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• Wells Fargo n Make Home Affordable 3
• Posted: 2010-08-31 23:29:50 EDT By Charles Dilley
• GAWD I'm still trying to get into this program with Wells Fargo. In my first posting to this site - I called WF 3 times before getting my initial request package, which I mailed to WF in April 2010, In June 2010 I received another application package, called the contact from the first and was told NOT to fill it out, three days later I received a phone call from another WF contact (this was in early JUNE 2010) and told to fill this application out as this contact was in CA - as am I. Today I received yet another application, I have not made any phone calls BUT have received several phone calls from WF reps requesting financial information from me - stating that they need to be updated monthly. I refused. The WF reps state that I have a new rep for this Make Homes Affordable program now ... hmmm I WILL post to this site ( and email the White House ) just as soon as I know more.
  charles.dilley@sbcglobal.net

• Recent Loan Mod Success Story! Check this out:
• Posted: 2010-07-30 13:19:37 EDT By Jesse Ibanez
• "Hey Jesse!
  I've been swamped at work, but I have some good news that I wanted to share w/ you and the group. I was recently approved by B of A for my home loan mod. I just started the 3 month payment trial period. According to my approval letter, if I complete the 3 month trial period successfully, B of A will send me the new loan docs for me to sign w/ the adjusted payment, fixed rate, etc. etc. One of the terms of the mod docs is to see a housing counselor. Not a big deal, since I have all my expenses documented and budget fairly well as it is.
  Wanted to make sure my 1st payment went through, before sharing my good news. Kind of still holding my breath and proceeding w/ caution. But I hope to be able to share what I learned from my ordeal w/ others that are going through the same distress. I'll keep you posted. I really appreciate the support and information that I obtained from you and the group at last years seminar. All that info facilitated and expedited my paperwork. Thank you, Jesse!
  
  Hope you have a an awesome Friday and weekend, amigo!!" - GM

• Re: Recent Loan Mod Success Story! Check this out:
• Posted: 2010-08-05 13:53:43 EDT By Billie Wilson
• Best of luck to you! I hope you get better luck than we have received. I'll give you the highlights....I have been trying to get a Mod for over a year now. This next payment for September 1st will be our 10th month Trail Period Payment. B of A lost our documents, filed an appeal on our behalf, and of course approved it (I had proof they received all previous documents). That was in May/June, I have called every week (sometimes several times a week) and they tell me it is still in review and to keep making trail period payments. I have little/no faith in their ability to get it finalized correctly. We just want an answer so we can move on with our lives! I have written to Obama and Senator Barbara Boxer and she/her office recommended I submit my info in writing and signed for a potential Congressional Inquiry. I WILL be doing that. B of A is not helping the people who are following the rules!
  
  Again, best of luck! I wish this upon no one!
  
  P.S. We have never missed a regular or Trial Period Payment! Some say that is our problem, but we refuse to believe it...! Trying to remain "Hopeful" - BW

• Wells Fargo n Make Home Affordable 2
• Posted: 2010-04-23 13:04:44 EDT By Charles Dilley
• This is my second posting, hence the name. Wells Fargo did send a home loan modification package, with a third call to customer service. (See the first comment posting.) I do not like the flavor of this document 'This is an attempt to collect a debt, any and everything stated will be used to.."
  SECOND - I do not like the temporary period in that Wells Fargo will send a derrogatory statement to all three credit agencies about the mortgage payment IF I am accepted into a home mortgage modification program. THIRD - if I do not get a home modification, I will be told verbally of this and given recommedations of what I can do ... why not put it in writing? I will post a " 3 " message on this board of what happens. I was riffed out of my job 14 months ago and while all is current now, my assets have dwindled ..... charles.dilley@sbcglobal.net
  

• work shops
• Posted: 2010-03-11 19:55:44 EST By roger gabbart
• Has anyone attended the workshops or listened to the online submissions that have been offered? Was it worth your time(ie. Informative and materials handed out)? I live near Sacramento and the one there is full or not offered.

• Re: work shops
• Posted: 2010-04-28 00:26:11 EDT By James and Debbi Kennedy
• Hi, Yes the workshop is excellent. My wife and I went for the 2nd time this last week. If anything you'll realize your not alone and there is hope. We are in the modification process and (Since Jan. 2010) and it has been like pulling teeth. Have been threatened with forecloser etc.
  
  The workshop will give you some insights, a package to take home and ideas to try. It will provide you with a phone # to get one on one advice. I would definately recommend the class.

• Who is the Investor on my loan?
• Posted: 2009-12-12 20:08:03 EST By Susan Rutherford
• I researched Fannie Mae and Freddie Mac and they are not the owner/investor of my loan. It is serviced by BAC Home Loans Servicing, LP. When I called the servicer I got a customer service rep. I asked her who the investor on my loan was and she gave me an "investor code", but when she checked to see who it was, she came back to the phone and said she was unable to give me that information. Is there some way to find out who the investor is and what their guidelines, as far as modifying the loan, are?
  

• Re: Who is the Investor on my loan?
• Posted: 2010-01-13 17:18:03 EST By Cherie Tiscareno
• Susan: Unfortunately, to my knowledge they will not share with you who the investor is (if your servicer owns the loan they will let you know this) or the guidelines that they consider. They keep this under wraps. I can appreciate how frustrating this is as a homeowner trying to get clear on what exactly they can and can't do about their situation.

• Unemployment hits 26 year RECORD HIGH at 10.2%!
• Posted: 2009-12-07 18:15:55 EST By Jesse Ibanez
• When NPR news reported this stat the first thing it made me think of was: where is the recovery going to come from? The news is grandstanding this bedrock of recovery and purporting that the worst is behind us. While this may be true, I'd need to see this unemployment rate addressed first before I go hopping on that bandwagon.

• Re: Unemployment hits 26 year RECORD HIGH at 10.2%!
• Posted: 2009-12-12 13:22:14 EST By Susan Rutherford
• I just tried to respond to this and was blocked. Let's see if I can do it now.

• Re: Unemployment hits 26 year RECORD HIGH at 10.2%!
• Posted: 2009-12-12 13:36:36 EST By Susan Rutherford
• I agree with you 100%. However, I am not sure how this will happen. Companies have implemented cost cutting, which includes laying workers off, to stay within their shrinking budgets due to loss of income from reduced sale of goods and services. That is why the gain in the stock market is not based on fundamentals, growth. It has been based, in large part, on cost cutting. People, even with jobs, have cut back on spending due to constraints in other areas of their lives that are weighing on them financially. For example the person who owns a rental and has had to reduce rent in order to keep a tenant whos household income has dropped. The owner of the home still has the same mortgage payment on that house, but now has more of that cost comming from his/her houselhold budget and thereby has less money to spend. And, maybe, in conjunction, they have had hours cut or are self-employed and income from their business is now less. Keeping people in their homes would do alot to help them focus their energy in the direction of securing more business or employment. Modifications of loans would help in this area and also stabalize the housing market by stopping property values from falling further.

• Most Banks Moving to Automated Loan Mod & Short Sale Platforms Good or Bad?
• Posted: 2009-12-07 17:02:20 EST By Jesse Ibanez
• I've been noticing that a lot of the banks are shifting to a more automated platform for communication, document collection and processing of rendering decisions.
  
  Pros: accountability, online transaction management
  
  Cons: removal of the more human element of mistakes that are more commonly made
  
  any experiences either way from you?

• IndyMac/One West
• Posted: 2009-10-23 15:01:38 EDT By Sharee
• Does anybody have any experience or luck with modifing their mortgage with IndyMac, which is now serviced by One West?
  
  We started the process back in April of '09 and are still waiting. We definately feel as if we are getting the run around!

• Re: IndyMac/One West
• Posted: 2010-02-25 13:08:08 EST By edy fuentes
• Yes. I modified my sister's home with IndyMac. When I started the process it was IndyMac, and then it changed to One West bank. I submitted 14 pages of documentation to IndyMac and has to resubmit my papers to One west Bank. The process and format changed when it changed hands. But keep insisting and call up and document who you speak with. After submitting the 4-page app to One West bank I was given the modification after a period of 45 days. You need to go in the Indy Mac website and check what documentation they are currently using.

• Success Stories
• Posted: 2009-07-21 09:52:06 EDT By Cherie Tiscareno
• Have you had success with your lender? Either by getting a loan modification or a approved short sale? Maybe just making progress with your lender and you're still in the process? Please share your story with us to help keep the community encouraged!

• Re: Success Stories
• Posted: 2009-10-12 14:42:54 EDT By Linda Clarke
• So far my mortgage company has been great! I have stayed in constant communication with them and they are working with me. I have been on disability because of an injury and also job hunting for when disability ends. My mortgage company is working with me to accept lower payments while I am receiving disability and once I get a job have promised to do a loan modification. If I don't find a job then I am not sure what will happen, but until now they have been very understanding and I still have my home.

• Mortgage Debt Forgiveness in California
• Posted: 2009-07-17 13:07:36 EDT By Sandy
• Has California passed similar legislation to the
  Federal Mortgage Debt Forgiveness Act?
  
  If yes, what is it and what can you tell me about it?

• Re: Mortgage Debt Forgiveness in California
• Posted: 2009-07-18 21:57:36 EDT By Cherie Tiscareno
• Initially California followed suit and had a similar bill passed: SB 1055 California State Tax Relief. However when the federal bill extended its coverage until the end of 2012 California did not. It expired in December 2008.
  In January 2009, Assemblyman Roger Niello introduced AB 111 to extend California’s law to match the Feds. Unfortunately, in late May the Assembly voted down his Bill… (most likely in response to the ongoing Budget crisis.) No new Bill appears to be in the works to replace this. “AB 111 was based on fairness and common sense. The tax revenues from mortgage foreclosures are windfall gains to the state at the expense of California’s most desperate families. The tax revenue exempted by AB 111 would not have been realized if California weren’t at the very epicenter of the mortgage crisis,” said Assemblyman Niello.

• Re: Mortgage Debt Forgiveness in California
• Posted: 2010-04-28 00:33:21 EDT By James and Debbi Kennedy
• Yes, SB 401 was passed on April 12, 2010. It has been extended from 2009-2012.

• Home loan modification with First Franklin
• Posted: 2009-07-16 17:27:45 EDT By Terri Zindell
• Has anyone had success with obtaining a loan modification with First Franklin? My application has been with them for about 31/2 months. While they have posted notes on my file regarding some progress with it, it seems to be taking FOREVER! I keep scraping the payment togther every month because I'm afraid if I miss a payment it will significantly hurt my credit score.

• US BANK - LOAN MODIFICATIONS
• Posted: 2009-07-16 01:30:23 EDT By Mary B
• Hi-
  
  Wondering if anyone has had any luck with modifying their home loan with US Bank? Our loan used to be with Downey, but was bought by US Bank. We tried to ask for help from Downey and we were turned down twice. Since the switch, we tried again and were turned down because the "investors" who own the loan are not accepting modifications?
  
  Is there anyway to get around this? What kind of help is available for this type of situation?
  
  

• Re: US BANK - LOAN MODIFICATIONS
• Posted: 2009-07-29 15:30:11 EDT By mary romeo
• I also have a loan w/US Bank ..Were you in the process of a modification? Any updates? My question is this..If they will not do loan modifications ,then what?
  
  Mary R

• Home Affordable Refinance eligibility expanded to 125 percent LTV
• Posted: 2009-07-08 20:27:34 EDT By Jesse Ibanez
• Fannie Mae last week announced the Home Affordable Refinance Program (HARP) will be expanded to permit refinancing of existing Fannie Mae and Freddie Mac loans with current loan-to-value ratios (LTVs) up to 125 percent, an increase from the current LTV limit of 105 percent. Fannie Mae characterized the expansion as a move to help lenders serve more borrowers with a demonstrated track record of paying their mortgages, but who have been unable to refinance due to significant property value declines. Loans with LTVs above 105 percent will be eligible for a same-servicer refinance under the Refi Plus manual underwriting option, and the new loan must be a fully amortizing fixed-rate mortgage with a term greater than 15 years, up to 30 years. Fannie Mae is evaluating potential updates to Desktop Underwriter to allow LTV ratios above 105 percent.
  
  In conjunction with the LTV expansion, Fannie Mae also announced it is offering a 0.50 percentage point reduction in the loan-level price adjustment (LLPA) charged for manually underwritten Refi Plus loans with LTVs above 105 percent and loan terms greater than 15 years, up to 25 years. Refi Plus mortgage loans with LTV ratios that exceed 105 percent are eligible for whole loan purchase or delivery into MBS on or after September 1, 2009. Please refer to Announcement 09-23 for information about a new MBS prefix and other operational and delivery details for loans with LTVs above 105 percent.
  
  **This is great news for those who are in that space called "I can still manage to make a payment similar to the one I got myself into, but I am not in a position to handle it at the rate its currently at". The truth is that while there was a very small amount of people who found themselves ONLY 5% upside down ... there will be many who this umbrella will now shelter who owe more than 126% of their current value. We hope to see the numbers spike as a result of this expansion into the program.
  
  Does anyone think they fall into that category? Would love to hear if you think this might help you.

• Re: Home Affordable Refinance eligibility expanded to 125 percent LTV
• Posted: 2009-07-16 23:36:55 EDT By Pamela Fuller
• It depends - I'm in a Fannie Mae loan close to 80% with first - it is the 2nd that brings it closer to 125%. BofA my first lender gave conditional approval of my 2nd lender again subordinating the loan. They refused due to it being over 80% both loans together. Currently in a 15 yr loan with low fixed rate but drops in income have made debt ratio too high. A refi under the home stability program to a 30 yr would have dropped the payment equitable to decrease in income.

• Ocwen
• Posted: 2009-06-08 18:04:03 EDT By Cherie Tiscareno
• Good news to report on Ocwen. They have streamlined their process and we are hearing many success stories. They are actively working with homeownwers for successful loan modifications and short sales. So, if you have Ocwen you may be in luck :) I would suggest calling them right away to see how they may be able to help you.

• "Making Home Affordable" Obama's New Program
• Posted: 2009-03-18 13:59:30 EDT By Cherie Tiscareno
• The details were finally released on President Obama's new program on March 4,2009. There are basically two parts to the program that help homeowners. One that allows certain homeowners who are current on their mortgage to refinance their existing first mortgage to a 15 or 30 year fixed rate. The second part allows borrowers who meet specific criteria to obtain a loan modification on their existing first mortgage. Although the program is voluntary the Treasury is offering financial incentives to lenders if they participate. For a list of lenders who are currently participating and for full details on the new Making Home Affordable program visit: www.FinancialStability.gov

• Re:
• Posted: 2009-04-02 21:07:42 EDT By Cherie Tiscareno
• We are still waiting for the "list" of participating lenders to show up on the website. In the meantime, please remember that if your loan is owned or securitized by Fannie Mae or Freddie Mac then you may already be eligible under the program. Not sure if your loan is owned by Freddie or Fannie? Find out:
  Fannie Mae: http://loanlookup.fanniemae.com/loanlookup/
  Freddie Mac:
  https://ww3.freddiemac.com/corporate/

• Countrywide
• Posted: 2009-03-04 17:37:30 EST By Cherie Tiscareno
• Oh and then there's Countrywide...
  FYI to anyone and everyone who has a Countrywide mortgage and is trying to get a loan modification or a short sale:
  They take FOREVER. Right now their average time is probably right at about 120 days (in our experience). Please post your experiences here with Countrywide so that we can all learn from them.... (the good, the bad and the ugly welcome)

• Re: Countrywide
• Posted: 2009-05-06 17:56:56 EDT By Cherie Tiscareno
• Some light at the end of the Tunnel: A family from Loomis California was able to get Countywide to approve their short sale in just about 60 days proving it CAN be done! When it comes to Countrywide persistance and being very through with your documentation seems to be key.

• Re: Countrywide
• Posted: 2009-12-12 19:59:29 EST By Susan Rutherford
• I am with Countrywide, BAC Home Loans is the servicer. I am trying to get our loan, a jumbo 7yr IO ARM, modified to a lower rate and into a 30yr fixed rate. Paperwork has been in there since 11/19/09. I'll keep you posted. I had an appointment with a HUD housing couselor, before I filled out the modification paperwork. I think it is important for anyone trying to modify or do a short sale to do that as a first step. It will be required and the housing couselor is in the home owner's court, whereas the servicer is looking out for the interests of the investor.

• Re: Countrywide
• Posted: 2010-01-13 17:20:54 EST By Cherie Tiscareno
• Good advice Susan. The HUD counselors are there to support the homeowner in their endeavors. Please do keep us posted of your ongoing efforts. Together we can get further-faster. :)

• Wachovia
• Posted: 2009-02-22 18:15:25 EST By Cherie Tiscareno
• I was just told by Wachovia that they STOPPED doing loan modifications! Has anyone else had any success with them in this? Please help.....

• Re: Wachovia
• Posted: 2009-03-04 17:34:24 EST By Cherie Tiscareno
• GOOD NEWS: Wachovia just changed their tune and released a new loan modifiation program called MAP (mortgage assistance program). For now it is a pilot program however I would suggest that anyone that has Wachovia call and ask about it. A homeowner weve helped was just offered this:
  interest rate lowered by 1.25%, princible balance reduced by $58,000 (!) and the loan extended to a 40yr term. Now it is still in "underwriter review" which means these terms are not final... but wow! I will post as soon as I hear the final details- hopefully more good news to follow....

• Re: Re: Wachovia
• Posted: 2009-03-19 17:23:29 EDT By Cherie Tiscareno
• Just a follow up on Wachovia's MAP program. As I mentioned before it is a pilot program. I was told today this unless your loan has to be selected for the program by Wachovia. If your loan has not been pre-selected then as of this moment Wachovia is not offering any other loan modification options. They did give me this good news: They will be participating in Obama's new "Making Home Affordable" program. When they will start offering this is still to be determined.

• Re: Re: Re: Wachovia
• Posted: 2009-05-06 17:58:36 EDT By Cherie Tiscareno
• Another success story for Wachovia's MAP program. Another family here is Sacramento County also received a loan modification with a nearly 60K princible reduction, forgiveness of all arrears and a lowered interest rate. :)

• Re: Re: Re: Re: Wachovia
• Posted: 2009-07-21 09:47:29 EDT By Cherie Tiscareno
• I was able to confirm with Wachovia yesterday that they will finally be offering the President's "Making Home Affordable" program to their borrowers in August 2009. :) If you've been denied by Wachovia in the past I would advise giving them a call mid-August to try again.

• What is the Mortgage Debt Forgiveness Act?
• Posted: 2009-02-20 14:00:46 EST By Cherie Tiscareno
• What is the Mortgage Debt Fogiveness Act and who can benefit?
  The Mortgage Debt Forgiveness Act was passed into law on December 20, 2007 and was recently extented to apply through 2012. You see historically when a homeowner had to sell their home for less than what they owed they would get a 1099 sent to the IRS for difference. The difference is called "debt forgiveness" and is taxable as income to the homeowner. This means if you owe $400,000 on your home and its now worth $200,000 that would mean $200,000 in debt foregiveness. Ouch. That could add up to a huge IRS payment in a hurry. This is where the Mortgage Debt Forgiveness Act comes in. For the first time ever certain homeowners can get a "exemption" from paying this debt foregiveness. But its only for a limited time-until January 1, 2013. For many this is going to be exactly the break they need to get out of a bad situation and move on with the rest of their life. So who benefits?
  1. Owner Occupants- You must live in the home.
  2. Purchase Money- The mortgage(s) you have must be the original loans that you bought the home with. (note if you did a refinance to lower your rate and DID NOT pull any money out or if you did a refinance and put the money back into improving the home then you still may qualify)
  As you can imagine there are more details to the MDFA but these are the basics. Finally, some good news for all those who find themselves in this all to common situation.