HAMP participants are then required to continue with the process to determine if the canidate meets all HAMP requirements in which case they must offer a modification.
If the NPV is negative, meaning the servicer would lose less money by foreclosure they can still do a HAMP modification but it is at their discretion. This means they can refuse all modifications or approve any or all. Most Non HAMP participants are using the HAMP guidelines but you never know.
Also, it is my understanding that all INDYmac loans are not negotiated by the FDIC who put them in receivership. Get an attorney and have them order a forensic audit. In addition, request via certified letter a copy of the original note and cc the letter to the trustee conducting the sale. It really doesnt matter if you fit the guidelines perfectly if they make a mistake in the BPO we get denied. I just found out my BOP came back trippled and the NPV spit me out. All homes selling right now are going to short sales or foreclosure homes, no bank will lend buyers more than ach loan what the property is truly worth. It always seemed absurd to me to have a RE person attempting what is tantimont to an appraisal. There are many items that go into a legitimate appraisal and it requires significant research and education. As far as being tied to a BPO there is nothing in the guidelines indicating such. This value is to determine ach loan the NPV test (essentially a determination to evaluate the difference in value between foreclosing and modification). I would suggest if this is their tact, that you offer to pay to have a legitimate appraisal done. Since 2007, the LoanSafe forums have helped millions of homeowners over the last 13 years either save their homes with a loan modification, obtain a short sale, forbearance, or walk away legally from their underwater mortgages.
I have made my 3rd payment with wells and after reading this board I may have to many assets. Now that my credit is being ruined what is my best option. Thanks in advance The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.
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This link references that these are the steps a counselor should take, but Fannie verified that the phone number to them is for consumers also. I emailed them on March 1, 2010 and confirmed with them on March 3 that they had received my complaint and it was in line for someone to call me about the problem. I have signed and they have signed final mod but now there are 2 issues and MBS trust and do I pay 2nd trial. Also believe it or not someone put in my notes that I said I did not want to continue on program, How crazy is that I waasted a year of my life dealing with these fools. What kind of recourse is there for us borrowers when in the HAMP guidelines it states that these modifications should be done in a timely manner as well as the guidelines under Consumer Protection Servicers should have procedures and systems in place to be able to respond to inquiries and complaints relating to loan modifications. Servicers should ensure that such inquiries and complaints are provided fair consideration, and timely and appropriate responses and resolution. I was doing fine until My brother and sister lost their jobs and are now living with me. I am currently supporting a Family of 10 (6 adults and 4 children) 2 loans for bad credit in az are mine MY monthly expenses have increases significantly.
I am with wellsfargo and after reading all the post I am not sure if I should attempt to call them. My credit is excellent at this time but i Dont how long it will last. In March of 2009 we started our HAMP process (CHASE) with the help of a mortgage company.
Hi there ,we started talking to BOA regarding MHA 2009, Mr Presidents program (make your payment stay current we will help you stay in your home) sure you are.
I was talking to people at the BOA center every week, every time they ask for more papers,week later they lost the paperwork send again and again and again 7 times, finally 1.
To this day still nothing has transpired: they claim that lost my paperwork they are very busy that they need more papers and more papers and they even claimed in ach loan ach loan 120 days they will let us know if we qualified for anything.
Here is another example why your policy Make Homes Affordable for the People have failed in regards to the population who are trying to make their payments to stay in their homes. You, your Vice President, and your Press Secretary, all preach this program every time you are on the television.
President you gave Billions of dollars to the hands of the very people that got us into this mess! President has led to BOA telling us that since we are still able to keep our payments current, we are to move to the back of the line so they can concentrate on those already in default.
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President I am a bad credit personal unsecured loans guaranteed Greek-American Immigrant a legal one I might say.
I work hard to pay my taxes, to be a good neighbor, to work hard for the last 34 years and to save some money to buy our dream home. And just as another side note, we never even signed our loan application with the countrywide agent. I have repeatedly asked the BOA people to provide me with my loan application and they continually find excuses why they cant find it. President, as I have stated here, your programs and policies are failing because the people that you nominate to implement your programs are failing you. As a result you are failing with them, while we the people are suffering the continuances of your policies. We hope and pray that this letter comes to your attention to see it as an a wake-up call for the future of your Presidency and the future of the people throughout our great country that are suffering and are losing there homes. If this letter ever comes across your desk or across the desk of any of your people that are on television talking about how the program works and how long term loan lenders you all trying to help people stay in their homes, I hope you feel some shame.