Denied For HAMP Home Affordable Modification Program and I Don’t Know Why
By: Anna Cuevas; The Loan Mod Guru
Hamp denials must be in writing and include the reasons why as of January 1, 2010 per the latest hamp home affordable modification program guidelines.
I have evaluated the HAMP guidelines and this is what I have found regarding what their denial must contain:
Once you are evaluated for the Home Affordable Modification Program and are not approved for the Trial Payment Plan, you must have a trial prior to being approved for the Permanent HAMP modification, your servicer is now required to advise both you and either Fannie Mae or Freddie Mac what the outcome is of your evaluation whether you are approved or not, for the trial plan or the permanent modification and if denied must provide you with the appropriate notice explaining the reason for the denial to be in compliance with the program rules.
Any notice other than of the Notice of Incomplete Information, must be mailed within10 business days after servicer’s disposition date notifying you that they are not approving you for either the Trial Plan or permanent Home Affordable Modification Program HAMP. The servicer must send you the notice via mail unless you have previously agreed to have it sent via email.
The servicer must provide you with an easy to understand format that is clearly explained to you in lay mans terms. The notice must be clear to advise you that you were considered for the Home Affordable Modification Program but you were found not to eligible for this program and it must advise you of all the primary reasons why you were not approved for the program. The servicer should also offer other alternatives to foreclosure or other modification programs that you may qualify for along with information on how you can apply for those programs.
Once you get a denial it is of utmost importance for you to call your lender immediately and very all of the information line by line.
Ask them what income they used, how they calculated it, verify all of the figures. Make sure you were not denied for required forms not being received. Once you know the reasons for your denial it will be easier for you to fix the issues and reapply for the program. You have the right to know why you were denied, and if you have changes to your circumstances you have the right to reapply if you were previously denied. Many times mistakes are made so fight for your rights.
Save Your Home
Hi Anna,
Do you have a form letter that works for requesting this information. Who do we send it to? My husband has been in email contact with one point of contact at Indymac. We were just denied for the 2nd time and are in foreclosure with an auction date set for February 22nd. We have been working with a HUD councelor, who helped us get all of our paper work in order this time around. Our 1st is with Indymac / One West Bank and we have a 2nd with Citibank. (home equity line of credit). We have so many questions but are really confused right now. Thanks, Cheryl
Hello Cheryl – welcome to “our” site – I do have one on another post – but do to the high demand for this problem – I will put another form letter together.
Get empowered, read my posts, and articles – KNOWLEDGE IS POWER and so is faith and belief that you can do this – who is your investor? Call and have them give you what they used for income, expenses, bpo value. and investor -
THE BUCK STOPS HERE AND NOW IF WE GET TOGETHER AND FIGHT — PLEASE SEND ME A LETTER REGARDING EVERYTHING YOU HAVE BEEN GOING THRU WITH INDYMAC – ONEWEST BANK,LETS STOP THEIR INSANE PROCESS TOGETHER , I WANT TO FIGHT FOR PEOPLE BUT NO ONE SENDS ME THEIR LETTERS, TO DATE I ONLY HAVE ONE — As long as people will accept crap, it will be financially profitable to dispense it.
Dick Cavett (1936 – )
O Great Rock of my salvation, thank you for being unchangeable and faithful. Thank you for being the source of security and future in a day of chaos and change. Thank you for being God. You are my God and in you I place my life, my hopes, and my future. May you be glorified in me today. In Jesus name I pray. Amen.
EXPECT MIRACLES,
Anna
Hi,
I read your email and was curious whether I could get the Indymac email address for the individual mentioned in your post. I cannot break through the collection department in Indymac. Can you help me? Thank you. Best of luck with your negotiations
don
Hi-
My fiancée was just denied for a HAMP loan on his house. We applied last July and have religiously made all of our trial payments on time. On April 21, we received a letter of denial. Now we received a statement from Citimortgage saying we owe them almost $13,000.00. He and his father owned a family business that has went Bankrupt. He has been on Unemployment for a year now. Do we have any options here? We still do not understand why they denied us.
Hello Brandey,
Your first step is to call and ask them point blank the reasons for the denial, call in the Holy Spirit to guide you and them before your call, it works!!!! and build rapport with a rep-
If you have to call back again and get a different representative at Citi – ask them what income they used, and also ask them what expenses they used – ask them what property value they used as well. Whatever information you are still missing you can request in writing – if you find errors then put what you found in writing and send to them with a signature required and via email and fax- mark the letter attention ESCALATIONS
I Hope this helps, please let me know, I am here for you.
For everyone who asks receives, and he who seeks finds, and to him who knocks it will be opened. If a son asks for bread from any father among you, will he give him a stone? Or if he asks for a fish, will he give him a serpent instead of a fish? Or if he asks for an egg, will he offer him a scorpion? If you then, being evil, know how to give good gifts to your children, how much more will your heavenly Father give the Holy Spirit to those who ask Him! (Luke 11:10-13 NKJV)
Expect 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?
Hi Anna,
I’ve been helping my brother through the HAMP process via IndyMac/OneWest Bank for about 8 months now. The original HAMP got started and he got on a trial mod, then when he submitted his third payment—they posted it to an “unapplied funds account” and denied him for a remodification, even though he was initially approved and made all of his trial modification payments accordingly. They stated that they could not verfiy his income because he is self-employed and did not file his taxes.
After reappling for a HAMP via his PMI company, Marix Services, (they btw, have been a Godsend to deal with compared to IndyMac) he submitted payment receipts from one of his major clients to “verify his income.” They accepted this at first, now two months later they say that this is unacceptable proof of income. Now, I am worried for him that they might deny him again…with his foreclosure sale only a week away. I’ve gone over all the federal HAMP guidelines and he seems to meet them all. Can they still deny him? Then what is the next step once they do?
Thanks and Godbless for your help,
Tony
Hi Tony, You are so awesome to help your brother with his HAMP Loan modification process, it can be a daunting task for many people. So did you put together a profit and loss statement?
This is the requirement for HAMP for self employed people. I would write a letter escalating your request for modification and address it to the Executive office of One West Bank and also cc Sheila Bair of the FDIC as well as Phyllis Caldwell of the Treasury and SigTarp. I would then overnight the letters to all parties and request URGENT assistance. I would first make sure that your numbers are calculated correctly before doing this to make sure you are within the guidelines for HAMP – click here for the article about HOW TO CALCULATE HAMP
FDIC
Sheila C. Bair; Chairman
FDIC
550 17th Street, NW,
MB-6028
Washington, DC 20429
Department of Treasury
Phyllis Caldwell
Chief of Treasury’s Homeownership Preservation Office
Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220
“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
I did provide them with a YTD P&L statement, which is the HAMP standard for self-employed individuals, but they want more “proof of income.” I will take your advice and write an escallation letter, cc’d to COO of OneWest, Shelia Bair of the FDIC, and Phillis Caldwell ot the Treasury department. Trouble is that I can’t find their contact information on the web. Do you know how I would find out their contact information? Thanks again, Tony
Hello Tony, I will paste a copy of the guideline here and the contact information you are seeking as well. Keep fighting the squeaky wheel gets his way. Do not give up. Escalate if they don’t listen to you – and most of all call in the HOLY SPIRIT to guide your every move and theirs as well.
FDIC
Sheila C. Bair; Chairman
FDIC
550 17th Street, NW,
MB-6028
Washington, DC 20429
Department of Treasury
Phyllis Caldwell
Chief of Treasury’s Homeownership Preservation Office
Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220
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.
Click here to learn more
This is a weird one: One West Bank just emailed me that they approved the loan modification and are next-day airing the docs. You think that would be good news, then comes the terms: they took the loan from $351K added $31K in fees to get it to 382K, took the term from 30 to 40 years, and dropped the rate from 7.5% to 5.5%. This puts the mortgage payment at 51% debt to income ratio just by itself. Now screen this through this filter: the house just appraised last month at $196K. Any advice on how to urge them to do a principal reduction and drop the foreclosure fees? Help! These terms are a mess. Am I still expecting miracles?
May God grace the lives of those who are going through these same trials.
Hello Tony, Congratulations on at least having an opportunity to save your home. There is miracles in everything if you look closely, All Glory be to God that you have a starting point to be grateful for. Have you received the actual documents yet? I would really suggest taking a close look at the documents when you have them in hand. If they deferred interest that is also worth a balance cut per say. I rather not speculate, please let me know when you get it.
I have NOT seen one single principal forgiveness out of One West Bank or many other banks for that matter. At this point I believe all of those late night commercials and radio ads as setting unrealistic expectations. If this saves your home and gets you a low enough payment at some point you will have to make a decision whether or not you want to keep your home.
“Trust in the LORD with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge him, and he shall direct thy paths.” – Proverbs 3:5-6 KJV
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, We were sent a letter several months ago stating that the investor is foreign. My husband is tracking down the letter as we speak and I’ll let you know. Is there a difference between the figures we submitted with our HAMP paperwork and what they actually used for income, expenses and bpo value? I can give you what we submitted but can’t contact anyone regarding the actual figures until tomorrow. Thanks, Cheryl
Father God, thank You for the good things You have in store for my future. Thank You for Your peace and joy that surrounds my every step. I choose today to keep my heart focused on the good things You have in store for my future. In Jesus’ Name. Amen.
Yesterday we fixed one that they made a mistake on – they said he was not late because they put last payment in on 01/01/2010 but it was really last payment 01/01/2009 — they denied it we got it approved. Mistakes like that are made on income and expenses every day — would you mind giving me the break down of gross income, mortgage balance, hoa, insurance, property taxes
also how much did you have left over after the income and expenses you sent them ? was the negative big?
What happened with your housing counselor? are they still working on it?
Weeping may endure for a night, but joy cometh in the morning. – Psalms 30:5
EXPECT ONLY MIRACLES
Anna
We still have a HUD housing counselor and he is still working on it. He is overbooked, over worked and difficult to contact. Tom spoke with him yesterday in regards to requesting detailed information for our latest NPV failure. He said he was going to pull our file today but we have not heard back yet. In regards to figures we submitted….. gross income $8,488 mortgage balance is appx. $592,000 with Indymac and $227,000 with Citibank Home Equity Line of Credit. Our loan payments were $3,792 per month. Our porperty taxes are appx $750 per month, our insurance is appx $165 per month. We have no HOA fees. Our expenses were listed at $7,644. We currently have the house listed for sale with Coldwell Banker at $1,000,000. With the market the way it is this figure is totally unrealistic. We have been living here since 2000. This was supposed to be our retirement home. It is a very difficult property to comp because the area we live in is rural and is one of the most depressed markets in San Diego County. Let me know what else will help. Cheryl
Blessings to you for all of the people you are helping.
Its funny as you were talking – It sounded like San Diego — and then I read San Diego – what area are you in? – I think you can fight this you are so close to 31% if they can use that guideline for you -
Now are your total expenses you listed here including your mtg payments? – are you paying on your 2nd ?
I am in San Diego too.
EXPECT MIRACLES,
Anna
That sounds like our scenario. our income is about 10000 a month (my husband has been unemployed now for over 14 months). Our expenses are about 10000 a month with our house payment 4600 and real estate taxes 1200. We got a letter from Wells Fargo denying us with no explanation than ‘our expenses our too high compared to our income’. Isn’t that the purpose of getting help via the loan modification process? I dont know if they said that because we do have equity in the house (about 300K) and maybe they would rather it just go to foreclosure but I doubt it as the amount of interest they will collect on our 900K loan will far exceed that over time. I dont know what to do next but am really frustrated. We really cant pay because my husband lost his job but here they are helping other people who should not have bought their house in the first place because they lied and never could afford it to begin with. I have heard of so many cases where people are getting help that I know bought a bunch of homes to make money on and are renting them but somehow scamming the govt again by saying they live there full time. Anyway, what a rat race!
You’re kidding? We live in Valley Center, just a few blocks down from the high school. We have about 3.5 acres with views of the Palomar Mountains and Pauma Valley….. so beautiful….. oh well…. back to business…. the expenses include the mortgage payment of $3,792. We have kept our Home Equity Line of Credit current, paying interest only at appx $595 per month. This has been such a travesty and is making it difficult to do business. Both Tom and I are self-employed, another proof hurdle with HAMP. I don’t know if this is strange or not, but the foreclosure papers from Aztec Foreclosure has the auction value listed at $592,000, which only represents the Indymac note and does not reflect the $227,000 note to Citibank, which is secured by the house. I have no idea what happens next. Cheryl
Cheryl – oh boy with that 2nd – ….. Your foreclosure will not list a 2nd unless the 2nd foreclosed – they are not linked. Do you want to stay in your home?
EXPECT MIRACLES
Yes, we do want to stay in our home!!! What if we let it go? Then what? Our credit is in the dumpster, we have no savings….. What’s absolutely frustrating is that if Indymac had modified the loan when we originally applied and started getting into trouble, over a year ago, we’d be fine. In regards to the 2nd, do we need to notify Citybank of the foreclosure? Quit paying on the 2nd? What does all of this mean…. what are the options? Cheryl
Then set out to save your home – Make up your mind to fight until the end – I can tell you can do this. I am sending you an email.
“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
Anna
Hope your still there…………..
Though about you as I was driving – Sorry I had to drive home — I need to figure out how to juggle LOL But God got me into this so he must strengthen me too hahaha
This weekend the Lord sent me two messages that I am on the right track – Isaiah 61 and Romans 12 is my creed. Read it words to live by for all!
I am going to email you.
Anna
“God has said, “Never will I leave you; never will I forsake you.” So we say with confidence, “The Lord is my helper; I will not be afraid. What can man do to me?”"
-Hebrews 13:5-6
Cheryl – No negative talk allowed, positive energy is the only thing that works – I want to help you but step one is to believe it will happen – Promise me to watch this video in its entirety
We Become What We Think About! What do you think?
http://www.youtube.com/watch?v=JgUc7eLXs0s
First Step is that tomorrow you are going to call Indyamac and ask them to tell you what they used for your income exactly and your expenses – then you are going to ask them if they did a BPO and what it came in at. Next you are going to ask them why you were declined exactly and in detail.
Then you are going to work on a plan – I will go over after you get these answers tmrw. stay calm ask the Holy Spirit to guide you and the person you are calling -
you cannot be wishy washy with your faith and belief – remember that is what got Peter in trouble on the little boat ??
EXPECT ONLY MIRACLES!!!
Anna
oh yea and when GOD is with you WHO can possibly be against you ??? not even Indymac or Onewest… or the rest of them.
EXPECT only MIRACLES – if God cured my ovarian cancer last year just like that what is a measly loan mod for him
I am here for you Cheryl don’t you forget it!!! Now go to sleep and do your visualization – I have to go to bed I cannot keep pulling these crazy 18 hour days – consider yourself lucky dealing with only 1 of these things 
LETS FIGHT – Put on your Gloves and we will work on postponing that sale date too!
Anna
Working on getting the information. Will get back to you as soon as I have it. Take care of yourself too. Cheryl
Cheryl, you will see – “Utter the name of God; it acts like a spark, which can burn into ash a big hill of cotton! All evil thoughts, wicked plans and plots will disappear like fog before the Sun when the Name of God is remembered sincerely.”
Talk to you soon – BELIEVE – how was the video?
EXEPECTING A MIRACLE?
Anna
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. Mark 11:23.
Not just expecting a miracle…… MIRACLES ARE HAPPENING!
Cheryl,
“A wonderful realization will be the day you realize that you are unique in all the world. There is nothing that is an accident. You are a special combination for a purpose-and don’t let them tell you otherwise, even if they tell you that purpose is an illusion. (Live an illusion if you have to). You are that combination so that you can do what is essential for you to do. Don’t ever believe that you have nothing to contribute. The world is an incredible unfulfilled tapestry. And only you can fulfill that tiny space that is yours” Leo Buscaglia
It seems you have remembered who you are today, thats my girl!!! ps — I have put together a template – you can also copy and paste the inputs for NPV from my most recent article post
Hi Cheryl, I’ve been denied for HAMP MOD by IMB OWB also. When I initially applied I was laid off and receiving unemployment. After I got the approval for a trial mod I found a job. I sent IMB OWB my offer letter and paystub. All throughout the process I sent updated paystubs. I was told after my 3rd payment I was denied because my DTI was less than 31%. they were calculating my Gross income and unemployment. My current gross income is 2916.66 my interest only payment with taxes is 917 with IMB and insurance is 60/month. My current DTI is 34%. Had a HUD counselor resubmit my info with hopes they would actually read it this time and I’ve been told that they will not look at the new package sent in. The investor sent an offer and you can only apply for HAMP once-take it or leave it. The offer sent by investor Aurora- was 857 P and I only if I add taxes and insurance the payment would be 1035- more than what I currently pay. I know we are only talking about a few dollars here but I am currently behind because of loss of job and have 2nd mortgage with GMAC that was 303 and got mod for 178. If my DTI should be 31% then my payment should be 904.27 with taxes and insurance right? Thanks for any help/comments. May God continue to bless you. Adriane
Hello Adriane, Welcome to our site. -I sent you an email earlier today. I am not sure if you got it – Promise to get some sleep tonight
I will help you in any way I can.
Come unto me, ye who are weary and overburdened, and I
will give you rest.
– Matthew 11:28
If it is being processed under a true HAMP then it would be based off of the numbers you have of 904.27 – but the investor Aurora is only bound to that if they are submitting it to the treasury department. What rate does it say they gave you? What is your principal balance?
The reason your payment is higher is that now it is principal and interest too – Have they told you what income they are using now? Is it still the unemployment and regular income together?
When do you have to respond to your offer? When did you talk to them last?
Are you positive that your payment does not include the tax and insurance?
EXPECT MIRACLES!
Anna
I am so unsure of what to do and am losing sleep and so stressed. Husband lost 2 jobs in one year (one job he lost yesterday). I applied for HAMP about a month ago with BofA and have submitted all financials and am current on my mortgage as of today. My husband is also trying to start a business that may work out at least to make some salary in 4 months or so. When we submited financials monthly gross was 8406 with a mortgag/home equity loan and taxes are at a payment of $3300. Haven’t heard back with an approval (Expenses are 3180 with daycare). Because unemployment will not be enough to pay mortgage and our bills, should I notify BofA now or wait to see if approved based on financials already submitted, or will we be denied based on him receiveing unemployment. Not sure how long it will take to make money on business. Should I borrow money to make mortgage payments and wait to see if approved or apply for the UP program. I cannot lose my home under any circumstances. I bought at $465,000 and now homes on my street are selling for $350,000 and less. I owe $438,000 on first and $28,000 on equity line and at 6% fixed rate. PLEASE help God Bless
Hi Anna,
I’m so glad I found your website! I was initially approved for the trial period under the Home Affortable Modification Program. After the 3 month trial period, Wells Fargo requested 2 recent bank statements & copy of utility bill to show I reside in the home. I faxed them everything they requested. Last week, I called Wells Fargo only to be told that I was denied. I have yet to receive a letter stating why & nobody at Wells Fargo can give me a detailed answer as to why I was denied, except to say I was denied due to “internal guidelines.” What is that suppose to mean? Since my circumstances haven’t changed, the only thing I can think of is the investor believes it would be more profitable to foreclose on my home versus modifing my loan. Even still, I will be requesting a loan modification for the forth time and am preparing new documents to send to Wells Fargo. I have a little wiggle room with my numbers. I was wondering if it’s better to have a large surplus or is it better for me to have a DTI ratio between 31% – 42%? I’m just not sure how to go about resubmitting for modification again, especially since they initially approved me! I too have an auction date on my home of March 12, 2010. Please keep me in your prayers.
May you always be blessed!
Caroline
Hello Caroline – Nothing is by chance! Welcome –
I will instruct you and teach you in the way you should go, I will
counsel you and watch over you.
– Psalm 32:8
ok – you DO NOT want your income at 31% because then your payment will not change!!!! I know you have an auction date for 3/12 so we have to move fast but don’t let that freak you out too much if you stay on top of this and it is in process then you need to stay on the horn with them as it gets closer and get them to move that date. Ok did you find out if you are Fannie Mae or Freddie Mac, Please let me know?
Because I suggest that you call back a few times until you get someone on the line that can tell you EXACTLY why you were denied. On this site there is a sample letter for you to request all of the information on your application – call first then get your letter ready
Tell me what your details are so I can do a quick calculation.
EXPECT MIRACLES!
Anna
I was told the same thing by wells. Simply you dont qualify due to our guidelines was one denial. And then also your debt to income is too high. Yea, well thats why i need modification since my husband has been unemployed since 12/1/08!!
Hello Mary,
Please let me know if you got my response.
Jesus said to his disciples, “Don’t be worried! Have faith in God and have faith in me.” John 14:1
Anna,
Hi, I need to find out, how do I find out who is the investor, Fannie Mae, Freddie Mac.
Aiso, if possible can you give a example of a passing NVP. As for me, my gross income is 2285 / Principal balance 358,574.02 / monthly property taxes 149. /insurance 101. property worth 500.000 / and my lenders is Bank of America. My trial payment is 1240,
please help me with some calculations that might help me, I do need help. Me with numbers, is not good. thank-you, debi
Hello Debra!~
You can go on my other site http://www.myhomeremedy.com/contact.html scroll down and I have link there! Let me know if you need help figuring it out.
The steadfast love of the Lord never ceases, his mercies never
come to an end; they are new every morning. . .
– Lamentations 3:22-23
EXPECT MIRACLES,
Anna
Debra, I will be glad to help you with some calculations!! I will work on it tonight – are you sure your property is worth 500k – look for lower comparables http://www.eppraisal.com
The lower the better – I will do an example for you but.. keep in mind it is not the whole enchilada because it has so many variables that is why it has a computer program to figure it out… but I can kinda get a small snapshot with certain points. Are you currently behind on the mortgage payments? how many? – was your mortgage late in the past ? those are some other points they cover.
Blessed is the man who trusts in the Lord and has made
the Lord his hope and confidence.
– Jeremiah 17:7
EXPECT MIRACLES!
Anna
Hi Anna,
Your right. I think you are a God send!
By the way, my hardship was mainly due to job loss in Feb. 2009. However, I then had surgery in May and intense therapy thereafter. Due to complications, I again had surgery in October 2009.
Ok, my trial period docs from Wells Fargo notes Freddie Mac on the footer, although no one has ever made mention of them. I did find out my loan is investor owned through Lehman Brothers. As you know, they filed for bankruptcy themselves. That tells me they have no sympathy for anyone. Also, I was told I did not qualify for HAMP due to NPV. Although I want to see the values they used, I’m thinking of holding on for a week or two before requesting the line by line. I figure this will delay Wells Fargo from auctioning the house and give me an additional 30 days to work on this situation. By the way, Wells Fargo never informed me of a denial by way of letter. I happened to call to check on the review status. That is when I was informed of the denial. Denial was given on Feb. 1st. They confirmed on Feb. 10th to me that they have not sent anything out to me. I plan on writing a letter to Making Home Affortable, since Wells is clearly noncompliant. Boy do I have a lot of letters to write these days!
I’m thinking there are two reasons they did not approve me. My financials show payment from unemployment. This is unstable in their view. On my next attempt for mod, I added an additional renter & deleted my unemployment payments (they will be ending soon any way). The other reason is simply because the investor feels it would be more profitable for them to foreclose on my house. Why do I believe that? I bought my house in Sept. 2005 for $353,000 (5.5% for 7 yrs), put 20% down then made interest only payments ever since then. I already padded the investors pockets well. Then add the REO value to what I’ve already paid them. Even though the house is not worth the $281,000 that I owe on it, I still intend to fight for it. Crazy…I know!
As far as DTI, I have a little room to play. My research shows that my surplus should be around 200ish, although when I qualified for the trial period, my surplus was $779. My income is $3090, dept at $2846, giving me a surplus of $244 ($957.90 is 31% of my income). However, that puts my DTI ratio at 92%. If the servicers even considers me for a loan mod, I already know they will ask that I seek credit counseling. I already started that process so the bank won’t come up with any excuses. I even revamped my hardship letter completely, stating how I plan to remedy my current financial situation.
I don’t want to throw in my hat just yet. But, many months ago (before HAMP was introduced), a rep from Wells Fargo told me that my investor would never approve a loan mod (actually they said..come hell or high water, that investor would never approve a loan mod). I just don’t know what else to do. Am I going about this all wrong?
Thanks again!
Caroline
Carolyn – Hello my friend!
ps its NOT crazy its your home FIGHT FIGHT and give it all you got – you will see that there is MORE in there!
I would say before you do anything the MAIN thing to find out is WHY you were declined. You don’t want to move the wrong things around. Call the Treasury – the address is here on one of the posts along with a fax. Get your writing skills polished!! And while you are at it send me your letter too – I plan to be a voice for all as soon as I can gather up enough letters to make someone listen to me,my next mission is calling!!! and I want everyone on this site to send me a letter.
Thy word is a lamp unto my feet, and a light unto my path.
– Psalms 119:105
________________________________________________________________
EXPECT MIRACLES!
Anna
Hi Anna, Just wanted to update you in regards to our request for the NPV information. We emailed and physically mailed the request to our one point of contact at Indymac. cc were sent to HAMP Escalations, Indymac/OneWest, FDIC, Department of the Treasury and Senator Dianne Feinstein. We received a phone call the morning after the initial request was made on Feb 4th from One/West telling us that she had forwarded via email our request letter to our one point of contact at Indymac. There has been dead silence from our one point of contact. No response to our emails or phone calls. Finally reached him by phone this morning and my husband received an email saying that he had a meeting and what did we want. We just put together another email restating our original request for NPV information. We wrote what our understanding of the guidelines is and asked him what his understanding is of the guidelines, specifically regarding the 10 day response time. Here we are waiting again. Auction is set for Feb 23. According to the 10 day rule, they have until the 14th to respond. Is there anything else we can do. God Bless, Cheryl
Finally received a response from our one point of contact at Indymac….. “Please allow me a couple of days to gather all of the information for the questions in your email below.” This is so frustrating! He’s had since February 4th, when we made the original request, to “gather” the information. The 10 day response time’s up on February 14th. According to the foreclosure docs, the auction has to be cancelled 5 days prior to the auction date in order to be effective. That would be February 18th….. we are really cutting this close…. Cheryl….. prayers please.
Cheryl, I am happy that at least you got some sort of response now, these people are very overworked and they have big caseloads – we need to pray for them too so that they can think clearly to make the right decisions for everyone. Praying praying!! I would say if you don’t hear by Monday you need to contact the executive team.
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 Im having a rough time with my lender PNC mortgage formerly National City Mortgage . I was approved for 3 month trail MOD @ 1247.89 FHA Loan balance amount is 172900 with adjustable 4.475%. New loan balance if accepted will be $188556.43 because I was behind 15 months including FEB and new payments will be 1358.59 30 year fixed @ 5%. My actual monthly gross on my pay stubs are gross 3773.74 PNC changed gross to 4088.22 Siala @ PNC Mitigation say its a national average, but thats a differance of 314 dollars and I do-not get a national average in pay. I have a foreclosure date of 3/2/10 and was told friday no matter what I do the payments will be 1358.59. I am soooo sick of them we have been at this for at least 6 months. I caculated my DTI @ 55% and HTI @ 31% DTI with a surplus of 34.77 based on their numbers and still denied for HAMP and all other programs to that fact, my only option is the in house MOD which increasing payment, I did I mention also changed utilities to a national average as well. Tried NACA but no follow up from negoitaitor, and Hope hotline said its really up to the lender because its A FHA loan.
What am I doing wrong and can they change my numbers. Gross/4088.22 Net/2861.11 DTI 55%/1573.61 HTI 31%/1267.34 Can you help me please.
Hello Susan,
Welcome – ok I don’t agree with them using a national average for your income but they are NOT using a true HAMP program for your loan modification and the HAMP denial may be due to being 15 months behind as I believe FHA only allows you to be 12 Months behind for the partial claim that is done in conjunction with HAMP, you may want to contact HUD to verify and see if they can explain why they are using those numbers and see the reasons why your loan is being denied for HAMP – The difference is only 97.34 per month. If you accept this modification it does not exclude you to possibly apply for HAMP again if you were behind and eligible if your default is under 12 months.
If worse came to worse and I needed to save my home and could not get any answers from anyone I would take the 97.34 difference and save my home at least it would stop all of the foreclosure action.
Be content with what you have, for God has said, “Never
will I leave you; never will I forsake you.” So say with
confidence, “The Lord is my helper; I will not be afraid.”
– Hebrews 13:5,6
Expect Miracles – Please let me know if I can be of service to you.
Anna
Hi Anna, I just mailed the video RE: FDIC to every media contact I could find. I would like to send you a copy of the letter. Please email me so I can send it to you.
Miracles do happen!! The auction has been postponed to April 16. We bought some desparately needed time. Don’t know if it’s because we asked our over burdened one point of contact very humbly or if it was the result of pressure from the Office of Thrift Supervision (Treasury Department) She came to us as a result of our communication with Senator Feinstein. Thanks for all of your prayers and help! Now we wait for the requested information and try to figure out the next plan of action.
Cheryl, I am sooooo happy – I knew you were going to get a miracle. I am sure you have done this but look through your package and go through your numbers and make sure they look reasonable and workable.
Isaiah 41:10 NIV
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
Miracles are everywhere – we just have to have our hearts open.
Anna
Hi Anna,
I really need your help. I applied for a loan modification through the HOPE program with Bank of America. I had lost my job, and although I subsequently found employment, I make significantly less money. I submitted all the necessary documentation and was advised that I qualified under the federal guidelines for the program. However, I received a denial letter from BOA stating “Borrower does not qualify for the FHA Home Modification Program, per investor guidelines”. I immediately called BOA and for 3 days, I was transferred around and told that my issue would be escalated to the appropriate department. Today, someone from BOA was finally able to assist me. I was confused as to how BOA determined that I now did not meat the FHA guidelines. It was explained to me that although I meet the federal guidelines, as my income is way below 31% of my mortgage- (its about 75%), they could not see how my debts were being paid, I must have money.
However, I explained to the rep that many of the credit cards/loans on my credit report are paid by someone else as I previously had good credit before confronted with this situation, and I signed for loans/credit cards for my brother. These loans are being paid directly by him so this is why they are not in default. For example, I don’t really own the Honda dirtbike, but that loan would show up on my credit report if pulled.
I also explained to the BOA rep that my monthly expenses for utilities and food which total approx. $200 are being paid with the help of my grandmother. I also have approx. $350 in credit card expenses which do belong to me, and my grandmother has also been graciously paying those for me- however not every month. I was told by BOA rep to get a letter and have my grandmother give me a check for a specific amount each month instead of paying my bills herself- to send me the check for that amount every month.
I have no problem with that, however, I am confused as to how BOA can make up their own guidelines after telling me that I qualify for the federal guidelines of the program. I am wondering if this is a sort of trap so that I can have my grandmother verify that she is paying these expenses, and then BOA tell me that I no longer qualify for the program because now that’s considered income which takes me over the 31% of my mortgage.
Please help me understand this process.
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
I am 24 months behind with B of A and I submitted the HAMP package today to B of A. My loan balance on the first is $299,231.08 (monthy payment $2,224.43) and my second is $85,132.05 (monthly payment $888.20). My monthly payments include taxes and insurance. My gross income is $5,770/month. Do you think I stand a chance for a modification since I am 2 years behind or should I try to do a short sale? Thank you for any help or advice.
hello Brian, I just recently closed one out for someone who was about 30 months behind with B of A so you have hope – Keep fighting you can do it – stay on them – get extensions, if you have a sale date keep calling until someone postpones it , but stay on it and you can accomplish this!!!
2 Corinthians 1:3-4 – “Praise be to the God and Father of our Lord Jesus Christ, the Father of compassion and the God of all comfort, who comforts us in all our troubles, so that we can comfort those in any trouble with the comfort we ourselves have received from God.”
Expect only Miracles,
Anna
Hi Anna,
Great to find this website. I agree with everyone’s testimonials I have read on your site. This is the first time I have found someone who seems so knowledgeable on this stuff. I am very knowledgeable when it comes to understanding of my loan, reamortization schedules, interest rates, how they work, all that stuff but when it comes to the load modification and loan refinance options from the govt and what to do, I am at a loss. First I will give you basic background on my situation and my loan. I am kind of unique in that I have a HUGE loan balance (888K I know this is above the HAMP qualifying amount of $729,750 but please still see if my scenario would still make sense as I am desperate and will not be able to keep paying unless my husband finds work or we go thru the rest of our savings which probably we have about 2 years left…), but a very low interest rate (currently 3.5%), an awful amortization schedule as it goes down every year from now on since I was originally in a 30 year (5 year interest only) so last year (May 1 2009) my 6th year in the loan I am now amortized over 25 years, and in May 2010 I will be amortized over 24 years, and so on. Also, unique (but a blessing for us) is that I am not underneith in my loan to value. My loan is 888K but the value of my home according to Zillow is 1.165M however I pay taxes on 1.45M (which is another issue but the county raised my taxes again this year, as they have every year since I have lived hear since Nov 2000). I dont think it is worth 1.45M but it is probably worth 1.25 to 1.3M. So I have about 350K in equity. We also have about 300K in stock.
So now the reason for all of this…. My husband got laid off about 14 months ago, Dec 1, 2008 and is still looking for employment. When we bought the home for 1.2M in 2000 we both had good paying jobs. Below is our financials and the reason why we need to do something as pretty soon, all of our savings from 25 years of working will be gone and I have 3 kids still to go to college! Also, of course about 3 months after my husband got laid off, our 5 year interest only loan changed to the current structure which changed our monthly obligation from 2600 to 4500 as it now includes principal (a good thing but not when we lost a SUBSTANTIAL part of our income). And of course we can not refinance to a fixed rate as we dont qualify on my income.
1) Mortgage balance $885,000 – monthy payment $4505.61 Adjust each year May 1 according to 1 year CMIT + 2.75%. Rate hopfully will stay low as CMIT is is still low but payment will increase due to amortization (length of loan years) being reduced each year.
2) Real Estate taxes – $15500/year – monthly 1324
3) Home Insurance – 1800/year – monthly 152
4) Total Monthly Home Expense – $5981.00
Income -
Me – 95462 (monthly gross 7955)
Tom – 31380 pension (monthly gross 2615)
1840 unemployment (monthly gross 1840) **?? do we include this in our income for loan modification purposes??
4) So our front end ratio:
not including unemployment – 5981/10120 = 59% (exceeds 31% for HAMP qualification)
For HAMP qualification my questions are:
1- if over 729750 is there absolutely no reason to even submit an application?
2 – since we have about 300K in stock, should we take that and put it down so we can get the loan to 729750 to qualify? I would consider this only because I KNOW rates will go up, and there will be no way we can afford the loan payments of the loan we are in as you can see we are currently at 59% and that does not even include my other expenses. So, I would consider this as the only way we are going to be able to keep our house is if I could get a rate fixed at 2% for the 5 years they are proposing. And the way I calculate it, we should qualify for the low rate of 2% as 31% of our $10120 income is $3137. Our real estate taxes and insurance alone are $1475. 2% interest on 729750 would be 1216 a month and then whatever the principal would be but it would be real close to falling into the 31% range of my income.
3) So 3 questions for HAMP mondification:
- will they absolutely not consider us for HAMP if loan above 729750?
- would they consider us if we now take our life savings, pay it down to 729750 and then apply for HAMP?
- if I do #2, not knowing the final outcome, would I even risk doing this if we still have stock/401K’s left at say 200K. i.e. does the amount you have in savings disallow anyone from qualifiying for any of these programs?
Secondly,
for the HARP modification… I DONT think my loan is FHA but I do know Wells is participating as I have already tried (more on that later).
Questions on this modification:
1- the loan to value not exceeding 125%. My loan is at or less 125% of the appraised value. But since I have about 300K equity in my home, will they look at this and just completely disqualify me and say they could sell it and reap the profit if I had to walk away.
2 – I cant refinance as my interest rate now is GREAT at 3.5% and any rate they could give me would probably have to be at market rates correct ? so 5%, and there is no way we can qualify on our income. Or can the HARP program give you what ever interest rate they want so it allows you to be able to qualify?? i.e. is HARP modifications only at current market rates?
OK I am soooo sorry for all of this email. But I dont know how to explain it in a shorter fashion.
So now the other bad news. My DEBT besides just my housing payments are roughly another 3000 a month.
So my back end ratio is 8981/10120 or 88%.
So yea, you can now see how fast our 25 years worth of savings is being depleted and will continue to be depleted as this IS MY BARE ESSENTIAL expenses. Not one thing extra. Just food, utilities, gas. No vacations, no out to eat, nothing.
Ok, so back in May 2009 when my loan adjusted and went up by 2000 a month, my husbands income gone (and his income was roughly 150K), I asked for help from Wells Fargo. After months of no response, finally got a response in August and their reply was “your loan modification has been denied because it is outside the investors guidelines”.
I called to ask what that meant. They said via phone only (no letter documenting or explaining), that my debt too income was too high. It the time my expenses were more as my son was going to college, I was sending my daughter to daycare, etc.. So they said that we had debt of $2500 a month so we were in no condition now or ever to be able to pay our payments. I said that we were using savings and could continue for awhile but we need help and it may not be there in 2 years when our savings is gone. The letter from them was Sept 2009. Anyway, I said we had to cut back so my son did not return to college, etc.. I resubitted new financial worksheet. The new worksheets were sent around the latter part of 2009. I received a new letter on 1/5/201, this time more specific and it actually reference the HAMP program (not HARP but HAMP even though I never even knew the difference or even spceificed nor did I the first time) This time they came back and said ( Final Decision on the HAMP program – we are uanble to adjust the terms of your mortage thru the HAMP because the principal balance on the loan is thight the the limit of 729,750). They offered us to do a “Short Sale”.
So that is my story. I never submitted anything since that last letter. Of course, we would not even consider a short sale as we should be able to sell more than our balance and hopefully be able to pay the realators fees and come out with a little bit of equity. However, my kids are still in school, we have so much tied up in the house, this is our house and we really dont want to lose it or have to sell. And bottom Line, we are ONLY in this position now because my husband lost his job and we are in a unforseen hardship situation. I hear so many other people getting approved and the ones I hear about are those that bought a house they really could not have afforded to begin with. I just feel like I am in such a predicament that I dont know what to do. I feel blessed compared to probably so many people out there, i.e we at least have stock to sell (even though at a LOSS) to help us with our debt now, we at least have some equity in the house. But shouldn’t I be able to get some kind of help. i.e. my husband lost his job, it was a big part of our income. The value of our house has lost a few hundered thousand compared to a few years ago, we sell now we lose that hope, and bottom line I would refinance if I could to a fixed loan so I dont have to worry about next year paying 6K a month and then more and more and then we will have to foreclose. I am trying to prevent this when there is help out there. As I will NEVER be able to refinance and qualify at our income unless my husband gets a job. So if I cant get help now, he does not get a job, we WILL Have to sell. So HELP. Is there anything I can do!!! As I see it, the only thing possible would be
1) pay the loan down to 729750 but if I do this will they still say no because I have equity in the house and still some savings?? MOST important quesiton I would like to have answered (HAMP)
2) will they consider us for a refincance thru the HARP that is NOT at current marke rate as if they would do this, I at least meet the HARP qualifications.
Thank YOU SO MUCH for reading all of this. God Bless you. I truly feel from reading your post, that there is someone out there that really cares!
Hello Mary – welcome to “our” site – I am sorry this is just a big nightmare for you, so much going on and I am sure you feel as though nothing seems to be working in your favor.
Ok before you go plunking down huge amounts of cash here is my reasoning then my suggestion will follow but I do want you to know that with BELIEF, FAITH, PRAYER, determination and persistence I TRULY believe you can make something happen here that will allow you to stay and keep your home(BUT IF YOU HAVE TO FOR IT TO HAPPEN, THOUGHTS ARE PHYSICAL) – I completely understand that the last thing you want to do is lose your home, and I am here for you.
For Harp – It does not matter if your loan is an FHA or not on this – but either way I do not think this program will even help you so I will skip this and get to the point
FOR HAMP -unfortunately there is currently no way no how on the loan amount you currently have, also keep in mind that in addition to help the help is only in conjunction with profit which wins hands down over help – so you have to look at this from that perspective to really understand what you need to do –
Ok – lets say number one they didn’t have an issue with the fact that you have over 3 months of payments in savings – because they do and they will and even if you got down to the right loan amount this will be an issue – they don’t care about college etc.
and lets say you put all of your hard earned life savings and got down to 729,750
and they lowered your payment to 31% which would be $3137 total payment inc tax and insurance -1475 which will leave 1662 for your principal and interest and either 360 month nor 480 months VIA HAMP will get the lender more than they would by foreclosing or telling you to sell
they would have to lower your rate to .45 and stretch your term to 40 years to make this happen so it would NOT work
if they were within guideline and lower your payment to 2% and 40year term the principal and interest payment would be 2209.87 and then add the 1475 tax and insurance you would be 3784.87 and thus needing a 11,886.68 total gross income to get you to qualify – there would be no principal deferment as you are not underwater and would not be profitable
Next you have equity and they really do not want to see equity for these programs because yes it is more profitable to either foreclose or just get you to sell – obviously shortsale is just what their computer generated message sends out because you do not shortsale when you have equity so that does not make sense.
What I would do is put together a proposal to them outside of any HAMP program figure out what you need and appeal to them with information about being a great customer, coming in on hard times with a loan that you did not truly understand was going to dramatically increase and at the same time have a financial hardship with the loss of your husbands job – Tell them that as a good customer you need them now – that you know you do not qualify for a HAMP but you need help with:
a) lowering your rate to 2% for 5 years then fixed at your current rate for the remainder of the loan and a 40 year new term this will give you $2689.09 for the first 5 years = or you can ask if they can keep it interest only at 2% for 5 years then current 3.5 int only for 2 more years then fully amortized at the 3.5 for the remainder of the term
THEN ( you need to appeal your value and find and use THE lowest comparables you can find on http://www.eppraisal.com to lower your assessed value this will help you tremendously) also get 3 bids and raise your deductible so you can lower as many household items as you can.
This is what I would push for if I were in your shoes.
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 1:19
If you do what the Lord wants, he will make certain each step you take is sure. Psalm 37:23
I had Ovarian cancer they call it the silent killer – you usually only have 5 years to live and need chemo – I had major MIRACLES – I witnessed them first hand, I am in remission, if God can do this a little loan restructuring is easy, only if you believe you can move mountains then you will – and I believe the LORD is definitely here among us as the Holy Spirit – call him in he is waiting tell him you cannot do this alone and you want him to be there with you step by step – you do the SUPER and let him do the HERO – teamwork works for Miracles.
I hope this helps – God is with you, you were guided to this site and I am here as Gods instrument because he wanted let you know.
EXPECT MIRACLES,
Anna
Hi Anna:
Is there a way to contact your Home Remedy via phone to get a consultation?
Thank you!
Amelia
Hi Anna:
Just denied for HAMP. After making almost 9 months of payments, they advised me that my home was valued at $605,000 and that it was in the negative. I am not quite sure what to make of that. I was wondering if you could provide me with some advice.
The figures are:
Gross salary/wages: $7872
House Appraisal: $605,000
Current Mortgage: $612,000
Arrears: $42,000
Trial Modification payment = $1640.42
Escrow Taxes ($500) & Insurance ($179.90) = $679.90
Terms 2% for first 5 years
4.82% remainder
HOA = $120/mo (includes insurance)
Citimortgage has not paid the insurance on my behalf only the taxes of $3000. I have made payments of approx $20,882 (P&I + taxes & insurance) or $14760 in P&I payments.
Do I keep making the payments? Your help is much appreciated! Thank you! You are a Godsend!
Amelia
Hello Amelia – it was just as I thought — if Citi Mortgage was to lower your rate to 2% and extend your term to 40 years the payment would be 1980.48 so you are $340.06 lower on the trial they gave you. At the payment they gave you the rate would have to either be lowered to .96% or the principal reduced to $541,000 which most likely is NOT going to happen especially since they believe your home is worth 64,000 more.
In my humble opinion – I think your income needs to be approximately 8645.00 – you take appox 2000 payment plus 680 tax and insurance = 2680 / 31% = 8645.00
or easier said 8645.00 x 31 % = 2680 which is about where you need to be for them to stay with the 2% and 40 year term per the guideline and that way be profitable to the investor.
I don’t know what your previous history is with them but they do take that into consideration as well. Keep fighting! You can do this – maybe you can rent a room in your home or if someone else lives in the house that can contribute the additional $800 that you need. Keep us posted. I am praying and pulling for you!!!
God cares for you, so turn all your worries over to him. Peter 5:7
Expect Miracles,
Anna
Hi Anna:
Thank you for your reply. I currently put my total gross monthly income of $7872; however, I never put in my annual bonus which averages about $1000 more per month. The reason I left this income off is because it is a “bonus” and it can change from year to year. That being the case, if I ask Citi to include this bonus do you think that would cover the deficit? I understand that I will have to ask Citi to include the bonus, but would this mean that I would have to re-apply or could I just dispute the findings, provide documentation and maybe they would reconsider the loan modification? Since Citi has not been real good about returning calls, I am not sure I would get any response to my request. What are your thoughts about next steps?
P.S. Every day I am grateful for God’s blessings. I am turning this over to Him.
Amelia
Hi Anna:
I also have another question. Do you think it would be better to rent out the room than to add my annual bonus to the calculation? Again, the bonus is variable. I know I can rent out a room and can come up with $800 easily. Let me know your thoughts.
Also, i called Citimortgage today in the BK dept and they told me that I would have to wait 90 days to reapply. Have you ever heard of such a thing? Additionally, there is no appeal process.
Every day is a new thing with them! The Citi reps are just as insensitive as can be. I just hope that they never find themselves on this end of the table.
Let me know. Thanks for your help!
Amelia
Hello Amelia, I do not know what is going on with Citi – but it seems to be the theme of the day! I would add your bonus if it was not already counted in your YTD income, you should just put in an appeal that they did not count your bonus income, write a letter and CC the Treasury Department – if the Treasury gets enough complaints maybe they will do something, being that Citi is not on Obamas Christmas list right now for this program from what I read – then you can always add the renter if you need it later.
I have never had an issue with Citi once I escalate the case. Keep pushing – you will get it done, stay determined and ask the Holy Spirit to guide your every move and theirs too!! BELIEVE!!
Nevertheless I tell you the truth; It is expedient for you that I go away: for if I go not away, the Comforter will not come unto you; but if I depart, I will send him unto you. Howbeit when he, the Spirit of truth, is come, he will guide you into all truth: for he shall not speak of himself; but whatsoever he shall hear, that shall he speak: and he will shew you things to come.
–John 16:7, 13
Expect Miracles,
Anna
Hi Amelia,
I would try to first dispute the findings and let them know they forgot to use your bonus -DO this in writing!! – Then if you cannot get anywhere reapply see my last post.
he Holy Spirit is present in times of hardship.
“When you are arrested, don’t worry about what to say at your trial, for you will be given the right words at the right time. For it won’t be you doing the talking—it will be the Spirit of your heavenly Father speaking through you!” Matthew 10:19-20, TLB
Expect Miracles,
Anna
Hi Anna ~
Hello Anna!
What a great service! Thank you!
I have been working with my bank for almost 9 months on a HAMP. In the meantime, I have been making 1/2 payments under a forbearance program that was initially only six months but keeps getting extended. I am now hugely delinquent (at least six months) and am still waiting. Initially, I was denied because I had no job; I found employment in December though because it is only a 6-month contract, they said that I would not qualify. Now they are taking my husband’s (who is not a co-borrower) income into account. My question is this ~ should I try to get my loan current? It could possibly mean that we would need to sell some retirement funds? Would this make our chances improve? One other “wrinke” ~ my bank is also my former employer. The person working on my HAMP is a former co-worker! Is there some sort of conflict of interest here? Argghhh!
Thanks again, Lucy
Hello Lucy, I am sorry I am really sick today — if you get your loan current it may unfortunately kick you out of qualifying – can you check who your investor is –
Under HAMP guidelines you can use the income of other people if you request it – that is kind of ridiculous that they are not using your husbands income…some friend.
Fight fight fight – you are allowed to use your husbands income FOR SURE, if it is a true HAMP.
The only conflict I see is if they are not following the rules. She is not your family so I don’t see any conflict – other than it is weird that she got your account. Just keep it real.
Grant me also, O Holy Spirit, Giver of all good gifts, the special favor for which I ask [name the favor here], if it be for Your honor and glory and for my well being. Amen.
Expect Miracles,
Anna
Hello Lucy,
I wanted to make sure you got my answer on your question — going current will mess thigs up for HAMP.
I think I misunderstood -I am sorry I was so sick the last two days and still not 100% – it is ok to use your husbands income if it will help you – he doesnt and will not be put on the loan.
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
Anna
Hi Anna, We received the figures and they have our income wrong and refuse to give us the number they used for the BPO. How does the BPO affect this whole program. Is high or low a good thing? and how do we get this info from them. Do we need to get our own opinion? God Bless
Hello Cheryl, It is good news that you got the info – at least now you know what you need to correct
The number they used is important – because if you fail NPV it is because it would be more profitable to foreclose than to modify the loan. LOW is what you want!!
Call back and talk to random reps and get it out of one of them. Again this is only if you were denied for NPV
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 – sorry if I am short today – I am really sick
Anna
Hello Cheryl,
I did answer you, I just want to make sure you got your answer as I was kind of out of it for a couple of days – I am glad at least you have the information so you can continue the good fight!!
“The LORD is my shepherd; I shall not want. He maketh me to lie down in green pastures: he leadeth me beside the still waters. He restoreth my soul: he leadeth me in the paths of righteousness for his name’s sake. Yea, though I walk through the valley of the shadow of death, I will fear no evil: for thou art with me; thy rod and thy staff they comfort me. Thou preparest a table before me in the presence of mine enemies: thou anointest my head with oil; my cup runneth over. Surely goodness and mercy shall follow me all the days of my life: and I will dwell in the house of the LORD for ever.”
Psalm 23
Expect Miracles,
Anna
Hi Anna:
I am continuing to expect miracles and I know that this is just a temporary setback, but I am concerned that Citi wants me to begin paying my previous mortgage payment of $2990/mo. I’ve got property taxes coming up and there’s no way I can begin to pay that monthly amount. The NOD was issued back in November 2008. I am concerned that if I do not make the monthly payment that they will move forward with the foreclosure process. Is there an address that you know of for the Citi’s escalated dept? I want to make sure I send off this letter as soon as I receive my denial letter from Citi.
Thanks for your help! And in all things Praise HIM!!
Amelia
Hello Amelia – here is the info you need, I completely know how you feel – it is important to get on this right away!!
The Office of Homeownership
Preservation
Phone: 1-866-915-9417
Fax: 1-480-753-7832
Email: mortgagehelp@citi.com
cc: 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, Sorry I am short today on answers I am really sick – pray for me please
Anna
ONLY EXPECT MIRACLES,
Hello Amelia – here is the info you need, I completely know how you feel – it is important to get on this right away!!
The Office of Homeownership
Preservation
Phone: 1-866-915-9417
Fax: 1-480-753-7832
Email: mortgagehelp@citi.com
cc: 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, Sorry I am short today on answers I am really sick – pray for me please
Anna
Hello Amelia – here is the info you need, I completely know how you feel – it is important to get on this right away!!
The Office of Homeownership
Preservation
Phone: 1-866-915-9417
Fax: 1-480-753-7832
Email: mortgagehelp@citi.com
cc: 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, Sorry I am short today on answers I am really sick – pray for me please
Thank you Anna. I will pray for your speedy recovery. Rest up!
Thank you Amelia!
Hi Anna:
I hope you are feeling better today. I just wanted to provide with an update:
I just got off the phone with someone at Citi and they told me that until my BK was settled there was basically nothing I could do. The Citi rep told me that once the file is closed, there is no way of getting someone to re-open the case.
The BK should be resolved in the next few weeks.
The Citi rep also said that it was not guaranteed that if I submit my annual bonus that they would consider it into the NPV calculation, unless I had a letter from my employer stating that they would guarantee XX of dollars annually.
So, that being said, I am keeping the faith and upon my discharge from BK, I was told that I needed to contact Citi to see if they had received the final discharge status. Up until that point, no foreclosure proceedings will move forward which is a relief.
Let me know what your thoughts are re: my last post.
Blessings to you!
Amelia
P.S. I found out that my loan is owned by Citi. I’m hoping that’s good news!
Amelia
Thank you for your wonderful site. Also appreciated the quote from Williamson and Buscaglia. Just a few questions, we had a loan mod from Saxon last year, that we paid on time for about 10 months, our loan was sold to Ocwen: which leads to the first question, what has your experiance been with them? Currently we are one month behind with the second payment due on the 30th which we will not be able to make. Our loan amount is close to $300,000 and I just did the epraisal and it gave us a low of $188,000 to about $245k (Zillow was coming out at $299k) We are in florida and our market is very soft. I am currently filling out the paper work and am afraid of both not having enough income, or too much, which appears both will disqualify us. Any thoughts on Ocwen, and making sure the first submittal does the job. (Should I mentioned the appraisal of the home value being low? We did have a flood two years ago that did depreciate our sub-division.
Thank you
I Bless you in the name of Jesus our Lord.
AA
Hello Armando – sorry this took a little longer I have been sick and did not want to answer with a cloudy head. You are very welcome, I am here to serve. I have had a good experience with Ocwen – once you get past the initial red tape and you keep pushing and do not give up you can get it done. I would first check to see if you are Fannie Mae or Freddie Mac – this will give you and indication – next read my calculate like HAMP does article and this gives great detail on how to calculate. I will help you if you give me more details – I can go over the calculations on this site.
http://myhomeremedy.com/contact.html scroll down to loan look up to see if Fannie/Freddie
“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.” (Romans 8:28 NKJV)
Expect Miracles,
Anna
Hi Anna:
A new update. I called around to different Citi phone numbers and I finally spoke to an individual named Nathan who was very helpful. He said he would contact the BK dept at Citi to have them revisit my case and he asked me to send in my supporting documentation for my incentive bonus. He would get back to me tomorrow.
Praise the Lord!
Amelia
Hi Amelia, I am so happy that you are staying determined, see I told you – you just have to keep plugging away and you will prevail!! I just know it.
Without a doubt, Paul was a man who had great faith! He understood what it meant to go through hard times, and knew God well enough to believe that he could depend on Him to deliver him from anything that the enemy would throw at him. He knew what it meant to be abased and to abound, to be full and to be hungry, and to suffer need. Yet in everything he would say, “I can do all things through Christ who strengthens me.” (Philippians 4:12-13 NKJV)
Expect Miracles,
Anna
Hi Anna
Just checking to see if you ever received my email sent to you last week.
thank you and much blessings to you!
Hello Cheryl,
I tried to email you but the email bounced back to me. Please give me more details on your situation so I can serve you better
Do you have another email address by chance?
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
Hi Anna:
After submitting my annual bonus check stub, Citimortgage determined that they could not use the income in their calculations and they once again denied my request for HAMP. I am not upset about the decision. The Citi rep said they could not offer any other programs until the BK was discharged. So, I will wait until the BK is discharged and then resubmit all paperwork again.
It is frustrating but I am not discouraged. God has a plan and while sometimes we don’t understand the plan, I will continue to praise Him in all situations.
Blessings to you!
Amelia
Hello Amelia,
Maybe it is all part of Gods plan to buy you some more time – I am glad you are not discouraged, I know you will prevail with this – keep me posted and please check in with me
I care!
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 Miracles,
Anna
Hi Anna:
I was curious, did you mention at one point that I could be denied my HAMP modification because I was more than 12 months behind in payments? It took a long time to get into the program and then the slightly reduced payments will put me behind 12 months this month.
Also, I just made my third payment in my trial plan and they have told me that I do not need to make anymore payments, yet other people seem to be saying that they need to continue with PNC. I always seem to get a different answer every time I call. I really do not want to continue paying if I can’t be certain of obtaining a modification because my husband is self employed and they incorrectly figured our income, so our current payments are about 45% of our income. Any advice would be greatly appreciated.
Thank you and God bless!
Kat
Hi Kat:
The 12 month issue is only with FHA insured loans and even so if you are in the payment trial prior to that happening you should be fine if you do have an FHA loan.
The HAMP only requires 3 consecutive trial payments, if someone told you to only do that then make sure you have a full name, date and time of who you spoke to .
In my opinion you should be fine – I would love to offer you more of my opinion but would need more details to go over the HAMP guidelines for you
I am here for you.
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 Miracles,
Anna
Hi Anna:
I just received word that my BK was discharged on 3/12/10. That being the case, I wanted to find out from you the best way to move forward. Since, Citi did not recognize my annual bonus, you had suggested that I rent out a room. I can certainly do that. I have two options, I can rent the room and do a formal lease or I can move my boyfriend in and he can begin contributing toward our monthly income. Which will be the best way? I don’t want Citi coming back to me in 9 months saying that they can’t use the income from the lease. As you can see, I want to minimize Citi’s options for denial.
Your help is greatly appreciated!
Amelia
Hi Amelia:
I think that if you get a verification of employment that shows you got a bonus last year and you will be getting one this year they should use it – HAMP guides say to use it.
I have seen modifications completed at Citi with both a formal lease or income from a spouse not on the loan – remember if you do the lease it will be taken at 75% of the lease amount and they can use a lease amount – I have seen it done many many times. What I have seen with Citi is that they do want to see a little surplus even if a couple hundred bucks but it has to make sense obviously with the HAMP – You should fill out the actual HAMP paperwork, I send it out as part of my emails, I don’t know if you have it – I could send it to you.
AFFIRMATION
I relax and cast aside all mental burdens,
allowing God to express through me
His perfect love, peace, and wisdom.
–From Scientific Healing Affirmations
by Paramahansa Yogananda
Expect Miracles,
Anna
I am glad that I found this web site. i am also glad that you and other reference the Lord.
Here is my story.
Back in sept. 08 I was laid of work had a lone mod from B of A that toke place in jan. 2009. When this mod took place with B of A back taxes were rolled in on the bakc of the loan, so I was told. As 2009 played out we had another hit in house hold income. I called B of A in sept. 09 fir HAMP program and was told it was the MHA program and I did not meet the qualifation. I keep calling the back trying to work something out. then my loan went to B.A.C. and received a a letter saying the an escrow account was being applied to the loan as well as the intrest rate of the loan was going to increase as of jan. 2010. I knew about the intrest rate going up but not the taxes. Once this kicked in i was able to meet the qualifactions for MHA and was told that it is the same as HAMP.
Instead of fighting for HAMP all over I ran with MHA. this took place on dec. 09. I have fought with the bank from day one on getting information on what is going on. have had differant departments give conflicting information and had one department place a hold on the MHA program sayying I was in a repayment plan that I was unaware of. Had the hold removed caleed in last Friday to get an up date and was told still under review. called in today 3-16-10 and was told I was declined for the MHA program due to not meeting all for government requirements. the only area we meet is a monthly payment above 31%.
What can I do? I have called two modifaction lawyers that are from Christian companies and have an appointment on 3-17-10 to call B of A to get more information.
am I on the right track? can I reapply for HAMP? How to I get the right person who knows that HAMP is differant from MHA?
Hello David – I am glad you found “our” site too!! The Lord is so awesome – I am glad I finally woke up and found him too!
Yes you should just get the HAMP program application which goes by the name now of Making Home Affordable on the paperwork -
Why don’t you give me some details so I can help you see where you are and what went wrong -
mortgage balance
gross income
monthly property tax
monthly home insurance
current payment
current property value ( you can check it out here http://www.eppraisal.com)
Did you get a letter denying you? what exactly did he say – we will get to the bottom of this and get you with a plan of attack for your call to B of A
“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
I have not received a letter in the mail yet. the first person called me and just said I was denied then told me that it looked like I was place on a MHA program with Home retention. I was then transferred to the Home Retention and told that they did not have anything and started talking to me about getting cought up on my payment. I told them that I need to get to the bottom of the issue and was told that I would be transferred again. I was hung up one. This was nothing new. I called back the imanet defalt line and spoke with another person and got a little more information.
I was told that the loan to value was not right, lowering the interest rate would not get me to 31% payment and something else that I dont remember.
My balance is $703,288.83 on my first.
my current monthly is $4858.36
Yearly taxes that we pay is $7275.00 give or take a few $.
Home owners is $112.00 a month
gross monthly is $11,400
Value of the home range is $599,000.00 to $699,000.00
I will call the bank to try and get a better understanding what is going on.
I have been sending in a payment of $3200 for a year. On Dec. 09 we received a payment stub that showed a payment of $4212.94 for jan 10 and was told to send what we can. so an escrow account has developped and when a full payment is recieved the bank alppies it to our lone.
Thanks for the help and God bless.
the low on the house value is $566,000.00
David, When you call Bank of America again – tell them that you want to apply for the HAMP loan modification – Let me know what they say and we will go thru the next step together.
Bank of America, N.A.
http://www.bankofamerica.com/mha/
800-669-6607
MHA Escalations Unit
PO Box 941408
Simi Valley, CA
93094-0070
866-261-6472 fax
Nothing will be impossible to you – Mat 17:20
Expect Miracles,
Anna
Called this morning and talke to imanate domain department. Tried to get the information why I was declined. I was told something different today. I was told that the file was declined under the Home Retention plan and that is was do to not being 60 days late. I had to reapply with imanate domain and was told to make payments that I can untill I hear back from them in 45 days.
I will give this department a call as well as fax them the problems that I have been having to see what i can come up with.
Thank you for the help.
God Bless.
Good Morning David,
I would just put together a new package and send it to that address – if you signed up for my special report you will get the forms, otherwise I can email them to you.
that way you are insured to apply for the right program. That would be my suggestion – instead of going back and forth- start fresh.
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 Miracles,
Anna
Anna,
Here is the information you requested
Mortgage Balance – $151,549.00
How many payments are you behind – None yet
Current Value – $165,000.00
Current Payment – $1130.87
Lender – Wells Fargo
Investor if you know who it is – Freddy Mac
Total GROSS income – $2460.00 including unemplyment, starting June 1st, my unemployment will drop and it will go down to $1812.00, without unemployment my monthly income is $684.00
Monthly Property Tax – Included in payment
Monthly Homeowners Insurance – $24.00 (association covers most)
Monthly HOA – $170.00
Catherine,
Based on a balance of 151,549 with the floor rate of 2% and max term of 40 years the lowest mortgage only payment is 458.93
then you MUST add back in the property tax , homeowners and hoa – you did not give me the property tax that I needed to help figure this out …. so you will have to add all those figures to the 458.93 this is your TOTAL LOWEST PAYMENT as your property is worth more than you owe you cannot variate from this.
then take the total number you get and divide this by 31% and that is the LOWEST your income can be to qualify for HAMP – so the 1812 will not cover it and neither will the 684.00 –
You have to try to stay within the 2460 range –
Here is the HAMP Directive Guideline in regards to unemployment income –
Unemployment Benefits. Evidence of the amount, frequency and duration of the benefits (usually obtained through a monetary determination letter). The unemployment income must continue for at least nine months from the date of the application. The duration of benefit eligibility – including federal and state extensions – may be evidenced by a screenshot or printout from the Department of Labor UI benefit tool, which is available at http://www.ows.doleta.gov/unemploy/ben_entitle.asp.
I would contact them – and tell them that you feel that you qualify for HAMP – ask them what income they used for you – you need the higher amount (do you have any roomates or household contributions?) – THEN PUT IN A COMPLAINT IN WRITING put on top ” PLEASE ESCALATE MY LOAN TO THE EXECUTIVE OFFICE FOR REVIEW” and put in the HAMP Guideline and CC Freddie Mac and the FDIC Sheila Bair – That is what I would do.
“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,
Anna Cuevas
http://www.theloanmodguru.com – HAMP Calculated Full Document Preparation -
Called the number that you posted and it is to the late payment department. Go the round around. After being sent to default prevention department once again I was told that the decline was due to not meeting the interest rate, loan to value, and gross income and that they had no more information that they could give me due to the system being down. I was told that I needed to call back and that they could provide me with the information. I told the peson to have someone call me today. 5 pm came and nothing. I call back and this time I was told the the investor declinded the mod for the same reason. I asked to get the details and was told that they could not give them to me because they did not have them and that they would be on my decline letter. I asked who the privet investor was and was told that they can not give it to me over the phone that I need to send in a fax request who the lender is.
I then told that there is nothing I can do and should look into a short sale, something with a dede, or walk away from the house. I asked to speak with a manager and was told “what so you can complain”, there are many people that are declined and want to speak with a manager and there is nothing we can do”.
I got the person to place me on hold and was on hold for about 15 minutes. evey 5 minutes the person came back and asked if I still wanted to wait. after the final time I go hung up on. I am on hold with a different person that is review the account right know.
I also have type a two page letter that has an over view of what I have faced and to have someone who can review all department notes and give me answers to being declined as well as see the run around with my account and the mistakes that have been made. I faxed this to the department that you have the fax number too.
I am keeping the faith and know something will work out. I also spoke with Financial Recovery USA and have reviewed my information with them. They have said that every looks good to meet the needs for HAMP. I am wait to speak with Trinity Financial on Thursday to talk with the bank and get the information on the decline.
Thank you for having this site for people like me to have a place to go to vent and receive great information and keep God in mind.
Hello David, Most important I believe is that I told you to redo your application and send it in directly to the address I gave you – do not waste your time calling – I did not mean for you to call. I believe it is best to put a good detailed letter together and mail your package in to the address I gave you. Push forward David you can do this. Don’t call and get transferred to collections that will not get you anywhere. Please put together an organized package and mail it in – then they have to give you a response in writing – because this time it will be the HAMP program.
That is my opinion- I think you can do this yourself if you dedicate your time and be determined to make it happen.
Observe therefore all the commands I am giving you today, so that you may have the strength to go in and take over the land that you are crossing the Jordan to possess – Deuteronomy 11:8
Expect Miracles,
Anna
Hello David, What is the latest – are you mailing in a new package like I suggested?
I will lie down and sleep in peace, for you alone, O LORD, make me dwell in safety – Psalm 4:8
Expect Miracles,
Anna
I sent out a new package that I received for B of A a few days leter. I think it came from my letter to the above fax number you gave me. I called today and got the run around from them and will call in the moring. I have number for the H.A.M.P department. 877-767-0669. I still have not recieved the decline letter from March 15th. I asked to have that resent so I can review and find out who holds the loan.
Thanks for your help and God Bless you for all your work.
I pray ever day that this wil work out and I can move forward with my other issues. God has given me a little tast each time showing me the light that everything will work out. I just had one of my credit card companies settle an account under 50% from what my bill was. I did this with his help and my faith in him. I know that this will work as well. I just need to let go and have full faith.
Thank you again.
Hello David –
You have to do the “natural” and let God do the “SUPER”!
I would suggest you writing a letter to the Office of the President and explain everything you have been through. Tell them everything in detail. When you are writing the letter call in the Holy Spirit to guide you and also guide the reader of the letter to also do the right thing. If you do this for everything you do you will begin to see the miracles all around you.
As far as I see in the guidelines people are only kicked out of the HAMP program for not making your 3 trial payments, put this in your letter and let them know how long you have been at this.
It is so normal to go through this, keep in mind that B of A is not only bombarded with B of A loans but also Countrywide loans and the merger of all the employees – it is bound to be a confusing place for not only the customers but the employees as well. They have several systems with different information going through each one not to mention all the changes. I am NOT by any means saying this is ok what I am saying is that we have to see the reality of why things are the way they are. You can change this with your continued fight, do not let anything get in your way – always be courteous and call in the Holy Spirit to guide them and you. You are your best advocate so you have to stay on it. I know it is hard but try to overcome the frustration, have inner peace and nothing can break that unless you let it. You can do this!!
If you forgive others for the wrongs they do to you, your Father in heaven will forgive you. Matthew 6:14
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Anna,
I am still waitng to hear from B of A on the program. I did receive a request for a few more documents and sent them in on May 4, 2010. I have called the Hope departmant making sure that they received the information. I am then told that the account is under reveiw still and that it will take 30 to 45 days untill the account is reviewed again.
I just faxed over to the MHA Escalations Unit an second letter requestion all information on my home loan form the start of the loan to current state as well as requested that someone review all deparment notes to see what I have been dealing with trying to keep my home and work with the bank.
I the same letter I state several times that I am trying to work with the bank to keep my house and that i need someone to contact me that is able to give me answers.
Anna,
I have just spent the last 2 hours on the phone with B of A. Spoke with the Home retention department and the HOPE team memeber. Was to this morning that all paper was in and no one has been assigned to the account once again. This last phone call i was told different. I was told that someone was assigned to the account and that it would be requested that they contact me in 72 hours.
Also stated by the HOPE team memeber was that my paper work faxed in was not clear in the upper left coner. This is was the satple for a tax return is at and the bend in the paper could be effecting the modifaction. Also stated to me was the the request set out for paper work is general and that if there our problems with paper work sent in that it will not be stated.
I informed that hope team member that this is the first time this has been mentioned and that for the past two moths the paper work the is being request has been with the bank. I have called in had a hope team member review the account and state that everything is ok. I have requested that the HOPE team escalate my account as well as the Home Retention Department.
I also found out or was told that the MHA escalation department fax number does not go to a department with that name. From my understanding is that it goes to the Home Retention Department. the paper work is scanned in and just stay there with out being reviewed. I had to request the these faxes and that my account line for line, call for call, document by document be reviewed by some department with the name presidental department.
Is there some way to get a class action on B of A with regards to how modifactions are beeing handled?
David,
wow the staple thing is ridiculous, I know it is so frustrating to be going back and forth. From my understanding they have about 3 systems and unless they look at all of them they may not really now what is going on. Call in the Holy Spirit as you write it to guide you.
My suggestion is that you write a letter and overnight it to the office of the President at Bank of America and detail everything you have gone through and what you need.
The only thing you can do is write a letter to the Treasury department and Sigtarp but this is just for statistics, it will not necessarily help your cause, but I always suggest you do it so they now what is going on, and hopefully bring about change.
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.
Anne,
I am still fighting to get this mod. I had B of A send me my paper work from a temp mod back in 08 to review inforamtion on the loan. When I signed the paper work I had a payment of $3,192.13 and my loan increase to $710,274,09 due to back taxes of $18,710. The loan paper works states that after a years time my loan would increase 1% and payment would be $3655,76 for 480 months and then a ballon payment after.
When I first started to look to get the current mod and have a permanet mod on the loan my payment went up to over $5k I made a few calls and was told that the payment increased due to an escrow account of $18,700 that was added to the loan at the turn of 09. I told the rep that the escrrow was was added to the loan already when the temp mod was signed. I was told that it was not. I did not have the paper work and did not want to fight so I applied for the current mod. Thinking the mod would take maybe two months. I would just not have to deal with the problem and that I would be ok.
Up to date. I have become behing on my payment and escrrow account has been made for my account again to handle the current mod and the last 2 months of payment are in an escrrow account not being applied to my loan. I receive copies of the loan doc for the temp mod back in 08 and see that the esccrow as been added in 08 and that my payment should only be $3655.76 for 480 months.
So know I am facing credit report problems, late fees, and on the phone with the bank.
What lawyer in socal can help me out and what can I do to recover the hours of hold time, stress, lies from the bank, and credit damage?
So I have contacted a few lawyers and wait for them to review my paper work. I also have been on the phone with many departments with B of A. Got a new number for a department HFI which is part of the H.R.D. 888-325-5357. Cherly was the rep. I received. she was great stayed on the phone with me for about 2 hours and found that the bank states that I am missing docs. that I have sent in. I informed her that the docs were sent in over a month ago. I was placed on hold. As I was on hold I called the Hope team and found that one of the docs could be viewed but ther others could. Cherlycame back to the phone I informed her what hope told me and she placed me on hold. Came back about 5 min. later and stated that the hope team told her super they did not have the docs. I spoke with Ryan Henderson from HRD (super) got his direct line and informed him what I was told not more then 5 min ago.
Ryan told me to fax the info again and that I could call him in 3 days. I hung up called hope team and found that this person was able to see all doc. had this person call HRD. he informed Thomas in HRD that they have the paper work and I was transfered to Thomas. I informed thosam about the 2 hour phone call and Thomas spoke to Ryan who is in the same office. Thomas came back and gave me a direct fax number to him to fax over the docs in question.
I will do this this weekend and call Ryan in 3 day to see were I am at now.
what a mess.
I also filled with OCC. This is like a BBB for banks. I should hear back fro OCC in about three weeks.
Here is the lastes news with B of A .
I called B of A today at 2:59 pm because I did not receive a call ryan Henderson at 12:15 as he said he would. ( Are we surpzied?). I called his direct number and he did not pick up. So I called the back gave the rep my info and then the rep tells me that they are transfering me to the Presidental Office or something like that. I am on hold for about 15 min. and a new rep picks up stating some like Customer Resouce Advicate. I asked is the was the pres. office and she said same thing. She tells me that they just received my complaints and that a woman by the name Michelle Lousie will contact me to handle my complants and to review my HAMP mod and how things are going. I was told that i will get this call for the rep with in a few days. The department needs to review the account.
I was also told that the all docs are in place for the review of the HAMP program.
I also heard back from the lawyer I contacted about the breach of contract from my temp mod back in Dec. 08 and he needs me to write a letter stating what has happened and that it looks like I have a case. he will review with the other lawyers next week.
i will post the phone numbers I have for everyone who is facing problems once I get this Pres office or customer advicate number.
I was told by the bank that they do not have detailed information on the decline. I was also told that by law and by rules of the program the bank does not need to inform me who my privet lender or investor is.
Is this true?
A little update for everyone.
I spoke with a company they called the back and tried to get the information why I was declide with me on the phone. B of A told them that they could not give the information over the phone and they had sent out a letter explain everythink. Tow days later I receive a FED EX letter with information requesting me to send in Finacial information, bank account info, copies tax information, monthly break down of bills, and sign a paper so that bank can get tax paper work.
I received today a letter dated April 7th stating that they received my information on March 17 and that they are reviewing my account. The paper also states that if i don’t continue making my monthly payment that I am trying to lower I may not be able to get into the program. I called the bank to get a clear understand and to inform them that I have been making the same payment for the past 5 months and that it is lower then what I should be making. The person could only tell me that If i get past 60 days that i will be forced out of the review process.
I asked if the bank had receive my information from FED EX and the person could not tell me. They just said that i was declined on March 15th and that they do not know if the packet I go was automaticly sent out or if the bank wanted to try and get me in the program again. I asked how can the bank hold me to 60 days and yet they can take 88 days so far and still have no answer for me.
I am wondering if there is a way that customers of B of A can come together and have a class action law suite on the mis handling of the accounts and number of mis-informed employees giving information to people trying to keep there homes.
Thank you Anna for your response. I am a little gun-shy with the bonus. I don’t want to give them any excuse to deny me.
As for the rental, I think it would be safer that way. In a previous e-mail you advised me to bring in an additional $800. Does that take into consideration that Citi will only factor in 75%? Please advise.
Thank you again!
Amelia
Hello Amelia – you are so welcome! No the $800 does not account for the 75% –
Stay strong: “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
Hi Anna:
I went thru all of my e-mails and did not find the HAMP paperwork. Can you please e-mail to me? Also, I have not received the denial letter as of yet. I anticipate that it will be arriving shortly. Just a few more questions:
1) Should I dispute before re-applying?
2) Would you be willing to review my paperwork before I re-apply?
I want to make sure my figures are in line with the guidelines.
Thank you and God Bless you!
Amelia
Hello Amelia,
Yes I will email it to you – I definitely think you should dispute before reapplying you want to see what went wrong so you can fix it and that is the ONLY way you are going to know that information.
I really prefer if you can post as much of the info here as the sole purpose of this site is to … tend to more people at once and help lead as many as possible down the right path –
I can give you my opinion on how it looks though – just make sure you have the full explanation of the denial first so we can go through it together. I am here for you.
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect miracles,
Anna
Hello Anna,
I feel so blessed that i found your site i am also trying and fighting BOA to modify my loan on my condo for the past 10 months. I really need your help and advice. After 4 different reviews since late May last year I was denied on March 1st 2010 and did not receive any documents from the bank yet why I was denied but the cust service only could tell me due to Debt income ratio which is not making any sence to me, I asked for explanations and got no where and on March 9th demanded to be put back for review and sent them back recent income info and so on…
Also late January was served with law suit or foreclosure suit the package from county court the one that BOA attorneys file and i had to respond in 20 days, which I did by certified letter to both court of clerk and the bank.
I am trying to keep my home. Just to give you some brief description on finances: GMI is $2,917 Net is $ 2,324.
Loan Balance $88,136 – original was $110k.
Mtg Monthly Pmt – $695.28
Association (HOA) Monthly Pmt – $447.00 -insurance/cable included in the amount
Property Taxes are Not Escrowed – I pay yearly from my tax refunds – this year I paid $1,436
Just to mention, my income was around 4k less when I obtained morgtgage in the first place in 2007 and the reason I was able to pay it for almost two years due to down payment and monthly 695.28 was coming from relatives due to on my salary alone i wouldn’t be able to make it. So when that help was no longer there unfortunately due to economy hit all over the globe I notified bank immediately to see what can be done to lower my payment before I default and they dragging and delaying as you can see and I am terrified that foreclosure which is in progress but no sale date at this time is heading my way and I have no idea what to do next. Is there anything I am missing or not doing correctly to get this modification approved? Thank you very much and God Bless You for all your work and helping all of us in this situation right now to let us know it is light at the end of the tunnel and I pray we all save our homes.
Respectfully, Anna T
Hello Anna – Ok well to me you look like you should qualify- Where is your modification process at right now? is it declined or in process?
Have you physically applied for a HAMP directly? Call them and request a HOLD on all foreclosure – let them know you are sending in the HAMP package –
work on this first – make sure you use the HAMP Application – they have to respond in writing – stay on top of your dates, check in here with me and let me know what is happening and then I will help you with the next steps – you are not alone!!
MHA Escalations Unit
PO Box 941408
Simi Valley, CA
93094-0070
fax : 866-261-6472
Come to me, all you who are weary and burdened, and I will give you rest. Take my yoke upon you and learn from me, for I am gentle and humble in heart, and you will find rest for your souls. For my yoke is easy and my burden is light.
Expect Miracles,
Anna
Hello Anna,
thank you very much for your response. As of March 9th Modification is in review again, and as I assume it should be under HAMP but they took my information over the phone and just told me to fax income documents but no one ever mentioned an application for HAMP to be filled out and return to them. I will contact the bank again as I usually do few times a week and verify. I asked last friday and was told no sale date and forecloure still open but not moving forward at this time due to review in progress, but the big question is how long they can postpone the foreclosure process or more important how long can I go with out payments by Florida laws until I get this resolved? They do not take any payments at all, was told until it gets resolved no money accepted but when I call they ask if I want to make payment, they have no idea what they doing over there, unbelievable. I will try to get more useful information tomorrow and let you know the outcome. Thank you very much.
God Bless
Anna
Hello Anna,
If your file is in review, most likely they took your application over the phone, call and verify you are being reviewed for HAMP – from now on I suggest everyone fill out a paper application for better tracking and accountability from the lenders, as they have new checks and balances that they need to adhere to. Also within the next few months it is the ONLY way you even will be considered for a HAMP modification – makes sense to start now. They can postpone the sale many times, I have postponed sales for over 1 yr – the amount of no payments has nothing to do with law to the best of my knowledge – I know in California it doesn’t and I really don’t thing anywhere else for that matter BUT I am NOT an attorney and I cannot give legal advice only my humble opinion and interpretation of the guidelines. The best thing to do is to take a deep breath and call in the Holy Spirit to guide you because the back and forth is normal and if you know upfront going into this that you will be going through this process it is much better because at least you are aware IT IS NOT JUST YOU – this is the way this loan modification process is all around – I wish it came with a warning label. But now you know so it is best to have as much inner peace, belief that you will make it happen, confidence and knowledge — I promise in the end you will come out of this stronger than ever before in your life.
Keep checking push them and if you don’t get the right answers right a letter and mail it to the address I gave you asap – meanwhile I am here for you!!
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
Anna:
I was verbally denied on or around March 5, 2010. How long does it take to receive the denial letter? And will the lender suspend all foreclosure proceedings if you are disputing the denial?
Amelia
Hello Amelia – Per HAMP guideline :all Borrower Notices must be mailed no later than 10 business days following the date of the servicer’s determination that a Trial Period Plan or official HAMP modification will not be offered.
If the borrower, or the borrower’s authorized representative, requests the specific NPV values orally or in writing within 30 calendar days from the date of the notice, the servicer must provide them to the borrower within 10 calendar days of the request. If the loan is scheduled for foreclosure sale when the borrower requests the NPV values, the servicer may not complete the foreclosure sale until 30 calendar days after the servicer delivers the NPV values to the borrower. This will allow the borrower time to make a request to correct any values that may have been inaccurate.
Upon written receipt from the borrower of evidence that one or more of the NPV values is inaccurate, the servicer must verify the evidence and if accurate must re-run the NPV calculation if the correction is material and is likely to change the NPV outcome. Other values not affected by the correction do not need to be changed from the first NPV calculation. If the borrower identifies inaccuracies in the NPV values, the servicer must suspend the foreclosure sale until the inaccuracies are reconciled. Servicers are not required to provide the numeric NPV results or NPV input values not enumerated in Exhibit A. **which I have listed in my article regarding NPV
Trust in the LORD with all your heart and lean not on your own understanding; in all your ways acknowledge him, and he will make your paths straight – Proverbs 3:5-6
Expect Miracles,
Anna
Hi Anna,
Just wanted to give you an update on our situation. We managed to have the auction sale date extended to April 30th and just received notification that we failed the NPV test again from OWB. We have become extremely pro-active with this and have you to thank for the information we needed to deal with the situation. We continue to send out letters to FDIC, HAMP Escalations, Senator Feinstein, OWB and the OTS (Office of Thrift Supervision) We are still working with our HUD counselor who has also become pro-active in regards to the NPV test. He has a commitment to keeping people in their homes because he lost his.
Pressure is building in regards to the model that is being used for the NPV Test. With only a 4% success rate, it is giving pause to a lot of people in regards to the data they are using to evaluate borrowers. Hopefully people in high places will examine the model and understand that the failure rate is unacceptable. In our case they input only 40% of the income we had submitted.
Senator Feinsteins’s office called today to clarify some of the details of our request for help. We heard back from the OTS and have filed a complaint against OWB. Our HUD counselor also jumped in today with a severe email directed at OWB and the OTS regarding the reliability of the NPV Test and the factors used in the evaluation.
This needs to be changed at the core level and I encourage everyone facing short sales or foreclosure to take their complaints to the next level and contact everyone they can think of to change this situation. HAMP is supposed to give hope to people facing lost income and lost jobs. The test they are running only benefits the lenders and investors! If the housing industry does not recover the economy will not recover! Get out there and save your homes people!! Miracles DO Happen and they start with belief and action! God Bless…..
Hi Cheryl,
I am so proud of you – you have been working so hard and I can feel your determination and your bright shining light. I am so glad that the old Cheryl you spoke to me about is BACK!!! I am so glad that even a little bit of my humble wisdom or knowledge could help you pull out all the stops and FIGHT!!!!
Keep us posted we want to hear about all of your success and progress –
Love the LORD your God with all your heart and with all your soul and with all your strength – Deuteronomy 6:5
Expect Miracles,
Anna
Hi Anna:
I am going to call Citi to see when they sent out the denial letter. On another note, I have 2 investment properties. 1 property in Florida, I have decided to let go. The other property is rented; however, I have decided to retain for tax purposes. The rent pretty much covers all the expenses. Do you know if I could get disqualified for retaining that asset? Should I let it go? My main concern is to keep my home and if that means letting go of the other property, I will.
Thanks for all you do! God bless you!
Amelia
Hello Amelia,
Having an investment property is not a disqualification – you can hang on to it – just make sure you are calculating it right – because that rent is taken at 75% – mortgage, insurance, taxes and you definitely don’t want to forget about this when working on getting your numbers right-
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
Hi Anna,
Thank you for your response on 2/21. I am so sorry I thought the response would come via email and now am kicking myself for not looking at your site earlier. I have just a couple questions but thanks for your advice as I guess I see what you are saying.. mainly my situation would not be profitable for the bank since I have equity??
1) your response – if they were within guideline and lower your payment to 2% and 40year term the principal and interest payment would be 2209.87 and then add the 1475 tax and insurance you would be 3784.87 and thus needing a 11,886.68 total gross income to get you to qualify – there would be no principal deferment as you are not underwater and would not be profitable. Question – my income with unemployment is over 11,886. I left that out of our calculation above. Do they use unemployment in income?
2) To qualify and get my loan down to 729,750 would use most my assets (so say they cant look at me having savings). But even if say I can get appraisals at the low of 1M, I am still considered to them as having plenty of equity right? So why lower it to 729750 from current balance of 888 as that just gives me more equity to them?
3) If i use my equity line (0 bal line of 250k prime-3/4) to pay down current loan then overall I am still debt in house of 888. But will Wells Fargo only worry about their loan which is now at 729750 and not care that I have the other debt with a second line (pac natl).
4) If I use my equity line (i can ‘hide’ my savings). I only mention this as it seems from other post there are people who make more than I do monthly and mention having retirement savings, etc.. but they seem to get help. Bottom line – is Wells able to deny me because we have savings? Seems as if other people have savings too why do I have to spend mine?
5) appreciate your advice on what to do but question… Why would Wells not do the HAMP (at 2%) but then possibly agree to do 2% for 5 years thru another program. Isn’t the profitability to them still the same?? Confused… as you say forget the HAMP as not profitable for the bank but ask bank to reconsider 2% for 5 years then 3.5%. Isn’t the HAMP program the same (2% for 5 years). Thanks, maybe I dont understand the HAMP versus doing something with the bank itself.
6) I want to do something soon-
a) i can borrow on my equity line to get loan to 729,750. But if Wells then sees this as using 729,750 as debt to appraised value of 1M, is this just completely a waste of time for me. Or will they see that the other 160K (888-729) is tied to my house and with another lender on second line. As I could possibly get the appraised value in at 900 but no way below 900 so if Wells is only going to look at first, then they will deny me as they would probably whether have me sell or foreclose to get the 900 in sales and pay off their 729. They dont care about me having to pay off pac natl or do they? i.e. the first & second would still have to be used for my debt of house compared to appraisal value? Either way – I never told you I could use an equity line to get it down to 729,750. Should I completely just still forget this idea of trying to get a HAMP approved as you suggest.
b) I have equity and they for sure consider this correct for the HAMP and all programs?
c) They do look at whether or not you have savings? Why does it seem like other people post and say they have savings but it does not seem to come up that they have to use theirs?
d) when you say the bank has to be profitable… just curious. Lets say i did qualify and they did the hamp for 2% 40 year term. how does the bank figure out the profitabilty of that versus me selling my house or foreclosure?
e) people on your site mention BP calculation. What is this?
f) last question and i guess most important as I think you are saying HAMP is just not for me. If I try to get Wells to do something outside of HAMP, what do they use usually for the back end ratios? i.e. I know the debt to income for your mortgage (house, ins. real estate) should be around 31% of your income. But what should ALL your debt to income be – around 55% or lower? I know when you refinance banks usually are somewhere between 45-55% but when I first tried to get help from Wells they denied me because they said my overall debt to income was WAY TO HIGH and that I would never be able to pay even if they modified my loan. So I dont want to get into that issue again. Should I try to keep my debt to 38%, 45, 55% WHAT?? THANK YOU!!!
… I guess I write too much! regardless of HAMP also, if my equity line is 2.5% (prime -.75) and my new wells calc based on cmt will be 3.15% would you still pay down some of the first and use the cheaper rate or since it is tied to prime and could change easier than my loan (can only change once a year), it is not worth the delta?
Hi Anna:
I’m keeping in touch with Citi. I finally spoke to someone on 3/30/10 who said that my file was closed on March 18, 2010 and the denial letter was sent to my BK attorney on March 25th. I called my BK attorney on 4/2/10 and they said they did not receive the letter.
I called Citi again today and they said that they did receive discharge paperwork for 3/12/10; however, the trustee still has to close the file. So, in essence it is still in BK status. I asked the rep to see if she could resend the letter out to my attorney and she said that I had to request from the BK dept and they were all in a meeting at the moment.
I will call again tomorrow. Can I still submit the request for NPV values if I haven’t seen the denial letter? I am just concerned that time is passing by and I still haven’t seen the letter. Citi refuses to provide me with a copy since the Trustee has not closed my file. I know I should not worry, since this is buying me time, but I don’t want to cut it too close.
Let me know your thoughts!
Amelia
Hello Amelia:
I am glad that you are on it! You are going to have good results if you stay on it – things are changing and for the better!!
Here are some new changes in regards to the BK – I would just send a letter asking for your denial in writing! and you can add the verbiage for the NPV if you would like, or you can wait and document on the letter that you have not received any denial as required per HAMP as of 04/05/2010 -
As a result of the new guidance, servicers are required to consider a borrower in bankruptcy for HAMP if the borrower or the borrower’s bankruptcy counsel asks for help. The guidance also includes new features to facilitate the process for them. Keep us posted!!!
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
Hi Anna:
I just mailed off my letter to Citi. I requested another copy of the denial letter as well as requested the NPV calculations. I copied Judy Keim (executive response unit), Vikram Pandit (CEO), Phyllis Caldwell & also Kinesha Williams (loan processor). I have had nothing but issues with Kinesha. She never returns calls or e-mails. I hope with all the pressure that I am putting on the Executive level team, that Kinesha gets her act together and puts together a response with all of the values. I am also considering writing Diane Feinstein just as Cheryl had mentioned in her earlier e-mails.
I feel empowered and encouraged by God’s mighty hand. I pray that He would move these individuals to respond in a timely manner.
Amelia
Amelia,
You are doing a great job!! You can do this, I know it! Send it to everyone – it does not hurt for you to cover all of your bases. The more they hear from people the more then they can make the right changes to process and policy. It is when we stay quiet that we cannot get things changed, they can’t change what they don’t realize is broken – so in all fairness we have to let them all know. By the same token when things are good, when service is good we should also take the time to let them know -Keep calling in the Holy Spirit to direct your words and guide your every move and the bank too -it works!!!! God is so awesome!!! I just love him soooooooo, and he is CRAZY about you!
He said… If God be for us who can be against us,
who can separate us from His mighty hand?
If God be for us… who can be against us?
we can win the battle if for God we stand
Goliath stood there boldly, defying Gods army
there stood little David, but he didn’t stand alone.
He said, “In the name of the Lord, I come against thee”
He slew that giant with a sling and a stone
He said… If God be for us who can be against us,
who can separate us from His mighty hand?
If God be for us… who can be against us?
we can win the battle if for God we stand
The lions were roaring, fierce and hungry
Daniel knew the one he served would bring him out.
The king cried, “Daniel, has your God delivered thee”?
Daniel cried, “The Lord has shut the lions mouth”.
Expect miracles,
Anna Cuevas
Loan Mod Guru
Hello Anna, I just found out who my investor is! FEDERAL HOME LOAN MTG CO – does that mean this is freddie mac after all? (I checked the fanny and freddie websites but they both said my loan was not one of theirs.)
im confused, i think.
-silvia
Hi Silvia – Yes if that who your investor is then yes that is Freddie Mac – loans can continue to be sold from investor to investor and Fannie and Freddie are buying troubled assets all the time.
“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 MORE Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna:
I may have stuck my foot in my mouth. I figured I was going to be proactive and sent off a letter to Diane Feinstein and also called HUD. HUD and I went thru the numbers and now they want to submit my loan modification request to Citi. I am requesting that they not send it because I want to wait for the NPV values.
As I was writing this e-mail, the HUD counselor came back on the phone and said she received approval to put the loan modification request on hold for 30 days. Hopefully, by then, I should have the figures from Citi. I didn’t realize that HUD had the ability to send the loan modification request (expenses/income) to the lender.
I didn’t want to jeopardize another denial. I think I am jumping the gun when I need to be still.
Amelia
This is a list of what the servicers are supposed to do but what if they don’t do it – just refuse? WHAT PENALTIES ARE THERE TO SERVICERS WHO ARE NOT COMPLYING WITH HAMP GUIDELINES? None I guess. We were denied HAMP yet again, every day we call we get a different reason as to why we were denied and they refuse to give me the numbers they used, refuse to send me a written notice telling me why I was denied HAMP after I totally complied with the trial plan and payments and the refuse to disclose how they calculated the NPV test. Every thing I read tells me what the servicers are supposed to be doing but nobody can tell me how to make them do it…. We are with Wells Fargo and I believe our investor is Citigroup
Hello Kristen,
Take a deep breath – I understand how you feel it is sooo frustrating, I just worked on one with Wells Fargo with the same issue – BUT – I fought it and I sent several escalation letters and cc’d the Treasury and the FDIC and whalla …. I got my answer they used the wrong income.
I would suggest, however, that you run your numbers to make sure you know where you are, exactly – They are currently not down with the principal forbearance on most loans and if your home is worth more than you owe its definitely NOT going to happen so it is a good idea to work your numbers forward and backwards.
for every action you take, call in the HOLY SPIRIT to guide you and them – it works – sugar gets you farther than vinegar, too
Expect ONLY miracles,
Anna Cuevas
Loan Mod Guru
Dearest Anna,
Miracles DO Happen!!!! We passed the NPV test and are cautiously optimistic at this time. We want to thank you from the bottom of our hearts for all of the information and inspiration you gave us that helped us get to this point! We also want to share with everyone a Novena to St. Jude. You do not have to be Catholic to pray this prayer. Take 5 minutes out of your day for nine days. The results are amazing!
A Novena is nine days of private or public devotion to obtain special graces. The number nine in Holy Writ is indicative of suffering and grief. It is used by people who are searching for answers, healing and personal needs.
NOVENA PRAYER to ST. JUDE
O Holy Saint Jude, Apostle and Martyr, great in virtue and rich in miracles, near kinsman of Jesus Christ, faithful intercessor of all who invoke your special patronage in time of need, to you I have recourse from the depth of my heart and humbly beg to who God has given such great power to come to my assistance. Help me in my present and urgent petition. In return I promise to make your name known and cause you to be invoked. Saint Jude pray for us and all who invoke your aid.
Please help in my present and urgent petition.
(speak your petition here)
In return, I promise to make your name known and cause you to be invoked. Saint Jude, pray for us and all who invoke your aid. Amen.
After reciting the Novena, say
3 Our Fathers – 3 Hail Marys – 3 Glory Be’s
OUR FATHER
Our father who art in heaven; hallowed be Thy name; Thy kingdom come; Thy will be done on earthas it is in heaven. Give us this day our dail bread; and forgive us our trespasses as we forgive those who trespass against us, and lead us not into temptation; but deliver us from evil. Amen
HAIL MARY
Hail Mary, full of grace, the Lord is with thee; blessed art thou among women, and blessed is the fruit of thy womb, Jesus. Holy Mary, Mother of God, pray for us sinners now and at the hour of our death. Amen
GLORY BE
Glory be to the Father, and to the Son, and to the Holy Spirit. As it was in the beginning, is now, and ever shall be, world without end. Amen.
Hello Cheryl,
I am soo excited and Happy for you!!! Keep us posted, I am sure you will get MORE miracles!! I gave my son Jude as a middle name in honor of Saint Jude – The Novena is a great way to pray!! Thank you for sharing this with our friends.
Anna Cuevas
Loan Mod Guru
Hi Anna:
I am so inspired by Cheryl! My fight is just beginning once again. Today, I just received a letter indicating that if I did not pay $52,024 (arrears), $1,498 (late fees) and $469.50 (delinquency related expenses by 5/8/10 that foreclosure proceedings would begin. My heart sank, but I realize this is all a tool of the enemy to get me depressed and to lose my faith. That is not going to happen!!!
I still haven’t received the NPV values from Citi per my request of last week. I believe you had advised that they have 10 days to respond to my request? Hopefully, I will get the information soon so that I can go ahead and resubmit quickly.
Just to clarify, Citi cannot begin foreclosure proceedings while they have a pending HAMP file, correct?
Thanks, Anna for all of your help!! I appreciate your support!
Amelia
Hi Amelia:
Keep in mind that the letters continue – they are all automated – if your file is being officially reviewed for HAMP then they are supposed to postpone any sale dates – there is new directive out on this but not officially out yet – I would follow up like a hawk and make sure you escalate if you have to if you were to get a sale date. Don’t give up – don’t let anyone get you off your path – but YOU MUST DO YOUR OWN FOLLOWUP to make sure your home is not sold from under your nose – it matters to you more than to them SO stay on your case!!
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
Please email me with information regarding my situation
My icome after my husband died in Sept, 2009
SS $2133 + Pension $1152 total $3285
My mgt, is with Wells $405,000 and equiyline $87,000 with Wachovia
no other debt, credit score excellent
Done business with Wachovia for over 20 years never ever been late on payments
What would you think chances are of getting HAMP my hardship is my husbands death and income is a lot less
Please email me
God Bless
Chrisitian friend
Hello Susie, I am so sorry to hear about your husband. It must be so tough on you picking up the pieces.
I would love to help you but I need a little more information –
How much is your prop tax and insurance? do you have an HOA fee?
How much is your home worth? http://www.eppraisal.com or http://www.zillow.com
how much is your current payment?
Praise God, the Father of our Lord Jesus Christ! The Father is a merciful God, who always gives us comfort. II Corinthians 1:3-4
Expect Only Miracles,
Anna Cuevas
Hello
I made my final trail payment this month and all trail from 1 to 3 were in time. I have not received any response from bank yet-Indymac.In my today’s call to bank I was told to wait for 30 days from the last due date of payment. I am not sure what the bank is trying to do.Please suggest
Raj
Hello Raj
It is normal that you do not get a response right after your last trial payment, I have seen many delayed 60-90 days – Just stay on it and keep checking in on it – keep us posted. I am here for you.
When you say a prayer, He (Holy Spirit) is in every word of it, and like a Holy Fire, penetrates each word.
John of Kronstadt
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
Been strung along fighting for my house for almost two years, leaving it impossible to get caught up. In a way I guess that was good because it allowed me the time we needed to get our income back up. Back in 2008 GMAC modified our loan. It provided no relief as past due was put a back of loan and and they put it at a 40 yr arm instead of a 30 yr arm and increased my interest rate from 8.50 to 10.45. Not knowing we had options we signed it thinking it was the only way we could save are house. We were about 20,000 behind at that time. Orginal loan was for 380,000. With this in mind it didn’t take long before we were in the same boat. Income kept getting worse due to the economy. Husband is self-employed and when ecomony gets bad his business is very slow. We did what ever we could. Months went by that we couldn’t make payments. GMAC wanted us to come up with crazy amounts of money to catch up in three months. After awhile they started to let us make reduced payments that were temporary. This put us even farther behind. Then we couldn’t make our tax payment on house. They paid it and upped our monthly payments even more. At one point we had to file bankruptcy Chapter 13. Credit was all used up and credit was destroyed. Past due on home so couldn’t file Chapter 7. Couldn’t keep up with Chapter 13 payments and still high mortgage payments so it was dismissed. Good only that it stopped the foreclosure date giving us time to increase income even more. Continued down the road of missing payments and making temporary arrangements with GMAC. Quite making payments on everything else after bankruptcy dismissed to focus on mortgage, we have been fortunate that creditors haven’t really bothered us after bankruptcy was dismissed. Cut bills as much as we could, gave back cars during bankruptcy that had lease payments and bought something outright that was cheap. Only have one vehicle now. When HAMP came out we applied. Went through all the same things as everyone else, missing paperwork, different answers from different people etc. We were denied twice before they gave me the three month trail period. Said if completed would be permanent. Finished but then denied for HAMP and then for inhouse. Told income was insufficient. Spent the last few days trying to figure out what they are looking for as we have had a significant increase in income from when we started the trail period. I would appreciate any insight you could give me as I am reapplying. My principle is 399,423.37. Past due is 84,067.49. Money in suspense is 2,520.67. My loan is a 40 year arm finished in 2046. The reason I was turned down for modification each time for insufficient funds. When talking to different people from GMAC was told they used (guessing for in-house) 70% of principle which they said was 279,596.00 (don’t know if they were going to put the other 30 percent on back of loan or reduce principle, and they put it to 40 years and cut my interest rate by 50% and I still didn’t have enough income for that. My income they used were 5,500 a month with expenses of 6,845. I believe I tried to use figure of 7,000 a month, but they went by my profit and loss which showed 5,500. I had sent in a statement stating we don’t receive regular checks and had a large amount we were taking in the next few month. Stated that we were somewhat seasonal having high seasons and low. Anyways that would giving us a yearly average of 7,000 a month. That didn’t fly. My payments were 1,691.00 on the trial plan and my regular payments were 4,090. Though went up slightly to 4,174 due to them paying insurance I think. Was told today that it was a difference of a few thousand a month and they would never approve that. Had a significant increase since then and trying to do Profit and Loss to figure out just how much and obviously trying to find majic number they are looking for. Person told me today that even an increase of 7 to 9 hundred a month isn’t going to do anything. According to quick rough calculations, the hamp program would be 399,423 at 40 years at 2%. That would be a payment of 1,209.56 then add the 627.31 for escrow (insurance and taxes) it would be a payment of 1,836.87 which in turn means I would have to make 5,935 (5,935 x 31%= 1,839.85) which means I have to increase my income by 435 a month. If I go by what they figured 70 percent of 399,000 which is 279,596.00 at 40 years using 5.25% interest monthly payments would be 2,022.13. meaning I would have to make 6,525 a month (6525 x 31%=2,022) so I have to increase my income by 1,025 a month. A few other things to mention are I didn’t consider the amount in suspense and also the principle says 399,423 with past due of 84,067 wouldn’t this mean I really owe 483,490. I have asked and get different answers some people say its included in principle others say some is but not all. But I know modification in 2008 had 20,000 past due and they put that at end of loan increasing it 20,000 which tells me it isn’t included. Then again in house mod used 70% of principle which they told me was 279,596 which tells me they used the 399,423. This could really make a big difference. Uggg! I’m so sorry for this long email but there are so many details. One other thing is I have alot of credit card debt and loans that were in the bankruptcy that was dismissed. I didn’t include this in expenses because we haven’t paid on them in over a year. Thought this might be a problem but no one anything about it so hope I am safe there. Do you know if they started the process where you can do HAMP while in bankruptcy? That would be my last resort if I can’t get anything done. Thank-you so much. I was so glad I found this your website. Have extra hamp papers from last time so plan on submitting them within a couple of days. By the way they wouldn’t make any payment arrangements right now and told me sending money in wouldn’t help. They said it was because I never reaffirmed mortgage after bankrupty was dismissed. Hopefully my numbers are right and I haven’t confused you (might have confused my self).
Thank-you and my husband and kids thank-you too!
Hello Kel – boy what a journey you have been on and what a trooper you are, GOOD JOB! Keep going! Be thankful that you had this extra time.
Now keep in mind that just because their BPO or appraisal came in low does NOT mean that they will lower your balance to that – Principal reductions are barely starting to come around but many of the banks are not embracing this – so are you saying they are offering you the in-house modification with a principal deferment to 70% it would be 70% of balance most likely and then a non-interest baring amount that includes the past due that will be due at the end of the term – and if it is in-house then they usually use a net income vs expense calculation vs the 31% net of the HAMP – You are doing a good job with the forwards and backwards calculations but that 70% figure is throwing me off as I don’t know where you are getting the 70%
I think I am confused…. did they offer you an in-house mod or are you applying for a HAMP ? or ? LOL sorry I don’t think I answered your question – please let me know.
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
Loan Mod Guru
Hi Anna,
Yes it is preety confusing. I’ll try to sum it up without writing another book!! I guess GMAC tried HAMP first and when that didn’t work they tried in-house. They told me for the inhouse they went the lowest they could go and still wouldn’t work. The numbers they told me they used were 70% of my balance (399,423) which is 279,596. GMAC actually gave me the figure of 279,596. Then they took my interest rate which is 10.45% and cut it by 50% and then brought the loan to 40 years. After all that it still wasn’t enough to meet my income. I’m guessing the remaining 30% of principle they would have put on back of the loan. As far as the 84,067 past due-not sure if that would have also went on the back of the loan or if it is already a part of 399,423. Every person I ask gives me a different answer. From your reply it sounds like you are saying the past due is not included in principle which that is what I think also. If I am figuring this out right, I think an income of approx. 5,935 a month should be sufficient for HAMP, which I can show that. But the 85,000 past due really throws me off. Should I be adding that amount to the 399,423 and then do the 2% at 40 years or should I work the numbers without the 85,000? Yikes, all these numbers are driving me nuts!! Thank-you so much for replying and for any thoughts you can send my way!!
Kel
Hi Kel,
I like to add it in to my calculations so that I know exactly where you really stand for HAMP so I would just figure 399,423 40 yrs 2 % 1209.56 plus tax and insurance / 31%
***- but for the principal reduction you don’t have to because I believe that modification would be an inhouse vs HAMP based on net income vs expenses, call and snoop around about the program without giving your loan number- say you are trying to figure out the guidelines for this program how does it work – etc. (*this option would be my preference, you can always go back and apply for HAMP but I would push for this program) Pray to the Holy Spirit before you call ask him to guide you and the person on the phone at GMAC –
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 Cuevas
Loan Mod Guru
Sorry I forgot one more thing-they wouldn’t give me appraisal amount on house (didn’t I have to pay for that) but I do know the house next door is for sale at 289,00. I’m guessing they won’t get that. epraisals come back at 270,000 and willow at 273,000 with cyber at 333,000. They do have me listed at 4 bathrooms when I only have 2.5. though I guess that don’t matter much. Once again thank-you for any help you can give me.
Kel
Hi Anna, i can’t find where i posted before..but here is my question. we are behind 2 months now..we are trying to apply for HAMP..but we just found out that our invester is not participating in the program. and the inhouse floor rates they are offering do not help us much. what are our options?
Thank you Anna for your reply. you are an angel wanting to help people in need..
We have two loans, one of those 80/20 loans. first one was for $350,000 with Carrington Mortgage services, originally at 9%, got it reduced to 6% about year and a half ago. Monthly payment: $1939
Second load for $87,000, with Saxon, originally at 12%, got it down to 4%. Monthly payment: $418
Home estimates
zillow: $476,000
cyberhomes: $282,000
eppraisal : $376,000
Gross income: $4900
Property Taxes per month: $141
Insurance per month: $133
Here is my question. Our main loan is with Carrington Mortgage Services. they are the official list of lenders/servicers that ARE participating in HAMP. it says so on their website, and couple of times i applied before, they required the docs for HAMP. Last time we did not qualify, because our mortgage was coming up to only 28% of the gross. Now we are close to 2 months behind, and i was told that the private investor on our load does not participate in HAMP, but they can offer us an in house Mod at 5.125%…well, this is not that much help for us. if our investor does not participate, then why do they run our file thru HAMP? and how can we find out who our investor is? In the last denial email they sent, it said that because they signed an agreement with the treasure dept, they are required to run our file thru HAM to see if we would qualify..but we did not qualify, as we were already under 31%..what is this all about?
Hello Nicole,
I have been able to get great results from Carrington Mortgage – If your investor does not participate in HAMP then what they most likely do is a net income vs expenses analysis –
I would take a good look at your numbers and then write an escalation letter to the executive office at Carrington explaining what you need – it has to be reasonable – if there is alot of foreclosure activity going on in your neck of the woods I would also spell it out to them get the comparables from your cyberhomes spelling out the pros of modifying your loan –
are you in need of just some payment relief? For the in-house modifications I am seeing a 5year plan then going to the 5.125 which is about the going rate if you had to refinance and obviously much lower than the original 9%… thanks be to God.
I think you can get yourself some relief – unfortunately investors are not forced into participating in HAMP just because your servicer participates(I wish I had better news about this, but things change daily) – but the servicer has to run it because they participate and then when they present it to the investor they could say yea or ney — anyhow investors start accepting HAMP all the time – investors that previously didn’t all of a sudden do so keep trying – DON’T give up you are close. Request a 31% payment and you are looking at $1519 on the 1st.
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 Cuevas
Loan Mod Guru
Hi Anna,
So my principle is 399,423. My past due is 84,067. You said you would add principle and past due together (399,423 + 84,067= 483,490) and then work the numbers for hamp. So that would be 483,490 at 2% for 40 years. Is that what you meant? Or just do the 399,423 at 2% for 40 years? I will try calling GMAC and see if I can drag any information out of them as to what numbers they used for the hamp.
Thank-you,
Kel
HI Kel,
Im sorry I thought your 399,423 was including the past due — yes I would still add it to make sure the figures are enough to cover this – but I would really try for the reduction they had offered and that would be off of a net amount – snoop around – build rapport with someone at GMAC and get them to give you the way they figure the program ask if they use net or gross for the reduction program they had looked into offering you. Thats what I would do.
“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
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Income is 1240 monthly gross and social security 491 and my niece contributes to the house. I work for a school district so then I have 3 months of no income but they had me on the HAMP and on a trail payment then when I called after the last payment it was denied and I asked why but no could give me a reason and they still have me making my trial payment until they get a decision. I have been at this since 10/2008 and all they are doing is racking up the fees.
Current payment 792.00 p/I
Taxes 1630 yr
Ins 1034 yr
Arrears 10 months
Hoa 230 yr
Wells fargo is my lender
Investor I believe barclay/ asked if it was Fannie Mae or Freddie they stated no
I was reviewing my original loan docs and the are some huge errors.
Hello Vet – I don’t know what you owe or what your property value is – please let me know so I can help you calculate this.
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?” 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.
Expect Miracles,
Anna Cuevas
Loan Mod Guru
I currently owe 113,000 at this moment.
The county valued my home at 108k and the highest I have seen is 119k but they had to their properties.
I talked to them Friday morning and started asking a lot of questions and no one could answer them. I was advised that I denied due to investor guidelines but they have no knowledge of what they are. I also started asking about my original loan amount that I financed since they showed I financed 113,905 but my TILA form shows whole other number so I asked so many questions they couldnt answer I am so frustrated with Wells Fargo right now.
THank you
Anna
Vet,
I am sorry that they were not able to answer your questions, did you talk to more than one person? have fun with it keep calling, call in the Holy Spirit to guide you on the calls -build rapport with the reps and see if you get further along – I would put all my questions in writing and request that they be answered, make a detailed letter with all of your concerns and issues – just be confident with your numbers and your the package that you have submitted – keep fighting!
Ok here is what I see – first of all the Social Security is calculated for HAMP at 125% – now is the income you gave me with or without the months you do not work? take your yearly gross and divide by 12 –
so based on all the gross income the 31% is 551.41 – then minus tax, insurance, hoa (135.41,86.17, 19.17)= 310.66 max mortgage only payment – so based on 2% lowest floor rate, 40 year max term – the loan amount would be at 102,587 which is under what you owe – you may be just a tad short on income, if this investor is not willing to cut your principal to 102, 587 which most wont want to do this, yet anyway?
You might need a bit more income- can you rent a room or get anyone else to contribute?
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
Hi Anna,
My niece contributes and has written a letter stating she will provide $800 a month to assist me also any additonal income. They have asked me to submit a new financial worksheet and income again which is done every 30 days.
THank you
Anna,
I sat down and email both EVP and VP of Wells Fargo and received a call immediately after. They have assign me to a specialist who is the only person who is handling my file now. I asked why I was decline but he stated it was due to insuff income. I informed him that all the financials were incorrect and no one had the same information everyone had their hands in the jar.
I am not sure if I did the DTI correct but they sent me another HAMP package overnight.
Here are the following numbers
Income: 1240
SSI 491
Rental of niece: 800
total $2531
Barclays is the investor that holds here is the current standing at this time.
Original Amt $113,9k
Rate: 8%
480 term
PITI $1054/ taxes are now $133 HOI $86 PI $792
11 months behind
Home Value : 105,500
taxes were lower due to loss value
Vet,
That is great that you were able to escalate your file, great job – here is what I see:
1240 income
491 ssi is grossed up to 125% (non taxable) becomes 673.75
800 rent x 75% occupancy factor (some lenders give you all of it some don’t= 600
1240
673.75
600
=2513.15
x 31%
=779.08 + tax 133+ HOI 86 = 998.08 this is the new payment PITI – only about 56 less than what you have now.
take 105500 @ floor 2% and 40 year term = 319.48 + tax 133, hoi 86 = 538.48 divided by 31% = 1737.04 what your income would have to be which you should have been fine in the 1800 – 2000 income range – what did you previously submit?
“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,
Anna Cuevas
The Loan Mod Guru If you need more complex assistance and guidance more services are available on http://www.theloanmodguru.com including Customized Home Affordable Modification program calculations and one on one coaching.
I submitted the same information and they advised me that they use the net income and not gross income.
I was approved for a mortatrum but I informed them that i wanted to a new package so now we are again back with submitting new docs and paystubs.
They used the gross of 990+587 SSI and my niece increased her rental to 950. I have about 5k right now and I am not sure if i should submit that for payment on the iate amount. Right now I am dealing with one rep from the presidents office and with a one negotiator. What do you think?
Vet,
If they are using net and not gross then they are not processing you for HAMP – If you pay the past due right now it can throw you out of the programs, that is not advisable so just save that money so you have some reserves.
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.
Hi Anna,
Several months ago, I was denied for a modification even though 80% of my income goes to my mortgage. I was sent the denial letter back in January, then I luckily came across your website. After hearing my story, you recommended that I send a formal letter to EMC to request for a “line by line” for figures used for the denial. After waiting months to get an answer from them, I finally got a call from the UNDERWRITER and he said “we do not have to send you a line by line explanation and the denial letter is enough justification for our decision. Also that the request made by me was incorrectly read and there is no such guideline for them to follow.”
Current mortgage : $406,000; house value : $425,0000
Monthly payment $2452 interest only @ 7.25%
Monthly gross $5,416
Any Suggestions?
D.K.
Hi D.K.
They do have to give you the NPV values per the HAMP guidelines they MUST follow so you do have the right to that info – sometimes the underwriters do not know their own guidelines trust me I used to work for a lender and have witnessed this first hand. I would escalate this matter. NPV guidelines and directive can be found here
I cannot give you other opinions on the details you sent me because you did not send all the complete details.
how much is your prop tax, insurance, HOA? KEEP FIGHTING AND DO NOT GIVE UP!!!!! YOU CAN DO THIS
“I do not trust in my bow, my sword does not bring me victory; but you give us victory over our enemies, you put our adversaries to shame. In God we make our boast all day long, and we will praise your name forever” – Psalm 44:6-8
Expect Miracles,
Anna Cuevas
Loan Mod Guru
We have been on the trial plan since June 2009 with EMC . A representative called us informing us of HAMP in May 2009 and it looks like we prequalify based on all the information we gave him. They recieved all the paperwork without a problem. I called every week since Sept 2009 to get updates concering my modification and told they are working on it. In October 2009 was told we were approved and we should reccieve paperwork within a few weeks for us to sign. Never did recieve any. Due to falling behind on everything over the past 2 years we had no choice but to file Chapter 7 in Nov 2009. All of the sudden things went haywire. EMC accepted payments up until February 2010. Then they refused to accept the payment. Note all payments were done over the phone with the loan modification people. It took 4 weeks to finally clear the whole matter up. At ths time I was informed we were now 10 months in default but not to worry they are working on my modification again. Well April 2010 recieve a letter from the CHASE/EMC Fufillment Center denying us for the HAMP program. Reasons given 1. We are current on our mortgage payments….with trial payments yes but in reality NOT and 2. There is enough equity in our home…….WHERE??? We owe according to them 290000 and according to Zillow our house is valued at 313000. After calling them in regard to the letter Eric(a loan modification representative) stated these letters are standard letters sent to all denied. Also informed me that the investors refuse to approve a HAMP for us Who are my investors?? Stated that is inhouse information and could not tel me. After looking at my bankruptcy papers found out it was originally LaSalle Bank which sold it to Bank of America.
What do I do now??? They are tryig to do an in house modification for us which will raise the trial payment we have been making by $400.00!!! They never submitted any monies sent to escrow instead all have been put into suspense until the original full payment was fufilled. What can we do now to correct it all?
Dear Anna,
First let me begin by saying thank you for replying to my request for help with this.
Here are the figures you requested
1. Mortgage balance is 292,587
2. Second mortgage is 51,541
3. Value (Zillow) 290,000-310,50
4. BOA 12/2009 (bank) 280,000
5. Taxes monthly 517
6. Insurance monthly 120
7. Was 4 months behind plus 1 year taxes 5/2009 now after 11 months of trial payments they claim we are 14 months behind plus 2 years of taxes.
8. Gross income(husband)4414
me(ssd) 865
Va disability 243
daughters payment from my SSD of 436 will cease in Nov. 2010 because she turns 18.
Total income monthly 5522 without daughters payment
5958 with daughters payment
My mortgage servicer is EMC and the investors I am unsure of. In the bankruptcy papers the papers the lawyer sent say they represent Bank of America. It also states in those papers that there is no equity in my home and that we are behind on payments. The letter they send me for denial and the papers from the lawyer contradict each other.
I dont understand why we were denied at all. It doesnt make any sense to me when my sister was approved and sent final paperwork within 4 months and we were denied after 11 months. A representative said I should be thankful they are willing to do an inhouse modification considering we filed bankruptcy.
I am grateful for your kindness at giving us some guidance
EL
Anna,
I made a mistake with the mortgage balance. The principle owed is $266, 000 while the rest is taxes, insurance payments made by them and not sure what the rest is. Probably late fees, inspection fees and anything else they feel like adding to it.
Thank you
El
I applied for HAMP with Bank of America and called every two weeks to find out where my app was in the process. I was consistently told that it was “under review”. I just received a letter telling me that I am not eligible, with the reason being “Trial Plan Default”! I didn’t even have a trial plan in place! I called BOA and got someone in their call center in India….fought with the guy for almost an hour over the incorrect information and got not resolution! Now I have to hire an attorney. By the way, it took them 6 months (started the process 12/2/09) to deny me! Great program! NOT!
Dear Anna
We received our trial loan modification docs today! We want to encourage everyone reading this not to lose hope. It has taken us almost a year. We have been on the brink of foreclosure and the auction of our home for 9 months. The anxiety and fear can cripple you and make you lose hope.
So we want to thank you Anna, because you gave us hope and the tools to fight!
Our payments were $3,792 per month which did not include $10,000 per year in property taxes and $2,000 per year in insurance. Our new payment will now be $2,400 per month which includes property taxes and insurance. This is a number that we can afford.
Write to everyone, Senators, Congressmen, News media, the FDIC, the Treasury. Demand ONE point of contact with your lender and get his/her email address, so you’re not going through hurdles every time you call and can reference this person when writing to officials! If you can afford to keep your home with a modification…. Do not give up! MIRACLES DO HAPPEN! ….. BELIEVE!
Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you. Matthew 7:7
Cheryl – All Glory Be to God!! Congrats!!
Miracles are all around us! Amen
Anna Cuevas
Loan Mod Guru
Hello Anna,
Please find below the information you requested. Thanks to provide feedback on the best way to get the bank to explain in written why I was denied a loan mod. When I received the letter, it only states…
Income
X Failure to meet income criteria
Current Loan is “Conventional without PMI ARM” Interest Only
Mortgage Balance – $334,705.00
How many payments are you behind – 0
Current Value – $292,953
Current Payment – $1,825 (total payment including Insurance + taxes)
Lender – Chevy Chase Bank (A division of Capital One)
Investor if you know who it is – Freddie Mac
Total GROSS income – $9650
Monthly Property Tax $260.79
Monthly Homeowners Insurance $66.5
Monthly HOA (if you have this) $65.00
Hello EAB – if your gross income is 9650 – the HAMP calls for a 31% payment = 2991.50 including taxes and insurance
your current payment is $1825 including taxes and insurance so the HAMP is higher than what you already have –
The HAMP loan modification would not be your option. I hope this helps to answer your question as to why your received the Letter – You may be able to apply for an in-house modification but not HAMP – call the bank and ask if they have other modifications available – most in-house or traditional non-HAMP modifications use NET income vs total expenses to work up the modifications.
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 Cuevas
The Loan Mod Guru
Thanks Anna,
I also asked for the in-house mod option but Chevy Chase refuses to tell me why I was denied under a no-HAMP option as well. I have sent faxes, e-mails, left several VMs what can I do to get them to write a written explanation as to why I was denied. Is the OCC the best option to file a complaint if they continue refuse to provide a written explanation? or are there any other options…
I also have a second lien with Chevy Chase $69,900 and currently paying $562 a month. They also refuse to change this loan as well….I have asked to combined both into one but same response…thanks to advice..
Hello EAB – You are welcome – I am sorry it is not better news – Well it is clear why you were denied for HAMP but how does your Net income vs Expenses look like?
Not being behind is going to be a big factor if your income is inline with the 31% and if you are not showing eminent default for other programs –
Have you tried this site CHEVY CHASE BANK TELL YOUR STORY
I Would suggest knowing your numbers first because for example HAMP we know you are out – - but verify the other numbers are reasonable and what the outcome you want is and if that is reasonable.
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
I will help you.
Expect Miracles,
Anna Cuevas
http://www.theloanmodguru.com
Thanks Anna for your wonderful responses. I thank God everyday I found this site. Here is the requested info:
Income (Net Income) $6,767.6
Fixed Expenses Total – $5647.78 (mortgage payment + utilities + Credit card payment)
Remaining – $1119.88
Budget for Food and Misc- $800.00
Budget Gas $160.00
Net after Expenses – $159.88
I also wanted to tell you that I received mortgage audit results from CMAC (Free thru NACA), they found violations. How can I potentially use this information? I was thinking of filing a complaint with the OCC and writing my congressman (including the violations). What do you suggest? Should I tell Chevy Chase about the violations? I just don’t know what else to do?. My mortgage will reset in July and I want to avoid missed payment and potential chapter 13 if everything else fails. I just don’t understand why banks won’t negotiate with folks who are about to go into default. I have been fighting since October of last year.
You are welcome EAB – I am glad you found “our” site too!!
Why don’t you call and ask what programs they have available – call several times and see if you can get a representative to tell you what programs they have. –
Then I would write a letter and mark the top ‘PLEASE ESCALATE TO THE EXECUTIVE OFFICE” I Would explain what you just said here that you are a great customer and you are worried about the rate changing and you are having a hard time and do NOT want to go into default – attach the report and cc all of the entities you can.
I think if you have violations you need to find an attorney that would be willing to take your case – you can send it to the OCC and Congressman but it is not likely they will do anything with it.
But you can write a formal letter to the FDIC as well and request help – Let me know – I am here
Matthew 21:22 and all — as much as ye may ask in the prayer, believing, ye shall receive.’
Expect ONLY Miracles,
Anna Cuevas
Thanks Anna,
I asked about other programs but according to them, I don’t qualify for their traditional loan mod as well, they say it is Freddie MAC (investor) imposing the guidelines, is this true?. Is there a way to contact Freddie MAC for assistance?. If I send the letter to Capital One which department or what address do you suggest I send the letter to?. Also a letter to FDIC, where do I send it.
I want to get out of this vicious 6 month cycles starting in July when the mortgage resets. This conventional ARM as set by the London rate will change dramatically as interest rise in the future.
You are welcome EAB – Here is the information for your letter! Let me know how it goes!! Remember to call in the Holy Spirit before you write the letters – to guide you and the reader.
Freddie Mac escalations and borrower Outreach is : borrower_outreach@freddiemac.com
FDIC
Chairman Sheila C. Bair MB-6028
550 17th Street, NW, Washington, DC 20429
Capital One Executive Office of the Chairman
Mr. Richard D. Fairbank
President & CEO
Capital One Financial Corp
1680 Capital One Drive
McLean, VA 22102
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
” Therfore let it be Known to you that the salvation of God has been sent to the Gentiles, and they will hear it” Romans 1-28
Hola, Anna escribes espanol? espero que si.My esposo es el del prestamo pero el no escribe espanol, pero yo soy la que trata de investigar sobre el “HAMP Progam” Hicimos el Trial, todo bien termino en Diciembre en Enero nos dijeron por telefono que habian negado la Modificacion Permanente Pero hasta el 4 de Mayo recibimos la razon por escrito y fue en un “In house Loan Modification ” pero cuando hablamos con Indymac nos dieron la impresion de que nos querian hacer creer que era el HAMP Program y que los papeles eran la Modificacion Permanente. Lo unico que teniamos que hacer era firmar y mandarlos. En los papeles dice que no calificamos en el “HAMP Program” y los documentos no son una Modificacion permanente es otro Trial pero “Indymac Trial” Que es esto? piensan que la gente no sabe leer? pero siempre nos han estado diciendo cosas que tratan de confundirnos nos calificaron con 2008 income y descalificaron con 2007 income. Siempre tomamos notas con fechas,nombres,sus numeros,lo que dicen.Mandamos pedir NPV test,la razon or la negacion en escrito,nunca ninguna respuesta hasta hoy,que podemos hacer la documentacion con la que calificamos ha sido la misma hasta hoy pero ellos dice que el income cambio y que hacemos bastante dinero para hacer nuestro pago normal, pero el income que ellos hablan fue el que mi esposo perdio en 2007 cuando perdio su trabajo.Gracias a Dios encontro trabajo y por eso aplicamos por el programa aun tiene el mismo trabajo. Queremos aplicar de nuevo nos puedes ayudar con algunas ideas? Gracias Lorena Dios de Bendiga Gracias por las escrituras
Hola Lorena, Si hablo espanol –
Lo que pasa es que cuando no te approvaron para el Programa HAMP.
Le recomiendo escribir una carta a la oficina executiva y cc a el FDIC Sheila Bair , Treasury: Phillis Caldwell- con todos los detalles y fallas de el processo
Pero le recomiendo hacer los calculos de los ingresos para encontrar la razon que no recibio una modificacion de HAMP – esto es MUY importante!!!
“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)
Espere SOLO Milagros,
Anna Cuevas
The Loan Mod Guru
Anna,
I have been unemployed since May 29, 2009 and collecting unemployment. I have yet to find a Job that will pay as much or more than my unemployment.
I have been able to pay my Mortgage payments on time up untill now, by using my Savings (which is gone) and my IRA (which is also gone). When the recent change to the HAMP program came out to include people on unemployment I immediately started the paper work to apply. My mortgage is with Wells Fargo and backed by Freddie Mac. For the last 6 weeks I have gotten the run around by Wells Fargo, everything from losing my paper work, to having it sent to the wrong people, given false information on numerous occasions, and laughed at when I began to cry from frustration. Today I was told over the phone that I was denied because they were “Unable to Achieve the Target Payment”, after pressing them to tell me why they said it was because they could not count my Unemployment as income. I thought that was what the revision was about, and the temporary help for 3 to 6 months was untill you get a job and can then apply for permanent Hamp if necessary, but they said I needed proof I would receive unemployment for the next 9 months. According to Unemployment I have 40 weeks left, but I can only prove that in writing for the next 13 weeks (I start Federal EUC Tier Two on May 30th). II then called the MHA Help line and they told me the new program that allows unemployment income to count doesn’t go into effect untill July 1st???. I just cannot seem to get correct information from anyone. Do you have any suggestions as to what to do next?
Thanks
we have been working with gmac to get loan mod but sadly it came back denied 4 times. now that the house will be auction on end of this month. what to do? is there anything else that we might have missed it? we have worked with hud certified counselor but it did not do much help either. anything out there?
Dear Mrs. Cuevas:
I was refered to your blog by my sister whom you have helped greatly, and whom has obtained her Loan Mod with your advised and expertise.
I have a loan mortgage with Indymac/Onewest Bank. Since 2007 I have acquired a Mortgage Loan with Indymac/Onewest Bank, due to lost of one of my jobs and decreased of my rental/salary Income besides a diagnostic of my mother of Breast Cancer, which make me expend lost of days with her at the hospital, game a hardship, I then contacted Indymac in 10/2008 for help as I was falling behind on my payments since 09/2008, I was given a Modification Offer in 04/2009 where I was asked to make trial payments, which I religiously paid, but where in turn returned to me, I then became denied for the Modification. I reapply on 07/2009 and after submitting all documentation according to their guidelines, I was then denied again. As all this attemps failed, I decided to attend a NACA Save The Dream Event on December 13, 2009, where I was then gaven a 30 day forbearance of 1,200, which I never received any noticed ot that, I called the bank and NACA every week, and they always came back with the same response “We are reviewing information and will contact you in case we need additional information. At the Naca event, the Naca negotiator said my net income to ratio at 31% at that time was 11,551. I received a letter dated 04/26/2010, the letter basically, said the following: IN REVIEWING YOUR LOAN FOR A POSSIBLE MODIFICATION, WE HAVE DETERMINED THAT YOUR LOAN DOES NOT QUALIFY FOR HAMP BECAUSE THE FINANCIAL INFORMATION I HAVE SUBMITTED IS OVER 90 DAYS OLD. ONCE YOU SUBMIT YOUR VERIFIED FINANCIAL INFORMATION YOU SUBMITTED IS OVER 90 DAYS OLD. ONCE YOU SUBMIT YOUS VERIFIED FINANCIAL DOCUMENTS, IT MAY TAKE UP TO 30 DAYS FOR THE COMPLETION OF YOUR LOAN MODIFICATION APPLICATION REVIEW. DURING THIS TIME, IF YOU ARE ABLE TO MAKE ANY MORTGAGE PAYMENTS, WE RECOMMEND THAT YOU DO SO IN ORDER TO AVOID ADDITIONAL LATE CHARGES AND CREDIT REPORTING DETERIORATION ASSOCIATED WITH DEFAULT. PLEASE NOTE THT SUBMITTING YOUR FINANCIAL INFORMATION FOR CONSIDERATION FOR HAMP DOES NOT GUARANTEE THAT YOU WILL RECEIVE A LOAN MODIFICATION.
I will kindly appreciate any help you can give me in this matter, I was never contacted by either Naca or the bank requesting updated financial information, and I feel this is just a way of this bank to denied my application.
To give you a more detailed information, please see my loan information as follows:
Mortgage Balance – $352,000
How many payments are you behind – since 10/2008 until present time
Current Value – $268,098
Current Payment – $3,140.98
Lender – Indymac/Onewest Bank
Investor if you know who it is – uknown
Total GROSS income – $4887.57 (including my wife income and rental income of $950.00 per month), * In case I would need to verify my income further than 5/01/2010 will be based then on Unemployment $1824(my wife income is approx. 1,344 plus rental of 950.00 per month)
Monthly Property Tax – Included in Mortgage Payment
Monthly Homeowners Insurance – Included In payment
* I am really scared as I just got unemployed, on 5/1/2010, I am looking for another job like crazy, as I know my situation will be worst if the bank finds out I am now unemployed, even though I have just resubmitted my application with an income of $4887.57 and expenses including mortgage payments to approximate $4843.90, which gives me a surplus of 43.67.
Can you please help me, I am very worried and have three children, one in college, one in high school and the little one going to high school next September 2010, they are terrified to loose their home, and I have no heart to tell them we are loosing our place.
All your cooperation in this matter will be highly and blessed.
Thank you in advance for your help.
Mario Nunez
Mario R. Nuñez May 14, 2010 at 4:55 pm
Your comment is awaiting moderation.
Dear Mrs. Cuevas:
I was refered to your blog by my sister whom you have helped greatly, and whom has obtained her Loan Mod with your advised and expertise.
I have a loan mortgage with Indymac/Onewest Bank. Since 2007 I have acquired a Mortgage Loan with Indymac/Onewest Bank, due to lost of one of my jobs and decreased of my rental/salary Income besides a diagnostic of my mother of Breast Cancer, which make me expend lost of days with her at the hospital, game a hardship, I then contacted Indymac in 10/2008 for help as I was falling behind on my payments since 09/2008, I was given a Modification Offer in 04/2009 where I was asked to make trial payments, which I religiously paid, but where in turn returned to me, I then became denied for the Modification. I reapply on 07/2009 and after submitting all documentation according to their guidelines, I was then denied again. As all this attemps failed, I decided to attend a NACA Save The Dream Event on December 13, 2009, where I was then gaven a 30 day forbearance of 1,200, which I never received any noticed ot that, I called the bank and NACA every week, and they always came back with the same response “We are reviewing information and will contact you in case we need additional information. At the Naca event, the Naca negotiator said my net income to ratio at 31% at that time was 11,551. I received a letter dated 04/26/2010, the letter basically, said the following: IN REVIEWING YOUR LOAN FOR A POSSIBLE MODIFICATION, WE HAVE DETERMINED THAT YOUR LOAN DOES NOT QUALIFY FOR HAMP BECAUSE THE FINANCIAL INFORMATION I HAVE SUBMITTED IS OVER 90 DAYS OLD. ONCE YOU SUBMIT YOUR VERIFIED FINANCIAL INFORMATION YOU SUBMITTED IS OVER 90 DAYS OLD. ONCE YOU SUBMIT YOUS VERIFIED FINANCIAL DOCUMENTS, IT MAY TAKE UP TO 30 DAYS FOR THE COMPLETION OF YOUR LOAN MODIFICATION APPLICATION REVIEW. DURING THIS TIME, IF YOU ARE ABLE TO MAKE ANY MORTGAGE PAYMENTS, WE RECOMMEND THAT YOU DO SO IN ORDER TO AVOID ADDITIONAL LATE CHARGES AND CREDIT REPORTING DETERIORATION ASSOCIATED WITH DEFAULT. PLEASE NOTE THT SUBMITTING YOUR FINANCIAL INFORMATION FOR CONSIDERATION FOR HAMP DOES NOT GUARANTEE THAT YOU WILL RECEIVE A LOAN MODIFICATION.
I will kindly appreciate any help you can give me in this matter, I was never contacted by either Naca or the bank requesting updated financial information, and I feel this is just a way of this bank to denied my application.
To give you a more detailed information, please see my loan information as follows:
Mortgage Balance – $352,000
How many payments are you behind – since 10/2008 until present time
Current Value – $268,098
Current Payment – $3,140.98
Lender – Indymac/Onewest Bank
Investor if you know who it is – uknown
Total GROSS income – $4887.57 (including my wife income and rental income of $950.00 per month), * In case I would need to verify my income further than 5/01/2010 will be based then on Unemployment $1824(my wife income is approx. 1,344 plus rental of 950.00 per month)
Monthly Property Tax – Included in Mortgage Payment
Monthly Homeowners Insurance – Included In payment
* I am really scared as I just got unemployed, on 5/1/2010, I am looking for another job like crazy, as I know my situation will be worst if the bank finds out I am now unemployed, even though I have just resubmitted my application with an income of $4887.57 and expenses including mortgage payments to approximate $4843.90, which gives me a surplus of 43.67.
Can you please help me, I am very worried and have three children, one in college, one in high school and the little one going to high school next September 2010, they are terrified to loose their home, and I have no heart to tell them we are loosing our place.
All your cooperation in this matter will be highly and blessed.
Thank you in advance for your help.
Hello Mario- Sorry It has taken me a couple of days to answer I am at a conference all this week from early in the morning until late at night. I am sorry about your mothers diagnosis, I too had cancer last year, ovarian cancer. I will be glad to help you- I need to know how much the property taxes and insurance are even if they are included. We will work up the numbers and help you fight for your home so that you do not have to worry about losing it – you can do this Mario, call in the Holy Spirit and he will also guide you!!!
Expect Only Miracles,
Anna Cuevas
The Loan Mod Guru -
Thank you for replying to my mail, I am very sorry to hear you have gone through Cancer, believe me, having my mother gone through that has been devastating. But god is great, and his love is unmeasurable, therefore he has gaven both of you a new begining, to continue helping others.
In reference to my insurance and property taxes, the information is as follows:
Insurance $643.18
Property Taxes $77.33
I have no words to thank you enough for taking your time to help me in this matter, as I explained in previous message, have three children and they, my wife and my mother, we are all terrified to loose out homes, and also we have heard so many scary stories regarding Indymac/One/west Bank, but I have faith that god will support me and keep us in our home
I have submitted the application about two weeks ago, based on the information as of my previous email. Any advised will be highly appreciated.
I thank you in advance for your cooperation and will look forward to hear from you soon.
Sincerely yours,
Mario Nunez
Anna,
Thanks for your reply,
Just to clarify, I have a 30 year Mortgage and my Taxes are $165.50 per month. Unfortunately it looks like my Unemployment amount is definately changing to the lower amount on the 1st of June, Although I confirmed the amount and my new total monthly Income will be $1970.00. They also told me that since it was denied, I have to start over and reapply when I get my new Unemployment letter.
Do you think I have any chance with that Income ratio, or should I just wait untill I find a job, and then reapply. My concern is how long will the program run.
Any advise would be appreciated.
Catherine,
You are welcome – Depending on how advanced your default is – you could technically apply with your new unemployment letter and see where it goes, and then if you are denied then reapply once you get your job -that way you keep the ball in motion. That is what I would do, unless you are early in the stage and you need a couple of payment relief months.
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
Anna,
As of today, I have never missed or been late with a mortgage payment.
However, I have no savings left to subsidize my income, and with my cut in unemployment, I don’t know how I will make my June payment.
I was really hoping to at least get some temporary relief, but they never even offered that.
Catherine,
I know this is so frustrating but you will get through this –
Well then would I would do is reapply with the unemployment letter – to get into the lower trial payment – Call again right away when you get the letter, so you can get that relief. Call them back if you do not get a helpful person on the other end – escalate it to a manager if necessary. Tell them you do not want to be late but you are going to have to be if you don’t get relief – call in the Holy Spirit!
I am here for you.
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
The Loan Mod Guru
Dear Anna
I submitted this information previously but have received no answer, it is the answer to your question regarding the Insurance and Property Taxes.
In reference to my insurance and property taxes, the information is as follows:
Insurance $643.18
Property Taxes $77.33
I have no words to thank you enough for taking your time to help me in this matter, as I explained in previous message, have three children and they, my wife and my mother, we are all terrified to loose out homes, and also we have heard so many scary stories regarding Indymac/One/west Bank, but I have faith that god will support me and keep us in our home
I have submitted the application about two weeks ago, based on the information as of my previous email. Any advised will be highly appreciated.
I thank you in advance for your cooperation and will look forward to hear from you soon.
Sincerely yours,
Mario Nunez
Dear Mario,
Ok this is what I see –
4887.57 x 31% = 1515.15 this is the max PITI payment Principal, Interest, Taxes, Insurance with this income
It looks like you should be pretty close – because 352,000 that you owe @ the lowest 2% and maximum term of 40 years = 1065.95 + tax 643.18 and insurance 77.83 = 1786.46 total payment
now is your home worth less? and Indymac does not like to see a deficit – you need to make sure you lower your household costs to get you to around 200 surplus after all the expenses (this is not a HAMP requirement but Indymac – One West Bank like this.
Due to popular request for more personal assistance I offer a professional bank ready custom HAMP calculated package with one on one coaching with me it is available at http://www.theloanmodguru.com
“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,
Anna Cuevas
The Loan Mod Guru
Hi, Anna,
I got your response to me and read through the attachment you sent to me. Prior to my sending my loan modification papers to my mortgage, Ocwen, I went to this website and learned a lot from it. I discovered your website only first part of me. Wish I know about you then. Thank you.
As I mentioned on my previous email, that I hired an attorney’s office and they applied a loan modification in my behalf last Nov 2009. It was modified on 12/09 and got finalized on 2/2010. That time, I had 2 income. That modification was a traditional one which I did not until later.
On February 22, 2010, I lost my 2nd income since the lady that I was taking care of moved to Pennsylvania. This affected my financial situation greatly since I lost $1500/month income. So, then I asked the Atty’s office to get in touch with Ocwen to modify my loan based on the loss of income. They won’t do it since I already sign the papers. I called Ocwen then and asked if I could still apply for a HAMP. They said, I could. They also told me that what I had right now is a traditional loan modification. I was thinking all along that I have HAMP when I hired the atty. I got the idea of HAMP from my friend who I referred to this attorney who was told about another reduce of her already modified mortgage payment. Then I asked them (atty) to apply for HAMP since I lost my 2nd income for me which they denied. They don’t want another work from me.
So, I applied by myself, and based from the information from your website, I could qualify for HAMP. I faxed my papers to Ocwen last Tuesday, 5/25/2010. Last night, when I logged to my account, I already have answer to my HAMP app. This was denied due to my DTI is already below 31%. I called Ocwen this morning (5/28) asking them how they reached thst conclusion. They won’t tell me. I was still asking this lady to explain to me what numbers they use to calculate my DTI. Ocwen rep said that I am not delinquent on my account, so I am not eligible for help. Said to her that I only have one income now, and I am applying to HAMP which my DTI is above 31% based on my one income since mid of February 2010. So she suggested for me to call HOPE. I called HOPE, explained to him about my case, then he escalated my case to someone. Updated this person with everything that I am trying to do. Then, she called Ocwen, conferenced me with them; HOPE lady was asking questions to Ocwen rep. To make the story short, Ocwen said that the investor who owns my loan does not participate in Obama’s program- HAMP.
Anna, what can be done to my case? I thought that all investors comply to Obama’s program. Is there a way to talk to this investor and agree to Obama’s program? Whom could I write and make appeals?
Btw, my gross income is: $3546.46 x 31% = $1099.
home payment is: $1070; $158 prop tax; $58 home insurance ; $43 for HOA = $1329
With one income, I could hardly survive. I cannot afford anyone’s services now. Even though that they lowered my monthly payment in 12/2009 when I still have 2 jobs, I find it hard to pay $1070 + $259=$1329/mo with one income.
Thanks, Ana for your help. Any input is appreciated. Sometimes, I want to give up. Being a single mom with 3 kids is really hard; I have no family to run to in case I am in trouble financially. They are in the other part of the world. All alone am I in this world is that how I feel sometimes. I am glad I found Ana in the midst of my hopelessness…Baben
Hello Baben,
I understand how hard it is as a single mom and losing your other income, I know you will find a replacement for you income – God will open a door for you, it was only the window that closed. BELIEVE!
Now did you find out who your investor is? Do you know for sure your application that you just submitted is denied so fast?
Call and find out who is your investor, and which application is denied.
Let me know – I will find a fax for you to send the package to so you can escalate it.
Stay strong and positive.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Hi, Anna!
Thanks for the response! I called Ocwen this morning, and talked to this wonderful person, went out of his way to get answers to my questions. The reason why I was denied coz Ocwen used my income before when I still had 2 jobs. That is what showing on their records. I don’t know what happened to the package that I faxed to them on 5/25/2010 which contains the current income that I have. Informed this person of my current gross income, mortgage (PITI), home ins, property taxes, HOA, then we compute it together. With that, I should be qualified to apply for HAMP. He suggested that I will fill out and send another HAMP package. He will send this to me via email….he gave me info where to fax it…
I thank the Lord in guiding me on this endeavor….and I thank u too, Anna…I learned a lot from your website…
You are exceptional person! Trying to help everybody with their problems, trying to give answers to inquiry emails. You give very informative details…and are very very helpful!
Thanks Anna!! I really appreciate your HELP!
Baben
Hi Baben!
Im glad you found a good representative that worked with you.
Yeah ! great news ALL GLORY BE TO GOD! I am so happy to hear of your successful steps – great job! See I told you you could do this! I knew it was too fast to already be declined from your last package. They normally don’t move that fast
God Bless you Baben, please let us know of your progress. We are anxious to hear your success story!!
Our Greatest Fear —Marianne Williamson
it is our light not our darkness that most frightens us
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 you not to be?
You are a child of God.
Your playing small does not serve the world.
There’s nothing enlightened about shrinking so that other
people won’t feel insecure around you.
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
Anna Cuevas
The Loan Mod Guru
Hi, Anna,
Here I am again…I faxed the package again to my mortgage on June 7 per the advice of the gentleman that I spoke to b-4. Then on 6/9/10, I received a packet with a cdrom on HAMP from Ocwen. So, I filled them out again, and faxed it to them last night, 6/10/10. This is the 3rd time that I faxed my HAMP application with one income.
When I logged in to my account online, it says that “I am not qualified for the HAMP Loan modification.’ With this, I almost going to give up…but I keept trying…
Anna, isn’t it that you have information or contact whom I could escalate my case at Ocwen? Would you help me on how to proceed on this application? Thought everything is going run smoothly and I was happy about it but then, it turns out to be different.
I almost give up but then thinking of my financial hardship right now keeps me going to pursue this goal…I don’t really understand why they kept on putting updates on my account online that my DTI is already below 31%. This was based from when I have a 2nd income..Now, I only have less than $3600/month.
Thanks in advance for your help, Anna…Thanks for your support and encouragement…Baben
I applied for HAMP through CitiMortgage last August. I was approved on the phone for the 3 month trial. Made my payments as I was told to. Month after month I called to obtain the status, since I had received no paperwork other than the original package which I received and sent back in Sept 09. I called monthly. Received a text message that I was in the final stages, so I decided to check my account online. I saw that they said they needed information, so I sent it. No letter, no nothing. Tried to access my account online and was denied access. This was last weekend, 3 days after I sent the information they say they needed to finalize my application. I called to ask why I couldn’t access my account and was told I was denied and that a letter would be sent, but I may qualify for another program they had. I asked if I should start to send the original payment, before the trial period and was told to start as of June 1st. I asked about the $266 monthly difference and was told it would be added to the back of the mortgage. Today I received a letter of foreclosure in the mail. It said I’m behind $2400, the amount of the difference between the original payment and the reduced payment they told me I qualified for. $266 a month for 9 months. I immediately called CitiMortgage and was told it was an error. Still no letter of denial and absolutely no coorespondence from CitiMortgage except for that original package of paperwork last Sept. When I was able to access my account online, it stated that I was accepted into the mortgage modification program. Is this nothing but a scam? Do us poor suckers who tried to keep our homes have any recourse against these banks?
Hi Anna
I really appreciate what you are doing to guide people toward what the government intended when they gave the big banks $25B: start helping homeowners keep their home! But after 20 months of fighting with Chase for our loan modification I am concluded that they really are engineering as many declines as possible. I think it is 3-5 times more profitiable for a bank to drive a GSE loan to foreclosure instead of modification.
We have been in a trial plan for 20 months (no kidding) and have been denied conversion to permanent loan mod 3 times. The most recent denial is because we “failed to provide the requested documents”. Oh, we provided all the requested documents several times over! And we can show we pass the waterfall and NPV tests. But in this case they asked for documents that do not exist. They want pay stubs even though we are retired and unemployed. All income is pension income (profusely documented of course).
This is a real loophole in the Fannie Mae guidelines. The guidelines are great about the rules for denial and timing of notices but they wrote the language that lets the servicer say “You failed to provide the documents we requested” WITHOUT STATING WHAT THE DOCUMENTS ARE! (Of course they sent the warning letters demanding pay stubs, but what guideline makes them ask for something that exists?)
Shame on Fannie Mae for this oversight and big shame on Chase for exploiting it.
Ed
Hi Ed
Thank you for your appreciation, that means alot to me. I know it is so frustrating and I know that at times you wonder what the heck is going on, I totally know first hand in doing this day in and day out, unfortunately it goes with the territory when it comes to modifications. You know I have several people I know working at different loss mitigation departments and the working conditions are not of the happiest, and the workload is more than you and I can imagine, I am NOT making excuses for the bank but it is the reality and the minute I saw the human side to it, even in my daily work – things began to change. The minute I became super positive and believed that at all costs I would get the job done, and I called in the Holy Spirit- miracles began to take place.
The important thing to do is get super positive and stay super positive and do not let any of these obstacles stop you from persevering. I know it sounds hokey but God is working on the best modification – think about this 20 months ago there was no HAMP – so maybe God is crafting a better modification for you-
I have learned to just laugh at those annoying obstacles, as hard as it is, trust me I KNOW! But its just like sales you need a few more no’s to get to the better YES! You will prevail Ed. Keep fighting, I can tell you are a fighter and will succeed. I am here if you need to vent. You will get a great mod! – When you reapply use the MHA form, fax it to every fax number you have, I fax it twice if necessare to 10 numbers, believe it or not, mail it, and walk it in! I know it is frustrating and a pain, but eventually you will prevail!
“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,
Anna Cuevas
The Loan Mod Guru
Anna,
Started this proces with Countrywide-trial pmts began-BOA took over the loan approx year and half ago. All new attempt to enter the MHA.It has been a living HELL.Worked closely with HOPE Foundation.Documents faxed, refaxed, all three trial pmts made.That was after spending a month for them to locate one pmt. Everyday calling to see if they had corrected their error.Continued phone calls with BOA each time being told final documentation should be there in 30days. When I would call would be told how they are one of the largest lenders-be patient.Continued requests for documents that had been provided earlier.After each time of providing sent documents would follow up with phone call to make sure they had received it.Fast forward to Feb.2010 called and received notice this was all approved for MHA Program. Last document required was counseling certficate.No problem completed by homeowner and Hope Foundation, she in turn forwarded to BOA within their portal. Called with a follow-up call to BOA-no record of certificate. Now three way conversation with BOA-HOPE Counselor .She informed BOA-it was completed and sent. They tell her to fax it.It was done -follow-up with call not received -Three way once again new fax number to fax. Followed up once again finally say they have it. Two weeks till final package.Fast forward to May 2010.Call and hear this has been denied for MHA due to trial pmts. After phone calls back and forth reach a Maria Feliz who checks into to this with her supervisor. Finds this is BOA error. Will follow-up and reverse this so called denial.She even went as far as calling homeowner to say not to worry this BOA error he is back in the program. Should receive final package in approx 2weeks. Please note still in contact with HOPE Foundation regarding this matter. She even had sent numerous letters to BOA regarding this situation.Call BOA to follow up as I have done for two years on a weekly basis.No answer to this problem.Received call from homeowner he received letter of intent to foreclose.Back and forth phone calls to HOPe and BOA.They informed me trial pmts not received and Counceling certificate not provided by homeowner in their notes dated May 19.Spoke with a supervicer who said this was denied May 19,2010.Was told at this time all programs exhausted nothing they could do. Ok BOA- too many conflicting stories. Never once has there ever been any letter of decline sent to homeowner. As I said earlier only found out during phone coversation.Called BOA yesterday had rep. read me documented notes from their file.Went as far as asking if it states letter of denial sent after their decision May14,2010.Answer to the question NO.Asked as to the status of this loan-in review.Requested all documented phone calls from the time this loan went to BOA to compare to my notes. As of yesterday spoke with a rude employee from Home Retention who told me to speak to the legal dept with BOA and hung -up. I would never trust anything this instituation has to say again.Washington should be ashamed of allowing this treatment to any homeowner. BOA sure had its hand out and is really doing nothing but pulling the wool over the eyes of homeowners, but most of all WASHINGTON. Shame on you Brian Moynihan benefitting on monies allocated to help struggling homeowners. You employ idiots, but that works to your benefit.
Hello Sue, I am sorry you have been going through all of this. I am completely on your side and understand your frustration with this process.
Unfortunately it has been the process with some of the lenders especially with all of the changes they went through at Bank of America/Countrywide. I know that we don’t know the reasons things happen the way they do but one day we will figure out what in the heck the learning experience was supposed to be. Many times I have seen people end up with a better deal in the end because it took soooooo long that new programs came into existence or the guideline changed for the better. Call in the Holy Spirit to refresh your inner peace Sue, take a deep breath, everything is going to work out for you.
I want you to write a letter and address it to: OFFICE OF THE PRESIDENT ATTN: Brian Moynihan 400 COUNTRYWIDE WAY MS SV-314 SIMI VALLEY, CA 93065 and detail all of the issues you have gone through in a letter and overnight it – put in your details and your proof of everything. Call in the Holy Spirit to guide your words and also to guide B of A to do the right thing by you. You will win. Believe!!!
Here’s a phone number I found: Countrywide Legal Dept Direct Line
Mary Archer-paralegal
972-526-3610
“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
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,
Not sure where my last email that I sent you went, but my emailed explained that once again we were denied a modification, this time it was because our debt to loan is 26% which I didn’t know where they got this number from. Anyways I figured out that they took the wrong number off our profit and loss. My husbands income is line itemized with his name and the amount he received from his business as income. GMAC took the amount at the bottom of the profit and loss statement which is the amount that was left over in the company after expenses, pay etc. This is the amount that is used to operate the company until more money comes in. My husband has a partner in his company and this money doesn’t belong to either one of them. If they took it they would no longer be able to operate and the company would go under. Anyways they used this amount and didn’t even split it with the partner giving us an income of 17,000 a month. Meaning our mortgage is 26% of our income which puts us out for the HAMP program and probobly any of GMAC’s program though it is still under review for inhouse mod. The last modification we tried for they did the same thing only it was a small amount and they had us making only 900 a month. You would think at 900 a month or 17,000 a month they would know something was wrong, especially when I have my income written in black and white as something else. Well I tried calling and no one will listen to me. They were supposed to call back in 72 hours and that was like 6 days ago. Last time I resent mod with letter stateing what they did wrong and they did correct it and put us on the trail, though denied later. Not sure what to do. We could go into foreclosure by end of the month. Thinking maybe I should wait to see what happens with the inhouse one (maybe someone will catch the error), but will probobly be denied and don’t want to waste more time. Should I wait and then escalate if denied. If so how do I do it. I keep getting the loan mod department who can’t help me with anything. Was told I could resubmit the whole package now with a letter or could just submit letter with profit and loss. Everyone I talk to has an oh well attitude or don’t know what to tell you attitude. Do you have numbers to excalate for GMAC? Is there anyone else that I can talk to or fax in my paperwork? Do they take into account that you have a business to run and just can’t steal all the money? By the way my loan is 4,445.00 a month and my income is 7,700 a month and my total expenses including mortgage and taxes, hoa and insurance is 7,583 or close to that amount. Oh and my husband’s partner was approved for his final mod and used the same profit and loss statement that we did, though he isn’t through GMAC. Don’t want to jump the gun but don’t have much time to spare.
Thank-you so much,
Kel
Dear Lord, thank you for bringing your strength to so many of us, through Anna. Bless her and her family, as she helps guide so many; finding miracles and patience in their daily lives, while helping each of them to protect their loved ones by providing a roof over their heads. One at a time she strengthens each of us to sing your praise. In Jesus name, Amen.
Shona,
Thank you so much for this blessing! All Glory be to God. I really do appreciate you sending this to me.
I relax and cast aside all mental burdens,
allowing God to express through me
His perfect love, peace, and wisdom.
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
I applied for a modification with Indy Mac or One West Bank or whatever they call themselves these days. I recieved a denial letter from them stating that I was denied because my current mortgage payment was not greater than 31% of my income as verified by them which is $5000. My current mortgage payment per the bill they send me is $3164/mo. Obviously more than 31% of my income. When I inquired about the denial they told me they didn’t have to tell me why I was denied and that I didn’t make enough money and alluded to something about my bills being too excessive even if they did modify the mortgage and again they didn’t have to tell me why. When I asked why the letter read the way it did ( telling me my payment wasn’t at least 31% of my income) they said it was a form letter sent out and told me ( for the 3rd time) that they didn’t have to tell me the factors behind the decision and then suggested I find an apartment for me and my family because I was going to lose my house. Honestly, I wanted to go thru the phone at her if I could. I don’t know what else to do. Everything I have read says I should qualify and find a way to keep our home. What do you suggest?
Thanks, John
Anna,
I want to share my story: I was working with bank of america to get a loan modification and we started contacting them since Feb, when we were current on our mortage to let them know that we were going to facing some hardship and needed to get all information to see what they can help us with. They told us that they didn’t have anything for us and at this time they were helping people that were 5-6 months late on there mortgage. We called them back the following month and spoke to them and nothing, called them again the following month at this time we were 2 months late on our mortgage and the whole time they asked me if I wanted to keep my house and I said YES i want my house and I’m calling over and over again to see what I can do to save my house and to see if I can qualify for something any help. They told me that they would note that I wanted to keep my house, that it was good that I was calling and staying on top of everything. Well in April , we gave them our financial after trying a number of times they said yes we could qualify for the program and we would receive a package in the mail in 10 days. 10 days came and nothing, I called to check on the package and now they said well it’s going to take 30 days. I said ok, i will call back in a week to check again for the confirmation of the package being sent. I called back they said it’s on it’s way. In May we received a letter of foreclosure and a sale date we called the bank and they said that they have no sale date in there system and that since we are in the process of the paper work that we didn’t have to worry because our file had been flagged. I said well it says my home is going to sale. they said they didn’t see anything in the file, that if the home was selling they would have it in there system. I said ok, I’ll call back everyday and see if they have a sale date and that’s what I did. well my home sold on July 6. and ever since then it has been the worst situation.
Why does this happen, how can this happend to someone that is working with the banks, who do we trust, HOW CAN I GET MY HOME BACK? My husband and I were shattered when we found out. after they told us that the sale date was postponed because we were under process. We called the back on July 6 to see what happends and they said that Fanie Mae denied the postponed of the sale date and they sold the home. the next date we found out that Fannie Mae bought the home. WHAT CAN I DO???? PLEASE HELP.
bac they are so confusing when u ask something i am in a fha-hamp after sending the trial package to boa i was informed that documents were missing so i call and find out which ones ok i was told i need to fax the docs to them and recieved the number from the bac employee and faxed them the requested information i call 3 days later to see if the information had been updated on my hamp. i was told this time that i wasnt allowed to fax any documents to them that they all had to be mailed. i had two days left on my expired time limit so with a next day air and 48 dollars later documents were in boas hands .three days later i get an email boa states they do not have the 4506 t form and that i had 10 days or i would be denied the mod. called boa and told them that the document was in the shipped paper work along with 2008 and 2009 complete tax returns copied paige for page on each document including w-2 s at this time i go on hold boa rep returns and says that i have to get them the docs or be denied so i asked the rep straight on how do i send them i was told u can fax them and i told the rp thatthe last time i did that i was told for sure all docs had to be faxed but rep was sure that i could fax this one . called day 2 after sending the doc by fax not in systemi was told .day 5 still not in sysytem so i ask the rep if i had the right fax number and they said yes it is correct but i was not allowed to fax any documents to them they had to be mailed .i politely tell the rep i will fed ex them the docs . i tracked the delivery to them and called 2 days after they recieved them but still not in the system and was told not to worry it takes time for it to be entered and again i politely hang up the phone . call agin 2 days later and am then told well youve been denied and now you have a rep that is working on your forebarence agreement but i ask well didnt you get the updated information that i mailed which included extra incom and another person living in the home that works which is my oldest son i was told at this time yes it is in the system and that they had recieved the fax and it was in the system the day i sent it but i was still not qualified and forebarence is wher i stand so i ask about being told about having to mail the document instead of faxing but this got me nowhere but a speech about being behind and i could avoid the foreclosure if i sent in a payment . i thought to be denied you had to recieve a document . boa is missleading the people there modifing either by intent or ingnorance . not much more i can do but give up
Rick, take a deep breath. I know how extremely frustrated you must be, but this is where you gather up every bit of strength and NOT let them win! You can do this, fight for your home- it matters to you most. I want you to put all this in a letter, with a complete package and get it to the executive office at bofa asap! Use usps overnight. Make sure your nu
Bers make sense! Expect ONLY Miracles!
Anan,
Here is the number for the office of the presednet.
800-808-7018.
I am waiting to have the person from this office call me back. My understanding is that a person gets assigned to the account and then they work on your complaint.
to get them to do this a person must file with the OCC. None of my faxes that I sent to the number you list made it to this office. they just sit in your file. even if you have a super exscalate the issue nothing.
People get on line and file with the OCC.
Anna 7/30/2010
Hello first let me say i have stubbled onto your site after praying this morning and it has already lifted my spirit and renewed my hope . Here is my status:
As of today denied HAMP loan! Started process in September of last year (2009) Late on payments May 09′- Present Hardship was over 5 months later. Been trying to pay since Sept 2009/ and modify. Applied 3 times this is the first time actually denied. They are looking at a in house (MAp2) Program and will let me know today or monday if I qualify.
Lender: Wachovia
Loan Balance: 270,000 est
Loan Payment was 1,220.00 (Pick a Payment Loan )included tax & ins.
Fixed 7% rate
Loan Value: 230,000-260,000 Not sure I stated 230,000
Self-Employed: 3,800.00 on application
Monthly Property Tax: 133.00 est.
Monthly Homeowners ins. $48.00
Monthly Hoa dues: $17
Household Exspense: 1300 I stated on app.
Auto Payment: 320.00 (1 vehicle)
CC debt monthly I stated $ 400.00
I am trying to target a payment around what I was paying 1200.00. What do you think it was that made me deny, they said they did not know at that point. I need this to work I am stuck can you give me any advice also I have considered hiring a third party to get this done. What are your thoughts?
Sincerely Sarah
On 8-2-10 I received a call from Michelle Lewis who works in the OOP deparment for B of A. She informed me that she had found where the bank has made a mistake with raising my payment back in Nov. of 09. she is in the processes of getting that part of the problem straighten out.
the next issue is how the bank is going to get me in the HAMP. Because the bank made their mistake Iwas able to apply for the HAMP program. With my payments going back to what it should I will not meet the guide lines for HAMP. I also now have an escrow account due to apply for HAMP that needs to be taken care of.
I informed Michelle that I want the HAMP or something that is just as good or better for my loan as well as the mistake and the correction in righting on my current loan. I also informered her that all late fees and interest need to be waived along with repairs done to my credit reports.
Keep the Faith in our Lord and file a complant with the OCC.
David,
You are doing a great job – success is on its way! Keep the faith my brother, my prayers are with you.
Isaiah 40:18-31
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. 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.
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Anna,
I am confused about what income to submit. I am on a moratorium which will end on 9/1/2010. I need to start the process again but not sure what income to submitt.
My gross is 1240
SSI 587
rental 1000 x 75= 750
Current payment is 1054
18199 behind total
I have about $6000 in savings but I am so lost about what to do next.
Hi Anna,
God Bless You for what you do.
Bank of America denied my Home Mod and did not send me anything in writing.
I called and they said I don’t have enough income >>Help
Hi joeanna,
Thank you so much for the blessings! I am just an instrument – How long ago did they give you this verbal information? If you applied for HAMP they need to send you a notice. In the meantime I would call them and verify what income and expenses they used, line by line as many many mistakes are made,not just by Bank of America but all the lenders. You also need to know your numbers forwards and backwards! Knowledge + action is power!
Matthew 17:20
I tell you the truth, if you have faith as small as a mustard seed, you can say to this mountain, “Move from here to there” and it will move.
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.
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
Joanna -
Bank of America did the same thing with me — they refused to provide anything in writing stating that I was denied. Instead, they just said “you can no longer make the trial payments (I’d made 6 already) you’ve been denied”. I asked them to give me something in writing and they have refused.
Matt
Joanna and Matt
You need to detail all of this info in a letter and send it to the Executive Office at Bank Of America, I want you to cc: the Treasury, Phyllis Caldwell, your congressman, Sigtarp and the Housing Oversight Committee. Return receipt requested.
Please keep us posted they MUST tell you why you were denied.
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.
Thanks, I will. I reapplied. I wrote my figures on another page on your blog..I will find them and put them on here.
THank You Thank YouThank You
curent value on eppraisal 183,000
I owe 217,000 at 9% will go up to 12% in2013
ins+ taxes 270.00 a month
My income is 3000.00
Bank of America current mortgage payment is 2100.00 a month
I read info on Making Home Affordable Website and i called to start mod again
i spoke to three people at BAC no one would read my figures to me.
Last week I got a letter informing of forclosure or quick sale option. I called to start mod process 3 weeks ago
Thank You once again –Joeanna
Hi Ana, hope all is well.
We were denied for the HAMP program by Wells Fargo and was told that we cannot reapply Is that correct? The info that they listed within the letter sent was submitted back in Jan. My husband was unemployed at the the time. All the letter states is that per the NPV calculations, we did not qualify. Thank you for whatever info you can provide.
Antoinette,
It is not true. If you did not qualify for HAMP before and things change you can reapply.
Their are many great articles on the site that can help you. Here is one.
Denied for HAMP
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.
Thanks for your response. We were given a trial for the mod program back in October 2009. It was suppose to end in Dec 2009 but we did not receive a final approval. We were told to continue making the trial payments until a decision is made. Eight and a half to Nine months later, we recived a letter indicating that we did not get approved for the program. At that time we realized that some of the financilas they metnioned in the letter was different from what we submitted. We were told we could dispute but only based on what was sent in back then. So we did. We were told it would take about 10 days after they receive to get back to us. That was back on Aug 28. Everytime we call, we are told no decision as yet but acct is in active foreclosure. We then received a message on Oct 8 that even though the file is still in review, we should submit a new app for the HAMP program because it may help our case since our situation has changed. We have since done so and awaiting word. Here’s the info you asked about:
Mortgage Balance – $466,000
How many payments are you behind – Well we’ve been on the trial for nine months so if you include that with what we were before the trial it’s about 12-13 months
Current Value – $347,802
Current Payment – Before the trial – $2945
Lender – Wells Fargo
Investor if you know who it is _ Not sure. One time when I inquired I was given intials like “CCFHL” or something like that. And that’s after asking for the 6th or 7th time.
Total GROSS income – $6,756
Monthly Property Tax – $380
Monthly Homeowners Insurance – $134
Monthly HOA (if you have this) – $185
I appreciate whatever infor you can provide. Thank you.
Hello Antoinette,
Ok – this is typical at Wells Fargo. They seem to take forever!!! I want you to send a letter addressed to their Executive Office and mark it escalation – put in all the details, dates, conversations, your frustration with the time it has taken, list the payments you have made, run around you get, etc. CC your congressman, fdic and your governor.
“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. 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. It’s not just in some of us; it is in everyone. And as we let our own lights shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others. ”
Nelson Mandela, Quoting Marianne Williamson
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,
Our Loan Modification was denied by One West Bank after 9 months of trial payment. I am so sad and frustrated because they used a monthly gross which is way higher than what we submitted to the representative. We submitted a monthly gross of $7057 and for some reason they have calculated $8151. I have no idea where they got that amount specially after submitting paystubs and copies of our tax returns which clearly states our monthly gross. I want to keep our home, I am so confused what to do next. Is there committee, group or anyone who can I write complain regarding the incompetency of the people who handled our loan mod.
Thank you so much for any advise that you can provide.
Dear Anna,
Recently we were denied for the Loan Mod with BofA. We fell behind in June 2010. We are now 3 months behind, owing a total of 4700.00. We originally submitted the information they requested with just his income (since the loan is only in his name). Reason falling behind was there was a pay reduction in his income. We came to find out that the Modification was denied Aug 24th 2010, but was never notified.. we also received a letter dated Sept 7, 2010 that the modification was in review. The rep told me the letter was sent as a mistake! So then I called and was told that we should have included my income as well! Why wasn’t I told this from the beginning? Anyway, the rep did take my income and verified all the expenses verbally, but she told me that with my income and all the expenses, that left us a credit of 70.00, didn’t know if she would be able to submit for the modification. But she redid it for a second time (don’t know why?) and it came back with a higher credit of 1100.00. So now they can only offer a re-payment plan?! She said they could extend the re-payment plan to a 7mnth period, my new payment would be 1800.00 (original was 1300.00) … there is no way we can afford the 1800.00 if we couldn’t afford the 1300.00 payment? We did however resubmit the loan modification request with an updated list of all expenses and my income as well. What should we expect now?
Hello Mary,
I think it is vital for you to empower yourself with knowing your numbers inside and out – so you can see if you qualify for HAMP – you need to know this for yourself vs them telling you. Question authority. You can do it with only his income if you choose. Or if you need yours add it. You need to work up the numbers and know them backwards and forward. You can do this. Put on your boxing gloves, get empowered with info and take action – once you are ready you can escalate your file to upper management as well, but I would reapply for HAMP after fixing my application.
Here is a great article and also look at my self service site http://www.theloanmodguru.com
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.
Dear Anna,
I am qualified for a Hamp modification, but was denied for no apparent reason. Is my lender required to give me a Hamp modification if I am qualified?
Thank you!
Hi qualified,
I am sorry to hear of your denial – did they give you a reason why you were denied? Who is your lender? They are not forced to have to give you the HAMP if the investor does not participate in the program per their servicing agreements. I would definitely put a letter detailing your process and situation and send it overnight to upper management. Make sure you know you do qualify.
Mark 9:23 Jesus said to him, “If you can Believe, all things are possible to him who Believes.”
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.
Take a look at this website it has helped a lot of people
Thanks for your response. We were given a trial for the mod program back in October 2009. It was suppose to end in Dec 2009 but we did not receive a final approval. We were told to continue making the trial payments until a decision is made. Eight and a half to Nine months later, we recived a letter indicating that we did not get approved for the program. At that time we realized that some of the financilas they metnioned in the letter was different from what we submitted. We were told we could dispute but only based on what was sent in back then. So we did. We were told it would take about 10 days after they receive to get back to us. That was back on Aug 28. Everytime we call, we are told no decision as yet but acct is in active foreclosure. We then received a message on Oct 8 that even though the file is still in review, we should submit a new app for the HAMP program because it may help our case since our situation has changed. We have since done so and awaiting word. Here’s the info you asked about:
Mortgage Balance – $466,000
How many payments are you behind – Well we’ve been on the trial for nine months so if you include that with what we were before the trial it’s about 12-13 months
Current Value – $347,802
Current Payment – Before the trial – $2945
Lender – Wells Fargo
Investor if you know who it is _ Not sure. One time when I inquired I was given intials like “CCFHL” or something like that. And that’s after asking for the 6th or 7th time.
Total GROSS income – $6,756
Monthly Property Tax – $380
Monthly Homeowners Insurance – $134
Monthly HOA (if you have this) – $185
I appreciate whatever infor you can provide. Thank you.
hello i have already been assisted early in march 2010 with a fha partial claim, and got back on track for 3 months then by husband left us. in august now its me and my 3 daughters. my house payment is $1233.00 i owe 140,000.0 a fixed 5% fha loan but my gross income is only 1440.00, i have contacted them only to be bounced around for like 5 hours, where do i send the making home afforable packet they stated they would contact me but i am so lost
Melissa
Hello Melissa,
I am sorry to hear about all of the stuff you have been going through personally, you will get through it!!! I promise!.
Who is your lender?
“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. 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. It’s not just in some of us; it is in everyone. And as we let our own lights 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 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!!!
Hi Anna,
Wow, I learned more from your forum than I have from reading all the “government help sites”. First and foremost, I know that God has a plan and He will guide me and take care of my family, because we belong to Him.
In December 09, I made the biggest financial mistake of my life … I applied for the HAMP through CountryWide, which was later changed to Bank of America. At the time of application, I was NOT behind on my payments, but my husband had lost his job April 08 and I am in real estate and I knew the economy and the RE market was fixing to crash really bad. So, I called BoA and applied, since I didn’t have an escrow account they added 2009 and 2010s taxes and insurance into the loan and payment. (taxes were not delinquent, due in October 09, but not delinquent until February 2010).
I had NO idea or warning from BoA that they were going to do this. I received info after the fact that starting July 2010 my payment would go from $671/month to $1235/month. I was in shock, I called them for help, because we were really struggling and they almost doubled my payment. If I had known this would happen, I would have NEVER applied for the program. But, BOA told me that I had started the process and could not get out, although I was not behind at the time.
In July, the payment did go up to $1235. There was no way we could pay it, so we did start falling behind. My husband did get a job (praise God) the last week of July and his income did make an increase of $400 a month over his unemployment, but we were so far in the hole and the payment had increased so much it was still difficult to make the payment.
Currently, we are 6 months behind, BOA said that we were APPROVED for the HAMP in August per the underwriter and that we should be getting a Trial Payment Package … this NEVER came. I continued to call BOA to ask about it, but no one could tell me why I hadn’t received it. On December 14, 2010 I received a letter saying that we were denied due to our housing expenses being “less than or equal to 31%” of our “gross monthly income of $3665.75″ …. I have no idea where they got this number. Yes, $1235 monthly payment on my last statement is more than 31% of $3665, but when I called BOA they told me that my current payment is now $1010/month.
What? I haven’t made a payment in 6 months and my payment, conveniently for BOA, went down making me not eligible for the program.
So, I am now appealing the denial and I’ve resubmitted our pay info.
I gave them all my husband’s paystubs = $1800 gross/month.
My profit and loss statement for the 2010 year shows $1200 gross/month.
This is the same info I submitted in July 2010, but with more proof.
Our house is scheduled to be sold on January 26, I’ll continue to fight and ask for post-ponements, and I have faith that God has a plan. But I admit, I’m not sure how to proceed if we are turned down again. I’ve been praying for guidance and that’s when I stumbled on your forum.
Anna, any advice, guidance or words of wisdom are welcome. I’ve been fighting this for over a year and I really want it to be settled. We want to keep our house.
In His Name,
Tammy
Hello Tammy,
I am so sorry you have gone through all of this. I know it is both disheartening and scary to get denied for the HAMP loan modification especially for the reasons you describe. Remember that for HAMP they use NET on self employed income, this may help you in this case. I would escalate your appeal over and over until you are heard, please make sure you have a solid proposal and accurate view of what you are fighting for. Here is an article on HAMP is calculated. You must push on this as the sale date approaches. Use overnight letters, faxes, and cc your Attorney General, Congressman, Senator and everyone you can. Call in the Holy Spirit to intercede for both you and the recipient of your communications, prior to writing letters, making phone calls – and at all times
Don’t forget gratitude at each milestone!~
I hope this helps! 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 and Question Authority,
Anna Cuevas
The Loan Mod Guru, a loan modification DO IT YOURSELF online system that can help you prepare a loan modification with a fighting chance for success!
I was denied in my application for HAMP, I am 30months behind and foreclosure date is on 02/14/11, I called my lender and was told that the only options I have are short sale, deed-in lieu or foreclosure. I strongly want to keep my property and will do whatever it takes to keep it.
My situation was, my soon to be x husband and I separated 3yrs ago. We have another property and ended up putting it on the short sale the year we separated. I kept this other property which was our rental. I have a full time job and another part time job on the weekends and I am renting out rooms to prove to them that I am very much willing to keep my property. But my application was denied for HAMP…what other options can you suggest? Please help….
Hi Anna,
I applied for a loan modification with chase manhattan in February 2009, and I was denied in February 2010. The reason they said was the 31% DTI. I was making then around $1,600 (my monthly earnings was more than $4,000 when I purchased my house in 2005). The year before last (2009), my annual income was 22,570. This year, it will be around $24,850. I only have a car note of $478/mo. Oh! my mortgage is presently at $1,161.6 (ARM). I owe $121,600. I leased one room to a friend for $400/mo. Should I qualify for a loan modification? What are the right steps to take?Please email me. Thank you.
P.S:
I received the intend for foreclosure letter embedded in a new loan modification package. The bank ask me to reapply for modification. By the way, I owe 2 months mortgage but I am paying every month.
Hi,
Is it possible too much equity be a reason for denial of a HAMP modification. The reason they keep giving us is we have not proven hardship. We did show a loss of income and unforeseen also not caught by the inspection for repairs in the amount of approx. $100,000 so far and counting. In addition the loss of value to the house since we purchase by at least 20% or more and that would be the downpayment and the equity we have in the house that had now disappeared.
We are in the process of refinancing with Chase as of now not through HARP we were not eligible according to Chase for that program either.
Our gross income is 7,100 and mortgage is 3,200 and the 100,000 equity line also needs to be paid
March 9, 2011 Anna was invaluable in helping me to get my loan mod approved. I had tried numerous times on my own, without any success. I was denied for every reason you can imagine. Anna meticulously reviewed the documents I was submitting, revamped my loan application and a few months later I finally received a letter from my lender telling me I was approved. I know for a fact that Anna’s tireless dedication made all the difference. I highly recommend her services to anyone struggling to get their loan modified. She knows exactly what she is doing!
March 9, 2011
Anna was invaluable in helping me to get my loan mod approved. I had tried numerous times on my own, without any success. I was denied for every reason you can imagine. Anna meticulously reviewed the documents I was submitting, revamped my loan application and a few months later I finally received a letter from my lender telling me I was approved. I know for a fact that Anna’s tireless dedication made all the difference. I highly recommend her services to anyone struggling to get their loan modified. She knows exactly what she is doing!
Hi Anna,
I have a somewhat ctrazy situation. I have been in the loan mod process for about 2 years now, and each time I have been approved for a loan mod, they have me start over because something different or better came out…the most recent thing being the HAMP program.
I applied last August and made 3 payments and got a letter saying that I was approved. I called Aurora Loan Services to ask what else I need to do (which I have been doing every month for 2 years) and they said nothing, I am all set, just wait for my final modification packet (This was on Jan 24th). Well I checked my mail every day waiting for the final modification so I could be done with this, and instead I get a letter that my HAMP approval was revoked for missing a payment plan 1st payment. I immediately called, and cried foul since I was not advised I need to make ANOTHER payment plan and the supervisor confirmed that I was not notified when I called in or by phone which is how they always do it. But he said unfortunately it’s already a done deal, and I’m still denied for HAMP regardless. I filed an appeal through the appeal process on the denial letter, but they just sent me a generic letter saying upon review you are denied without addressing any of the facts or statements I put on the appeal letter.
Any advice on this?
Thanks!
My husband and I went through NACA and when we sat down to meet with our lender (wells fargo) they told us we had qualified for HAMP, then when the third manager review the information she said we were denied because we had equity in our home. We owe $555 not including a 2nd which would be $575, the home value came back at $635 and because of that we were denied. We have never been late with our mortgage, however, my husband is self employed and has took a 75% decrease in business. The hardship is there, out debt-to-ratio was no problem, we live in our house, we purchased our house 6 years ago. And, the bank did not want to work with us. Any suggestions? Our monthly payment is$4,500 including insurance & taxes. We just want to lower our interest rate and montly mortgage payment. We don’t want to borrow money from our equity that just defeats our purposes and gets the bank richer. I can’t believe that the banks can get a bail out, but those of use who work hard, pay on time, are struggling to make ends meet can’t get any help unless we default.
Not sure my questions was posted. Here it is again, I apologize for the duplication.
June 27, 2011 at 8:26 am
My husband and I went through NACA and when we sat down to meet with our lender (wells fargo) they told us we had qualified for HAMP, then when the third manager review the information she said we were denied because we had equity in our home. We owe $555 not including a 2nd which would be $575, the home value came back at $635 and because of that we were denied. We have never been late with our mortgage, however, my husband is self employed and has took a 75% decrease in business. The hardship is there, out debt-to-ratio was no problem, we live in our house, we purchased our house 6 years ago. And, the bank did not want to work with us. Any suggestions? Our monthly payment is$4,500 including insurance & taxes. We just want to lower our interest rate and montly mortgage payment. We don’t want to borrow money from our equity that just defeats our purposes and gets the bank richer. I can’t believe that the banks can get a bail out, but those of use who work hard, pay on time, are struggling to make ends meet can’t get any help unless we default.
HI Anna, I don’t know if you’ve answered this issue or not, but my HAMP application was denied for lack of information. Currently, I bank with BOA Home Loans. Their original request asked for check stubs, benefit statements, a signed IRS form 4506-T, & verification of income. I faxed all this information to them, but kept getting letters stating that they were missing this info. I called them on several occasions to inquire as to what was missing. No Rep. that I spoke to could determine what was missing so I re-faxed all information again. I finally got a letter saying I was being denied and I didn’t qualify because I didn’t turn in my tax return, which was never requested in any document I received. I then called them, informing them that at no time did any of their request ask for my tax return. The Rep. I spoke to refuse to consider my situation, and informed me that I could not appeal. I still want to appeal this decision. Is there a course of action I can take?
I was given a verbal decision for denial of HAMP by the servicer. When the written denial arrived it was totally different. What going on?
Could you please tell me what it means if Flagstar Bank tells you that you don’t qualify for the HAMP program, but it is now sent to an investor to review and they will notify you if you are eligible for another program? What other programs are they talking about? Please answer ASAP, we are so afraid of losing our home
Thank you!!
Lisa
Lisa,
Take a deep breath! I know you are scared – you need to find out why you don’t qualify for HAMP- you have 30 days to appeal that decision. Other programs are in-house programs your lender offers – some may be a HAMP look alike – and some are pretty good. Keep fighting!
Here is a prayer for you:
“O Holy Spirit
soul of my soul
I adore you.
Enlighten
guide,
strengthen and console me.
Tell me what I ought to do
and command me to do it.
I promise to submit to everything
that you ask of me
and to accept all
that you allow to happen to me.
Just show me what is your will.”
Expect ONLY Miracles and Question Authority,
Anna Cuevas
America’s Loan Modification Guru & #1 bestselling author of Save Your Home – click here to order your copy today