Posted by Shoshana/AZ on 1/25/10 9:02pm
Msg #319530

BOA loan mods

They are back to the "old way" of doing things, thank goodness!

Reply by JanetK_CA on 1/25/10 10:22pm
Msg #319546

I think it may vary by individual or department. I have one of the "new way" for tomorrow.

Reply by Shoshana/AZ on 1/25/10 11:37pm
Msg #319550

Maybe it depends upon whether it's a HAMP mod or not. n/m

Reply by Moneyman/TX on 1/26/10 12:15am
Msg #319551

If connected to Countrywide in any way expect issues :-( n/m

Reply by JanetK_CA on 1/26/10 12:17am
Msg #319552

Yes, I think that's gotta be the difference. n/m

Reply by Cari on 1/26/10 8:24am
Msg #319572

interesting article regarding these..

Mortgage Insider..... posted by Mathew Padilla

Here’s what we know so far about the Obama administration’s loan modification program:

JPMorgan Chase said as of November 30 it has offered 199,033 loan modifications this year to homeowners under the plan, known as Home Affordable Modification Program, or HAMP. Of those, just 2% have completed the mod process. (Download the presentation HERE.)

And the company said for every 100 “seasoned” mods offered:

•29% don’t make required payments
•71% make payments but of those 51% don’t submit all the needed paperwork or submitted documents that needed more work.

To be sure, Chase also performs mods outside of the government’s programs. Including HAMP, Chase has offered 568,458 mods this year as of November 30 but only completed 15%.

Bank of America has had somewhat similar results, according to a report by CNBC’s Diana Olick.

Jack Schakett, a Bank of America “credit loss mitigation strategies executive,” told Olick that of the 65,000 trial mods set to expire Dec. 31st with the bank, a full two-thirds of the borrowers, while current on their payments, have not submitted the full documentation required to become permanent.

“We don’t really know the major reason why the customers are not returning the documentation,” Schakett said.

Here’s more from Olick:

Well I can tell you why (and I’m sure he knows this too). The trial modification process only requires oral verification of income to begin, but to go permanent, you need to prove your income, submit your tax returns, and basically come clean with all your finances. I’m guessing a lot of folks who took out their initial loans with false or non-existent documentation, aren’t eager to let the government know that.

Schakett also said Treasury may require much more documentation up front, so that banks won’t have all these trial mods going with borrowers who inevitably won’t reach permanent modification status.

I think 2010 will be the year of short sales. Agree?

http://www.mortgage.freedomblogging.com/2009/12/10/many-loan-mods-offered-few-completed/22479/

Reply by CF on 1/26/10 9:03am
Msg #319574

Short sales will continue until there are decent paying jobs

that return to the economy. MI is a prime example....if you loose your job it may NOT be replaced. You will need to move....your house is now worth 20-40%, and in some cases more, less than what you owe. You will be faced with a short sale, if you are lucky enough to even find a buyer.

When I say jobs....I mean decent paying jobs that families can live on. That is not Panera and WalMart. We used to have a good thing going here...people made money and there were jobs available. Now employers are using it to there advantage...jobs posting asking for 10+ years of experience with a master degree and paying $35K. You tell me that is a decent living...not even close! So you used to earn $60 or 70K per year....then you went on unemployment for around $1500 per month....now you secured employment and you are not even bringing home much more than unemployment. More than likely you are in a short sale situation already. Additionally, people that were just getting by on $35K per year are now making more by staying on unemployment then making $8.00 for a new jobs that they MAY be able to secure. These people have been hit the real hard!!!!! We have families all over MI that can afford to eat!!!! It is outrageous!!!!! There are families and children here that are on tough times!! This is going on in my own ,extended, family and to many of my close friends.

Jobs- Jobs- Jobs is the only answer....jobs that pay a wage that supports families and decent living.

OK- done with my rant...but my state is in real bad shape and it makes me real sad b/c things used to be a lot better here; and I have no idea how we are going to turn around.

Reply by LisaWI on 1/26/10 9:09am
Msg #319575

Re: interesting article regarding these..

“We don’t really know the major reason why the customers are not returning the documentation,” Schakett said.

Riiiiight! Does it take a rocket scientist to figure this out?? Compare to someone who is trying to get Workmans Comp. The hoops they have to jump thru is incredible, so eventually they give up. Just what the system wants them to do. IMO

Reply by JanetK_CA on 1/27/10 3:11am
Msg #319716

That was my thought, too.

The only refi's I'm seeing are for the top echelon - and those people are nearly ALL complaining about having to send documentation over and over again. Also, how many of us have heard stories about lenders having lost paperwork? Then there's the delaying tactics, where the borrower sends in the bank records, etc, but by the time someone looks at it, it's too dated, so they have to start all over again. It's amazing any of them are going through! I just kinda makes you wonder... Yeah, right!