Posted on: 04th Jun, 2010 04:47 pm
Hi !
Today we got a denial letter from Bank of America for Home Affordable Modification Program, and this comes after a year of waiting for results. Basis for denial - Negative NPV and as agents explained to me, the "investor" has no interest in helping us.
Currently my parents who are owners of of the house are $20,000 behind on the payments, we lived in the house for just over 4 years and 3-4 months. Both of my parents are self employed and working 1)had significant drop in their income and mother was sick(medical bills!!!) 2) price of the house dropped dramatically 3)have no credit card dept or other outstanding dept 4)On schedule for all other household payments. 5) I am the oldest son(28 years old), lost the job and to move back to their house.
We really don't want to loose the place and don't know what to do next. Bank of America agent to me that they will look at other options.......
Thank you for any advice.
Today we got a denial letter from Bank of America for Home Affordable Modification Program, and this comes after a year of waiting for results. Basis for denial - Negative NPV and as agents explained to me, the "investor" has no interest in helping us.
Currently my parents who are owners of of the house are $20,000 behind on the payments, we lived in the house for just over 4 years and 3-4 months. Both of my parents are self employed and working 1)had significant drop in their income and mother was sick(medical bills!!!) 2) price of the house dropped dramatically 3)have no credit card dept or other outstanding dept 4)On schedule for all other household payments. 5) I am the oldest son(28 years old), lost the job and to move back to their house.
We really don't want to loose the place and don't know what to do next. Bank of America agent to me that they will look at other options.......
Thank you for any advice.
Hi dt,
If you do not want to lose the house, then you will have to negotiate with the lender for a loan modification. It is only way to save your property. If you are unable to negotiate for a modification, then there is a high chance that the lender will foreclose the property.
Thanks
If you do not want to lose the house, then you will have to negotiate with the lender for a loan modification. It is only way to save your property. If you are unable to negotiate for a modification, then there is a high chance that the lender will foreclose the property.
Thanks
i didnt even get a denial letter after 14months of attempts at the "making homes affordable plan" with bank of america, just was served with mortgage foreclosure summons lawsuit!
have you looked into a "deed in lieu of foreclosure"? you may qualify for that.
good luck
have you looked into a "deed in lieu of foreclosure"? you may qualify for that.
good luck
Good luck with deed in lieu process too..the investor has to also approve this..I am waiting for their "answer."
It is going to be hard to try to work on the lender if you got a denial on the lenders NET PRESENT VALUE. Meaning the investor probably see's foreclosing on your house is less expensive than trying to do a loan modification with you. You can visit the www.hampadmin.com website look for NPV servicer requirements. There are guidelines they have to follow and if you are denied because of NPV you can always reapply. You will want to find out who your investor is as well.. That will give you some idea as to what options you may have. Good luck! Short sale maybe the best option for you or a deed in lieu but you still have to be approved for those.
It is so sad that most of us are so helpless with mortgage crisis. Lender should tell everyone what it will take to qualify for MHAP instead of delays and promises that are not going to happen. It is getting worst I think how help sometimes is not really there.
Yes, I too was denied for Making Home Affordable Modification due to Nagative NVP after 7months of providing all the documents they requested.
They stated that I had $5,500 in debt. I don't know where they got these figures but requested the document breakdown. Well, I have requested them before the 30 day deadline which was 12/27/10.
Todate I still do not have the documents and I am calling every week.
They will not let me appeal the denial without the figures in hand. I don't
understand what is going on. I am getting further and further behind and they are contiuning to give me the same song and dance stating thatthe figures are on there way. I have had the forclosure sale postpone for the last 4 months. What is going on!!!
They stated that I had $5,500 in debt. I don't know where they got these figures but requested the document breakdown. Well, I have requested them before the 30 day deadline which was 12/27/10.
Todate I still do not have the documents and I am calling every week.
They will not let me appeal the denial without the figures in hand. I don't
understand what is going on. I am getting further and further behind and they are contiuning to give me the same song and dance stating thatthe figures are on there way. I have had the forclosure sale postpone for the last 4 months. What is going on!!!
Hi DMW!
Welcome to forums!
You should ask the lender to let you know their decision as to whether or not they will accept your request for HAMP. You should contact the lender and ask him to take the decision asap.
Sussane
Welcome to forums!
You should ask the lender to let you know their decision as to whether or not they will accept your request for HAMP. You should contact the lender and ask him to take the decision asap.
Sussane