181k from 202,400 -
You can definitely reapply when your income goes up to the higher level or when they get with the program to lower balances
– tell me what state you are in so you know how much time you have to work on the new financials and resubmit.
Don’t give up – fight you are so close!!! You can definitely do this!
“Joshua said to them, “Do not be afraid; do not be discouraged. Be strong and courageous. This is what the LORD will do to all the enemies you are going to fight.” – Joshua 10:25
Expect ONLY Miracles,
Dear Anna,
Thank you for everything you’re doing to help homeowners in need! You are a true angel!
I requested the values of the NPV on Monday, 4/19/2010. I sent three different types of correspondence to Chase (overnight mail, regular mail & fax), to insure they receive my request. Wednesday, I followed up with a phone call to confirm they received my letter, and on Thursday I received a confirmation they have my letter in the system and will be sending the documents within 10 days.
As to the household income, my father’s income is mostly in the form of cash, and with the new season his earnings have gone up (not significantly, but there has been an increase).
I am not sure what property value Chase has used to calculate the NPV??
Do you have a suggestions as to how I might be able to find that out? Will it be in the documents I am expecting to receive from them?
I reside in the state of Illinois.
My biggest concern is the property’s status as of 4/8/2010, pre-foreclosure. My entire family has faith in keeping our home, and so did I, until I saw the change in status . . . it makes me doubtful, mostly because of lack of information.
Thank you for all your help!
Alexandra
Dear Alexandra,
All glory be to God for using me as his instrument and opening my eyes and awakening my heart to his awesome glory that I am in total awe of!! PS God is CRAZY in love with you- he wanted you to know!!!
You are very welcome – awe shucks …. thanks for thinking of me so nicely
You can find out the value by simply asking them to tell you what the BPO and value they used to deny your HAMP came in at. If the first representative doesn’t give it to you call again – build rapport- you will get it – also for your own use check http://www.eppraisal.com – and find out what the value really is –
I will continue to be here for you when you gather all of the info- they must stop everything while you are challenging them – what income did you give them?
get me the value from http://www.eppraisal.com, how much is your monthly insurance(home) and property taxes – what is your mortgage balance?
Here is some info I found on the Illinois foreclosure process – it looks from what you said that you have some time to get this done- so DO NOT GIVE UP and FIGHT!!! Get confident know your stuff!
Foreclosure Process
The entire process in Illinois takes, on average, from the filing of the complaint to the eviction by the sheriff, nine months. Foreclosure defense in court is seldom successful in defeating the foreclosure action but may prolong the foreclosure by as much as 24 months. If the property is not residential or is abandoned, the process can be substantially shortened. The following is an outline of a typical foreclosure case:
Default
Filing of Foreclosure
Personal Service of Summons
Foreclosure Judgment and Order of Sale
Reinstatement Period Expires (90 days after personal service)
Redemption Period Expires (7 months after personal service or 3 months after judgment, whichever is later)
Foreclosure Sale
Foreclosure Sale Confirmed
Right to Possession Expires (30 days after foreclosure sale confirmed)
Eviction by Sheriff of Named Parties
Recording of Foreclosure Deed
Trust in the LORD with all your heart, And lean not on your own understanding; In all your ways acknowledge Him, And He shall direct your paths. (Proverbs 3:5-6 NKJV)
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Dear Anna,
Thank you for giving us hope! I feel blessed to have found you!
I will have all the info you requested by Monday evening.
In the mean time, I forgot to ask, in a situation of 80/20 mortgage where there’s two lenders involved, if one (20% mortgage lender) has granted loan modification (I have been prompt with payments ever since my modification has been approved), and the second (80% lender) has denied me for MHA, does the second lender have the right to proceed with foreclosure?? I was not able to find any information as to the foreclosure process, when there’s two different lenders involved; one is receiving prompt monthly payments. ??
Thank you for everything!
Alexandra
Dear Alexandra,
You are so welcome – and I am glad you are here too!
The second loan you speak of the 80% is actually your first position loan?? as you mentioned you got an 80/20 100% loan right?
So the 1st actually is the one that denied your MHA right? and yes they can still proceed with action because they are not being paid, which makes you in default of their loan and since the 2nd which has only the 20% they stand more to lose than the first. Usually the bigger lender will be the one to foreclose although they both could – I hope that I got your question right –
If you do what the Lord wants, he will make certain each step you take is sure. Psalm 37:23
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
As we welcome Monday, I am so happy to announce I received the requested NPV from Chase, and here’s the values they provided:
Unpaid balance on the original loan: $202,400 (*interest only loan)
Interest Rate before modification: 7.625%
Months Delinquent: 10
Next ARM reset date (if applicable) 9/1/2010
Next ARM reset rate (if applicable) 7.37%
Principal & Interest payments before modification: $1286.08
Monthly Insurance Payment: $58.92
Monthly RE taxes: $402.00
Monthly HOA: N/A
Monthly gross Income: $1,972.70
Borrower’s Total monthly Obligations: $2,682.19
According to http://www.eppraisal.com, my home’s current value is $158,589
Also, my monthly obligations are lower thanks to the modification I received from the second lender:))
My household income is higher, but as I mentioned in my earlier post, big part of my father’s income is in a form of cash.
I am ready to work on submitting the updated figures.
Please help me understand how the NPV calculation works, and what I can do to convince Chase they should modify my loan.
Thank you for all your help!
Alexandra
Hi Alexandra – well you see the income they used is only 1972.70 and you gave me 3140 for income – if your dad is self employed in cash you can put a profit and loss together for him for that income and reapply for the HAMP – which is also MHA for Making Home Affordable and is the same – Now Chase has a copy cat program called CHAMP – and probably some others –
I would reapply with the corrected income.
remember NPV is PROFIT what is more profitable – modifying or foreclosure or shortsale. (they use a computer program) I just try to figure out what makes sense
In this case it is good that the value is showing as less than you owe –
From what I see if they used only the 3140 or less you would probably fail the NPV 548.12 + 425.28 for escrows = 31% of 3140 making them have to lower you balance to 181k from 202,400 – because the lowest rate for HAMP is 2% and the max term extension is to 40 years so even in doing that they would still have to lower the balance to 181k based off of the 3140 income- but resubmit it you will for sure have a better chance then with them using the income they gave you from the NPV calculations.
by the way you are very very welcome!!
“For I know the thoughts that I think toward you, says the LORD, thoughts of peace and not of evil, to give you a future and a hope. Then you will call upon Me and go and pray to Me, and I will listen to you. And you will seek Me and find Me, when you search for Me with all your heart.” —Jeremiah 29:11-13 NKJV
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Dear Anna,
Thank you for all your help!
To your question, if it was the 1st lender that denied our MHA – Yes.
I am getting ready to send the new/ updated information to Chase, as a respond to the letter they sent me couple of weeks ago.
Do you know if I need to fill out a new application, or how should I present the new info?? Is there a special format??
Thank you!
Alexandra
Please
Dear Alexandra,
I would just fill out a new package and send it in at this point.
Here is the application for HAMP –
Remember to call in the Holy Spirit to help you. Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Dear Anna,
Thank you so much for the enclosed information!
It helped me understand how the NPV is being calculated. Having received the requested NPV values yesterday, I see why I have not been approved for the so called MHA program, by Chase.
I was not aware I had applied for the MHA, I thought I had applied for HAMP.
Having done additional research, I understand MHA is a program offered by Chase. I checked to see if my loan is owned by Fannie Mae or Freddie Mac, and it looks like it is not. Does that mean I can not apply for HAMP??
Here’s the NPV values Chase provided:
Unpaid balance on the original loan: $202,400 (*interest only loan)
Interest Rate before modification: 7.625%
Months Delinquent: 10
Next ARM reset date (if applicable) 9/1/2010
Next ARM reset rate (if applicable) 7.37%
Principal & Interest payments before modification: $1286.08
Monthly Insurance Payment: $58.92
Monthly RE taxes: $402.00
Monthly HOA: N/A
Monthly gross Income: $1,972.70
Borrower’s Total monthly Obligations: $2,682.19
According to http://www.eppraisal.com, my home’s current value is $158,589
Also, my monthly obligations are lower thanks to the modification I received from the second lender.
My household income is higher, but as I mentioned in my earlier post, big part of my father’s income is in a form of cash.
May you have any suggestions for our particular situation, please help us!
Thank you very much in advance!
Alexandra
Anna: My husband and I have an FHA loan. It has been modified through Wells Fargo once already (about 4 years ago). Due to loss of income and increased expenses, we recently fell behind again. After submitting proof of income, expenses and a hardship letter, we were told we qualified for a mod; not a HAMP because HAMP’s were not allowed on FHA loans (is that true?). Wells put us on a trial repay period of 3 consecutive months; January, February and March. At the end of March we received a modification agreement for our signatures. (Perhaps this is significant, perhaps not but the agreement was actually dated March 19, 2010, three days before our third payment was made and due.) We signed the agreement and sent it back. It offered a lower payment and a lower interest rate. Our first (lower) payment was due June 1, 2010. After not receiving an invoice with our new payment or actual closing documents, we followed up with Wells Fargo on April 20. We were told our modification was denied due to “calculation errors”. Wells Fargo did not send us written notice of the modification denial. They will not offer details about what the error was. They said they are currently reviewing documents, have ordered original documents from the bank and can not give us a time frame as to when we may receive new documents. I have phoned them every day. They will not offer contact information to speak directly to the negotiator or anyone with actual details about our loan status or why the modification was denied. I have thorough notes, although I don’t know what good they will do us. The only aide they have offered, after several calls and pleads to get information is to say they would “email the negotiator and ask for a time frame as to when we may get something’. They informed me it would take 72 hours to get a response to that email. Well, this morning was the 72 hour mark. When I phoned expecting at least a time frame, I was told there was no update. The rep went as far as to say, maybe the person you talked to was in a different time zone and therefore it hasn’t been 72 hours yet. What?! If it weren’t for the fact my family’s future depends on this, it would be comical. Please help us as we do not know what to do. We have nothing in writing saying the modification we signed was denied and we have no commitment whatsoever as to working something out with us. I am getting desperate.
Peggy: WOW – What an ordeal you have been through!! It is very significant that they sent you a modification and then pulled it back from you like that without letting you know!!!! I am all about justice and doing the right thing and that is not the right thing that is happening with your Wells Fargo loan and some of the upper management probably is very unaware that this is happening.
I would immediately type up VERY detailed letter of what has transpired and a copy of their agreement that you counted on as a long time customer of Wells Fargo you expected this modification to be what it claimed to be. I want you to take this letter and Overnight it to Wells Fargo mark it that you want your case escalated to the Executive Team immediately right on the top and address it to the President of Wells Fargo and cc the Treasury Phillis Caldwell and Sheila Bair/FDIC – Call in the Holy Spirit to guide you as you write the letter and send them to Wells Fargo as well so that they can have a conscious to do the right thing by their customer Peggy, then I am sure you will be able to accomplish this task, and you will be so much more stronger!!!!
31 What then shall we say to these things? If God is for us, who can be against us?
If God, who has justified us in eternity past, because He knows the ending from the beginning, and has glorified us, alongside His Son, if God has done all of these things, then who on earth could EVER be against us?
Who would care???
Bring it on, I say!
If God is for us, then who could be against us!
I will not be afraid. What can man do to me? (Ps 56:9-11)
In God I have put my trust—what can man do to me?
Back to Romans—verse 32:
32 “He who did not spare His own Son, but gave Him up on behalf of us all, how shall He not with Him also freely give us all things?”
God is in the giving business!
16 For God so loved the world that He gave His only begotten Son, that whoever believes in Him should not perish but have everlasting life. (John 3:16)
Jesus said, 7 “Ask, and it shall be given to you; seek, and you shall find; knock, and it shall be opened to you. 8 For everyone that asks receives, and he that seeks finds, and to him that knocks, it shall be opened. (Matt 7:7-8)
Expect ONLY Miracles,
Anna Cuevas
Loan Mod Guru
Anna:
Thank you for the suggestion of writing to the President of Wells Fargo. I emailed a letter explaining directly to the President’s office at Wells Fargo. We received a phone call that same day. We were told the late fees assessed were the cause of the “miscalculations” and that our loan modification agreement letter would be redone. On day three, we received a new agreement with the request for $2376 (late chares and fees) to be signed and returned. Although the last agreement (the one they pulled back) did not require a payment from us, this one requires we pay our fees up front.
We are told by the Office of the President, who is working with us directly now, once we return the new signed agreement and payment, the actual modification will take several weeks and we will get documents piece meal as the process continues. Does this seem correct to you? My fear is they will not modifiy our loan when all is said and done.
God Bless you for helping others,
Peggy
Peggy:
I am glad you were finally able to get through to someone at Wells Fargo. That seems really weird that they are asking you for money upfront- The HAMP does not require you to pay the late fees in fact it makes them waive them – You should call your new contact and find out if they are qualifying you for the HAMP or not , it sounds like this is NOT HAMp- Tell them that and tell them you want HAMP
Let me know what happens – I am here for you.
Trust in the LORD with all your heart, And lean not on your own understanding; In all your ways acknowledge Him, And He shall direct your paths. (Proverbs 3:5-6 NKJV)
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Anna:
I will call and ask if it is the HAMP program that they are offering us and if so why they are asking for fees up front. On one of my many conversations with a Wells Fargo representative I was told FHA loans can not qualify for HAMP. Is this true? My loan is an FHA loan.
Thank you.
Peggy: FHA has its own version of HAMP – are you over 12 months behind?
Your word is a lamp to my feet And a light to my path. (Psalms 119:105 NKJV)
Expect Miracles,
Anna Cuevas
Hello Anna:
Thanks to you, as I mentioned in my last posting, we are now working with Matthew Turk in the Office of the President at Wells Fargo. I am told by Matt Turk that we did not qualify for HAMP and our modification will be an FHA “Federal Housing Authority” modification.
Interestingly, I have NOTHING in writing from them as to why the first modification agreement they sent to us was denied (or why). They only said the calculations were wrong. (As you recall this information took weeks to get.) Also, the modification agreement they sent us; which requires a $2700+ payment; has a ten day sign and return clause within the letter yet the cover sheet says it has to be returned in five days. I brought this to the attention of Mr. Turk and he said they aren’t very precise about that, “just return it as soon as possible” he said. Seems strange they would be so casual about any piece of such an important arrangement. It is amazing that they are so sloppy about paper work and that the requested date of return does not even match from one page to the next.
My question now— How do we know the loan will in fact be modified and that they do not just want more funds while they string us along? In other words, when is the modification a certainty? Matt Turk of Wells Fargo is saying the paper work of the actual mod will be sent to us piece by piece and it could take quite a while; weeks or months. At the same time, Mr. Turk says he is required to “close out our file in a reasonable amount of time”. I am so worried about all their contradictions. God Bless you Anna, for you for your help, your knowledge, your prayers and your service.
Hello Peggy:
You are so very welcome, all Glory be to God!
I would be pressing them in writing to tell you why you were denied for FHA HAMP – you have the right to know and the right to correct any discrepancies. I would tell him that you want that and also put it in writing and ask him to escalate to get you the answers that you have the right to know to see if there are any errors. Call in the Holy Spirit when you ask, to guide you and them.
God is crazy in love with you, did I ever tell you?
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect ONLY Miracles,
Anna Cuevas
Loan Mod Guru
Dear Anna, You have help make this journey a lot less fearful…..I’m on my 5th trial payment with a Hamp/ Indymac. I call weekly and they have stopped asking me for info.They just say I am in review. Maybe you could review my numbers to see if a perm mod is possible. I owe 253,000 with arrears and interest. My trial payment is 1,017. My income dropped from 90,000 to 36,000 from pension. I had to retire early to take care of my 8 year old son because my wife was in a serious car accident in Oct of “08. I am 61 and will receive an extra 2375 monthly Jan ’11 from s.s.. property tax is 154.91 monthly and 163 insurance monthly. My original payment was 2,209 per month. What do you think, God Bless You For The Many People You Guide, Ronnie
Dear Ronnie, Yea I am so happy to hear that my humble wisdom on this subject could help remove some of your fear, my goal is to remove ALL of it with reminders to call in the HOLY SPIRIT – he is here for you – waiting patiently for your call!!!!! Won’t you call to him today and throughout this journey to be by your side and guide you? before every letter, and every call – every morning and before you go to sleep and you will begin to feel the miracles that abound!!
I hope your wife is doing better – praise God that she is alive to tell the story – ps thank you for the blessings you sent my way.
I will be glad to help you Ronnie but one problem I need more information:
How much do you owe on your mortgage
how much is your monthly property tax even if it is escrowed I need the numbers
how much is your monthly insurance (homeowners on the property)
I have had good experience with Indymac/One West Bank and I trust that you will too!!! SO get me the info and I will help guide you.
Jesus said, 7 “Ask, and it shall be given to you; seek, and you shall find; knock, and it shall be opened to you. 8 For everyone that asks receives, and he that seeks finds, and to him that knocks, it shall be opened. (Matt 7:7-8)
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Dear Anna, I forgot the most important number…..The home has dropped to 160,000. Thank You, Ronnie
Dear Anna, I’m nervous and forgetting all the info that is right in front of me….My wife was able to get a part time job and she grosses approx. 200 per week. I apologize, Ronnie
Anna –
I think what you are doing here is amazing.
I have been deniedfor a modwith One WestBank. We have been told it is because we demonstrate financial capability. They tell us we have an excess of 2000 a month. I can assure you we dont. I am going to update expenses and financials and makethe attempt to review with Jeremy at level 4 escalations. We are in a interest only product, have a 1st and a 2nd ; purchase monies only. 520k was the original purchase price and current value is maybe 350k. When we moved in we discovered a mold issue that cost us over 80k documented to fix. Wedidnt upgrade the house, we simply got rid of the mold. A real hardship for us because we took all of our401k to pay + additional loans. I work in auto sales and do OK but certainly do not have an excess of 2000.
We want to keep our house but if we remain here – the only option we were offered was a Capitlized Mod and the payment on the 1st would go up 900. It remains an interest only loan. Hello! I am lost in the OWB/Indy Mac sea of run around. THey extended a second forbearance agreement so that we can look at a short sale. I dont want to give it up my house but I am lost. Any suggestions?
Billy-
All glory be to God! Thank you for the kind words, I do really appreciate that you took the time to let me know what you think
I am sorry about the whole ordeal you have been through including the mold problem, I have heard how horrible that can be and worrisome for the safety of your family.
So tell me have you done the calculations on your income yourself to know where you really are? that way if they are wrong they are in your numbers exactly? That is where I would begin.
Then from there I can further provide you guidance. I have several articles that can help you figure it all our and I am here for you to help you if you get stuck. After that I will inform you of what I would do as the next steps…. I hope this helps.
Get your expenses, and income buckled down and clear –
READ about the HAMP income calculations
How to calculate your HAMP
BEFORE YOU CALL anywhere get your package perfect – have your numbers clear then – CHARGE FORWARD – and believe you will make it happen!! Do this like an expert – you can do it and I want to hear all about it and expect your success!!! Don’t lose hope and don’t give up!!!
Jesus says: And so I tell you, keep on asking, and you will receive what you ask for. Keep on seeking, and you will find. Keep on knocking, and the door will be opened to you.
Then you are going to send the package along with a statement on the top stating that you are applying for the HAMP program and all foreclosure activity should be placed on hold.
with a strong cover letter CC all the parties below on your letter to:
OneWest Bank/Indymac –
2900 Esperanza Crossing
Austin, TX 78758 and fax 866-235-2366
then send it – via fax to :626-2291143 attention Kelly Spencer / Loss Mitigation VP
then ONLY FOR HAMP to:
Phyllis Caldwell
Chief of Treasury’s Homeownership Preservation Office
Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220
Fax: (202) 622-6415 fax and mail overnight –
mark it urgent and put that you are not getting any assistance from Indymac/OneWest Bank
you are going to overnight this same package to Sheila Bair at the FDIC
550 17th Street, NW, Washington, DC 20429
and to Fannie Mae – you are going to call this number 800-732-6643 press 1 and tell them your story they will connect you with a 2nd level manage that has access to your loan and will put pressure on Indymac
TIPS:
Copy of your loan application paperwork and all documentation you’ve submitted to your lender. It’s best if you scan a copy of what you’re sending before you send it so that you have an exact duplicate.
Keep a paper trail of everyone you have spoken to at the lender. Get the employee’s name, employment identification number, and note the date and time of the call. Be sure to summarize what was discussed, including any steps you were asked to take (such as supplying additional information).
Be sure to stay in touch with your lender about your loan modification. Call daily or every other day. You need the lender to realize that you’re not going to give up and that you expect action.
YOU CAN DO THIS – I am here for you!!! go go go!
EXPECT MIRACLES,
Anna
If an aunt wants to send us an anniversary gift of cash to help us during loan modification how will this gift be treated. We are concerned to receive or cash it. We are concerned it will be recorded as income and will put us above the qualifying numbers. Also what about tax return money..how is this treated as income verification for HAMP?
Blessings to you as Blessings you share
Ann
Hello Ann, First of all HAPPY ANNIVERSARY – nice Aunt!
Well when you have more than 3x payments in the bank they sometimes think you are capable of making your regular payment – Tax return money should not be treated as income, that would be double hitting you for the income- I just don’t think they like to see too much money in your account –
You are very welcome!!!
Therefore humble yourselves under the mighty hand of God, that He may exalt you in due time, casting all your care upon Him, for He cares for you. (1 Peter 5:6-7 NKJV)
Expect Miracles
Dear Anna, Thank you for the kind words about my wifes accident. After 1 1/2 years she got a partime job even with back and knee pains. She is a real trooper and a power of example to anyone that has been through an accident. Here are the numbers you asked for: loan balance $253,000, property tax $160.79 , insurance $156.45. God Bless you and thank you. Ronnie
I’ve been in a loan modification with Bank of America since June 12, 2009, with no end in site. This bank will neither approve or deny me, but I’ve now know why they are not denying me because this bank has messed up many times with my loan modification and I have at least 90% of all documentation to proved this bank has been decitful and has tried to cover up their mistakes because I starting reiterating phone conversations through email as well as many conversations throught this method since September of 2009. I have filed complaints with everyone, Consumer Fraud, OCC, FTC, California’s Attorney General, U.S. Attorney General’s office. the President, Jerry Brown, Diane Boxer, etc, etc……. and nothing. The Hope Now Acceleration Team has tried for several months to negotiate on my behalf and as of last week I was told that they have filed violations against them in my case, but they cannot make Bank of America do anything. They did tell me that I could probably get an attorney to take my case Pro-Bono, I don’t even know where to start. At this point I do not trust Bank of America at all, and fear even if they decided to do a loan modification I would have to take it to an attorney to have it approved and even then I’m not sure what could happen after I turn it in. At this point, I couldn’t even do a short-sale with this bank because of all the lies, deceit and coverup they have do. I’ve reached a point where I cannot take anymore of this and I have become emotionally unstable as a result. Please help!
Kathy B.
Hello Kathy,
I am so sorry you have gone through all of this with Bank of America – I have seen alot of modifications coming out of there lately -
I would suggest doing your numbers for HAMP – do all of the calculations to see where you stand, first!!
Then call and ask them what numbers they are using for your income and your expenses – BUT before you call I want you to take a deep breath and call in the HOLY SPIRIT to guide you and guide them as well – build rapport with the representative and get all the information you need – ask who is your investor and what property value they have. – remember HOLY SPIRIT and build rapport – come from a place of inner peace and if you get a representative at B of A that doesn’t give you the information, then simply say thank you and call back – don’t let anyone frazzle you.
I will guide you through this … you can do it – start with your own HAMP calculations
Let me know what you come up with or if you need help figuring it out.
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect ONLY miracles,
Anna Cuevas
Loan Mod Guru
Dear Anna, Here are the numbers you asked for: Loan Balance $153,000,I’m behind 12 months, Current value $160,000– trial payment $1,171.18–One West/Indymac is the Lender– It’s a hamp mod not sure who the investor is. Total Gross Income-$3,622–Property tax $160.79– Insurance $156.45–Hoa dues $33 monthly. My Hamp calculations from your guidelines look good especially for NPV. God Bless You And The Work You Do…Hope to hear from you soon.
Dear Ronnie – yes your numbers do look pretty good for NPV – the other thing that Indymac likes to see is not a deficit on your income vs expense sheet even if it is only 150 bucks or so don’t ask me why it is not in the HAMP guideline but they are funny about that, so just cut some unnecessary household expenses from your budget if you see that or they come back to you on that, – so double check that – otherwise you are looking pretty good – I would stay on them and I think you will be fine! Keep us posted, and know that you are not alone!
Give my best to the wife and no more being worried, trust the Holy Spirit to guide you – obviously you are blessed, you wife is here with you!!!
Now may the God of hope fill you with all joy and peace in believing, that you may abound in hope by the power of the Holy Spirit. (Romans 15:13 NKJV)
Expect More miracles,
Anna Cuevas
Loan Mod Guru
Dear Anna, I made a mistake on the mortgage Balance it is $253,000 not $153,000…..I’m sorry, Ronnie
IS ANYBODY LISTENING…………………..HEAR MY CRY
Now one of the millions facing Foreclosure and You think you did everything right…..
I began this journey with Homeq Servicing in March 2008 after becoming behind 3 months. Placed on a repayment plan of $4054.00 not incl. taxes and insurance and an interest rate of 9.475%. Paid every month, however though remained in monthly contact with Homeq of my struggle. Tried everything to be placed in a modification but consistently denied. In Feb 2009 they prequalified me for a loan modification at the same interest rate and paying more than what I was already paying so I declined and continued my payments.
CHOKING ME….In May 2009, I finally sought the help of an Attorney to help with this modification, but only they turned OUT to be a scam and also took my money $1500. As result, the repayment plan broke. Proactive and desperate not to go into a foreclosure I obtained another attorney’s office who has been working with me and Homeq ever since. All documents were submitted over the last 10 months in review period, I was relieved.
On December 23, 2009 I was informed by my attorney that Homeq denied my loan modification request because of no documentation of rental income. On 1/4/10 that documentation was sent to the attorney office and faxed to Homeq. On 1/11/10 I was advised that Homeq accepted my rental income and put me back in review for loan modification review. Once again so relieved.
On 1/16/10 my world changed forever, when I was served with a Summons for Default TO BEGIN FORECLOSURE PROCEEDINGS. Now hvae retained A Foreclosure Attorney an additional $10,000.
I have been fighting 2 years, my cry for help not to lose my BIRTH home. A home that my children are growing up in, offering them the same stability and family connections I had. I don’t understand what went wrong. As of March 2010 Homeq denied us for the HAMP program never recieved anything in writing only heard this through my modification attorney.
Due in court for a Foreclosure Settlement Conference May24th. First appearance since receipt of court paper1/16/10. What to expect. Need gudiance and sample letters to contest Homeq’s denial of modification.
Why are these programs available if you can’t take advantage of them?
PLEASE HELP ME NOW………….
Hello Jacquiline,
I can hear you – Is your foreclosure attorney also helping you with your modification now? The first thing I would do is to go thru all of your figures and go over the calculations to see where you stand.
I would also check my value on http://www.eppraisal.com or http://www.zillow.com – You have to make sure if they are working on it that you are not also sending them a package with conflicting information but you want to check out your figures so you know where you stand – I have had good results with HomEQ only after escalating the file up the chain of command, but you only want to do that if you are confident with your numbers. That is my suggestion to you.
I am the Lord your God. I am holding your hand, so don’t be afraid. I am here to help you. Isaiah 41:13
First get your numbers together – HAMP Calculations
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Is this where I ask questions/get help?
okay. This appears to be where I can contact you. I was literally in the middle of sending another message to NACA. I have an Indy Mac loan, now Fannie Mae. Was offered a HAMP at a NACA event 12/5/09. Actual trial mod papers that came asked for $800 more than event offer, making it unaffordable. As you may well know once you agree to work with a 3rd party the lender will no longer speak with you. NACA though initially seemed helpful has left me in limbo for nearly 3 months. Since the trial didn’t reflect the initial offer & was unaffordable. I didnt accept. Where can I go from here? Should I disassociate with NACA and try this on my own? I am 16 months behind on everything and needless to say beyond frustrated. Any advice you have will be greatly appreciated
Hello Stacey,
It is really hard to give you advice over NACA – I think what they are doing is great but if you feel you are just in LIMBO and they are no longer helping you, you really have to look out for yourself – are you able to escalate through NACA? In all actuality it is your account and if you want to speak on your own behalf you should escalate the matter both with NACA and with Indymac- where are you on your dates for foreclosure, etc.? Make sure you are keeping track and if you need to postpone anything ask them to. What are your numbers like?
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect Only Miracles
Anna Cuevas
Loan Mod Guru
Anna,
You are a true blessing. I happened to come across your website and it couldn’t have happened at a better time. We applied for HAMP back in July of 2009, it took three months, with daily calls to Loss Mitt. to finally get our Trial Period packet. Based on the information we provided to them, they dropped our payments from $2664.00 to $1225.71. Our prayers were answered. Now almost a full year later, and DAILY calls to Wells Fargo Loss Mitt. representatives, we FINALLY recieved a “congratulations” packet from Wells Fargo that we are eligible for HAMP. Unfortunately it was not at all what we so longed for. The new payment as of June 1, 2010 is $2,427.00. Its only $237.00 less then our original loan amount payment. Unfortunately we will not be able to afford this. I understand that something is better than nothing but this loan mod amount does not help one bit. We were told by a Loss Mitt. rep to send the unsigned documents back with a detailed letter explaining why we declined the offer. I have put together a letter (almost identical to our original hardship letter). Along with most recent paycheck stubs. The representative advised us that the calculation was based on a specific month where his gross income increased from $5598.00 to $8103.00. When we submitted copies of those paycheck stubs, we did include a letter advising that the increase in pay was due to temporary worked overtime based on current weather conditions and the time. (rainy seasons in Oct/Nov last year) My question to you is…
Must they base their calculation on the most recent stubs submitted or is it based on an average gross over last 12 months?”
Most grateful,
Rosie
Rosie – I am excited to inform you that I have fought 2 different loans with Wells Fargo exactly like this!!! You can fight them too!!! Write a detailed letter mark the top ESCALATE THIS FILE TO THE EXECUTIVE OFFICE FOR REVIEW – Tell them that that is NOT his income get the correct paystubs now and put a nice professional file together to send to the executive team –
I know you can do this – believe and call in the Holy Spirit – I got about 10 NO’s before I finally got the approvals at the Correct income and the LOWER payment – fight it all the way until someone there listens – cc the FDIC Sheila Bair, Treasury Phyllis Caldwell too!
Blessed is the man who trusts in the LORD, And whose hope is the LORD. For he shall be like a tree planted by the waters, Which spreads out its roots by the river, And will not fear when heat comes; But its leaf will be green, And will not be anxious in the year of drought, Nor will cease from yielding fruit. “The heart is deceitful above all things, And desperately wicked; Who can know it? I, the LORD, search the heart, I test the mind, Even to give every man according to his ways, According to the fruit of his doings. (Jeremiah 17:7-10 NKJV)
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Dear Anna, Thank you for all your help. As we discussed, my numbers looked O.K. so far, and I will pay the 5th month on my hamp/trial mod with indymac tomorrow. I am concerned about the effect of my I.R.A on the final decision. I had to use a large portion (50%) due to the health of my wife , take care of my 8 year old,and pay my federal income taxes. A $36,000 pension can go only so far given my situation. What weight dues the I.R.A have on the trial. Thank you and God Bless you for all the Hope and Help you give. Ronnie
Dear Anna,
Having red many of the post here, I feel so lucky to have found your website.
I was recently denied for MHA loan mod by Chase. Thanks to your posts, I put together a letter to request the values they used to calculate the NPV, and here’s what they provided:
Unpaid balance on the original loan: $202,400
Months Delinquent: 10
Principal & Interest payments before modification: $1286.08
Monthly Insurance Payment: $64.58
Monthly RE taxes: $398.00
Monthly HOA: N/A
I see that you have encouraged people to find the current value of their homes, and so I did the same. According to http://www.eppraisal.com, my home’s current value is $159,878.
Our monthly gross income: $4100 (has increased significantly since we first applied for the loan mod); originally our total household income had come down to $2400
I am not sure whether it makes a difference, but I feel the need to mention the loan is an interest only loan):??
We tried to calculate the NPV, but time is running out, and I would like to ask you for help, PLEASE! Your help will be greatly appreciated by me and my entire family!
Thank you for everything you’re doing to help homeowners keep their homes! You are more than a loan mod guru, you are a savior!
Sincerely,
Grace
Dear Grace,
I went over your numbers and with the $2400 you would be below the threshold to qualify without principal forbearance – they might be willing to do more of that now but it is only a very small percentage that is currently going in that direction, which is most likely the reason you were denied for NPV.
2400 x 31 % = 744 total payment – tax 398, ins 64.58 = 281.42 total mortgage only payment even if they lowered to 2% and extended the term to 40 years they would have to lower the balance to 92,931 from 202,400 NOT LIKELY –
The sweet spot is around 3500- 3600 per month. this is where you can get down to a 2% and 40 year
However with your new income of 4100 this should help you pass the NPV now
4100 x 31% =1271 total principal interest taxes and insurance – 398-64.58 = 808.42 mortgage only payment
this can be accomplished within the guidelines stated above and you should be fine reapplying – DO NOT GIVE UP – you can definitely do this! I am here for you.
But without faith it is impossible to please Him, for he who comes to God must believe that He is, and that He is a rewarder of those who diligently seek Him. (Hebrews 11:6 NKJV)
Expect ONLY Miracles,
Anna Cuevas
Loan Mod Guru
Hello everyone, My fiancee’ and i were also denied for our HAMP modification. The kicker about it is we were not notified of the termination of the modification untill the 5th month of said modification payments were made. Notice of termination marked unrecieved signature on tax return. Which was mailed to the company 2 seperate times. After having to argue with them over the phone for an hour, the 1300 dollar payment over the 6th month period i was told was applied to the forbearance amount and we would have to reapply for a modification. Are they allowed to do this?
Hello Kevin,
They are supposed to contact you several times for the missing piece of documentation if they believed they did not have it prior to denying you. I would write a detailed letter you your bank and request that this matter be escalated. Then cc: The Treasury, the FDIC, SIGTARP and anyone else you can think of. That is what I would definitely do – Fight fight fight
Call in the Holy Spirit to guide you when writing the letter and ask that he be present in the heart of those who are on the receiving end.
“Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you. For everyone who asks receives, and he who seeks finds, and to him who knocks it will be opened. (Matthew 7:7-8 NKJV)
Expect Only Miracles,
Hello Anna, I have been reading your blog for a while now, I’ve found it to be affirming of God’s love and faithfulness. I believe that ALL things work together for the good for those that Love Him and are called…. You are certainly “called” and may God bless you.
I have had 2 denials for the Hamp from Homeq Servicing — have you seen anyone get help from this servicing company? The loan was originated by Ameriquest which has been found to have mislead consumers. My loan(s) [note the 2nd has since been paid] were included in a”class action” suit against them. At this point I am praying for guidance on short selling vs. more modification denials.
I just wanted to let you know that your work is appreciated in Arizona.
Hello Ama,
All glory be to God!
Thank you for your wonderful note
Yes, there are HAMP approvals coming out from HomEq – Check out Mario and Betty’s HOMEQ HAMP Loan modification approval testimonial from 4/20
Don’t forget to post your numbers so we can figure out why you have the denials- I am here to help you!!! Don’t give up the fight for your home –
Mark 9:23 Jesus said to him, “If you can Believe, all things are possible to him who Believes.”
Expect ONLY Miracles,
Anna Cuevas
I have a loan with HSBC and I keep getting declined on multiple loan modifications packets that I have submitted. It’s a rental property so is that why? Are banks working with people on rental properties? It seems like a get different answers. All they want is to see what I’m able to pay today. Does the bank really want the property back or just playing a game with me?
I was thinking it might be easier if I move into the property and have it become my primary. Currently right now it’s in foreclosing and I have until August 6th before it goes to auction.
What advice can you share with me so I don’t loose my property?
Thanks in advance!!
Hello Fred,
I know it is so frustrating – Have you ran your numbers to see how they look from the lenders perspective? Most banks will help you with a rental property just NOT HAMP- it has to be a traditional or in-house mod. It is definitely easier moving in to the property – but certain divisions of HSBC do not do HAMP –
I would check your numbers make sure they are in line with profit from modification vs forclosure – and get on the horn, escalate your case up the chain of command until you can get someone to listen to you. Call in the Holy Spirit to guide your conversations, keep your cool – and keep good notes, names, dates, times.
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect Miracles,
Anna Cuevas
The Loan Mod Guru
Hi Anna ~ We are in California and in a frustrating cycle with BAC. I lost my business in October 2008 and filed for bankruptcy in November 2009. All of my assets and savings are gone and I am trying to hold on to my home. I can afford my payment right now but the loan will adjust (it is a negative amortization arm) in February 2011. I have been trying to modify the loan since September 2009. First it was “kicked out of their system” because of the bankruptcy filing, then I reapplied and it was “kicked out of their system” because the bankruptcy was discharged. I have since applied two more times. I have sent in my fourth set of documents for the Making Homes Affordable Program as they requested on April 27. I have been calling them every Monday to check the status. Today they told me that they have received my packet but it will be another 45 to 60 days before I get an answer and that my loan doesn’t qualify for the trial period payment. I am so confused. I have a 9 year old severely disabled daughter as well as a 14 year old and 3 year old. I really need to stay in this home. Can you give me some advice? I am about 1 1/2 months behind in my payment now.
Thank you so much.
Hi Andrea – I want you to stay positive and believe that everything is going to work out for you – Take a deep breath and let this application run its course, God knows what he is doing and many times y being patient you will find that you will be successful in the end, and most time with a great deal!!! – do not let your inner peace be shaken – Your babies need you and you will come out of this fine –
they also have a new program for the type of loan you had – Bank of America loan modification program Keep me posted, I am here for you Andrea. Follow up but don’t get frustrated, you can do this.
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Hi Anna,
I’m so glad I came upon your website!! I’ve had a hard time finding someone knowledgeable to consult with on this. We were denied for the HAMP last month after fulfilling the trial period and I am getting ready to apply again this week. We are a self-employed roofing business so our income fluctuates monthly so I’ve done a year-to-date profit and loss and averaged it out to monthly. Our income has increased since last year and we’ve decreased our expenses quite a bit. Can you please tell me how my numbers look and if they might qualify now? Income is $6334 property tax and insurance 449.67 Current payment (Principal and interest) 1,663.87. Unpaid balance on loan 195,582 and property value average at epraisal.com is $332,000. I had requested an explaination of our NPV inputs and at that time our income was 4,519 with “Borrower’s total Monthly obligations” at 715.97. I’m wondering what monthly obligations they use for this figure, too. We are through Select Portfolio Servicing (Fannie Mae). Oh, and our interest rate is 8.75!!
This has been stressing me out big time for months and I deeply appreciate any advice you have to offer.
Thanks you,
Shelly
Hi Shelly,
I am so glad you are here too! Don’t stress you can always resubmit – What was the reason they gave you for the denial ? I would really start there – ask EXACTLY WHY YOU WERE DENIED. GO LINE BY LINE ON THE EXPENSES THEY USED AND ASK IF THEY DID A BPO –
Based off of a 6334 gross income (which for the Profit and Loss/Self Employed it is the NET from the p and l) will leave you with a total PITI of 1963.54 – 449.67= 1513.87 for your mortgage only portion of the payment about $150 reduction to your current payment. In your example if you owe so much less than what your home is worth it is important to be in a position where you are not needing anything more than just a rate reduction or term extension because it is more profitable for them to sell your home- I still think you have room on your income if it was the gross number that still had some business expenses –
I am at a conference all week but will do my best to answer tmrw night.
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
EXPECT ONLY MIRACLES,
Anna Cuevas
The Loan Mod Guru PERSONALIZED HAMP CALCULATIONS ON-LINE – BANK READY APPLICATION DONE FOR YOU!
How long ago did you apply prior time?
Anna, please help me with my loan mod. I got denied this Friday the 28 of May 2010, via mail. And I got a call from Chase saying its a “Soft Decline” and I may need to come up with a down payment if this goes thru and it will be a little more than the trial period I went thru. The trial period lasted about 6 months and I payed on the 1st EVERYTIME! What can I do, how can you help? Thank you.
Mustafa,
First take a deep breath, you can find out why you were denied and this is what you need to do next. Ask them to tell you what income they used and what expenses and what value they gave your home. Don’t panic. Get centered and get your inner peace back. You can get through this. Let me know what information you get from them BEFORE you do anything or pay any upfront money. HAMP does NOT require any upfront money other than your trial payments.
We should recognize God’s providential care. Faith is trusting God to provide. God is so great, so loving, our lack of faith sends a signal we don’t really believe that.
Most of us know worrying about something is not going to help matters any. One poor misguided soul did not see things this way. He was lying on the couch talking to his therapist and told him, worrying works for me. He said ninety-nine percent of the things I worry about never happen.
During the Sermon on the Mount Jesus tells us not to worry, Matthew 6:25-34. In this passage three times Jesus tells his disciples not to be anxious, not to worry.
Worry is Futile
Matthew 6:25-27 “Therefore I tell you, do not worry about your life, what you will eat or drink; or about your body, what you will wear. Is not life more important than food, and the body more important than clothes? Look at the birds of the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them. Are you not much more valuable than they? Who of you by worrying can add a single hour to his life?
Worry is empty and gets you nowhere. We need to learn to trust God. He gave us our life and he will sustain it. An example is the birds of the air. Birds don’t plant any crops. Birds do not store any food in barns or silos. Birds do not shop at supermarkets and they don’t use refrigerators or freezers. Each new day they must hunt and gather food, yet they don’t seem to worry. They are up every morning singing joyfully.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
I need help…..I will be seeking the advice of a backruptcy att today. I have filed for Home Afford Loan Mod and they sent back saying that my packet was missing info then I resent it well i called yesterday because I had got a letter to excellerate on forclosure and they said that i didn’t qualify for the loan mod and they were going to proceed with forclosure process unless i came up with a 33,000.00. My mortgage payment is 2600.00 and in the last year my husband business declined allong with my medical bills for ovairan cancer that I obtained all last year. Please email me and let me know if you can help me. They didn’t give me any reason why I was denied…..
Denella
Hello Denella, my fellow ovarian cancer sister. I too was diagnosed last year on Mothers day for ovarian cancer. How are you doing with that? The Lord is very amazing and you will get through all of this!
Ok the acceleration letter is part of the computerized process, who is your lender. What are all the details? Do you know who the investor on your loan is?
Did you apply for a HAMP loan modification, if so when ? I am here for you Denella
Faith is a living, bold trust in God’s grace, so certain of God’s favour that it would risk death a thousand times trusting in it. Such confidence and knowledge of God’s grace makes you happy, joyful and bold in your relationship to God and all creatures. The Holy Spirit makes this happen through faith. Because of it, you freely, willingly and joyfully do good to everyone, serve everyone, suffer all kinds of things, love and praise the God who has shown you such grace.
Martin Luther
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
hi anna,my bank> pnc> has denied me a permanent modification,even though i was current on the ”trial” up to may 2010.,denial was because of excessive forberance.i thought the goverment wanted us to keep our homes?what can i do?i am willing to do anything to hold on to my home,please help me,thank you.
Hello Danny, I am sorry to hear about your recent news. I think the best thing you can do to start is know your numbers – then after you know all of your numbers, income, expenses, property value – make sure the numbers coincide with the HAMP guidelines – next you should call to verify they are using the correct information. That would be my recommendation to you. Fight with knowledge – I am here for you.
Here is an article: How to Calculate HAMP
Your word is a lamp to my feet And a light to my path. (Psalms 119:105 NKJV)
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
The Loan Mod Guru – Breaking News “Due to your requests I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
CLICK HERE FOR MORE DETAILS
Hi Anne,
. So, a loan modification was necessary. Here are my numbers:
You have such a gift, not only to encourage and support, but in the way that you use scripture to uplift. Thank you.
We just recently applied for a loan modification and wonder if we have a chance of getting approved. Maybe you can give us some insight. Unfortunately, I have been recently laid off after teaching for 7 years
Bills/Other Monthly Expenses=$2000
Current Mortgage: $3073
Gross Income=$5114
We are wondering if our debt to income ratio is going to be to high and if this will deny us a loan modification or if we will be asked to do credit counseling.
Thank you for your time!
Hi Jane,
All glory be to God! With Indymac keep fighting fighting fighting, know your numbers inside and out and you can win this fight.
Thank you for the nice thank you
I don’t have enough info to give you an overview but:
5114 x 31% = $1585.34 is the max total payment including property taxes and homeowners insurance.
I would need to have property value, mortgage balance and monthly prop tax and insurance amounts to be able to assist you correctly. You will not be denied for a high ratio, you would be referred to credit counseling but your numbers DO need to make sense to cover your mortgage balance.
Mark 9:23 Jesus said to him, “If you can Believe, all things are possible to him who Believes
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
Hi Anna,
Praise God that I still have a roof over my head. I have been working with Chase since Dec. 08. I have made 13 trial payments now and got a denial letter last week stating that “We were unable to create an affordable pymt equal to 31% of your reported monthly income without changing the terms of your loan beyond the requirements of the program.” I have 2 small children to care for and desperately needed help! I am waiting for a call back from the underwriter supervisor to get a line by line breakdown of their decision. I filed CH. 7 bk in July 09 but it was discharged in Dec. 09. However for some reason my loan is still in the BK dept and they have advised me that they can’t take it out of BK until order by the court. Looks like the BK is helping me in terms of not allowing them to go forward with foreclosure. I can’t loose my home. I have to keep fighting! Please HELP!!!
Hi Jaime it looks like they have to go beyond the guidelines to get your payment to 31% of your gross income. It is important to know your details and run the HAMP calculations.
Yes it does sound like the BK or MIRACLES are working : ) to your benefit, there are no coincidences.
My suggestion is to know your numbers inside and out and make sure you fall within the guideline numbers then verify those numbers when you get your line by line, if they are accurate then you need some more income, or need to rent a room.
Do you not know? Have you not heard? The Lord is the everlasting God, the Creator of the ends of the earth. He will not grow tired or weary, and his understanding no one can fathom. He gives strength to the weary and increases the power of the weak.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
Dear Anna,
I stumbled upon your site today while researching qualification criteria for the hamp and was hoping maybe you could help me. I’m a realtor and i moved out of my home in 07 in an effort to save my home and rent something cheaper until the market started moving again. Everything was going along ok but in 08 i had to help take care of my terminal grandfather, now gone. Then my little brother passed away unexpectedly last year and this year my grandmother that practically raised me was diagnosed with lung cancer and passed away in May. That being said, I’ve spent most of my time taking care of my family, planning memorials etc. Anyway, my tenants moved out without much notice at the 1st of the year and i was unable to make the payments and Wachovia/Wells filed the nod April 1st. I moved back into the home May 1st because i couldn’t rent it out with an NOD on it and I got through the initial Hamp qualifications and I need to get them the final package by Jul 10. My questions are: As a Realtor are they going to use my gross commission (after brokerage fees) or is my gross income actually my commission check less my business expenses as they’re asking for a year to date P&L? It’s a big house and i’m renting out 3 rooms and I believe they will credit me for $75% of that income (border or rental income). If my “gross income” should be “after business expenses”, i still have time to rent out another room or something. I also have about $50k in c/c debts etc that i haven’t been paying and i’m trying to negotiate with them but will likely end up filing chapter 7 after all is said and done. Do i simply leave off these payments but list them as “debts” on the financial worksheet as they’ve implied?
Details:
Gross income $7475/mo before real estate exp of approx $1000/mo
Rental income (from rooms rented out) $2900/mo
Wachovia/Wells 659+ 28k in back payments = 687
Current I/O pymet $3560 incl taxes $900 and insurance $100 (escrowed now)
2nd w/Chase thats severly behind. Owed 85,000 + roughly 4k in back payments and current payment should be $330.
eppraisal shows value 747 and zillow & other show 670ish. They’re showing 715 on a random letter they sent (offering a $5000 move out bonus)
It’s not fannie/freddie and i feel like a complete idiot as they did a terrific modividation for me Feb of 09 when i was only 2 pymts behind whereby they did a $160k pricipal reduction, fixed the rate at 5% interest only for 10 and then fully ammortized at same rate for another 30 yrs (40 yrs total). I could cry, this was such a terrific and life saving blessing, yet i still fell behind due to personal circumstances. Anna, I’m back on my feet and i really want to save my home. It was our dream home and I don’t want to lose it. Please let me know if you have any suggestions or answers to the income and “other debts” questions. Thanks so much for your help and for all you’re doing for the folks that have come to your site. I’ve looked a long time for someone i could refer possible clients to but so far have NEVER found anyone that I’d feel comfortable in referring.
Dear Desperate Realtor,
I am so glad you found “our” site! Don’t feel like an idiot, you are not. You had the MAP program from Wachovia which is the program that cut principal – great work! What is your loan amount now?
They will use your Profit and Loss NET income, as your gross
and 75% of the room rents
List the debts but list not paying these debts next to them and write this in your hardship letter as well. How much do you owe?
You can do this keep fighting
at least you already got the balance down!!! 
Do you not know? Have you not heard? The Lord is the everlasting God, the Creator of the ends of the earth. He will not grow tired or weary, and his understanding no one can fathom. He gives strength to the weary and increases the power of the weak.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission including the RMA form and HAMP calculations.
Hello Anna, First, I just want to say you are truly a blessing, and instrument of peace! Just reading this has given me strength.
My problem is partly my fault but has been poorly mishandled by Wells Fargo. I was pre-approved for the HAMP program through Wells Fargo. I successfully
completed the trial payments and signed the documents to finalize the modification.
To my error, the documents were signed but not notarized. It was addressed by Wells Fargo but I was told it wouldn’t be a problem.
I received documentation confirming the loan was modified and to began making the modified payment. So in April 10, I paid the first payment.
In May as I tried to make my payment I was told my modification was rejected due to documents not being notarized. The fees from the
(continued)The fees from the escrow account, the late fees, paid insurance fees and property taxes were attached to account which showed a balance of 13,000 which W. Fargo demanded immediatley. In Mid June I was given the opportunity to re-submit the notarized docs but the negotiator has not processed the info. During this time my loan is now in default and in active foreclosure. W. Fargo told me that since I was denied for HAMP I can no longer be considered. In the meantime they have pre-qualified me for an in house modification that is $300 more that the original and $700 more than the modified payment that was presented initially. The representive basically told me this is the only way you can save your house since you no longer qualify for the HAMP.
Basically Anna, I have been praying, and keeping faith that my situation will be resolved in accordance to God’s Will. I want to make sure I am being active as a Christian and fight for what is fair. The proposed payment is more that the payment I had before I the problems, But was told this is a last effort from W. Fargo for me to save my home.
I have not received a answer regarding the resubmission of docs pertaing to HAMP, and each deadline W. Fargo has set for themselves to provide resolution to HAMP have not been met, meanwhile the continue to aggressively seek foreclosure.
So, after this my dilemma is, Do I accept the “in-house” modification which puts me in greater danger of falling behind again or continue to fight for the intitial HAMP modification I was given but then rejected due to documents being notarized, but given another chance to re-submitt but has not been processed due to delays and missed deadines by W. Fargo?
Thanks You for your time, Anna
May God continue to bless you to bless others!!
Hello Terrence, Thank you for your kind words – all glory be to God
a sincere thank you!
My suggestion is that you immediately call the executive team at Wells Fargo’s Office of the President, also put it in writing and overnight a letter that reads PLEASE ESCALATE MY FILE TO THE OFFICE OF THE PRESIDENT and give them all of this information, PLAY BY PLAY. Before you call make a complete timeline, but do call and escalate this matter immediately and fight for your initial HAMP – explain the errors – and that you did not understand it needed to be notarized. There should be no reason why they cannot fix the issue, and penalize your simply for an oversight – they should definitely be able to go back, send out the documents to you again, sign, notarize and fix this issue. In my humble opinion I personally would not let them push me into a corner with the in-house mod. – again this is just my opinion – I do not give ANY legal advice as I am not an attorney.
“Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you: For every one that asketh receiveth; and he that seeketh findeth; and to him that knocketh it shall be opened.” – Matthew 7:7-8 KJV
Expect ONLY Miracles,
Anna Cuevas
Hi Anna,
I have a 1st with BofA of 387, 657 (currently interest only) and a 2nd with GMAC of 94022. My 2nd just adjusted and raised the payment by $800 a month. I missed a payment and paid it the next month. My PITI is 2386 and taxes and insurance are $493. I had a baby recently which lowered my PITI to that amount. I am submitting my paperwork to GMAC to see if they can do something about the 2nd, should I now submit one to BofA at the same time? Is it possible to have something done with the 2nd at GMAC? Thanks Anna
To anyone and everyone who is in need of loan modification assistance, especially if you find that you cannot make a go of it alone: Anna Cuevas is the indeed a miracle worker. She is generous with her time and energy, providing free expert advice here and will further assist you at her other site, http://www.theloanmodguru.com. Why am I mentioning all of this? Because Anna was instrumental in rescuing me from foreclosure. I have been involved with an extremely complex, frustrating and ongoing situation with IndyMac Bank/One West. it was Anna, with her winning personality and perseverance that sliced through the bureaucratic baloney and helped me move towards a successful loan modification application. Not only is Anna an exceptionally giving, sensitive soul, she is an extremely knowledgeable and consummate professional. Thank you Anna from the bottom of my heart.
Hi Anna,
I can’t tell you how excited I am to find your site. After 2 1/2 months of back and forth with Wells Fargo, they told me that my investor does not participate in HAMP and the investors offered a Forbearance Agreement for 3 months which reduces my $2450 payment by $100 per month. (38%) It just doesn’t help me at all, really.
I was told by a HUD counselor that I should have been notified in writing that my investor does not participate in HAMP and I have still never received anything stating that fact. Is is true that the bank is in violation for not sending me written confirmation of this?
I am working on a complaint letter to the OCC and the Treasury Dept. If my investor would just get me down to a permanent 31%, I could breathe again! Do you have any thoughts or suggestions for me?
Thank you for your wonderful insight!
Sharon
Hi Sharon,
I am glad you are here as well! Yes they should have sent you a notice denying your HAMP loan modification – Did you find out who your investor is? Do what you are doing with the complaint letters including escalating your case to the Executive Team –
unfortunately there are certain investors – usually certain securitized mortgages that went to investors that handle pension funds state they will not do HAMP – but I don’t know why they would allow 38% and not a HAMP 31% so I would dig into it so you know for sure. FInd the investor keep calling until the info is release to you and research the investor too! Contact your congressman too – and overnight to Phyllis Caldwell at the Treasury – BE A SQUEAKY WHEEL, you can do it! Call in the Holy Spirit before you do any task.
Ask and it will be given to you; seek and you will find; knock and the door will be opened to you. For everyone who asks receives; he who seeks finds; and to him who knocks, the door shall be opened.
Jesus
Expect ONLY Miracles and question authority!
Anna Cuevas
I applied for and was approved for a Hardship MHA modification with BofA on/a July 2009. I am a senior, a veteran , a single parent of a Special Needs Child and on a fixed income plus about 250 dollars per mo for consulting to an industry that is all but gone due to the economy. I made my first trial payment in August 2009 and was told BofA was backlogged and to keep on making the Trial Pmts which I did. Finally I received a Fedex letter dtd March 30, 2010 from Making Home Affordable HOme Retention stating “you are approved for Permanent Mortgage Mod, all docs are complete and look for Permanent papers to come shortly. When I did not received the mentioned Perm Mod I started calling and got a different answer mostly “under review” one even asked if “my dog may have chewed it”. If that was the case why not send me a copy or track it withFedex? I went to my Congressman and finally in August 2010 received a call from a “negotiator” at BofA who said she had good news I was approved for Perm Mod and am getting a great interest rate. However, the payment represents about 67% of my gross income instead of the 31% under MHA. I am a true Hardship case and that is why I was approved now it seems to mean nothing. I was never informed of anything different and spoke to about 6 people and never was informed. What do I do? Can I hold them to the approval under MHA because they now have the attitude take it or leave it. It seems like a scam to get my house. I can decline the offer and lose my home or accept it and not be able to make the payments. Either way they get the house which I can not let happen as my sons doctor said he can not have any turmoil in his life and needs the stability of his home.
Hello Joseph,
First of all I would like to say thank you for your service in protecting our country! I really appreciate what you have done for our freedom. Also I commend you, you sound like such a great father.
I want you to diligently detail all of this that has gone on, I want you to make a copy of the congratulations letter. Then I want you to mark the top of the letter ESCALATE TO EXECUTIVE OFFICE OF THE PRESIDENT AND ADDRESS THE LETTER TO: Barbara Desoer – Keep Fighting!
Barbara Desoer CEO
Bank Of America Corporate Center
100 N. Tryon St.
Charlotte, NC 28255
cc: your congressman, cc Phyllis Caldwell at the Treasury, Sigtarp
O Holy Spirit of God, abide with us; inspire all our thoughts; pervade our imaginations; suggest all our decisions; order all our doings. Be with us in our silence and in our speech, in our haste and in our leisure, in company and in solitude, in the freshness of the morning and in the weariness of the evening; and give us grace at all times humbly to rejoice in Thy mysterious companionship.
John Baillie
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
Thank you and-God Bless You. I try. I need to mention to you that I discovered now that Bank of New York is the investor and they don’t want to deal. Is that why my MHA disappeared? Legally was I not supposed to be notified in writing if MHA was declined? Bank of NY couldn’t care less about Hardship Mods.
I am representing my Dad who has been trying for 2 years to get a reduce interest rate from 8%. He started in 2008. He talked and used all kinds of resources to no avail and tremendous loss of money. Someone told him to stop making the payments and now the house is in foreclosure. I was made aware of this when it was too late. The bank would not accept payments when we tried to pay them. I took over the negotiation for my Dad. I have been working with the bank since March and I still do not have closure on a loan modification. The denial is that there is not enough income. My husband I live with my dad to help him. We pay rent but with his pension, social security and rent my dad’s total income is $4,600.00 Because the foreclosure date was close and the loan was not settled I filed a complaint and Lis Pendans. This was out of panic because they were not working quickly to finalize the loan. It was good that I did because they denied it again. They did suggest I reapply using my income and my husband’s income as a household income with my dad. Now I am waiting for them to finish that application. It is taking more time since there is now a flag on the account due to the legal action. Now I am hearing from a company called American XXXXX stating they can negotiate the loan. Since they have not negotiated the loan and not responding to my request for an application should I go with this company? This is my last resort. My Dad has lived in this home for over 23 years. He is 79 years old and has dementia which is one of the reasons this took so long and is so messed up. His biggest dream was to leave this house to his family. To move would probably kill him. All I want is for him to remain in his home. With all the interest and legal charges added to the current loan we are now probably upside down now. We were not when we started.
Hello Christine,
It is very important that you know your numbers forwards and backwards to be able to help your dad. Who is your lender?
HERE IS A GREAT ARTICLE FOR YOU TO READ – click here
I offer two low cost options one listed below and for a low cost additonal fee you can add on you can do a one hour one on one strategic coaching session. See below what some clients have already said.
“In All Thy Ways Acknowledge HIM and HE will Direct thy paths.”
Proverbs
My new system helps you figure it all out, if you want a full on HAMP calculation and proposal –
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
——–This is what people are saying about Http://www.theloanmodguru.com—————-
”There’s magic going on in the mortgage modification sector… Anna Cuevas’s TheLoanModGuru.com is nothing short of amazing!”
Anna has simplified a very complex process, with comprehensive, easy-to-use software at her website, http://www.theloanmodguru.com. She also has a Blog there to answer questions in depth, which is, in itself a learning experience.
For a small fee, anyone can put together a strong comprehensive mortgage modification application. Anna’s web-based software system is based on her extensive industry background and knowledge.. It’s simple to use and generates a complete comprehensive set of docs that speak the bank’s language.
Anna’s system makes it simple and easy, both from the homeowners’ perspective as well as the bank’s. It’s challenging enough to convince your bank that reducing your mortgage is in their best interest.. Anna’s system has done just that – Ira – Washington DC
Hello Anna,
I used your web site HAMP calculator yesterday and I must tell you that I am so impressed. After researching many different avenues to pursue saving our home, including getting wrong information from a government HAMP counselor, waiting on the phone for hours, and passing on expensive offers that seemed a bit too snake oilish, I invested in using your program. Wow, what a fabulous resource at a reasonable price. Your site was easy to use and extremely comprehensive. Now I feel confident that I’m putting our best foot forward and that we have a shot at working this out. Thank you, thank you, thank you. This is an awesome contribution! I recommend your web site enthusiastically and hope everyone will have the opportunity to use it.
Cathy, Los Angeles, CA
Dear Ana,
Our servicer is HSBC and we had try to get a hamp with them for about a year and they had only provide us a six month modification. We try to do it with Naca and also denied. The reason this time is because we dont pass the npv. Can you please give me a wise advise on what to do now. We had put our petition to our Lord and we know that he is the only one who can touch this people to really help all of us to get out of this situation.
May the Lord Bless You!
Dear Anna,
Can you please provide me with a HSBC president email to send a letter straight to him.
God Bless You!
Ana
First let me thank you for being there. I am so glad I found you. Well here is my story sad but all to true. I purchased my home may of 2006 for $590,000. Almost the apex of the boom. I was offered 100% financing from CHASE. A 5/1 arm for my first loan of $472,000 and HELOC of $118,000 for my second. I paid my mortgage on time for going on five years. Like a lot of people the industry where I work (film in Los Angela’s) has had a dramatic drop in the last few years due to run away production and I subsequently needed to have my loans modified. I first filed for a modification in May of 2009. The HAMP guidelines clearly state that you must be given a review within thirty days. It is now September of 2010 and I was just given a verbal denial due to Negative NPV. In the 16 months I was being intentionally ran around by CHASE I had no fewer than 3 specialists handling my case and faxed in my paperwork for the modification six times. Five of those times being told that my package was incomplete. All six times I faxed it was the same package. And now with the denial I figure to date I have paid $182,000 in INTEREST PAYMENTS ALONE. I tried to chip away at the principal but was only able to put a small dint in it. I received a letter last month stating my monthly payment on my first loan will be going up from $2,500 to $3,600. Do to my falling behind in my taxes. This is the straw that breaks the camels back. The $3,500 monthly combined first and second was tough but due able. The new payment of $4,600 monthly is where I break. My denial letter states the following reasons.
Unpaid balance of loan=$465,149. (Eppraisal.com has me listed at $458,148. The amount owed on my first and second $587,941.)
My monthly principal and interest payment=$2,519 (the number they used is my first loans interest only payment. My first and second payment is $3,469.)
Borrower’s monthly obligations=$4,606( my MOD app. Clearly states $7466.99.)
My FICO score=676 (out of the hundreds of pages I have read not once has my FICO score come up as reason to be denied.
Where do I go from here?
Hello Perry you are very welcome.
I am sorry about all the headaches you have gone through – typical with this lender but never the less frustrating. At least there is some consolation in knowing it is not just you alone against the world. I have worked with numerous Hollywood film professionals, producers, actors, editors and stuntmen to save their homes successfully. So many sad stories out there but we have to use our experiences extract the lessons and forge forward to get our mindset back to a thriving abundance magnet again. We can’t learn and have growth when everything is peachy –
If you failed NPV this means that the income at 31% is not enough to cover the full balance with the floor rate of 2% or 40 year term extension here is an article about HAMP NPV
This is why it is vital to know your numbers inside and out – so you know accurately what are the places you need to fix – I have included some info below for you to look at. It is important for you to regroup – read as many articles on this site to empower yourself with the information you need and believe that you will prevail. I hope this helps –
Mark 9:23 Jesus said to him, “If you can Believe, all things are possible to him who Believes.”
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
——–This is what people are saying about Http://www.theloanmodguru.com—————-
”There’s magic going on in the mortgage modification sector… Anna Cuevas’s TheLoanModGuru.com is nothing short of amazing!”
Anna has simplified a very complex process, with comprehensive, easy-to-use software at her website, http://www.theloanmodguru.com. She also has a Blog there to answer questions in depth, which is, in itself a learning experience.
For a small fee, anyone can put together a strong comprehensive mortgage modification application. Anna’s web-based software system is based on her extensive industry background and knowledge.. It’s simple to use and generates a complete comprehensive set of docs that speak the bank’s language.
Anna’s system makes it simple and easy, both from the homeowners’ perspective as well as the bank’s. It’s challenging enough to convince your bank that reducing your mortgage is in their best interest.. Anna’s system has done just that – Ira – Washington DC
Hello Anna,
I used your web site HAMP calculator yesterday and I must tell you that I am so impressed. After researching many different avenues to pursue saving our home, including getting wrong information from a government HAMP counselor, waiting on the phone for hours, and passing on expensive offers that seemed a bit too snake oilish, I invested in using your program. Wow, what a fabulous resource at a reasonable price. Your site was easy to use and extremely comprehensive. Now I feel confident that I’m putting our best foot forward and that we have a shot at working this out. Thank you, thank you, thank you. This is an awesome contribution! I recommend your web site enthusiastically and hope everyone will have the opportunity to use it.
Cathy, Los Angeles, CA
Dear Anna,
Thank you for providing really useful information.
We just sent in paper work for the National Home Retention Program through B of A. Over the past few years, I’ve made some really horrible financial decisions. We’ve just paid off (with a loan from our 403B), some really awful high-interest, loan-shark loans that I took out just to keep us afloat during rough financial months over the years. I never told my husband that I took them out and finally admitted to it. All of our extra income was going to pay interest on those. So together we took care of them. In my cover letter to B or A (in the request for Home Retention Program), I told them about past financial mistakes and hardships that are no longer a problem but kept us from staying current.
We refinanced a few years ago with a subprime mortgage and thought we could handle it.
Our gross income is 6982.10 (I make some overtime now and then, but I’m trying to be reasonable and assume everything on base salary). Our mortgage payment is 1872. So it is less than 31% already. But we are behind around 12,500. Our base salary, after expenses-including the mortgage, leaves us enough for the things like groceries, gas and life. And I’m currently making overtime, taking on extra classes where I teach. We owe on the house, just about what it is valued at.
Does B of A ignore the fact that you’ve made regrettable past mistakes? Do they say to themselves, “It’s not our job to fix your past mistakes”? Because I know that it isn’t their job, of course. I feel awful about it and we are working so hard to make things right and keep on track. No more borrowing bad loans. My parents will help if we have hardships (I told them the whole sordid story). Is there hope for us?
My entry went away…I think it was from 10-27 or 10-26. Should I re-write? I would really appreciate your advice.
Thank you for helping so many people.
Barbara
Barbara, you are welcome. I posted your response
Expect ONLY Miracles – To think for yourself you must QUESTION AUTHORITY! LISTEN TO HOW HARRY LOVED THE LOAN MOD GURU SYSTEM
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission. TAKE THE GUESSWORK OUT OF THE HAMP PROGRAM!!!
Can you please send me your “Dirty Little Loan Modification Secrets” please. Do you have any document in spanish?
Hola Carmen,
I can answer questions in spanish. Please feel free to post your questions here.
Expect ONLY Miracles and Question Authority!!!
Expect ONLY Miracles – To think for yourself you must QUESTION AUTHORITY! LISTEN TO HOW HARRY LOVED THE LOAN MOD GURU SYSTEM
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission. TAKE THE GUESSWORK OUT OF THE HAMP PROGRAM!!!
Dear Anna,
My brother and I co-own our primary resident and he recently became unemployed. I can’t afford to pay the mortgage with just my income and we have not been delinquent in our mortgage, can I apply for a loan mod without being behind on my mortgage? Or should I wait until I am a couple months behind then approach the bank? I really want to be proactive and workout a payment plan before I get into default
Dear Thu,
Yes you can apply without being late. When you are not late you need to pass the eminent default test for HAMP. It was a high counsel that I once heard given to a young person, “Always do what you are afraid to do.”
Ralph Waldo Emerson
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – Why have stress and wonder if you have a chance to be approved for HAMP – take the guesswork out of HAMP today and get step by step instructions to submit a package just like the pro’s use.
Anna
I was approved for a HAMP modification a year ago and recently received a letter from lender to inform me of my nonapproval of the HAMP modification based on credit report findings that were “not necessarily of a derogatory nature.” My payments have always been on time and credit is in the high 800s. Are you aware of lenders reversing approval of modifications after a year of approval?
Hello Dave –
Did you have a permanent loan modification or just a trial modification?
Please let me know.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – Why have stress and wonder if you have a chance to be approved for HAMP – take the guesswork out of HAMP today and get step by step instructions to submit a package just like the pro’s use.
Hello Anna,
I was denied for loan modification for NPV negative. I would like to reapply with my son income who lives with me. I don’t know what numbers I have to put in Income worksheet to get modification. My details:4 adult in house , Lender – Chase ( Washington Mutual )
My gross Income-$3350 Net-$2450
My wife not working.
Non Mortgage members living with us Household income -
My son groos-$2666,Net-$2150
My father Net SSI $493
Loan Balance-$325000 House value-$375000
15 months behind – $1975+800+65=2840*15=42600
Expenses around 1700.
I don’t know how much contribution to take from my son & father if needed ?
Please tell me this and what exoenses do I put?
Do I get loan modification and what will be mortgage payment and Interest ?
Please tell me.
Harish
Hi Anna:
By following your advices, after working with CHASE for alomost 2 year with our Loan Modification, for the 3rd time, we got our Temporary Loan Modification approved which our first payment will start on January 1, 2011.
The Problem is, the amount of monthly payment they are asking us is too high and I don’t even know where did they get the figures from.
What shoudl I do to avoid foreclosure proceedings since we will not be able to pay this amount in Jan. 1st. I want to ask for an explanation on where did they get these figures from. And I want to request for recalculation.
Thanks.
Hi Amabel,
Well I guess it is both good news and bad news! Did you take the payment and divide it by 31% to see what income they used? Tell me what it is- I want to know what they did. Please let me know, I am here for you!
The best remedy for those who are afraid, lonely or unhappy is to go outside, somewhere where they can be quiet, alone with the heavens, nature and God. Because only then does one feel that all is as it should be and that God wishes to see people happy, amidst the simple beauty of nature. –Anne Frank
Expect ONLY Miracles and Question Authority!
Anna Cuevas
The Loan Mod Guru
Your site is indeed a wonderful resource or anyone looking to learn more information about loan modifications. Nice work!
Scott,
Thank you for taking the time to post your wonderful compliment about the site, I do appreciate that. I strive to empower people with the loan modification information they need to question authority and fight for their homes. Please feel free to forward my site information to people in need of this information.
Anna Cuevas
The Loan Mod Guru
Anna
You touch people hearts with your personal affection, understanding, love and feeling of hope you give to each of your readers. It is so amazing what you do and I am so glad I met you and I do appreciate what YOU do for many people around the country!!!
Keep shining! You are extraordinary gift from God!
Love
Tatyana
Hi Ana,
I was just recently denied from HAMP. They are stating that my gross monthly income are less than 31%. They have noted that are monthly gross income is about $9,500. Those numbers that they have are back from June 2010 but I think the information is wrong. However in September 2010 I lost my job and I’m collecting unemployment. I did my numbers again and we average 5,600 not 9,500 in gross income like they have. They told me to submit new pay information and to appeal. I added are monthly expenses and they are about 5,000. So we make about 6,000 gross income and I have expenses of almost 5,000. Here are my questions : Do you think I have a valid appeal with almost 3,000 less income than what they have? Will this process start all over again because I’m appealing ? Any idea how long will they take to revise my case again and get an answer? I’m frustrated but I do want to keep my home. I’ve been in this process for more than a year now. I will appreciate your advice with this never ending process?
Hi Ana,
I am sorry you are going through all of this, I understand how confusing and complicated this program can be. – the problem is that you income is too high – and even 6000 is too high, because if you income is 6000 x 31% = 1860 maximum payment
and your payment of 1248 + 353 escrow is 1601 which is below the 31% of $1860 – so the HAMP program would not work – however, you are on unemployment and they do not count unemployment for HAMP anymore. They only count it for the HAMP unemployment program but you can only be 3 months late or less, I am not sure if you are late or not. When you minus your unemployment that may put you within the guideline.
I hope this information helps you Ana – please pass on this site to others.
“Although the world is full of suffering, it is full also of the overcoming of it.”
– Keller, Helen
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru If you want a fully calculated package please check out http://www.theloanmodguru.com
Hi Anna. After 9 months of making the trial payments for our loan modification BofA denied us due to Negative NPV. We already requested input values 3 months ago and still have not receive anything from BofA. Can we do anything else besides waiting?
Mortgage Balance:=$625,641.22
How many payments are you behind= 0
Current Value – (411,000)
Current Payment ARM Min payment (2109.55) Resets in April to $2276.00
Lender Bank of America
Investor if you know who it is
Rental Property= $1651.28 Mortgage Rent received per month is $2300.00 Home insurance is $37.58.
Total GROSS income $6961.60
Monthly Property Tax: $665.00
Monthly Homeowners Insurance= $80.00
Monthly HOA= 0
Deposit at time of purchase= $120,000
Mortgage Balance:=$625,641.22
How many payments are you behind= 0
Current Value – (411,000)
Current Payment ARM Min payment (2109.55) Resets in April to $2276.00
Lender Bank of America
Investor if you know who it is
Rental Property= $1651.28 Mortgage Rent received per month is $2300.00 Home insurance is $37.58.
Total GROSS income $6961.60
Monthly Property Tax: $665.00
Monthly Homeowners Insurance= $80.00
Monthly HOA= 0
Deposit at time of purchase= $120,000
HUsband laid off in 10/2009. Still unemployed.
Hi Anna,
I started the home loan modification process in November 2010 after I got one month behind on my mortgage, due to an unforeseen emergency .
On Friday, March 11, I received a certified letter informing me that I did not qualify for the Making Homes Affordable Modification, due to my income being too high; however, BOA was reviewing my loan to see if I qualified for in-house options, short sale, forbearance, etc.
In addition to receiving my denial letter, I also received notice that my adjustable mortgage would be increasing $300, beginning May 1. At this time, I am still one month behind and have late fees attached to my loan. I have been informed by others that the wisest thing for me to do is refinance, but I don’t have the 10% required and my credit is not all that great. What advice might you have for me? Above all, I want to retain my home for my family. Are there any other options for obtaining a fixed rate on my mortgage or am I in trouble?
Anna, I believe you are missing an important calculation: MY mortgage company told me it was Fannae/Freddie RULES that that ADD 25% to “plump up ” my income and make it gross. I was already submitting gross amounts..they didn’t care (Everhome) I have read though, and spoken with the HOPE program folks, who verify this to be true. I am now on my second application. The fact is ONLY 4% of ALL HAMP applications make it to reality. Another shocker is that the lenders will almost NEVER approve your hamp if you have good equity: that pads thier chances that you will fail and they will get the house AND your equity. Nice huh?
Anna, thank you so much for sharing your knowledge and inspiring all of us that are struggling and fighting for our home. In this battlefield, we need as much commaderie as possible to prevail. I have been struggling since Sept. 2010 and still fighting. We won’t take NO as an answer, we can’t. Pretty soon I may need your help, but meanwhile, may God bless you for all the help that you are providing to all of us.
Hello Anna,
i have been recently denied for the hamp the bank is One west I am self employed
they asked for P&L stmt and they said due to NPV test i did not apss then the rep at the bank was nice eought to say that it was due to my income mostly because it was showing a P& I mortgage of 428.00 I currently owe about 471,000 it is one loan and monthly taxes are 584.23 insurance 60.00 monthly and i show income of 5900.00 gross less business expenses 1658.00, based off these figures can you tell me if I would be a candidate for the hamp program
thank you Cecilia N
Hello Cecilia,
Thanks for your question. I am so sorry to hear of your recent HAMP denial from One West Bank -When you are self employed the HAMP program uses NET from the Profit and Loss to qualify you so it would be 1658 x 31% that would only leave 513.98 for Principle, Interest Taxes and Insurance… on a 471,000 mortgage. It would be best to work on cutting some business expenses if possible or raising the income. Then reapply for HAMP when you are ready. My full service Do it Yourself site THE LOAN MOD GURU CLICK HERE TO START accompanied by my new #1 Bestselling book Save Your Home is a great place to gain the insight and knowledge on how the bank calculates your income and how they fit into the guidelines for the program, it also explains NPV in full detail. Or you may find many articles on this site to guide you through.
Ask and it will be given to you; seek and you will find; knock and the door will be opened to you. For everyone who asks receives; he who seeks finds; and to him who knocks, the door shall be opened.
Expect ONLY miracles and Question Authortiy,
Anna Cuevas
America’s Loan Modification Guru and #1 Bestselling author of Save Your Home
Hi Anna!
Was denied for hamp through BOA, appealed, re-appraised at a lower amount the house value, but my income still caused a failed NPV – barely.
Loan was sold to SPS immediately after. Applied for hamp with them, used the same low appraisal, was able to adjust my income upwards and I am very confident that we will pass NPV based on my adjustments.
After 4 months of re-submitting docs that they missed or didn’t tell me they’d need (i’m self-employed), they finally stopped asking me for new docs and said the docs checklist is complete. Now It’s been 40 days now and they say “it is still under review – check back in a week”… 16 months behind, in NY, has not been referred to an attorney though they keep on telling me it could be. Not in foreclosure. Will they ever come back with a decision? Anything I can do to get them to expedite? Is it a game or are they just backed up?
All they have offered, abotu 2 months ago, was a short sale at $100k under appraisal. Well, we plan on staying in our house and could afford the hamp OK. But the current adj. mortgage is ridiculous! Thanks for any help.