Expect only miracles and question authority. That’s what the Roberts family did. After many sleepless nights – thousands of dollars 6 modification companies and lawyers and over a year of declines the Roberts Saved their home!! You don’t have to lose your mind or your money – get your Save Your Home Action Plan today like the Roberts family did.
Constantine created his Save Your Home Plan of Action, fought back with confidence and Saved the family home!!! You can too. A Special Education teacher who lives to help children fought with Wells Fargo for over a year, was declined for HAMP and almost gave up on his home, until he created his Save Your Home Plan of Action and became his own best advocate.
Meet the Liston Family. I wanted to let you know Chase called said they postponed our foreclosure indefinitely!!!!!!!!!!! And would see our loan mod through!!!!!!!! We want to thank you Anna for all that you have done for us. When this is all over, we want people to know what a blessing you are. Jim Liston
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were just told that we were not approved for hammp program no reason given
They have to give you a reason why be persistant.
Hello Sherry,
I am sorry to hear that you were denied with no reason. Time to put on the boxing gloves and fight for your home. This article is a good start Denied for HAMP Put together a letter and on the top mark the letter ESCALATE MY FILE TO YOUR EXECUTIVE OFFICE send this letter to the correspondence address on your payment coupon be sure to include all details of your contact with them. My recommendation is to check all of your income and expense numbers. Tell them you want the reasons for your decline and verify all the numbers they used for accuracy. Don’t be discouraged, if your numbers change or if their figures are inaccurate you can reapply.
Let us know how it goes.
Psalm 18:2
The LORD is my rock, my fortress and my deliverer; my God is my rock, in whom I take refuge. He is my shield and the hornof my salvation, my stronghold.
EXPECT ONLY MIRACLES,
Anna Cuevas
http://www.theloanmodguru.com
The Loan Mod Guru – Breaking News, You asked for it, you got it. Due to the numerous requests for more assistance, “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
HI Anna
love all all the advice.
I have many questions and thank you in advance.
1)I have 5 rental properties in Southern Ca,
2)lost my job in January 2010
3)6 month of non payment to MY HOUSE In southern Ca,
4)I have applied for MHA plan and waiting the 45 days as of 10/31//10
5)I have a credit freeze on all the credit beurols will MHA run my credit so I can UN freeze my credit.
6)I have my loan with BofA and
7)will having a room mate help my loan modification?
It seems that I would qualify for a loan mod. but still scared my numbers look good because I an self employed.
Thank you in advance for any advice.
Hi Frank,
I am so glad you are finding answers here!!!
1)Rental income. Rental income should be documented through the Schedule E – Supplemental Income and Loss of the most recent tax year. If the borrower is using income from the rental of a portion of the borrower’s principal residence, the income should be calculated at 75 percent of the monthly gross rental income, with the remaining 25 percent considered vacancy loss and maintenance expense. If the borrower is using rental income from properties other than the borrower’s principal residence, the income to be calculated for HAMP purposes should be 75 percent of the monthly gross rental income, reduced by the monthly debt service on the property (i.e., principal, interest, taxes, insurance, including mortgage insurance, and association fees), if applicable.
2) You will do better than ever! Great things come out of bad things
3) Keep fighting and you can win!
4) 41 more days to go, keep bugging them until you win!
5)MHA will not run your credit but B of A will – wait until they ask about it -
6)Question authority and don’t give up
7)Having a room mate will only help if you need the income and then they will use 75% of your rental agreement amount
8)For self employed people they use the NET amount as the gross amount for the HAMP program.
Do your numbers forward and backwards so that you know where you stand and no longer have to live in fear.
What this power is I cannot say; all I know is that it exists and it becomes available only when a man is in that state of mind in which he knows exactly what he wants and is fully determined not to quit until he finds it.
Alexander Graham Bell
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 Cuevas
I am working with Bank of America. They have asked me be more specific with my profit and loss statement. I am not sure how much more detailed I can be. Either case they are also asking for a LOE(letter of Explination from employer) I have one letter but wanted to ask you if you can provide me with a sample of Letter of Employer. I need to send this 11/19/20
Needed Document
-Profit and Loss statement (clarify and include all income & expenses/ make sure to sign and date it as well)
-LOE employer (letter of explanation from employer about income and how often paid out)
Hi Frank,
I guess I am confused, are you now both self employed and working for an employer?? Tell me what you are trying to explain or what the lender is asking you to explain.
DO you already have a profit and loss statement? There is one on my http://www.theloanmodguru.com site.
Please let me know so I can help you.
Expect ONLY Miracles and Question Authority!
One on One Personal Coaching & Strategy Session with Anna Cuevas
• The Loan Mod Guru will evaluate your whole financial picture and go over your qualifications for the HAMP Home Affordable Modification Program as well as Traditional loan modifications that may be available.
• The Loan Mod Guru will go over all of your documentation and your previously submitted loan modification application and will make recommendations and an analysis of where the discrepancies are and how to fix them in accordance with the guidelines.
• You will walk away with a fully prepared package ready for you to print and submit to your lender.
• The Loan Mod Guru will HELP you in determining if you have a valid hardship in accordance with the programs available and will help you craft your hardship letter
• The Loan Mod Guru can also assist you with a template for preparing escalation letters, request for NPV figures, profit & loss statement, contribution letters and other documents that may be necessary for you to submit a complete package.
• The Loan Mod Guru will tell you what the issues could be with your previously submitted package and give you a strategy so you can proceed with confidence before re-submitting.
HI Anna
HELP HELP
I just recived a letter from BofA saying
“you are not eligible for a Home Affordable Modification because we are unable to create an affordable payment equal to 31% my reported monthly gross income without changing the term of your loan beyond the requirements of the program. In other words, to create an affordable payment for you, the investor(owner) of your loan would be required to delay collecting too large a portion of your principal balance until the loan pay off, beyond what the Home Affordable Modification Program Allows.” I have 30 days to appeal.
As I mentioned i have 5 rental properties 4 with CHASE and have been modified to a lower interest rate voluntarily by CHASE all with lower interest rates creating a little more income.
In the letter they mentioned they are looking at my finances to see if I qualify for the following 1) a different loan mod. 2) a forbearence 3) a short sale 4) A deed in lieu of foreclosure.
As I mentioned i lost my full time job a year ago and have stoped making payment for the past 10 month. I am looking for work but its very hard out here in LA.
In the letter they mention i migh receive a letter of foreclose or in person is there a way to stop this they also mention that I will not louse my house untill all this process is over.
My wife has her teaching credentials but can not find any full time work.
We are also expecting our second baby in two weekd April the 1st 2011. We are excited and very scared please advice.
I have 30 days to appeal so should I wait for their decision or appeal now with the new income change.
HELP Sorry if I jump around with my questions I hope you understand my situation.
I currently have a 40 year Jumbo loan with BofA my balance is 460K but probably 480K by now with the 10 month of non payment, late fees and property taxes.
PLEASE ADVICE…
I am trying to help my parents complete a loan Modification. My Father has been working with CHL since 4/09, he lost his job and was receiving UIB. First we were told UIB was not considered as it was not countable income then we were told if he lost his UIB they would be denied. Meanwile additional verifications income and bank statemets were requested repeatedly. Eventually because my parents were making payments they could not afford they fell behind on thier bills (this was before trail payments) my mother was forced to file bankruptcy as her wages were going to be garnished. Prior to her filing the Bk we were advised the loan was in modification but since the BK was filed they could not go forward with the modification due to the BK. I was advised by the attorney who field the BK this was in violation of the Hamp Law made effective 6/1/10. I filed a complaint with the BBB we were assigned a man named Steven Fitzgerald who was impossible to reach, I visited the Simi Valley office that same day I received a call from Mr. Fitzgerald telling me they needed authorization from the attorney to go forward with the modification and the loan would go back into underwritting. The attorney faxed the authorization and the loan was assigned a BK modification specialist. This time he is in TX he was hard to get a hold of so after a few days I got a hold of him only for him to tell me although I have authorization from my parents I need authorization from the attorney. Once again I contact the attorney and he faxes the information over another week goes by I must of left his supervisor 100 voice mails begging her to call me. To this day I never got a call back from either the negotiator or his supervisor. One day I get a hold of him and the Income they have on file is too old so he is requesting updated income and a list of thier expenses. I faxed the information four days later I finally get a hold of “Rita” she advise me that the modification was approved she said to expect a Fed Ex Envelope in the next two weeks. The next day I call trying to get details of the modification so that I may relay them to my parents as you can imagine we waited over a year for this modification only to find out they were denied the due to thier negative NPV. At this point I don’t know what do due I am emotionally and physically exhausted. I would get a diffrent story each time I would call. Please Help..
Marlene,
You are a saint helping your parents as much as you have, I know that this is emotionally daunting for so many. Do one thing for me first before anything – go and do something nice for yourself so you can regain your inner peace – take a walk in nature and ask the Holy Spirit to renew your strength. Then just get ready to succeed. I commend you for your hardwork. Have you done your numbers to see where you stand?
I suggest a detailed letter addressed to the office of the President or Chairman and basically write everything you just wrote here. The top usually does not know that this is happening. Overnight the letter – but have your numbers figured out too.
Psalm 71:20-21
Though you have made me see troubles, many and bitter, you will restore my life again; from the depths of the earth you will again bring me up. You will increase my honor and comfort me once again.
Address it to:
Barbara Desoer or
Kenneth D. Lewis, CEO
Bank of America
100 North Tryon Street, 18th Floor
Charlotte, NC 28255
Just wondering if the address for the CEO posted above is still accurate?
Long story short, I filled out the loan mod app with BofA in Nov 2011 and have faxed every little paper & request back to them and still have no answer. I’m a single mom, RN with a decent income and trying to keep a roof over my son’s head. Would contacting the CEO maybe get me some answers? I have been living in limbo…
Thanks,
Carol
Hi Carol,
I can understand how frustrating it is to live in limbo.. wondering and waiting….
Yes you can mail to that address. I would write a carefully detailed letter, not too long, letting him know what you have gone through but make sure you indeed qualify before escalating your case.
Expect ONLY miracles and Question Authority,
Anna Cuevas
America’s Loan Modification Guru and #1 bestselling author of Save Your Home without losing your mind or your money http://www.saveyourhomethebook.com
Get a personalized Save Your Home action plan – THE LOAN MOD GURU – and stop the guessing, sleep better at night, tonight!
Is there someone who can help facilitate my permanent loan modification process? I received the package from BofA (my loan originated from Countrywide) last Dec 26, 2009. The 2 set copies were signed, notarized, and mailed last Dec 29, 2010, and received by Bof A on Dec 30, 2010. I called BofA and was told that it may take 1-3 months to review the documents. I called in March and was told to call back in June, then in July. Somehow, one of the customer service told me that I have declined the offer. I told them who in the right mind would decline an offer when I need it most? She referred me to the decline department to escalate and investigate where the documents are. Since then, I was calling BofA every week. Apparently, the documents were lost, which BofA have finally acknowledged last Aug 13. I was told to fax my copy of the agreement and the UPS tracking info as proof that I have submitted the documents on time. After 3 days, I called in to check and was informed that the documents were received. I called in today, Aug 27 and was told again to call after 2 weeks. My documents have been escalated several times and this time an appeal for review was noted to my account. I am lost somehow with their process–escalation, appeal. I have struggled with Countrywide for over 2 years to get a loan modification. Though my payment now is under the permanent modification plan ($3239 incl. taxes & insurance for the first 5 years) is lower than before ($5600 excluding taxes and insurance), my unpaid balance has gone up to $60K since the modification agreement has not gone through closing process. My original loan in 2005 was $549K, currrent balance is $523K; annual income $125K. I have lost all my savings just to keep my home. Please let me know if I should just give up my home now. Thank you and God bless!
I am comment #333 and I have no idea how to look for an answer on the website.
Hi Joseph,
I am sorry I have not seen your comment could you repost it? I will answer.
Expect ONLY Miracles,
Anna Cuevas
Hi Anna,
I am in desperate in need of assistance. I have hired a company to help me with my loan modification unfortunately it seems that I am not getting anywhere, My house is now on a pre foreclosure in 3 months 10/28/12 to be exact. What should I do, I truly intent to stay in my home with my kids and husband. please help. I was originally approved for HAMP unfortunately I missed the 3rd trial payment period due to some other financial issues. I was told that I will not able to re-apply again.
Please help
Thank you
Hi Anna,
I received your E-mail about the letter the attorney sent to the loan servicer and I was wondering is this something I should do right now?. We are on a trial modification as of now and this month will be my 2nd payment on the trial modification. I don’t want to make anyone upset and then when it comes time to make a decision on a permanent modificaiton they just outright deny it. Please let me know if this is safe to do. Also we still fortunately have our jobs and wiht the experience you have had with dealing with mod’s I was wondering can I get your opinion on if they might go forward with a permanent modification? Bank of America is our servicer and Ginnie Mae is the investor.
Thank You
Beth
Hi Beth,
Sending this letter is your right – you have the right to know and to make sure that their records are accurate and lets them know that you are aware. Will not hurt your loan modification, lawyers even do this.
“And let us not be weary in well doing: for in due season we shall reap, if we faint not.” – Galatians 6:9 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.
Hello Anna,
My loan is through BofA. I have been working with a Negotiatior there. I had initially been placed on trial pymt plan with husbands financials because I was not working at the time.. We made one pymt. Then, because my husband and I separated my finances changed. I made the negotiator aware of this and she asked me to submit new financials to her. She stated she would have to re-submit them for review under the Making Home Affordable Plan. At that time I asked her if I should continue making the trial pymts., she advised me to stop. On 9/17/2010, I receive a denial from the Making Home Affordable Dept. stating that I am being denied becuase I did not complete my trial pymts. Nonetheless, my new income/financials were not considered. They are denying me for not making the trial pymts that were derived from my husbands income. Besides, I asked my negotiator if I should continue making the pymts. and she stated no because she would be submitting my new financials…
I currently have a new negotiator. He states that because of denial he can try and do an inhouse mod. that mirrors and MHA or I can re-submit/appeal the MHA denial. What should I do? I would really appreciate any help you can give me with this. i don’t know about the inhouse mod. The first negotiator did not do anything for me. I fought all the way and thats why she ended up sending me to the MHA dept for processing. So how is this new negotiator going to be/do anything different? Thank you
Hello Letty,
Sorry about the issues you have had with Bank of America. First it is important to make sure that you would qualify for HAMP with just your income – you don’t want to fight something up the chain of command if you do not qualify – so know your numbers inside and out – if you think you do qualify based on all of the guidelines then go for it an appeal to upper management in writing – give all the details of what happened. If you think it is tight then go for the inhouse mod they have pretty good options on in-house modifications too…
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.
Hello Anna,
Can you help me with the numbers… I know you have the full service website but to be honest this has been an ongoing thing, I ‘m completely burnt out, and I’m simply not up to doing this myself. I’d like to have you help me out with the completion of a packet (like the one on your website) so that I may submit it to my negotiator. He is currently waiting for my info.
Can you contact me via e-mail?… Thank you
On 10/1/2010, I had a one on one session on the phone with Anna. I’ve been in the process of trying to modify my loan for two years now. This process has drained me both physically and financially. To be honest I was hesitant on doing a session with Anna, I have paid a lot of money to dishonest people who claim they can modify your loan and at the end they do nothing for you. Later you find out that the same people you are doing business with are being investigated by the Federal Trade Commission for bad business practices.
As I mentioned earlier I had no more fight in me. When I talked to Anna Friday night she instilled in me that I must not give up. To save my home has probably been the fight of my life and Anna has provided me with tools to continue on with this fight and win. She does what she claims on her website, she empowers you with all the information you need. Take advantage of what she has to offer and help yourself…
I strongly recommend her services to all of those, who like me, refuse to lose their home.
Dear Ana,
My HAMP with BOA was denied due to insufficient income.
I got contribution from my family member and still got denied for HAMP.
I sent an email request to Executive office to stop foreclosure sale date. They acted promptly and canceled the sale date of 09/20/2010. After three weeks they modified my loan but the terms are worst. My total payments are now close to $ 2900 where as I was making $ 1947 before i.e almost double. My loan balance has been increased. I accepted the terms because of my sale date. Before accepting I send them a letter requesting to consider for HAMP and they told me I don’t qualify.
My gross income is $ 4877 and my contribution is $ 850.
Currently my total payment is close to $ 2000.00 including tax and insurance. BOA is not giving me the exact reason for my HAMP denial
Is there anything I can do ?
Dear Gurdev,
I take it you were given a non-HAMP loan modification, is that correct? If you were previously denied for the HAMP program and put into another program you can either appeal your denial or re-apply for the program. You should go through all of the articles and do the calculations to make sure you should qualify and re-do your application.
Continued Eligibility for HAMP Per HAMP Supplemental Directive 10-01
A borrower who has been evaluated for HAMP but does not meet the minimum eligibility criteria described in the “HAMP Eligibility” section of Supplemental Directive 09-01 or who meets the minimum eligibility criteria but is not qualified for HAMP by virtue of a negative NPV result, excessive forbearance or other financial reason, may request reconsideration for HAMP at a future time if they experience a change in circumstance.
Determination gives you the resolve to keep going in spite of the roadblocks that lay before you.
Denis Waitley
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
i had a question regarding my financial worksheet. are student loans in forbearance (for 1 year) included in my monthly debts? this is for bank of america
in june we had state mediation (nj) and they took all of our financial info verbally. now after our 3 month trial they want that information again but our “leftover” money is 165$’s too close for errors, wondering if they included student loans while in forebearance as debt.
thank you
your website has been invaluable throughout our process.
Hi Matti, I am so glad that you found some useful information on the site!!! That makes me happy that I can help.
Yes student loans forbearance or not are used in the monthly debts BUT not really considered in the actual HAMP calculations as they only use the Housing Expense, they use it to check your overall debt ratio to refer you to credit counseling if necessary. If no monthly payment is reported on a student loan that is deferred or is in forbearance, the servicer must obtain documentation verifying the proposed monthly payment amount, or use a minimum of 1.5 percent of the balance.
I hope this helps! Keep fighting!! And as we let our own light shine, we unconsciously give other people permission to do the same. Nelson Mandela inspired by Marianne WIllaimson
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,
Thank you so much for the inspiration and hope you have so generously given on this site. I have been trying to work through a loan modification with Bank of America for over 10 months now and it has been a mess. Tonight I completed my ‘official’ RMA request and have been trying to fax the package several times (almost 40 pages) and it won’t go through. I think God is trying to tell me something! I was wondering if I could send you my info in an email so that you might be able to take a look at it before I try to fax it again? I would appreciate any help you could give me, this has been a solitary battle week by week and I am getting worn out and losing my hope. God Bless.
I was denied the hamp mod due to a missed payment durring the trial period of the mode, BoA now tells me i no longer qualify due to the default on the payment, Is this a true statement or is it possiable to reapply for the hamp?
Thank you for your responce
James H.
I am sorry to hear about what happened on your HAMP request. Please fill me in on the details/dates of your HAMP trial and payment dates. I can let you know about how the HAMP guideline works in regards to this. You can also apply for an in-house/traditional modification if you are outside of those guidelines.
“Keep your dreams alive. Understand to achieve anything requires faith and belief in yourself, vision, hard work, determination, and dedication. Remember all things are possible for those who believe.” Gail Devers
Expect ONLY Miracles & Question Authority!
Anna Cuevas
The Loan Mod Guru
Anna,
We applied for the HAMP back in April 2010 and till this date we have not received any word on whether we qualify or not? Every time I call Bank of America I hear the same thing that my loan is either in the process of “quality control” or “government underwriting” and that no documents are needed now and I should get something in the mail or a call. Help Anna, what do you recommend me to do….am so tired of this battle we are so frustrated. I feel like they really don’t care….if we are struggling. I know that your motto is to have patience and to have endurance but it’s hard when you don’t have enough money coming in and are living check by check and depend on credit cards. I’ve been told from someone that works at a bank….that the banks don’t care to help those people who pay on time but are struggling …so should I not pay them?
Alejandra,
I am so sorry you are struggling with your HAMP application with Bank of America. Have you gone over all of your numbers to make sure you qualify. I am guessing you are not late? or are you making trial payments? It is important that you verify your numbers to make sure you qualify and then once you check them using the calculations within the articles on this site, then I want you to write a letter of escalation detailing what you are going through to the CEO of Bank of America Barbara Desoer. You need to be your own best advocate. I do promote patience and endurance but you have to question authority and push them to get this done if you are struggling. FIght fight fight for your dreams!
Barbara Desoer CEO
Bank Of America Corporate Center
100 N. Tryon St.
Charlotte, NC 28255
cc: your congressman, cc Phyllis Caldwell at the Treasury, Sigtarp
You can do it! 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 Empowering You to SAVE YOUR HOME
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.
Am still awaiting for the trial period…..and as far if we qualify according to there guidelines we do qualify. I called just yesterday to get an update on our Loan modification and they said that Bank of America has approved it since Sept 8,2010 but now it lies in Freddie Macs (or the gov or investors) hand and it usually takes around 1 week to 4 months. What do you think about that??
Do you think I should still send that escalation letter to Bank of America? If so do you have examples on what the letter should say?
Thanks you for your quick response.
Do you know the address for Phyllis Caldwell at the Treasury, Sigtarp?
Hi Alejandra, You are doing a great job!! Keep the faith, you can do this!!!
Here is the address for Phyllis Caldwell.
Department of Treasury Phyllis Caldwell Chief of Treasury’s Homeownership Preservation Office Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, D.C. 20220
and also cc: Freddie Mac Compliance 8200 Jones Branch Drive
McLean, VA 22102-3110
If you do not hope, you will not find what is beyond your hopes.
St. Clement of Alexandra
Expect ONLY Miracles and Question Authority!
Anna Cuevas
The Loan Mod Guru
I haven’t heard from you, am probably sure you are very busy. I forgot to mention that when I called BofA they said that there underwriting portion was done as of September 8, and now it was up to the government or Freddie Mac. When I asked her if I could contact them directly she said no…..does this sound familiar?
Hi Alejandra,
Your posts snuck by me! This is good news – You should be alot closer now. I would still write the escalation letter.
Bank of America
Executive Team
URGENT REQUEST TO ESCALATE REQUEST FOR LOAN #
TO Whom it may concern:
I am requesting that my file be escalated, I applied for HAMP on ———— I was told that the file was underwritten since 9/8 we are going on 3 months since I was told that my file went to Freddie Mac for final HAMP review. Here are the details of the process I have gone through…. list in detail
I really would like this process to finalize so that I can move on and begin making my payments, I am hopeful that you can make this happen.
—- I hope this helps. Please keep me posted.
Expect ONLY Miracles and Question Authority!
Anna Cuevas
The Loan Mod Guru
I was jsut rejected from making home affordable modification from B of A (the note is actually held by Band of NY). When I originally applied they rejected me because their numbers showed that I was able to pay every month. I reapplied and was rejected for negative NPV. My house is probably worth about $20K less than my mortgage balance, but Zillow actually showed it about $10K more than the balance. I know that if my rate was lowered from 6.38 to the current 4.25 I would be right around 31%. Isn’t the point of doing a loan mod so I can pay less – why can the bank say “well, we won’t make enough money anymore so you’re rejected”?
Anna,
I have to say you gave me courage yesterday to just write that letter and tell them exactly what I am going through. I sent the letters today by mail. I also emailed it to Barbara and Bryan the president and ceo of Bank of America last night. Funny thing is that in these past 8-9 months I have never heard from them and today somebody calls me on behalf of Barbara saying that they will assign a personal negotiator in 3 business days. Is this a good thing?? What should I expect from here?? I am just praying that everything works out. Please help!
Thank you
Hi Ana,
I just got letter in mail today that my application was denied because of excessive forbearance..I had applied since November of 2009. My income has gone up since and I resent my pay stubs and other info. How can I get more prepared, so I don’t have to wait another year to get an answer ?
Hi Kevin,
I am sorry to hear about your year long battle with your Bank of America Loan modification request.
The best thing to do is to really look at your numbers closely and run them forwards and backwards – I have a few free articles on this topic. One is If you have been denied for a HAMP Home Affordable Modification loan program find out why and reapply another is How to calculate HAMP
I also offer The Loan Mod Guru system which is the most effective way to confidently apply for your loan modification. You can read about that if you click here to be able to see what the bank sees then you can get started and have a professional bank ready package now.
You can do it! Browse around, read the articles and comments there is alot of useful information. Please let me know if I can be of further assistance.
The surest way not to fail is to determine to succeed.
Richard Brinsley Sheridan
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru
Anna,
Yesterday, I received a call from BofA to inform me of my financial negotiator name and phone number….I called and left a message. Well today I called again and my negotiator said that she showed in the system that I had been denied by the investors because I don’t show any defaults…..so I asked her What does that mean? she said because you have made your payments you show that you could still pay……is int ridiculous, I just don’t understand so they wont help the people that pay on time but just don’t have any money left over….she asked me to send over my financial documents again………to see what she could do.:(
Alejandra,
I am sorry you are going through this…. I know it is so hard to go through the process then get denied when you really need help. But I don’t want you to give up.
Just because they tell you that at B of A does not mean it is the final word. I want you to go over all of you information and compare it to the imminent default test, then tell me what you come up with. Take a deep breath and press on, call in the Holy Spirit to guide you and he will be right there with you!
I speak to you.
Be still.
Know
I am
God.
Read this article on Eminent Default
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru
Anna,
Thanks for your response, I did the test you said to do and i came up with 0.59 I dont know if i did it right. Can you check for me please. My monthly mortgage payment is $2844.05 it is broken
$532.09 principal
$1866.39 interest
$445.57 escrow
As far as net income is $4095.91
all monthly expenses is $1818.07
I came up with 0.76 am I correct or not?
To be considered as qualifying for HAMP Home Affordable Modification Program even when you are NOT currently delinquent this formula must be used by your servicer and the borrower’s debt
Alejandra – your number is .70 so you are below the 1.20 they consider the guideline.
it is basically A. net 4095.91 – 445.57 escrow – 1983.07 your total expenses /divided by B. PI 1866.39 Interest 532.09 = .70
I hope this helps – GO FIGHT THEM!! Escalate your file.
coverage ratio must be less than 1.20. This is sometimes difficult to figure out so I have explained the step by step process.
This is how the lender calculates this formula to see if your account is in “imminent” danger of becoming delinquent, in other words to figure out if you seem like you may become delinquent very soon.
A. To come up with what they call Debt Coverage Ratio you first take your net or
your after tax and deduction income, minus escrow amounts ( monthly property tax, homeowners insurance, Homeowner association fees), also minus all other credit obligations (any obligations on your credit such as credit cards, loans, auto payments, etc), minus living expenses (such as utilities, gas, auto insurance, food etc.), minus negative rental income or investment property mortgages,
Once you come up with this figure you then you divide the figure you get here by the figure you get from the calculation below.
B. Now take the current first mortgage payment including principal and interest but NOT counting escrow or taxes and insurance.
A divided by B = Debt Coverage Ratio
The number you get is called the debt coverage ratio and this is the exact calculation your servicer will use to verify you have a hardship and whether you may be facing foreclosure when you are NOT behind in your mortgage payments to see if you can apply for the HAMP Home Affordable Modification Program per the exact guidelines your participating servicer must follow per the Treasury Department, Fannie Mae and Freddie Mac as of 1/01/2010.
If you get less than 1.20 you can be considered at risk for defaulting on your payment
AND you must also have less than three monthly total current mortgage payments including property tax and homeowners insurance payments in liquid assets cash reserves that you have available from any financial or brokerage institution such as checking, savings, certificate of deposits cd, mutual funds, stocks, bonds or money market accounts (even if they are held for an extended term).
If you pass both of these tests, you get a ratio of less than 1.20 AND you have less than the three months in liquid reserves then this signals the servicer to proceed and begin the process of eligibility for the HAMP Loan Modification Program.
IF the figure you get here is over 1.20 then you will not be considered as being in danger of facing a financial hardship and you will not be considered for the HAMP President Obama Program when you have not missed a mortgage payment.
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru
I am please to announce that you can read my articles on The Huffington Post
Anna,
sorry first i came up with 0.59 then 0.76 dont know which is correct……can you help?
Sorry forgot to add diapers in formula on my monthly income is $1983.07.
Hi Ana,
I was just recently denied from HAMP. They are stating that my gross monthly income are less than 31%. They have noted that are monthly gross income is about $9,500. Those numbers that they have are back from June 2010 but I think the information is wrong. However in September 2010 I lost my job and I’m collecting unemployment. I did my numbers again and we average about 6,600 not 9,500 in gross income like they have. They told me to submit new pay information and to appeal. I added are monthly expenses and they are about 5,000. So we make about 6,000 gross income and I have expenses of almost 5,000. Here are my questions : Do you think I have a valid appeal with almost 3,000 less income than what they have? Will this process start all over again because I’m appealing ? Any idea how long will they take to revise my case again and get an answer? I’m frustrated but I do want to keep my home. I’ve been in this process for more than a year now. I will appreciate your advice with this never ending process? My mortgage payment is 1248 in principal and 353 in escrow. I’ve been trying with Bank of A since September 2009. Help !!!
Hi Ana,
I am sorry you are going through all of this, I understand how confusing and complicated this program can be. – the problem is that you income is too high – and even 6000 is too high, because if you income is 6000 x 31% = 1860 maximum payment
and your payment of 1248 + 353 escrow is 1601 which is below the 31% of $1860 – so the HAMP program would not work – however, you are on unemployment and they do not count unemployment for HAMP anymore. They only count it for the HAMP unemployment program but you can only be 3 months late or less, I am not sure if you are late or not. When you minus your unemployment that may put you within the guideline.
I hope this information helps you Ana – please pass on this site to others.
“Although the world is full of suffering, it is full also of the overcoming of it.”
– Keller, Helen
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru If you want a fully calculated package please check out http://www.theloanmodguru.com
Hi Ana,
I am sorry you are going through all of this, I understand how confusing and complicated this program can be. – the problem is that you income is too high – and even 6000 is too high, because if you income is 6000 x 31% = 1860 maximum payment
and your payment of 1248 + 353 escrow is 1601 which is below the 31% of $1860 – so the HAMP program would not work – however, you are on unemployment and they do not count unemployment for HAMP anymore. They only count it for the HAMP unemployment program but you can only be 3 months late or less, I am not sure if you are late or not. When you minus your unemployment that may put you within the guideline.
I hope this information helps you Ana – please pass on this site to others.
“Although the world is full of suffering, it is full also of the overcoming of it.”
– Keller, Helen
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru If you want a fully calculated package please check out http://www.theloanmodguru.com
Hi Ana,
Thanks for such a quick response. The 6,000 is combined because we are two in the loan. So from unemployment I only make now 483 a week and after tax 423 weekly. So should I bother appealing or wait for a call that they said to hear other options?
I’m behind more than 6 months already. I thought my high deb ratio, and expenses were factored in the 31%? again my expenses are about 5,000 a month and the 6,000 is including my unemployment.
Hi Ana,
For HAMP ONLY the mortgage, interest, property taxes and insurance are counted, other high expenses are not counted against the 31%. What is you income without the unemployment?
First say to yourself what you would be;
and then do what you have to do.
Epictetus
Expect ONLY Miracles and Question Authority
Anna Cuevas
The Loan Mod Guru Empowering You to SAVE YOUR HOME
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
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.
This is a great resource that I stumbled upon via the Huffington Post. My wife and I submitted our RMA on May 1, 2010. Half a year later, fed up that I had heard nothing from BofA, I called on November 1. I was notified that our request had just been sent to an underwriter and we would have an answer in 30 business days,roughly the 22nd of December. Also, all our documentation was complete. I called back on December 1st, to follow up, and I was informed I could place an escalation on the process, which we did. All our documentation was reported to be complete, and we would have an answer in 10 business days. After those 10 business days, on December 16th I called back and was informed that an “escalation” could take 10-15 business days and that our documentation was complete. Waiting five more days would push me beyond the original 30 day limit, but I called back on December 23, hoping for a “Christmas miracle.” Once again, the coincidence of timing was indeed “miraculous,” as I was informed that our RMA had been sent to a workout negotiator on the 16th, the day of my most recent call. Again, our paperwork was reported to be complete.
A month after that miracle of good timing, we’ve received two (?) new copies of the RMA and two copies of a letter indicating that BofA is “missing the required documents.” There’s no indication of which document specifically. There is a Dodd-Frank certification form (or rather two of them), which was not provided with our initial RMA. And of course there is a specific deadline for when the form and documentation must be returned.
My comment/questions- finally- is/are: Doesn’t this sound like a giant run-around? Is there any recourse for us, given that we were informed on multiple occasions that our documentation was sufficient.? If/when we resubmit, will the process pick up from it’s most recent step, i.e. with a work-out negotiator, or will we be waiting another half a year for another run-around?
Glenn,
Thank you for the wonderful compliment. That is exactly my goal to give resources to struggling homeowners in this loan modification process. I know that it is not difficult to feel that some bad tricks are being played the way things happen, but really it really more about the hand not talking to the foot. There is a huge disconnect at many of the larger servicers.
Unfortunately recourses are even more troublesome sometimes than sticking to your target and pushing through that. At this point use it to your benefit and escalate your case to get ahead by using the undo stress caused by all of this back and forth. PUT YOUR ESCALATION IN WRITING.
Please come back and tell us how it went.
“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.”
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru
Hello,
I have found your site very informative. My boyfriend and I are also going through a loan modification. We orginally started the process with First Franklin a year and a 1/2 ago. After endless phone calls, resubmitting paperwork, a denial, lost paperwork, etc. we finally received a trial modification in August of 2010. Our payment went down almost $400 a month which helped us alot. Our 1st payment was due on Sept. 1st. We paid our Sept. payment and Oct. payment to First Franklin. In the beginning of Oct. we received a letter from BofA telling us they would be taking our loan over. I called every other day for 3 weeks, wanting to make sure that everything would still be the same. Everytime they assured me it would be, that all of the paperwork would just transfer over to them. The end of Oct. I called to make our 3rd trial payment and was informed that they couldn’t take my payment as they had our loan in foreclosure. They were still waiting for the paperwork to transfer. The gentlman on the phone told me the only way for them to accept a payment was for me to mail a check in. I was also told to fax in the trial modification agreement we had signed with First Franklin. I overnighted a check through the USPS to make sure that it got there on time. 3 weeks later the check was sent back. After many phone calls and different answers, I finally was able to speak with someone who told me I needed to send in a certified check and that I had to call to have it approved prior to sending it in. I sent in the Nov and Dec payments at the same time and they were finally accepted. I continue to call at least 3 times a week and always got the same answer “They still aren’t showing any documents from First Franklin, call back in 15 days”. Finally on 1/12/11 after being transferred to 4 different departments, I spoke to someone who said that all of the paperwork from First Franklin has been added to the system and she is putting a request to escalate the review and to call back in 15 days to check on the process. On Monday the 23rd. I received a fed ex from BofA stating that we had been denied for the HAMP modification due to Trial Payment Default. I immediately called them, thinking that this was because of the payment being late for them not accepting it. They informed me that we never made our first 2 trial payments. These would be the payments we made to First Franklin. I have receipts from them and faxed them over right away. I asked the lady how long it would take for them to get put into their system and she said 24hrs. She also informed me that appeal should have an answer in the next 48 hrs. I called again today and was informed that the documents have not shown up in their system yet and it could take up to 3 days for documents to load and 7-10 days for an answer to an appeal.
I am sorry for the long comment, but feel very lost. It has been a very emotional road and everytime we see a little light, something goes wrong. My main question is: By me providing them with proof of the 1st 2 payments they said they were missing and them not stating that we were denied for any other reason, do you think it could go through?
Hello Kay,
I understand how difficult this process can be and the toll it takes on the emotional wellbeing for most. Try to take a deep breath and step back for a few moments – if you can get a walk in nature in. It will help to restore your inner peace and confidence. I believe that you should FIGHT all the way. Put your documentation in order starting with a detailed letter – I asume that Bof A took over the servicing of your loan from First Franklin – that part was not clear but I think that is what I am hearing. Don’t let them get to you, you are in the right, and YOU need YOU to be calm, confident and determined. You do not need to let it get into your emotional well being anymore, decide and go for it ALL THE WAY!!!
Once you put your CLEAR (so that anyone could understand what you are requesting) detailed letter in with the supporting documentation.
Then, send that letter to Bank of America, Office of the President.
“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.”
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru
My first and second with BOA total more than my house is worth now. I’m current with good to very credit scores but my six-figure income is maxed out on credit card debt so I have no wiggle room. Is it possible that BOA will combine the 1st and 2nd? They’d have to forgive half of the second or convert that portion to an unsecured loan).
Hi Anna,
My husband applied for a HAMP through B of A in August of 2010. We were notified in December of 2010 that we were denied due to negative NPV. But the letter stated that we would be reviewed for an in-house program. I was told today over the phone that we should have an answer from them on the in-house program within 30 days. But, we are filing for bankruptcy this month. The bank said that if we file, then all loan modification activity is put on hold and that the case is turned over to their bankruptcy department at that time.
Do you if home owners are able to negotiate a loan mod during a Chapter 7 bankruptcy filing? We are current on all mortgage payments (no late payments to date) and plan to keep the home during the bankruptcy filing. If a modification is not possible during bankruptcy, have you seen successful modifications (either HAMP or in-house) take place following a bankruptcy?
Thanks so much.
Hi Anna,
My husband applied for a HAMP through B of A in August of 2010. We were notified in December of 2010 that we were denied due to negative NPV. But the letter stated that we would be reviewed for an in-house program. I was told today over the phone that we should have an answer from them on the in-house program within 30 days. But, we are filing for bankruptcy this month. The bank said that if we file, then all loan modification activity is put on hold and that the case is turned over to their bankruptcy department at that time.
Do you if home owners are able to negotiate a loan mod during a Chapter 7 bankruptcy filing? We are current on all mortgage payments (no late payments to date) and plan to keep the home during the bankruptcy filing. If a modification is not possible during bankruptcy, have you seen successful modifications (either HAMP or in-house) take place following a bankruptcy?
Thanks so much.
Hi Anna,
My husband and I applied for a HAMP through B of A in August of 2010. We were notified in December of 2010 that we were denied due to negative NPV. But the letter stated that we would be reviewed for an in-house program. I was told today over the phone that we should have an answer from them on the in-house program within 30 days. But, we are filing for bankruptcy this month. The bank said that if we file, then all loan modification activity is put on hold and that the case is turned over to their bankruptcy department at that time.
Do you if home owners are able to negotiate a loan mod during a Chapter 7 bankruptcy filing? We are current on all mortgage payments (no late payments to date) and plan to keep the home during the bankruptcy filing. If a modification is not possible during bankruptcy, have you seen successful modifications (either HAMP or in-house) take place following a bankruptcy?
Thanks so much.
Dear Ana,
I have been trying to work with BofA since Jan of 2009. They have been ignoring my file. After resubmitting my file around 3 times they sent me a letter stating that I do not qualify for the HAMP because of Excessive Forbearance. They said that to create an affordable payment for me the investor would be required to delay collecting too large a portion of my principle balance until the loan pays off, beyond what the Home Affordable Modification Program allows. Does this mean that my monthly income isn’t enough? I called the lender and their numbers didn’t add up to mine. They were actually higher than mine. They show that my husband’s gross monthly income is $4612.40, mine is $563.93 and my child support is $914.76 and that my monthly expenses equal $882.01. My actual numbers are: Husband’s gross monthly income $4272.67, mine $537 & my child support $914.76. My monthly expenses are $1318. I am so confused about this whole process. They said that they sent me a Notice of Intent stating that I need to pay the arrears and fees of $41050.00 by Feb. 12, 2011 or they will take action after that date. My loan balance is $371,189.28 plus arrears. My taxes are $617.77 monthly and $85.16. Please help!!! :,(
I have a jumbo loan, $920,000. I do not qualify for HAMP, Bank of America has denied me for their in house modification, I do not make enough money. If I made enough money I would not need a modification. I have 4 loans on two properties. I am trying to modifiy my primary residence. My question is what number are they wanting to see my income at if my first mortgage payment is $5600.00 just to submit the application. They won’t let me submitt?
Dear Anna,
We applied for HAMP about five months ago with Bank of America, at that time the other half was on unemployment. He went back to work four months ago. Now talking to someone with BOA who’s saying that something can be worked out, and they need a statement explaining why we’re not getting unemployment anymore. How do I write an effective statement about that, and what the heck difference does it make? Crazy!
Dance,
I would simply put a letter together stating: The reason that my husband is no longer receiving unemployment is because he went back to work 4 months ago.
I hope this helps.
“When you face your fear, most of the time you will discover that it was not really such a big threat after all. We all need some form of deeply rooted, powerful motivation — it empowers us to overcome obstacles so we can live our dreams.”
Les Brown
Expect ONLY Miracles and Question Authority
Anna Cuevas
The Loan Mod Guru Empowering You to SAVE YOUR HOME
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.
Anna, here is the information you asked for:
Mortgage Balance – 125,120.00
How many payments are you behind – 6
Current Value – 252,215.00 (from eppraisal.com)
Current Payment – 882.00
Lender- Bank of America
Investor – Freddie Mac
Total GROSS income – 5212.00
Monthly Property Tax – 229.46
Monthly Homeowners Insurance – 26.50
Monthly HOA – none
Other monthly expenses are $3950.00
There is also a equity mtg, of $50,000. The other half was told yesterday that if he did not make a payment on the equity loan of $175.00 that it would go to legal action.
Hello, I am frustrated and need some help. We were just turned down for a loan mod from Bank of America for not sending our Social Security awards letter in time. They requested the letter on a Thursday and closed our loan on the following day. There is no way we could’ve gotten it to them in time. They told me that I could re-file, but I’m wondering if there is another way to modify besides Bank of America. I found “someone” who was more than willing to help as long as we sent him $1500. I don’t have $1500 and there was no garuntee that he could even help. We are 12 months behind on our payments. We are upside down on our house by $100,000. I have had 3 different cancers in the last 9 years and I am a self employed music teacher. We fell behind each time I was sick and again when my sister died of breast cancer and we took her two children in. Do you know if we’d even qualify? Any advice? Thank you sooooo much for your time.
Hello Cheri,
I am so sorry to hear about your cancer and your loss – I too had cancer, 2 years ago. God will reward you for caring for your sister’s children. I would send an escalation letter to the Executive Office at B of A and let them know that 1 day to turn in your paperwork is not enough time. I am unable to tell if you qualify with this information. This is not a sales page but my online service The Loan Mod Guru can help you figure it all out for only $297.00. I would start by reading the articles here first – Social Security is calculated at 125% btw.
I hope this helps you.
Expect ONLY Miracles and Question Authority!
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 and Question Authority
Anna Cuevas
The Loan Mod Guru Empowering You to SAVE YOUR HOME
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 lost my job and missed 8 payments on my home and ended up in foreclosure. I have been hired again and have been paying my mortgage since then. I am busy requesting a HAMP loan modification through BoA and have two questions
1) my original monthly payment was $3288. BoA is now sending me a monthly statement asking for $3721.28* (* payment amount includes late charges but amount not specified). Can I specify the $3721.28 as my mortgage payment amount so that I qualify for the 33% limit?
2) I was employed by an Australian company and their year ends are different, taxes are different, etc. Can I use the 1.25 times net income figure in this case, as at least the amounts of salary payments into my account are clear?
Thanks,
Mark.
Hi, I too am frustrated with BOA. My mortgage originated with first franklin and was modified from 11% down to 8.65% 2 years ago. It was then sold to BOA. I have a $5400/mo mortgage, my husband owns his own business and I am currently waiting to be paid from workers comp from a back injury. We owe $630,000 and BOA has our monthly income at $4000. I tried some numbers and I dont know how they are going to get to 31%. I know that BOA isoffering people principle forgiveness. Do they do both the forgiveness and forebearance if needed. Our house is only worth $420,000. We have been in the “final stages” for about 2 months now. What does that mean? Any input would be extremely helpful. Thank You!
Hi, Anna,
I am a former CountryWide customer currently having serious issues with BOA (38 months delinquent but not in foreclosure), but thought I would ask if you are still answering questions here before I detail our income/debt/situation.
TIA!
HI Tia,
I am still answering as many questions as time permits. I am not always able to go thru each and every income and debt scenario, as you may imagine…..go to the calculator on my Do it Yourself site is the same one the pro’s use!! THE LOAN MOD GURU - I will do my best to answer your question
Develop success from failures. Discouragement and failure are two of the surest stepping stones to success.
Dale Carnegie
Expect ONLY Miracles and Question Authority,
Anna Cuevas
America’s Loan Modification Guru
Hi
I have a B of A loan neg am been trying to get a loan mod for 2yrs. was given a trial then denied after 8 mths. filed bankruptcy after brain surgery to remove tumor. applied again for loan mod kept paying trial pmt not real pmt. so they have added money to my loan now owe 326,000, on a house valued at 150,00o they called and said they were going to offer me a 2% MHAP then increase for 5yes. fixed at 4% well the pmt we cannot afford 1600.00 to start then 1890.00 life time. I now have heard about the PRA how do I get them to look at us for both Loan mod and PRA the negotiator called 5weeks ago, still haven’t heard anything, the company I hired said they said it was still in negotiations, should I call a try to get them now to look at a PRA my company I hired said intact a loan mod then go after PRA, well I filed bankruptcy, so if they don’t give me what I can afford I don’t want to reinstate by dept. the bankruptcy has been discharged in April. thanks any help is appreciated virginia Woolley
Anna,
I have a general question for you. I have lost my job in aug of 2010. I worked for bofa. I have an FHA loan and am looking into the hamp. Some things I am unable to determine after reading online:
1. When they reduce the payment, do they tack it on to the principal balance and you owe it when you sell?
2. Is there a timeframe that you are not allowed to sell after a mod?
3. Are thye only giving principal reductions for homes that are severly underwater?
4. If they are looking for a 31% dti ratio will they exclude credit card payments that you are not making? I have heard diff things.
5. Do each “Short/modified” payment report on your credit report since you are not making full payments?
Most impotantly we are close to being able to afford our $1280 payment. Is this something we want to look into to? We are just not sure if there will be significant enough opportunity for us. Thank you very much…
HELLO MATT – HERE ARE MY ANSWERS – IN BOLD – FHA ONLY
1. When they reduce the payment, do they tack it on to the principal balance and you owe it when you sell? IF YOU SELL OR REFI YOU HAVE TO PAY UNLESS IT IS FORGIVEN IN THE MOD OR PAID BY A PARTIAL CLAIM
2. Is there a timeframe that you are not allowed to sell after a mod? NO
3. Are thye only giving principal reductions for homes that are severly underwater? FHA is limited to 30% deferment of unpaid balance – and a MAX 12 months of payments reduced under a partial claim on your FHA mortgage insurance
4. If they are looking for a 31% dti ratio will they exclude credit card payments that you are not making? I have heard diff things. YES THIS IS 31% OF GROSS INCOME
5. Do each “Short/modified” payment report on your credit report since you are not making full payments? UP UNTIL IT BECOMES PERMANENTLY MODIFIED
Most impotantly we are close to being able to afford our $1280 payment. Is this something we want to look into to? We are just not sure if there will be significant enough opportunity for us. Thank you very much
I DON’T KNOW HOW FAR INTO THE PROCESS YOU ARE TO BE ABLE TO GIVE YOU MY OPINION ON THIS – I DON’T WANT TO LEAD YOU IN THE WRONG DIRECTION
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.”
You are very welcome – I hope this helps,
Expect ONLY miracles and Question Authority,
Anna Cuevas
Check out my #1 Bestseller: Save Your Home Click here to order your copy of Save Your Home
Hi Anna,
First and foremost, I just want to tell you how much I admire your commitment to help others. You are truly blessed. I know our Heavenly Father is going to welcome you with open arms and tell you, “well done good and faithful servant.”
I have a couple of questions and hope that you can point me in the right direction.
I purchased my home in 11/2005 for $260,000. After two years I noticed that my payments were getting really high. I found out my loan was an ARM. Growing up living in an apartment my entire life I didn’t have a clue about mortgages, so I didn’t know that an ARM was a bad thing. I’m still not very knowledgeable when it comes to mortgage/business. In April of 2007, I was able to refinance into a conventional 30 year loan with Bank Of America. However, my original loan had a 3 year pre payment penalty so they tacked on an extra $10,000. I thought I was doing the responsible thing by refinancing. My new loan amount was now $275,000.
My situation:
Current principal balance: $256,221.66 Escrow balance: $486.34 Total= $256,708
Contractual remaining term: 25 years, 6 months
Interest rate: 5.375%
Principal and interest $1,539.93 Escrow payment $209.20 Total = $1,749.13
According to eppraisal my home is worth $122,413 (I’m upside down $133, 808.66)
My gross income is $6400 putting me at 27% making me not qualify for a HAMP, but my actual take home is $4400 because of taxes and $100 that I contribute to my 403B. I’m single and live in CA so I think that’s why I get taxed so much.
Two years ago I called B of A and asked if I qualified for a loan mod they told me no because I could afford my payment and didn’t have a financial hardship. I explained to them that I have heart problems and pay a lot of out of pocket expenses on meds and doctor visits but they still said I didn’t qualify.
About two months ago I heard that the government had new programs for home owners, so I called B of A and asked if I qualified and they said no because my loan isn’t Freddie Mac or Fannie Mae. Both my lender AND investors are B of A.
I then called the Hope hotline and spoke to a counselor and she told me that I wouldn’t qualify for a loan mod because of my negative equity and because my deficit is -$491.80 (approx. -11%). She told me that the best thing to do would be a short sale. I explained to her that the reason my expenses were so high is because I had to transfer jobs. In October, I had to move over to a new department because of budget cuts. I was able to keep my same pay but now I have to travel 50% of the time, which means I spend a lot more money on gas and car maintenance. When I took the job it was with the understanding that I’d be responsible for my own travel. It was either take the job or become unemployed. She told me that I can try to bring the deficit down by cutting out some of my expenses like food, car insurance, cell phone, and tithing. I can cut down on food but I need my car insurance and cell phone for work. And I feel bad if I don’t tithe because I already feel like I’m cheating God by not giving the whole 10%. Another option she gave me was to get another job. I already work 50+ hours and half the time I’m driving throughout the state.
I really don’t want to short sale. I want to keep my house. I feel like I’ve put so much into my house and don’t want to let it go. I’ve never lived in a house, so I feel attached.
Are there any options for me?
Can I still try some sort of loan mod, if I’ve already refinanced once?
I am current on my payments, will they help me if I stop making payments?
Should I just do a short sale?
I honestly don’t know what to do and I’m really stressed out because I’ve had to use what little I have in my savings to make ends meet.
It’s so frustrating because I feel like I’ve always worked hard to do the right thing and yet I don’t get any help. I don’t have a car payment and my credit card debt is less than $3,000. The other expenses come from meds, co pays, school loans, car insurance, cell phone, internet, etc. Mainly things I need for health and work. I feel like I live a simple life. I pay taxes, spend conservatively, take care of my credit, but I can’t modify and keep my home.
Anyway, any advice you can give me is greatly appreciated. I know I shouldn’t let it stress me out. I know I need to trust God and stand firm on His promises.
Romans 12:2
Do not conform to the pattern of this world, but be transformed by the renewing of your mind. Then you will be able to test and approve what God’s will is—his good, pleasing and perfect will.
Again, thank you in advance for your time. Peace and blessings to you and your loved ones.
Hi my dear Mayra,
Thank you so much for such a nice message
you brought a smile to my face – Romans 12 and Isaiah 61 is my mission –
Here is my recommendation for you – I think you should try to apply for HARP the new refinance program that may help you with your biggest concern, which is your negative equity. I hope this helps.
May God Bless you and hold you in the palm of his hand.
“Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.”
Expect ONLY Miracles and question authority,
Anna Cuevas
America’s Loan Modification Guru – Check out The Loan Mod Guru a Save Your Home Plan of Action to give you the peace of mind you need.
#1 Bestselling Author, Save Your Home
I just wanted to thank you for your inspiring website. I’ve been struggling with BoA (Countrywide) HAMP denial and while I didn’t think I was alone in this struggle, it was so wonderful to see a Christian website offering help. Working on my appeal for HAMP, so it seems it might be worth the money to give this a shot.
“Expect ONLY miracles” thank you for helping me change my attitude towards this difficult time!
Aloha and Mahalo
hi there, Anna -
Oh boy, you’ve given me a glimmer of hope today – as it’s the first day I’ve even HEARD of you and this marvelous work you do! I just don’t know if we can save our home and I’m feeling horrendously overwhelmed right now.
2 years ago was when all the trouble started and due to my husband’s job loss, our finances suffered a major blow. Our income was reduced to about 1/3 of what it was previously. We definitely had trouble making our house payments. We struggled to make ends meet but always kept good communication with our lender, BoA. Last year, we submitted paperwork for a home load mod through the President’s plan. They gave us the 3 month trial period, with payments about $100 less than our regular payment. Well, we scraped to make it and totally missed getting that 3rd payment in on time. So BoA denied our loan mod under those terms.
Since then, our income has increased some. Now we are in the middle of a Chapter 7 bankruptcy and in our paperwork showed that we were letting the house go. A month after filing BK, we spoke to a financial advisor who stated that because of the increased income AND the other debts being removed because of the BK, then we have a good chance at saving our home. So now we have been scrambling to figure out the very exact way in which this is done.
Do you have any advice on saving your home while in the middle of a Chap. 7 bankruptcy? What steps to take? And what is the process? I am so desperate for answers! We are like anyone else would be in this scenario – a family with several small children living in the house we built, the house where our children were born, built on family land – we were never supposed to move from here. Can you help us at all??
Hi Anna,
I just found your website. Bank of America just denied my Loan Modification last week because I did not submit paperwork on time. I was asked to fax some paperwork to them. I kept my bank rep. informed that I was having fax problems. I was able to sumbit it to them within three days But, they said that this was three days too late according to the HAMP guidelines.
I asked the bank rep. if I could appeal again the decision and she said no because she had appealed for me. Can I apply again for another loan modifcation? How many times can you apply?
Thanks.
Kara
Hi Kara,
So glad you found us!! Were you only late 3 days or were you late over 30 days in total?? If they only gave you a few days then you can definitely appeal and go back in, if you were given 30 days and you were 3 days over that then per the guidelines they give you a warning… and you should be able to continue. It is very difficult when an underwriter has your file ready to undewrite but is missing docs, so that is why they do not like to wait on documents, however, that should not be the reason for you losing your home unless you went completely over the time… if it is less than 30days you should write an escalation letter and send it in to Bank of America headquarters and escalate and appeal the loan modification denial in writing, quoting HAMP guidelines. Keep fighting. If your situation (income) changes you can reapply.
Expect ONLY Miracles and Question Authority,
Anna Cuevas
I hope this helps Amber -
I am so glad I found your site!!! I am interested in a Jumbo Traditional loan modification with Wells Fargo ($775k loan amount). I obtained a “temp” loan mod at 3.5% interest only for 18 months. I would like to reapply. I have read all the information, guidelines, etc regarding HAMP, however, I am struggling to find the straight answers for Jumbo Traditional in house loan mod with Wells. I understand the guidelines for HAMP, however, have a few questions regarding non-HAMP traditional loan modification.
1) is is possible to obtain principle & interest (not just interest only)
2) if so, what is the lowest rate they will allow to reach the 38%
3) will they also “forebear principle” to the back end of the term of the loan? if so, how much? (up to 30% like HAMP?)
4) what is the long amortization period – 30 years, or will they also go 40?
Your help would be GREATLY appreciated!!!
Hi Diana,
Your message was stuck in my spam box…. I apologize for not getting back to you sooner
I just found 6 old messages in that box.
The in-house mods are usually look a like to the HAMP model. 1) yes more than likely it will be PI not IO 2) 2% 3) they have in the past sometimes more than the 30% based on property value and NPV to investor, and investor 4) they can and have extended to 40 years.
Expect ONLY Miracles and Question Authority,
Anna Cuevas
America’s Loan Modification Guru
#1 Bestselling author Save Your Home
Hi Anna,
My sister in law applied and was approved for HAMP in October. BofA hired a notary to bring the paperwork to sign, and the notary was to return the paperwork to BofA. When the notary came, she informed my sister in law that her cosigner (guarantor), my wife, was not required to sign the contract. This was after my sister in law offered to call my wife to come sign the papers. My sister in law then started to make the reduced rate payments for the trial period. In January, BofA sent her a letter that they had cancelled the HAMP becausd my sister in law had refused the offer. This obviously came as news to her, so she requested they give her the reason. They eventually told her that it had been cancelled because my wife had not signed the contract and that she needed to start the process over, meanwhile accumulating more and more delinquency on the original terms of the loan. This seems like this is a breach of contract on their part since the mistake was made by them/their personnel that caused the issue in the first place, but my sister in law is unclear about what her options are legally/otherwise. Do you have any insight on this?
Hi Ben,
Your post got lost in my spam box. I apologize. Your sister in law should write a detailed letter with copies of the previously notarized document and in this letter detail the conversation with the notary that B of A sent. I would escalate this to the President of Bank of America and fight it all the way. It is technically not a breach of contract, in my opinion, but I am not an attorney nor claim to be one. It is more like a mistake from the notary giving erroneous information maybe so she could get to her next appointment on time, who knows. None the less I would fight it to the top to get them to honor the approval, although at this point the numbers will be messed up as time has lapsed without additional payments.
I hope this helps –
Anna Cuevas
America’s Loan Modification Guru
#1 Bestselling author of Save Your Home
Hi there i was wondering has anyone gotten an approved on a BoA Inhouse modification and how long is usually the process.
Hello Anna Cuevas. My father was hire a lawyer, and he want to make a Loan Mod but (MHA) but was denide because of his monthly income. So we got accpect for Fannie Mae Loan Mod. But we did recivce a package from BofA that said that are lender was going too be Fannie Mae. So they gave my father days too sign and send back with a prepaid folder. So we did we went too are lawyer sign what was neccasary. I belived we where going to get copies that way both parties agree. But till now we haven’t recivce anything. But are home appears as in public action. Can the bank do that put are home in public action. Even if all the papers were sent and sign> What should be done next. Is it just pressure or can the bank take us out of are home. Should we wait too see what happends or what? We got are three month trail we paid those off with no problem so what sholud be done please tell us. Thank You
Hello Natalie,
I am so happy that you got approved for a modification!!! It is normal for them to post a sale date, they shouldn’t in my opinion, but they do. Many times people don’t accept the trial modification, so they don’t want to have to start over. Very important to just make sure they put in the request to postpone. If you are in a trial and make tour paymenrs they will postpone the sale.
Expect ONLY Miracles and Question Authority,
Anna Cuevas
#1 Bestselling Author of Save Your Home without losing your mind or your money
Anna,
If one was to get approved for a HAMP loan modification in a non-recource state (CA), would the loan still be considered a “purchase money loan” ?
Anna good evening I was just declined for the traditional loan mod with BofA.
In addition I was denied for HAMP last year and I appealed it requesting changes due to recent divorce.
My questions are what is the NPV that BofA is looking for?
What ranges are considered negative?
what is an acceptable NPV?
Are the house values on NPV’s done with BPOS, desk top appraisal or appraisers?
Bottom line I need to know since I was declined due to negative NPV and I do have the full worksheet which shows my mortgage to be an error by 1k monthly shows 2700 and sb 3700 for first loan.
I appreciate your answers as Im resubmitting these items as we speak.
Thank you
Hi Yasmin,
Sorry to hear about your negative experience with your applications for HAMP. Main thing to ask is WHY- very detailed and specific.
NPV is a bit more complicated than a simple blog answer. Most times the lender uses an (AVM) Automated Valuation Model, occassionally a BPO (exterior drive by) and sometimes an appraisal but you would know because they would make an appt. On the NPV report it will list which type it was. The NPV is not something I can say this number is what they need, what it needs to be in simple terms is the answer to this question “Does the investor make more money by modifying your loan? By shortsale? Or by foreclosure?” For it to be positive the main answer needs to be that the investor makes more money by modifying your loan. A full explanation of NPV is found in the “Save Your Home” book as well as several articles on here that can help you
but that is pretty much the main question NPV answers.
I hope this helps.
http://www.askaloanmodguru.com/denied-for-hamp-because-you-failed-npv-calculations-what-is-npv-test
If you want to run your numbers in a HAMP simulator The Loan Mod Guru Do it yourself system can put together a plan of action for you and you can see what may have triggered your previous denials and help you have a successful re-submission.
Ask, Seek, Knock
7 “Ask and it will be given to you; seek and you will find; knock and the door will be opened to you.
Expect ONLY Miracles and Question Authority,
Anna Cuevas
#1 Bestselling Author “Save Your Home”
Hi Anna.
Just wanted to tell you I enjoy reading your site. I have just a few question. We have cleared all of our credit card debit. But in the long run now our mortgage is behind by one payment we cam seem to make payments on time. and our taxes gone up. I work for a school had no pay raises. We settled I year later alot less then we wanted. My question is we tried to apply for the making home affordable they stated that we make to much. But that is with my husband work 3 days or more over time without the the over time we qualify. Is there any way around this . My bank is useless it took them over 5 month for a denial.
Thank you,
Hi I was wondering how B of A / Countrywide is able to modify a loan with the past due amount added as a ballon payment but the ballon payment has the interest included. It seems as they are getting double the interest this way. The past due amount was including interest, taxes, and insurance. So my loan has gone up by 45,000. The new loan has interest on it so they are collecting interest twice. Any insight to this issue would be great. Thank you
Hi,
Congratulations on saving your home.
Unfortunately, as long as the amounts that are unpaid are then added (capitalized) to your new balance you have to pay interest on it – it is a normal practice.
I hope that helps to clarify your question… wish it was better news.
Expect ONLY Miracles,
Anna Cuevas
America’s Loan Modification Guru
#1 Bestselling author, Save Your Home
Hi Anna
Mine is with BOFA I was just denied a.loan mod after trying for over a yr. The reason is because we had the loan modified within 2 yrs but nowhere does it state that u have a timeframe not to mention it really wasnt modified but by $40 so it was no help to us and we ended up back in a hole. hould we just file ch 13 at this point?
Thx in advance.
Hi Candace
It really depends on who your investor is in regards to the 2 year time frame. That is not a HAMP guideline but it may be your investors guideline.
Chapter 13 is an option, however only a BK attorney can tell you if you will qualify for the BK. You may be able to spread all of your past due over several years if you are able to fit the perimeters of the BK.
Expect ONLY miracles and question authority,
Anna Cuevas
America’s Loan Modification Guru
#1 Bestselling Author Save Your Home
Hi there. I am in a bit of a panic.
After 3 years of fighting with Bank of America (Wells Fargo is the investor) about a non owner occupied property, I was just informed that I failed the NPV test basically because my house is under water.
Is there anything I can do to get a mod? Can you help me?
Please contact me.
Thanks
Hello Christopher,
Hi there. Usually people fail NPV not because they are underwater but more because the income does not cover the payment for value they have for the property. Read this article where I explain a bit about NPV Click Here for denied for NPV info The first thing to do is call and find out what income they have for you, what expenses, taxes, insurance, property value. That way you could see what is going on and if there are any mistakes. Also urgently request ALL NPV values.
I hope this helps.
“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. Nothing will be impossible for you.”
Expect ONLY Miracles and Question Authority,
Anna Cuevas
America’s Loan Modification Guru
#1 Bestselling Author of Save Your Homehttp://www.saveyourhomethebook.com