Bank of America and Home Affordable Modification Program HAMP, the latest news.
America’s Homeowners have growing concerns following the recent reports that Bank of America has only Permanently Modified a few home loans under Obamas government Home Affordable Modification Program HAMP. The media is now scrutinizing Bank of America’s recent performance with the program and so are the many homeowners who are waiting on pins and needles for a response to their request.
Bank of America has now made a new commitment to Improve the Customer Experience, lets hope so because so many customers are complaining about the lack of knowledgeable and consistent answers when they call in. I am not sure if the executive team is aware of how difficult it is for homeowners to get the correct answers.
Bank of America claims to have made a corporate commitment and announced that they have taken some major steps to work with borrowers on their eligibility for Obamas Home Affordable Modification Program HAMP and do their best to work with homeowners and improve the level of service homeowners receive.
These are some of the ways they intend to accomplish the above:
Bank of America intends to Increase default/loss mitigation staff to 13,000.
Their plan includes a reassignment several hundred mortgage loan officers to serve in the capacity of case workers to assist homeowners convert from trial to permanent modifications.
Bank of America will launch a home loans assistance Web site this year that has the capacity to give home loan customers the simplicity of online access to be able to get answers to their loan modification process questions.
In addition, in an effort to reach unresponsive or difficult to get a hold of borrowers Bank of America plans to implement a door-to-door campaign in the hopes to obtain the necessary documentation to offer a trial Home Affordable Modification Program HAMP. Bank of America is participating in over 200 community outreach events. They are sponsors for several community programs and they are piloting a Customer Assistance Center in Brea, CA to offer face to face counseling for mortgage, home equity loans, personal loans as well as credit cards.
The key to working with Bank of America is to have a solid organized, well thought out financial package put together, have a lot of patience, and do not give up. Keep calling, and escalate when necessary. Stay calm and be nice to the person on the other end.
Make sure when you submit your request for a loan modification you include a cover letter indicating that you would like to apply for the Home Affordable Modification Program HAMP.
| Name | Web Site | Phone | Service Address | Fax |
| Bank of America, N.A. | www.bankofamerica.com/mha/ | 800-669-6607 | MHA Escalations Unit P.O. Box 940070 Simi Valley, CA 93094-0070 |
800-596-8395 |
Save Your Home
I have a letter from the Office of the President for Wells Fargo saying I was denied a loan modification under HAMP because the investor on my loan has not authorized mods under the HAMP program — the investor is Bank of America! Seems Bank of America is saying one thing and doing the exact opposite.
Martin, hello thanks for sharing — When is your letter dated that is ridiculous, forward me a copy! — Have you looked into other programs too – sometimes it is a blessing because there are other programs that end up being just as good or sometimes even better.
“For we walk by faith, not by sight.’ II Corinthians 5:7”
Expect Miracles,
Anna
Hello Anna,
Thank you for all the help your providing so many. I have been fighting with GMAC for a loan mod for a year now. My mtg pymnt before I defaulted was $1082 my income is $2400 they gave me a trial mod for three months in the amount of $1081 when I called to ask why it was only one dollar less they said because of my original income which included $700 in child support I no longer get. I’m due to start making payments in april. Should I pay or reapply? Any assistance wil be appreciated.
Angie
Hello Angie – I am happy to help and pay my many life’s blessings forward – we cannot expect change and not do something about it when we are able to – The Big guy upstairs is the one who does all the work thru me
Ok so tell me, your first payment is April for the new trial? – It is important to know more details because sometimes there is a catch in trying to get a lower payment if your value is higher than what you owe then people may fail NPV – so it is important to know how much do you owe, how much is your property worth? http://www.eppraisal.com , how much is your monthly property taxes and monthly homeowners insurance – If you do not make the payment make sure that you reapply first – otherwise you may have issues w/HAMP –
Holy Spirit of God, visit now this soul of mine, and tarry within it until the eventide. Inspire all my thoughts. Pervade all my imaginations. Suggest all my decisions. Lodge in my soul’s most inward citadel, and order all my doings. Be with me in silence and in my speech, in my haste and in my leisure, in company and in solitude, in the freshness of the morning and the weariness of the evening. Give me grace at all times to rejoice in Thy mysterious companionship.
Expect only miracles,
Anna
Anna,
Thank you for your reply. My house is worth $116k and owe about $107k the $1082 includes taxes and ins. I am going to make the trial payments because I’m tired of dealing w/ these people. Its been over a year and I’m worn out. Originally this was an investment property but now I live here because of a divorce, we lost a lot of money in a bad investment right now I just want to be able to get this tight feeling off my chest.
Thank you for all your help.
Angie
Angie, When was the last time you submitted your income? Also is the $1 dollar less also with the taxes and insurance ?
Mark 9:23 Jesus said to him, “If you can Believe, all things are possible to him who Believes.”
Expect Miracles,
Anna
Hi Anna, i think what you’re doing is wonderful, God Bless you!!! Anyway, I recently got my HAMP documents from the bank and had a few questions.
The application basically requires that you list Gross monthly income and expenses (credit cards, auto loans, etc.). My question is, do they use your GROSS monthly income to determine your Back-End Ratio or do they use Net income? I am so desperate right now. I lost my job about a year ago, and we are surviving with my husband’s income. Our gross monthly income right now is $4224 and our expenses are $3849 after the mortgage is adjusted by 31%.
We have a surplus of $375, but that’s if our gross income is used to calculate the DTI. If we use our net income, it’s $206.00. Do we have a shot at getting the modification either way? Thanks for listening. God Bless you Anna!!!!
Hello Cynthia, I am glad you are happy with “our” site, I feel the spirit alive here with us – do you feel it?
If you are applying for the HAMP than you do not have to be as concerned with surplus or deficit. It is more a matter getting modified to 31% of your gross income – so your dti could be currently 50% as an example and they have to bring you down to 31% as long as it is profitable all around for the lender (of course
)
they use the GROSS income to calculate the back-end and the front-end ratios the only time the issue could come up with your dti is if your overall credit debt is over 55% then you must see a HUD debt counselor. I hope this answers your questions. 1309.44 should be your total PITI after the modification that includes monthly taxes and insurance. I don’t know what your total loan amount currently is or how much your monthly tax and insurance is or your current value from http://www.eppraisal.com to tell you how it looks – but I sure will if you give me the info
“For verily I say unto you, That whosoever shall say unto this mountain,
Be thou removed, and be thou cast into the sea; and shall not doubt in his heart, but shall believe that those things which he saith shall come to pass;
he shall have whatsoever he saith. Therefore I say unto you,
What things soever ye desire, when ye pray,
believe that ye receive them, and ye shall have them.”
Mark 11:23-24 (KJV)
Expect Miracles,
Anna
I applied for loan modification with BAC home Loan servicing, I was not able to pay my last 3 mos mortgage due to some family emergencies and my budget was not sufficient to pay my full monthly mortgage. At the time I called, my budget then was negative. The 4th month, I paid in full again and requested again for modification. I was told that my case is under review and that I am on trial period while they are reviewing. However, the trial period I was told entails the same current monthly mortgage amount i used to pay Can’t I have lower monthly mortgage during trial period so I can pay it in full. Why is it that I have to fax even the utilty bills. From the letter I received from the Senior Vice president of Home retention Division, I was only asked to submit, hardaship letter, monthly pretax income, escrow amount. I am preparing all the utllity bills and documents I was asked to to submit though, i ‘m just clarifying the rquirements for the loan modification. I’ll submit all they want just to have my home loan modified to lower interest and monthly mortgage. Thanks.
What do you mean by mederation
Hello Ester – where did you read mederation ? I am not sure where I typed that -please let me know so I can let you know.
Expect Miracles,
Anna
Hello Ester, Can you give me all of your details
gross income before taxes
loan amount
current payment
monthly insurance
monthly property taxes
how much is your home worth http://www.eppraisal.com
and the details of what has happened… you need to fill out the paperwork for the HAMP loan modification and be very specific that this is what you want to be qualified for – yes they need a utility bill only to make sure you live there. The lower payment would be taking your income (gross before taxes and multiplying this by 31% ) Get me your information and I will help you figure it out.
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect Miracles,
Anna
hi anna
I sent you a question last week under I want my npv and still havent gotten an answer yet can you please take a look at it for me?
Hello Jennifer , geez I am soooo sorry – I had another Jennifer around the same time and I got confused, please forgive me – I am going to review your question right now!!!
Give me about 10 minutes – please watch this in the meantime:
Please enjoy my favorite Earl Nightingale – We Become What We Think About! What do you think? http://www.youtube.com/watch?v=JgUc7eLXs0s
Expect Miracles,
Anna
Hi Anna,
I applied for loan modification and was denied because my expenses out weighted my income. I think , if i can recall I was in the negative. $-159.44. I supplied the bank with all my debts, even the ones I haven’t started making payments on. I included this because I setup payment arrangments with these companies starting next month. Do you think I would have gotten approved if I didn’t include those debts? My gross is 2500 biweekly X 31% = $775. Is this amount or more the bank want to see available each month after I pay all my bills in order to get qualified? Please provide me with the formula if you have it.. Thanks for your help!
Hello Jan – Welcome to “our” site!! You are very welcome and I am here for you –
Did you apply for HAMP ? Did you get a denial letter? Have you called yet to ask exactly what numbers were used to calculate you income and expenses?
Are you currently behind?
How much do you owe on your home
how much is the home worth
what is your monthly prop tax
what is your monthly insurance
who is your lender
who is your investor
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 miracles,
Anna
Hello Jan, you need to take the 2500 x 26 divided by 12 = monthly income x 31% = the modified payment 1679.16 total including taxes and insurance so PITI
please don’t forget to answer the other questions.
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
WE HAVE SUBMITTED OUR FINANCIALS TO B OF A NUMEROUS TIMES. EACH TIME WE HAVE RECEIVED A DIFFERENT ANSWER AS TO WHY WE ARE NOT APPROVED. SOMETIMES WE ARE TOLD BY THE CUSTOMER ASST. THAT THEY HAVE NO REASON WHY WE HAVE BEEN DENIED AND THEY TELL US TO CALL BACK AT A DIFFERENT DATE. MOW WE ARE IN FORCLOSURE. WE HAVE TOLD THEM THAT WE BOTH LOST 15% OF OUR PAY AND I GUESS THAT DOESNT MATTER.
Hello Frankie – I am sorry you are going through all this – Loan modifications should come with a warning that this is what the system and process is currently like
I wish is was not like this but read Conrads story this is the way it is – we just have to be determined and FIGHT harder!!
Have you Mailed in a full application or was it all done over the phone then you sent in your financials? Did you get a denial letter yet? Send a brand new package here Mail it and fax it, put the loan number on each page – keep track of your dates , do not let this discourage you FIGHT – I am here for you if you need me!!
Bank of America
MHA Escalations Unit
PO Box 941408
Simi Valley, CA
93094-0070 866-261-6472 fax
For the Lord your God is with you wherever you go – Joshua 1:9
Expect Miracles,
Anna
Hi Anna,
I have been working on the loan modification process with Bank of America for at least 10 months now. I have sent in at least 4 full rounds of paperwork with hardship letters, bank statements, tax returns, everything.
I Googled everything I could think of, I came across a calculator, that helps determine whether we should stop payments and walk or not, and it seemed pretty clear that we should stop payments and walk away and here’s why: Our loan is $454,000 (although we paid $568,000 and put 20% down) and we can only reasonably stay in this 900SF house for another 5 years MAX and so we would have to bank on the fact that our home would come back to $454,000 in 5 years and (according to the calculator) it would have to appreciate in value 5% a year, every year for 5 years (not going to happen) as our home is currently worth about $325,000-$350,000 (max). So, it seems that the only way we should and could stay would be if the bank not only would reduce our payments to an affordable place and fix that payment, but if they would additionally reduce our principal to today’s market value. Have you heard of Bank of America doing principal reductions? That is the only way I will continue to fight, if I think that I have a chance of it really making a difference to us. It is costly me my health dealing with this…
Thank you,
Jennifer
Hi Jennifer, I know that it is frustrating- I wish Loan modifications came with a warning label – because it is part of the process, due to work over load – the addition of the ex-countrywide loans which have increased workload, confusion, and combined processes and retraining of employees. I strongly believe that it is worth fighting for your home – I am not a financial advisor but I feel if you can lower your payment enough to live comfortably its worth the stability for your family and it beats paying someone elses mortgage where for sure you will not get any equity. I am not a fan of leaving your home, call me crazy but I am just not into it. If you bought it as an investment only then maybe yes you need to do what you feel you need to do, but if this is your home I believe it is definitely worth fighting for. If you know what to expect upfront and you remember who you are inside and that you have the strength of the Holy Spirit you can make it happen.
Again, I if you feel your home is not a good fit for you than you have to do what is right for your family – but I would definitely see what payment I end up with before I make that decision, if it were me.
I personally have not seen any principal reductions come out of Bank of America, the percentage all around for principal reductions is about 1 to 2% of all loans but I have seen some really, really great modifications come out of Bank of America.
“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
Don’t let this affect your heath – take it from a challenge standpoint, call in the Holy Spirit to guide you and give you strength. I am here for you.
Expect Miracles,
Anna
Also, I just received word yesterday (I looked online at our account) that we were denied because “we did not qualify). I’ll wait for the letter in the mail.
BTW, our loan is not Fannie or Freddie, private lender, therefore we do not qualify for HAMP.
Thank yoU!
Jennifer
does your loan have to be an fannie or freddie to qualify for hamp? I did not think so??
Hello Mary,
No your loan does NOT have to be Freddie Mac or Fannie Mae to qualify but it helps to have more entities to escalate issues to if necessary
Be on your guard; stand firm in the faith; be men of courage; be strong.
1 Corinthians 16:13
Expect Miracles,
Anna
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 Tracey, Welcome to “our site”
When they contact you most likely if they approve the trial this month then your first “trial” payment would start the following month May 1. So I would start prepping for that time frame. I hope this helps. It is fine that you are currently behind – that is what this program is supposed to be for – to help
If you do what the Lord wants, he will make certain each step you take is sure. Psalm 37:23
Expect ONLY Miracles,
Anna Cuevas
Loan Mod Guru
THANKS ANNA…..WELL THEY HAVEN’T STARTED A TRIAL OR ANYTHING JUST YET…. THEY ARE STILL REVIEWING ..I GUESS TO DETERMINE IF THEY WILL OFFER ME THE TRIAL ….. I JUST DIDNT KNOW WHAT TO DO IN THE MEAN TIME…SO BASICALLY JUST SAVE ALL THE MONEY UNTIL?
I WAS JUST WORRIED BECAUSE I GOT A LETTER TODAY AFTER I POSTED AND IT SAID:
YOUR REQUEST FOR ASSISTANCE, ALONG WITH YOU PERSONAL FINANCIAL INFORMATION HAS BEEN RECEIVED. IN THE MEANTIME YOUR LOAN WILL REMAIN IN NORMAL SERVICING, AND YOU ARE REQUIRED TO MAKE YOUR MONTHLY PAYMENTS …FAILURE TO MAINTAIN TIMELY PAYMENTS MAY AFFECT OUR ABILITY TO ASSIST YOU IN THE FUTURE…
THANKS ANNA I AM JUST REALLY NERVOUS.
Tracey – you are welcome. They just want you to pay
Its fine you applied, now just save up and wait for them to give you a trial – if you were to come up with all of the payments then they would think you don’t need help…… Don’t be worried call in the HOLY SPIRIT to guide your every move and also that of the bank – before you call in think of the Holy Spirit,when they call you – give a little shout out to him 
He will be right there guiding you in the right direction.
When you cross deep rivers, I will be with you, and you won’t drown. When you walk through fire, you won’t be burned or scorched by the flames. Isaiah 43:2
Expect Miracles,
Anna Cuevas
Loan Mod Guru
THANKS ANNA YOU ARE SUCH A BLESSING! GOD IS GOOD …AND VERY POWERFUL……MY DAD PASSED AWAY IN FEB…I HAD TO USE TAX MONEY TO HELP WITH BURIAL AND NOW I HAVE FOUND YOUR SITE THAT HAS GIVEN ME INNER PEACE AND A BRIGHT OUTLOOK…….THANKS FOR YOUR ATTENTIVENESS, WILLINGNESS TO HELP AND THE WORD OF GOD!!!!!!!!!!!!!!!
Tracey – your daddy is still there with you – our spirit is eternal and he is going to be by your side to guide and protect you (KNOW THAT FOR SURE and feel reassured) – call in the Holy Spirit and you will feel his unconditional love and presence in your life. God is CRAZY in Love with YOU!
I am here for you Tracey, you are welcome- you can do this God always provides.
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
So glad that I found your website, I hope you will be able to answer my email , since I see you have so many persons looking to you for help.
I was denied for a loan modification( with Bank of America) –due to the financial information provided (over the phone) I did not qualify.
Here are my figures:
Principal amount due Is $382,973.00
Tax value(County records $312,596.00 or Eppraisal Value $331,400.00
M monthly taxes are $ 534.00 ($6406.43-yr)
My insurance is $ 74.00 ($882.00 yr) homeowners
PMI Insurance is $ 312.00 monthly
Gross Income $ 8,400.00
There is an esc row shortage of $714.00 per month which had been added to my payment . I am in default for the amount of $31,811.21
The above is my exact income from my profit and loss statement and after my business expenses.
I might have given them a different amount. I didn’t write it down and it was a while back.
Done over the phone. Do you think I would qualify with this income
I also have a lot of credit card debt ,does that count.
I have been asked by Bank of America to reapply for the loan mod and fax in my financials, I just want to make sure of my entries before I send them in .
I know you have so many inquiries , so I pray that you will be able to answer my questions.
Your help is truly appreciated,
Ada
Hi Ada – I am glad you were led to “our site”! Gods grace is so awesome. I strive to answer each person… although I think sometimes some slip by me somehow……
but I do my best.
8400 x 31 % = max total mortgage payment per HAMP and estimated trial amount 2604.00 – tax, insurance, pmi = 1684.00 max mortgage only payment
These numbers look like they work for HAMP – keep in mind the new program coming out in May – for Bank of America if you have an option arm or subprime loan (2year fixed) be on the look out for my new article about possible principal reduction. Remember they use the NET off of the Profit and Loss and you still have some room in my opinion for your payment to possibly be a little lower.
I hope this answered your question – let me know!
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 Miracles,
Anna Cuevas
Loan Mod Guru
Hello Ada –
I would go directly to this article : HAMP APPLICATION
Then send your request direct in writing
MHA Escalations Unit
PO Box 940070
Simi Valley, CA
93094-0070 800.596.8395 fax
Watch the strangest secret by my favorite Earl Nightingale
And I say unto you, Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you.
Then expect ONLY Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
Appreciate if you can pls help me calculate my NPV. Im trying to do it on my own, but I somehow end up calculating not qualifying or I really dont qualify at all
The details are as follows:
Gross income (hubby and me) 10280
Monthly mortgage is 2884. 74
which breaksdown to 2175.49 (principal and interest)
709.25 (escrow)
current mortgage balance: $342,613.31
My real estate tax and insurance is escrowed but goes as follows:
Real estate tax 4685.80/yr
Insurance 1272/yr
Appreciate your help! Im really just learning about my home loan
in the online acct for my mortgage at BAC it states I have a 30 yr conv.jumbo option ARM (the ARM frightens me, i know it says 30 yr but will my interest rate of 6.5% have the possibility of going higher? )
this is where I feel uncomfortable, with my present income. I had applied for a loan mod. back last year in April 09 when my income was significantly lower and they had already denied me based on my old income. Now, with my present job that I had started in Sept 09, they had also denied me. My husband’s income, on the otherhand had been steady.
Again, appreciate all your help.
thank you!
Hazel
Hazel, I think you should apply for an in-house mod instead of HAMP because your income at 31% is alot higher than your current payment – You may want to wait and see what happens with your laon modification company but stay on it – ask for updates – too many cooks in the kitchen… can really screw things up.
If they deny you again then ……
first do an income and expense calculation and compare NET income to expenses –
Then Send a strong letter attention ; OFFICE OF THE PRESIDENT – stating everything you have gone through trying to get help – let them know you need some payment relief, and what reasonable payment you can make. Provide comparables so they can see your low value, etc.
Jesus said to his disciples, “Don’t be worried! Have faith in God and have faith in me.” John 14:1 BELIEVE HAZEL BELIEVE!
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
PS. the current value of our home based on Bank of America’s online appraisal is only $263,000
thanks
Hazel
Hi,
Have read quite a bit of your information. Am particularly interested in the part about what to do when you contact them before you are in default. My story: When I bought the home my first mortgage was with First Residential, then it was sold to Chase, then it was sold to Countrywide, and we all know the rest of the story – so I am now with Bank of America! I am an owner/operator who is over the road. In October 2009 I noticed freight was declining. And December had not arrived (notoriously slow freight from December thru March). So, I called BOA and told them of my dilemma. They said they could not help as I was not in default and had previous always paid on time or early. I again called in November when I had received a pay check for $125 for one weeks work. Again I got he same story. I called again in December – they finally sent forms for me to fill out. Now, finally in April, one person sad I did not make enough income (and my gross revenue last year was over $100,000) and another said I made too much to qualify. All I was asking is that they make me current and we would move forward from there. Now, my wife (Cheryl) and I do not know what to do. It is nearly impossible to contact anyone at BOA and the servicer is also BOA (and they are real snotty). We own another property (smaller mortgage and am current) and are current. Could you please give us some advice on what to do?
Tracy & Cheryl
Hi Tracy
I am sorry to hear about the process you have been going through
Now do you work for yourself as a contractor 1099 self employed or are you technically an employee of a trucking company? Do you do a Schedule C on your tax return for self employed?
I am confused if you are current on this property too? or how far behind you are, please let me know.
I think the first steps would be to read these two articles to get a handle on how they calculate everything and see where you are.
calculate your HAMP
and this one too: Denied for HAMP and I don’t know why
This should at least get you pointed in the right direction – I would be happy to check out your scenario if you send me all of the details and then point you in the right direction to fight. I am sure you can work to get something done, believe and the Lord will guide you on the right steps to take. I am here for you, you are not alone.
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 Miracles,
Anna Cuevas
Hi Anna,
appreciate if you can pls help me calculate my NPV, BoFa had just informed the person handling my loss mitigation that there are no possible options for me based on the financial status submitted and the amount of our delinquency. Pls help.
thank you
Hazel
Hi Hazel – I did answer you yesterday – I think your income is too high for the HAMP program because 31% is higher than your current payment – I think you need to try to get a traditional in-house modification and escalate your request to management asap.
Please let me know if you got my previous message.
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 Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
thanks for your reply, Im sorry that I did not get your previous response to my post. What is a traditional in house modification? Anna, can you pls help me on who to send my request for an in house mod? Im with Bank of America.
thank you, thank you, thank you!
Hazel
Hi Hazel – thats ok –
Here is where you should send your letter – its just the other options other than the HAMP loan modification –
make the letter detailed of all you have been through and how you want to keep your home and you can make a reasonable payment – remember the other option is to make those 2 payments and get the FHA deal – but your income is high, so that will only take care of your past due.
The Lord said, “I will go with you and give you peace.” Exodus 33:14
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
sorry for being disorganized and disoriented right now, can you pls give me the name and address of the dept. that I should be addressing my letter to at Bank of America? thank you!
Hazel
Hi Hazel – sorry I was slammed yesterday and today – here is the address – stay strong!!
Attn: Office of the President
Bank of America/Countrywide Loans
400 Countrywide Way SV-HRD
Simi Valley, CA 93065
I love you, O LORD, my strength. The LORD is my rock, my fortress and my deliverer; my God is my rock, in whom I take refuge. He is my shield and the horn of my salvation, my stronghold. I call to the LORD, who is worthy of praise, and I am saved from my enemies – Psalm 18:1-
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
thank you very much. I will keep you posted.
Hi Anna,
Your site is by far the most informative site I have come across in my countless hours of research on loan mods.
If you have a minute could you please tell me if you think i would pass the NPV test for HAMP? My current loan is about to reset and I absolutely deparately need a modification to stay in this home.
Gross Income: $13,150/mo (includes $3150 of rental income from renting some rooms while living in the house I am applying for the HAMP mod on)
1st mtg with BofA including Tax & insurance: $5600 (2 months late)
2nd MTG HELOC with B of A as well $2560/mo
Expenses including credit cards utilities health/car insurance etc: $5150
Loan amount on 1st $700,000
Loan Amount on 2nd $750,000
Value of Home $940,000 Zillow
Also, what do you think are the chances of getting a HELOC mod too since both loans are with the same lender and it is so underwater – especially the HELOC?
Thank you for creating such an inspirational and motivational site. You are helping hundreds of people. Best of Luck!
Hi Anna,
Your site is by far the most informative site I have come across in my countless hours of research on loan mods.
If you have a minute could you please tell me if you think i would pass the NPV test for HAMP? My current loan is about to reset and I absolutely deparately need a modification to stay in this home.
Gross Income: $13,150/mo (includes $3150 of rental income from renting some rooms while living in the house I am applying for the HAMP mod on)
1st mtg with BofA including Tax & insurance: $5600 (2 months late)
2nd MTG HELOC with B of A as well $2560/mo
TAXES & INSURANCE $1000/mo
Expenses including credit cards utilities health/car insurance etc: $5150
Loan amount on 1st $700,000
Loan Amount on 2nd $750,000
Value of Home $940,000 Zillow
Also, what do you think are the chances of getting a HELOC mod too since both loans are with the same lender and it is so underwater – especially the HELOC?
Thank you for creating such an inspirational and motivational site. You are helping hundreds of people. Best of Luck!
Hi Matt,
Thank you for the kind words! I am so happy to hear that you like the site! The way I figure this is just my own warped common sense approach as the lender uses an NPV calculator that has some inputs that we are not privy to – like the likelihood of a redefault factor ….. so I just do it this way and it usually works pretty darn good —
If you have rental income they will take it at 75% – so the true income is $12,362 x 31 % =3832.22 max payment – 1000 = 2832.22 total mortgage only
Now you take the allowed floor rate of 2%, max term of 40 years and you are still above the 700,000 payback to the lender so that means you should be ok on NPV
You can also apply to fix your HELOC – and even try to negotiate the balance on that 2nd – your other option may be a BK – cuz you seem like a great candidate if you can handle a 13 and wipe out that 2nd you would be a Happy Camper – but I would work on that first … well first
You can do this Matt…. watch my favorite video – He is soooo cool http://www.youtube.com/watch?v=ajIRxdeCRZM Seek and You shall find!! Let Me Know what you think.
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Anna,
Thanks for the advice. I would do a BK in a second if I could wipe out that huge 2nd. From what I understand the 2nd needs to be wholly unsecured though for a BK to eliminate it. I belive mine is just undersecured if they use the value of $950,000 for the home. I owe $700k on the first. If they use an REO value it could be close. Do you know how they calculate that and am I right about it needing to be completely unsecured?
One more question on the HAMP: For the final monthly payment will they just add back the taxes and insurance as an escrow account and increase the payment by that monthly amount? Also the youtube video link had no sound for some reason. I will look for another version of it. I definitely believe in the power of positive thinking. Have you checked out “Your wish is your command” if not google it – you’ll like it.
Matt
Matt,
I am not positive on the bk 13 guidelines – I would ask a bk attorney to know for sure, my understanding is that you can lower it to the difference but I am not positive.
Check eppraisal.com – they would normally add all of the back taxes and interest to the loan balance.
I will check out the video you mentioned. Definitely get another one with sound it is worth watching over and over again – Positive thinking is the way to go!!
The Strangest Secret
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi,
I was hoping you could help. I was approved for a trial home loan modification with the help of a lawyer. We were supposed to make payments for Oct, Nov, and Dec. We made the Oct and Nov payments over the phone and asked if we were on track everytime we called. We were told that we were 1 month ahead so we skipped Dec. payment based on being told that we were ahead of the payment schedule. Then we made the payments Jan, feb, march, april, and may. All the payments were on time and paid each month. We were denied the modification I guess because we missed a payment. When we call we are told that they are still reviewing our file for other programs?? Can you provide any insight? Do you think we have a chance of still getting approved.
Thanks
Hi Melissa,
I have a question – did you make a payment in Sept too? – The HAMP only requires 3 trial payments to be made to be approved – I would try to escalate my case to management since you did make a total of 5 payments- do it in writing would be my suggestion – where is the attorney that did your trial? Can you go back to them so they can draft the letter for you? That is what I would do.
I hope this helps –
Your word is a lamp to my feet And a light to my path. (Psalms 119:105 NKJV)
Expect Miracles,
Anna Cuevas
Loan Mod Guru
So we were preapproved for a modification over the phone and we got our packet in the mail from BOA. We are three months behind from some unforseen bills in 09 but have been paying our minimume on time for over four months now. We have a countrywide 80/20 subprime loan. Our first Morgage payment is 1375.14 and our second is 305.68. Our gross income (now that is before taxes) 6918.42 plus SSI payments of 2022.00 for three of our (kinship) kids. Our net comes out to 6680.00 and our monthly expense which include the both morgages is 6429.00. I am scared as heck that they will denie the modification I don’t even know if we qualify for the HAMP programs. Please I need some very sound advice. We did file for chapter 13 in 08 and that payment is part of the expenses. I have to submit our appliction the first of next week I hope you get back to me soon.
Hello Shelley, I just got back from a 10 day conference, sorry for the delay!
6918.42 x 31% = 2144.71 this is the max total mortgage payment with HAMP and it looks like your payment is already less than that?? 1375.14 – The HAMP loan modification does NOT include any other expenses except property taxes and homeowners insurance and HOA – I suggest you apply for a regular Loan modification vs the HAMP – You might want to read up on this article about the Bank of America special program for the subprime loans – this will be NET INCOME vs Expenses for that program and other in-house programs, it sounds like you will be in the ball park there -let me know I am here for you. I hope this information helped. I am here for you Shelley.
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
Hi Anna,
My husband and I of course accepted the modified mortgage offer and I Fed’ex’d the documents back this evening.
I have some very exciting and happy news!!!!Yesterday I got a package from BofA stating that they are offering me a loan modification!!!! Its called Modified Mortgage, which required me to pay into my delinquency $2767.89, they also added my delinquency to my principal and my new interest rate is 5.35%. The reduction in my payment is about $100+ but after 13 months on being in limbo and stress to put it lightly, Im so glad and happy to have my life back and most important, my home. There’s no 3 months trial, only a straight mod.! My regular mortgage payments will start in July 1 and my loan will expire on July 2040:) Im looking forward into paying into my home July 1; Im feeling that feeling right now when we first bought our house, proud owner
Anna, I thank you very much for your encouragements, prayers, positive thoughts and energy. I thank everyone as well who had “journeyed” with our own troubles and for their prayers as well. I had thanked God that night that I broke down after being denied for the 7th time and found the courage to pick up the phone and called the Home retention team at Bank of America, only to get to the wrong dept but the other person on the other line had taken the time to listen to me and actually had “looked” for the right person that I could talk to, that was 4/27/10.
Anna, this is my own testimony on God’s goodness and greatness, on giving us not only a second chance, but one after the other. I will always hold you close to my heart and you’re always in our prayers.
thank you,
Hazel
Hazel,
All GLORY BE TO GOD! I am so excited! Miracles, I just love Miracles –
You will always be in my prayers too! Be on the look out for new articles on credit after HAMP etc.
God Bless you Hazel and may your home, family, and life be filled with the Holy Spirit.
Your friend,
Anna Cuevas
Good luck with that. They did the same thing with mine and then 8 months of seeing the same bill with the same interest rate (not the modified one) they tell me it was never processed! What? I send in a legal and notarized document that tells me to send payments in at $400 less than the original and then they stick me with $15,000 in back interest because they never notified me it didn’t go through? You had better make sure B of A makes you a new statement! Don’t let them tell you to wait! B of A kept me hanging for months. Now B of A tells me to re-apply for a ‘making home affordable’ – oops you didn’t want that, Right I didn’t want it because I signed for the other one! B of A- “Well that is only offered one time and you didn’t accept it” Me to B of A “Because I signed for the reduced interest rate and 40 year loan.” B of A – “Yeah that never went through, I’ll send an email to process it” Me – “Ok” B of A 4 months later, “Sorry I guess it was never funded” Me – “What do you mean, I have a document here saying that I am to pay the lower amount, nothing on there saying that it has to be ‘funded’”
B of A – “That was never funded” Me – “So its not a legal document?” B of A – “Uh I can see if your eligible for another program?” Me – “So its not a legal document?” Now they want me to sign a document with the same interest rate and the “back” $15,000 tacked on to it. So instead of lower, I get a higher payment? What a joke! Basically the nuts is, I’ll be in some class action years from now and for my $15,000 interest I’ll get a $50 gift card for Walmart. Great. Good luck Hazel.
Hi Stan, wow how frustrating! I am so sorry that you have gone through all of this – I would write some strong letters to the Office of the President of Bank of America, cc Sheila Bair of the FDIC and put down what you have gone through and include the copy of what you signed, I would start there and if that does not get this corrected I would be the squeaky wheel – I think many times it is best to do this in writing because that helps get past the people answering the phone. Unfortunately not all of them are in the loop with what is going on in each case, they just read the notes. I would definitely stay on it and escalate UNTIL they FIX it and do the right thing by you Stan.
“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.”
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Thank you for the advise. I will definately write the letter. I am on the phone now for over 30 minutes waiting for a supervisor that I hope is english speaking. I am so frustrated that I was making payments at the reduced interest rate and now they are saying I am 8 payments behind because I was paying on the loan at the 40 yr. payment schedule. BTW they have NEVER sent anything in writing stating that the original modification was never funded. So who wins in this case? Am I going to have to eat the interest accrued or what?
Stan, You are welcome. Take a deep breath if we let this situation get the best of us, it will. The key is in not letting it get to you. I know it is super hard but we must remain in a zone of inner peace in order to be effective. This works for everything, you know this stuff. Turn the waiting into something productive, catch up on email, write out your goals. It does not have to be drudgery. Unfortunately this is part of this red tape process. Believe that you will come out on top and it will all be worth it.
Get that letter out! and fight fight fight!
Call in the HOLY SPIRIT TODAY!
Some souls think that the Holy Spirit is very far away, far, far, up above. Actually he is, we might say, the divine Person who is most closely present to the creature. He accompanies him everywhere. He penetrates him with himself. He calls him, he protects him. He makes of him his living temple. He defends him. He helps him. He guards him from all his enemies. He is closer to him than his own soul. All the good a soul accomplishes, it carries out under his inspiration, in his light, by his grace and his help.
Concepcion Cabrera de Armida
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.
Hello Anna,
I wrote a while back and you answered, thank you for your time. BOA has contacted me regarding home affordable refinance, I have a first mortgage for 400,000: 5/1 adj. ARM at 4.750 % that will adjust Nov. 2011, Also, a second for 100,000 adjustable rate They have offered me a 30 year fixed at 5.375% for the first mortgage saying that would increase my payment to 2519.00 per month. Right now my pymnt. on 1st is 1916.40 per month. Should I increase my payment now to a basically unaffordable pymnt, and work even harder, and somehow try to make pymnt. each month or wait till it gets closer to adjustment or try for a loan mod? I’m so worried, scared that we could lose the house and don’t know what to do. BOA contacted me with a letter and said the refinance would be only in my name (not using signifigant others income, he is not on the loan, only me) all they would need is my tax license # proving I have been in business 2+ years. My credit score was 782 when they pulled it a few weeks ago. I’m really worried if I don’t take this offer I may miss out on refinancing at all. thank you for your time, you’re amazing Aloha Nan
Why hello NAN, wow I can see how you can feel so confused! So what happened to the HAMP loan modification? What is your value? and loan amount? What is the benefit vs a modification?
I know it is a tough call, to decide on this but I would try to find out what all my options are before accepting this.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Hi Anna,
Thanks so much for responding. I never tried to get a loan mod yet. I keep watching, waiting, hoping, praying. Value on house is anywhere between 350,000-435,000 I have a first mortgage for 400,000: 5/1 adj. ARM at 4.750 % that will adjust Nov. 2011, (on my mortgage bill it says 30 year Conv. Jumbo ARM) Also, a second for 100,000 adjustable rate They have offered me a 30 year fixed at 5.375% for the first mortgage saying that would increase my payment to 2519.00 per month. Right now my pymnt. on 1st is 1916.40 per month. I definitely need to know my options, so I can put me and my family in the best scenario possible. I made 22k last year and told boa this and said obviously my significant other is contributing and will continue to . They then said his income would not be taken into consideration, just mine, and those were the numbers they gave me. So for HAMP you’ve told me (a while back) his income could be used, He made approx. 35-40K last year and has bad credit, I made 22K last year and have good credit, He will probably make Gross 40-45k this year and me maybe slightly higher than last year, right now approx. 10K in debt to credit cards, no other debt other than utilities etc. So, trying to figure out if it’s worth it to try for HAMP. Any help would be appreciated. We are struggling, to put my oldest through college, and still have two young ones at home, and are trying to figure this out so we can stay in our home. Thank you for being there, you are a Godsend
Aloha,
Nan
Aloha,
Nan
After 9 months in the application process I was approved for a HAMP & then denied. Citimortgage is the loan servicer, but BOA is the investor. Citi approved me, and notified me of the approval 5/27/10, and even after a month, still shows on their website that I have been approved, but a phone call from them in mid-June exposed that I was in fact approved by BOA on one day, and then denied the next. Now I am in process for a traditional loan mod that I don’t believe is going to make much difference even if I am approved. I have heard that BOA is offering both loan forgiveness programs & Deed in Lieu programs that might actually work for me as I have no equity in the house. My question is, as Citi is the servicer, can I deal directly w/ BOA instead, as they are the investor & make the final decisions, anyway. Citi has been dreadful so far through the process and I would rather speak directly w BOA. thank you. JS
Hello Jon,
You cannot apply directly through BOA. Actually good news Citi has also begun to offer forgiveness. I would keep fighting, ask questions remain diligent, ask WHY you were denied, call in the Holy Spirit to guide your every conversation and process. Ask them what income was used, know what property value they used, read the articles. YOU can do this! Keep fighting.
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 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.
I applied for the Hamp and was denied by Bank of America/BAC. They wrote me and said we have other modifications you may qualify for and we will get back to you in 10 days. I received the letter a couple weeks ago and said the only options available to me is a short sale or a deed in lieu. I want desperately to keep this home. I got behind because I got caught up in payday loans and am now out of these as I found out many are illegal and I paid them above and beyond. I was foolish but I learned. I did modify last year due to this situation and still got behind due to these loans. Now they say I didn’t stay current on my modification so I do not qualify. Is there any hope? I am so scared I just need some advise as to what I should do next. I am behind 5 months and promised to pay $3,200 by ach transfer on July 30 and this will get me to 3 1/2 months behind. I am just having a hard time with coming up with the past due balance but can afford the house payment of $1,500. Any suggestions?
Hi Kim,
Ok – take a deep breath, and say a little prayer to the Holy Spirit. This will help you have some inner peace.
Ok so did you already have a trial payment on the HAMP modification? What happened – what do your numbers look like?
Matthew 15:28
Then Jesus answered, “Woman, you have great faith! Your request is granted.” And her daughter was healed from that very hour.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News, You asked for it, you got it. Due to the numerous requests for more assistance, “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.
Hello Anna,
I’ve tried to get a MOD with Bank of America since August 2009. We received a “intent to accelerate” which expired August 5,2010. I called today and was told that Foreclosure could proceed and although my reveiw is still pending my home can still go into foreclosure. I told the Rep that I was told that when we are in review that a foreclosure would not proceed. She told me this is incorrect. What am I going to do? She told me to pay the balance owing, but I was told that if I pay the whole balance that I will not be able to get the payments modified per a HUD counselor I spoke to.
I was told that we qualified for the HAMP program and I am just so frustrated,scared and confused, but I am trying sooo hard not to give up and have some hope. Any help on who I should talk to in order to get results at BOA would be appreciated.
Hello Beth,
I know that this process is so emotional and frustrating. You definitely cannot pay the balance or you will be disqualified for the program. The notices continue and the foreclosure process continues but what you do is just make sure that other further actions are postponed. This is what they mean by the foreclosure itself would not proceed but the actions leading up to it continue – because in their minds lets say you do not accept the trial mod or the perm mod, as in many people that use this process to postpone the actual foreclosure and buy time. You as the borrower just have to be determined, and organized with your notes and keep bugging them.
I would suggest you write a letter and escalate your case – cc the Treasury, FDIC, your congressman
Detail how long you have been at this.
Matthew 15:28
Then Jesus answered, “Woman, you have great faith! Your request is granted.” And her daughter was healed from that very hour.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News, You asked for it, you got it. Due to the numerous requests for more assistance, “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.
Anna,
Thank you soo much for the advice and inspiration. Matthew 15:28 brought tears to my eyes and you were right ! We received a Fedex package on Friday, August 6 and in it was the FHA-Partial Claim Loan Modification Trial Payment letter stating what our new trial period payments will be along with other paperwork. I am going to see a HUD counselor tomorrow afternoon and go over the papework for better understanding. I hope in the long run if this becomes a permanent payment that it will help us out in the long run.
Attached was another Hardship form and I was wondering if this something to fill out to see if our circumstances have changed? Also they want a copy of the utility bill and I curious what that is used for?
Thank You
Beth,
You are so very welcome, all Glory be to God, I am just an instrument!!! That is so awesome!! That passage really puts things into perspective doesn’t it, I love quoting passages because they have the ability to cross all manmade boundries – they are inspirational and to the point. They really help me see things so clearly. I am glad you found some strength in yours.
They just need the hardship on their new forms. The utility bill is to make sure you live in the home as this type of programs are for owner occupied properties.
“And this is the confidence that we have in him, that, if we ask any thing according to his will, he heareth us: And if we know that he hear us, whatsoever we ask, we know that we have the petitions that we desired of him.” – 1 John 5:14-15 KJV
Expect ONLY Miracles!
Anna Cuevas
http://www.theloanmodguru.com
Hello Anna,
I would appreciate any help you can give for our situation. I am 41 payments behind on my mortgage. My loan was with Countrywide and then sold off to Bank of America. When we first fell behind in 2007, I made sure to contact them immediately and requested help because we could not longer afford the $2,451.56 payment. Our financial problems were due to unexpected medical emergencies, loss of job, etc. However, my husband and I are both working currently. I hired a company in California in 2007 to work on the modification. They apparently did not work on the loan modification as was proposed because they contacted me the day before the house was to be sold off at foreclosure. That forced us to file Ch. 13 Bankruptcy. A few months later the judge closed our bankruptcy case because Countrywide did not give us a monthly payment to include in our bankruptcy payment plan. Since then, I have been fighting with Bank of America about trying to get a modification. I have submitted all docs required including the application for the HAMP program. I just received a letter last week stating that the investors denied our request even though we were originally told that we qualified for the program. The loan is $340,000, the home is worth about $165,000. My current loan payment remains at $2,451.56. We really want to sty in the house. Do you think this is at all possible? Please help. I have called Bank of America numerous times and feel as though they are brushing me off. God bless and thank you.
Hi!! I have apply with Bank of America for hamp investor is Fannie Mae my house is worth any where from 260,000 to 274,OOO by that site, my loan is 334,000 and i have a second with SUNTRUST of 100,000 .My husband is working and his gross monthly wages is $5105.60 he makes overtime of 2121.48 some time less in order to paid our debt, I am not working as of 06/11/2010 we are 2 month behind in our mortgage the payment is 2290.00 and home insurance is 241.00 a month and tax 349.00 a month also making a total of 2880.00 . i also have my car payment and other debt and house expenses of 2382,00 a month that is on my application like to know if i will be approve i keep on calling them but they said i am in review by a underwriter. please help!
Hello Anna:
I am writing for my sister, she has a WHEDA loan and was told she could not modify just sell or let WHEDA take the home. Is this true?
Hi Connie-
Here is some info on Wheda
http://www.wheda.com/root/AboutWheda/PressRoom/Dynamic.aspx?id=2119
I would call those housing counselors and if need be the legal counsel they have available. To me it seems they are actively doing modifications – make sure she knows her numbers inside and out.
I hope it helps.
Expect ONLY Miracles,
Anna Cuevas
please Ana i just need to know how they average the overtime my husband get paid a gross amount every 2 weeks but he also make sometime 30 hrs overtime in one check or 10 hrs in the next check and so on to keep up our debt i do not work now that’s why he try to get all the overtime possible until his job take that overtime out. please let me know. thank you! I will instruct you and teach you in the way you should go, I will
counsel you and watch over you.
– Psalm 32:8
Hi ANA,
Most of the lenders will use the YTD gross income divided by the time period of the check so if paid through 8-15 lets say they will use Year to date divided by 7.5 – put that into your application – I hope that helps!
I can do all things through Christ who strengthens me
Philippians 4:13
I am in about the 10th month of the trial period and received a Notice of intent to Accelerate. BofA says this in normal protocal and when I get a foreclosure date they will just postpone it. Is this true? Cn they also inspect my house and move forward with fpreclosure while I am in the trial period?
Lauren,
Yes, it is true that they continue with the process, inspections are usually to do the BPO for the value to verify the automated value they got – Just stay very diligent with the dates and keep bugging them.
Escalate if necessary!
Mark 11:24 Therefore I tell you, all things whatever you pray and ask for, Believe that you have received them, and you shall have them.
Expect ONLY Miracles!…..and question authority!!!!
Anna Cuevas
The Loan Mod Guru – Breaking News, You asked for it, you got it. Due to the numerous requests for more assistance, “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 Ana,
I received documents that declined my modification but what puzzles me is that they had approved about 4 months ago but the only reason I could not accept was that my sister who was helping with her income was not willing to sing any documents then, she changed her mind later but it was late for me to accept the 3 payment trial. Now that I reaplied they said because of my income they denied it? my income is the same why did they denied when I reapplied, they precualified me. I am divorced and have a young child and my elderly mother who receives disability. I dont know what to do…the third party who is helping me has been doing so for about 2 years and I only paid 2,000 dollars for their services. They say I have not paid over that time so the there is about 100 thousand in debt there due to non-payment. between the time I did not misused the money…instead gave me a break to solve legal issues with my divorce and other expenses I had incurred during my divorce. I want to stay in the house if they give me a break. Bank of America seems to be the worst helper I have heard.
Hi Jazmine,
When you reapplied did you reapply with your sisters income now? They should not make your sister sign anything except a contribution letter unless she is on your loan.
I would say go through your numbers with a fine tooth comb – know them inside and out, read the guidelines I have spelled out in the articles so you are familiar and feel confident when you re-apply. Verify what income they used and compare it to what you have only after you make sure you know where you are – read the HAMP articles on this site
How to be considered for HAMP
… and don’t for get to call in the Holy Spirit. You, Lord, are the light that keeps me safe. I am not afraid of anyone. You protect me, and I have no fears. Psalm 27:1
Expect ONLY Miracles!……and question authority!!!!
Anna Cuevas
The Loan Mod Guru – Breaking News, You asked for it, you got it. Due to the numerous requests for more assistance, “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,
I was denied by Chase for Hamp. They stated that my NPV came back negative and there is not enough income. Do they gross up social security and do they count collections as debt for monthly obligations? They have our income at $1690.00 with is two social security amount (not grossed up). There was a room rental $500.00 included and I believe that they only used 75% of that figure. Chase also has $4174.01 as total monthly obligations. I believe they are including collections and chargeoffs which are old. I requested the NPV inputs. I am not sure on what to do. I am scared of losing my house. Please advise on what I should do.
Kind Regards,
Hi Jackie,
Sorry to hear about the denial – you will get through this, keep fighting – You have figured your numbers right to see if you qualify?
That is very important – here is a great article on HAMP NPV
They do use 75% of rental income – but this might be another angle for you
with a household contribution letter vs rental agreement – you can ask about this with your lender.
Non-Borrower Household Income
A servicer should not consider expenses of non-borrower household members but may consider the portion of his or her income that the non-borrower routinely contributes to the household as part of the monthly gross income calculation.
I want you to write an appeal letter
HAMP APPEAL LETTER
To whom this may concern this letter is to appeal the decline for NPV that I received. Social Security income is supposed to be grossed up by 125% per the Treasury’s HAMP guidelines as per HAMP directive announcement 09/31
Treatment of Nontaxable Income
For the purpose of determining gross monthly income when nontaxable income is used to qualify for HAMP, the servicer must develop an “adjusted gross income” for the borrower by adding an amount equivalent to 25 percent of the nontaxable income to the borrower’s income.
If the actual amount of federal and state taxes that would generally be paid by a wage earner in a similar tax bracket is more than 25 percent of the borrower’s nontaxable income, the servicer may use that amount to develop the adjusted gross income.
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 ONLY Miracles!…..and question authority!!!!
Anna Cuevas
The Loan Mod Guru – Breaking News, You asked for it, you got it. Due to the numerous requests for more assistance, “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.
Hello! We have been in the modification process for a long while…under MHA with Bank of America. There were errors on BAC end in taking out our first trial payment (it has been confirmed that we gave them the correct account information) because of this they denied us our modification. I have appealed the decision and they denied the appeal! They stated that they informed us the payment had not gone through…yes, they informed us that the payment we attempted in DECEMBER which was not the start of our trial payment, had not done through. I called numerous times during Jan asking why they had not taken out the funds and was told not to worry. So, in FEB when we receive a letter telling us they were unable to locate our bank account, I submit both JAN and FEBs payments ASAP because I had posted dated all three trial payments. Now how is that my fault? That they conveniently were unable to take out our funds that ONE time? What do I do now? I am currently waiting for the status of the APPEAL of the APPEAL…but I am worried they are trying to mess us over and don’t know what to do if that is the case…? PLEASE help!!!!
Hello C.
My suggestion is that you put all of this in writing detail by detail so it is exactly clear what dates, you were told each thing.
I suggest you send it to the Executive office at bank of America – and cc the Treasury, your congressman, and Sigtarp
send it certified return receipt requested.
I hope this helps – QUESTION AUTHORITY!! YOU CAN DO THIS!!! KEEP FIGHTING. Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect ONLY Miracles and Question Authority!
Anna Cuevas
The Loan Mod Guru
I have never been late with my payments and i was approved for a loan modification trial in Nov 2009 and denied in may.
I just receive a pkg thru fed ex and it was a loan mod approved thru 2040 thru B of A saying that they are tackin on the 2000.00 cause of the trial payments which we were never late. We have to notarize this and send it… What is this about, why now did they approve us?
Hi Deborah,
First of all congratulations on your loan modification approval!
When you are approved for a trial – the difference between your regular payment and the trial payment are still considered as being due. Until you have a permanent modification and it has an effective date, so not until that effective date is the new payment actually the true payment. Tell them you want a break down of where your payments went and what the 2,000 is for.
The reason for the change was probably when B of A sent your file to the 2nd look team, they realized they made some sort of mistake.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru -
PLEASE CLICK HERE TO LISTEN TO HOW BETTY SAVED HER HOME AND YOU CAN TOO!
They are saying that from May 2010 to November 2010 that 2397.11 is Delinquent Interest accrued. So what sort of mistake would they have made?
Deborah,
Its hard to guess, they could have their dates wrong – but I do believe if you have been making trial payments from November 2009 to now that is what it must be – I would call and ask for a supervisor to explain what the fees are, keep asking until you get your answer. I hope this helps.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru -
PLEASE CLICK HERE TO LISTEN TO HOW BETTY SAVED HER HOME AND YOU CAN TOO!
Thank you ;very much you have been so helpful to us..
Deborah and Patti
Deborah,
You are very welcome!!! I hope you have a great evening and I hope you got a nice lower payment too
All glory be to God.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru -
PLEASE CLICK HERE TO LISTEN TO HOW BETTY SAVED HER HOME AND YOU CAN TOO!
Just a little up date the Brea office of Bank of America seems to be a waste of time. I went to this office in Oct. with completely signed and filled out loan mod. docs. Including all that they requested. Thinking this would be a better way to go then faxing things over. Just recieved a fed ex package asking for me to submitt the same paper work I took to the Brea office. Guess I should of started this process by phone and fax because the person who was helping me did not submit my information.
Hi Anna,
Our home loan was with Wilshire when we lost our jobs and couldn’t make our payements. We finally got approved through Wilshire for a Loan Modification, only to have our loan purchased by BAC before we could sign any paperwork. That was 6 months ago. It has been a fight with them to even consider us for a Mod. We were told we were “pre-approved” for a modification and it was sent to the underwriters. Just spoke with the Underwriter yesterday and was told that it would be about a week before we would find out if they could help us or not. I am extremely stressed and don’t know what to do. I sent BAC all requested documents within days of their request and was being told not to worry that if we weren’t approved for one program we would be approved for another. Now they are telling me they aren’t sure if they can help me or not. My husband and I desperately want to keep our home and can now afford to make payments. I am terrified they won’t help us (reading a lot of negative things about BAC and their willingness to help out homeowners) and my family will be homeless before Christmas. What would you suggest I do if they refuse to work with us? Would filing bankruptcy stave off foreclosure and force BAC’s hand or will we certainly lose our home that way? Any help you could give me will be so appreciated.
It is a bald-faced lie that Bank of America is trying to help. The denied my sister a loan modification when she was employed and her loan went upside down (Never having missed a payment). They denied her a modification when she lost her job and went on unemployment (never missing a payment). She came to the end of her unemployment not having found work. And now she has been forced to short sell at half her loan value. The only consolation is that she walks away clear of the original obligation and Bank of America now holds mortgage on a property half its value of 2 years ago and they are eating that. But because of Bank of America she is now homeless as well as unemployed. A crook may smile at you while he’s robbing you but he’s still a crook and you’re being robbed all the same.
Hi Paul,
I completely understand how you must feel regarding your sisters situation. This whole thing has been a fiasco. Did your sister find work yet? Is it to late for her to escalate this further and buy herself some time? Let me know, I am here for you.
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru
Paul,I agree with you totally,pure and simple lie,I have tried for two years to get a modification and I have been told they are reviewing,I can appeal and all that sort of foolishness and then flat out denied.they can put up all the front they want to but believe me time will tell.it is a shame the way customers are treated especially when you call and being transferred from one person to the next telling you things that just dont make sense.why tell people they are qualify for modification and by all means are qualify ,but still no help.I believe their one intention is to forclose on people’s houses.
Hello Anna,
I bought my house in 2002 with an FHA mortgage at $1205/mth. Now I owe about $130k. My gross income is $3826/mth. I recently applied for a loan mod with B of A. I got behind in payments with B of A due to some hard times and so I am also in a chapter 7. I see I barely qualify for a HAMP with the $3826*.31=$1186. If I qualify, do/will they stop exactly at this number or can they give me a lower one for a HAMP mod? What about in-house mods?
PS… I am trying to trust Him in all this and realize that HE knows what is best no matter the outcome. Anyway coming across your site was a refreshing change from the others.
Hi Anna
I filed a chapter 13 via my lawyer have submitted my HAMP application/request. I have an appointment with Florida Default Law Group (representing Wells Fargo) – what should I expect at this meeting. eg – will I be grilled or bullied?
Thanks so much – I love your site! God bless you for the information you provide
Hi Tru,
Thanks for the great feedback. Don’t be too stressed out – but do be over prepared and know your stuff, that way it won’t feel that way because you are confident – have you checked out my new book Save Your Home without losing your mind or your money ?
Expect ONLY Miracles and Question Authority,
Anna Cuevas
#1 Bestselling Author – Check out Anna’s new book SAVE YOUR HOME available now!
We recently received a response to our MHA HAMP application. They are offering us a traditional modification and a HAMP. The terms are almost identical. Do you have any input as to whether we should pick one over the other. The payment is the same as well as the interest rate on both.
Thanks!
Hi Sarah,
HAMP has some other incentives that the in-house might not have. Also, if you have a 2nd you can possibly qualify for a HAMP 2nd loan modification but you must have a HAMP 1st.
Things to consider and re-review.
Expect ONLY Miracles and Question Authority,
Anna Cuevas
#1 Bestselling Author – Check out Anna’s new book SAVE YOUR HOME available now!
Thanks for your prompt response! The more I’ve read on-line, the more I feel like a government backed HAMP is the way to go. Our loan is with Aurora Loan Services, I originally applied for the HAMP with no idea we might be offered both. The traditional loan modification being offered by Aurora has a total balance which is $345 lower than the balance being offered with the HAMP modification. Both are offering a 3.375% interest rate and both have a monthly mortgage payment of $1705, that includes escrows. Our current payment is $1600 p&i but does not include taxes or insurance. Apparently the underwriter says they are already at their floor rate with the 3.375%.
Initially I felt that being offered the traditional modification that would start by 9/1 with no trial period was more appealing. Now I’m starting to think a government backed loan is much more appealing and we do have a 2nd as well, so being able to get a HAMP on that too would be great!
Thanks again!
Hi Anna,
Thank you for what you are doing. I bought your book but still have some questions. We have been working with Bank of America since May 2011. We were denied once because we weren’t behind in our payments. (9/17) We resubmitted the papaerwork (rec’d by BOA on 9/26) . Nobody knows what happened to it, but can access it on the system. and verified that everything was in order.I have names and dates of what people told me everytime I called for status, but nobody seems to care about that. I escalated the problem and was assigned someone who took new financials over the phone just this past Tuesday and said we still don’t qualify for HAMP but didn’t give me a reason. We are now 3 months behind and got a foreclosure notice on our 2nd mortgage with them. This personal contact was going “to reach out” to see if we qualify for in house programs, but I haven’t heard back from her. This person seemed unable to answer my questions as to what happened to our application rec’d on 9/26 but just told me “I’m telling you now, you don’t qualify” no reason given except that’s what the computer says. What should I do? Thank you for any insight you can give me
.
Hi Cyndee,
Oh thank you, you are so kind! I hope you like the book so far. Have you done your calculations? TheLoanmodguru is an amazing tool to figure out exactly where you stand.. no more do you have to wonder, you can create the Save Your Home Plan of Action. I am going to tell you right now that Bank of America is going through some in-house changes and once you get lost in the system you have to escalate it or reapply. Either way you need to be completely prepared with your packet and information to be armed to fight back.
I hope this helps.
“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.”
Expect ONLY Miracles and question authority,
Anna Cuevas
America’s Loan Modification Guru – Check out The Loan Mod Guru a Save Your Home Plan of Action to give you the peace of mind you need.
#1 Bestselling Author, Save Your Home