Smaple1: I just received papers with final modification agreement. They lower my rate from 7.75% to 5.125% and my payment went from $2330 to $1840. We made 3 trial period payments plus next month when we were waiting for final decision. We just signed final modification agreement and mailed to Wells Fargo, of course now we need to receive this agreement back with Wells Fargo signature otherwise loan will be not modified. I hope they will not play any game with us and will send this back to us soon. So far I didnt have much problems with them, besides that people working over there have no idea about that program.
Every time I called them I had different answer, it was driveing me crazy. It was very stresful. And one more thing- we did our regular payments durning trial period, I was worry about being reported under partial payment plan and our credit score being ruined. I was reading that your score can go down somewhere between 50 to 150 points. Besides, if they will denied our modification we will own them difference anyway.
Smaple2: I also have a successful modification through Aurora (HAMP). Final terms – 2.25% for 5 years, then 3.25 for a year, 4.25 for a year and then 5.25 for life. It went from interest only to P&I so it only reduced about $200/month, but I’ve paid off more in 2 months than I had for the first 4 years I had the mortgage.
Smaple3: I finally have a successful modification, and its through AURORA no less. It was almost a year process between the application, the trial payments and everything else, but upon completion of our trial period last month this week we received our modification papers and its saving us almost $1200 per month!! This is much better than I even dreamed they would do. Keep the faith out there you can get it done.
My advice to everyone is be patient…it takes a ton of work, phone calls, etc to get this done but the 1200 a month i am now saving is worth it, I got similar terms to what Smaple2 got, but they put those terms on half my mortgage and deferred the other half tax free.. so i still owe the money but dont have to pay on it which is nice. this allows me some options to maybe rent it out someday, etc. its been a year process, and even with the loan done we are still dealing with impound issues, etc. just have to stay on them!
Sample4: Woot ! I received my final mod documents yesterday UPS. I made my 3rd trial payment (well, 3rd official trial payment -prior were just “practice” trials apparently) on November 1st. This was with Aurora. They are my investor and servicer. My final mod payment is actually $226 less than my trial payments were.
Sample5: I have just received by email my HAMP approval and modification offer from Wachovia.I am in a Neg Am paying the minimum $2900 < including escrows > on a 464K note which deferred my interest to the principal at about $600 per month. I agreed to a forebearance with Wachovia in Sept 09 and made payments of $1600 per month in Oct. Nov. and Dec.Wachovia’s offer:
$1511 per mo interest only excluding escrows.
$464K principal so noe reduction.
40 years
3.9% I/O year 1
from 4.275% I/O year 2
to 5.775% I/O year 6
then 6.50 % Principal and interest year 7
the 1511 is exactly 33% of our gross income
Success With a Making Home Affordable Final Modification Relate post:
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Fannie Mae Loan Modification Package
Does credit score help home loan modification
Bank of America Loan Modification Program
Successful Loan Modification with Keybank
Successful Permanent Loan Modification with BOFA
Successful Bank of America Loan Modification with Principal Reduction
Wells Fargo’s Principal Reduction Plan and Obama’s Making Home Affordable
Success With Aurora Loan Modification
Bank of America Home Affordable Foreclosure Alternatives/HAFA program
WHERE IS MY LOAN MODIFICATION BANK OF AMERICA?
If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!
BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits.
http://www.youtube.com/watch?v=NTmeHM-Hojg&feature=related
Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.
Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.
In their ties with all their backing
They don’t care what goes on around
In their eyes there’s something lacking
What they need’s a damn good whacking.
Everywhere there’s lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.
John Wright vs. Bank of America Lawsuit at:
http://news.yahoo.com/s/prweb/20100323/bs_prweb/prweb3766544_1
When I filed my lawsuit against Bank of America, myself and United Law Group thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.
Please stand with me and United Law Group and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.
Divided we might have fell America, but united we must stand!
Please send your email directly to Bank of America and include the following:
1. Your name
2. Your complaint concerning your experience with Bank of America.
3. Please end your email “I support John Wright vs. BofA Lawsuit!”
4. Please send a copy of your email to johns-wright@hotmail.com
5. Please send your email to both BofA link below and the CEO email
CEO Brian Moynihan:
brian.t.moynihan@bankofamerica.com
BofA Linked Email:
https://www3.bankofamerica.com/contact/?lob=general&contact_returnto=&state=VA
I just had success! I started the process back in July of 2009 with Bank of America. I am a single Mom of 2 young kids, I work 2 jobs to make ends meet!
Today, May 6, 2010, I just received a Fed Ex packet with my final modification terms, and I have a Notary provided free of charge coming to my house Monday night to sign/finalize.
I was 2 years and 7 months into my mortgage….
Original Mortgage Balalnce $448,000
Original Terms: Mortgage 6.875% fixed with a monthly payment of $2943.04
Now:
Mortgage Balance $448,608.01 (goes back to 30 years)
Years 1-5 Interest Rate 2.875% Payment $2038.83
Year 6, Rate 3.875 payment $2237.97
Year 7, Rate 4.87 payment $2439.03
Year 8+ Fixed Rate of 5% payments $2463.77
All I can say is, be patient, KEEP NOTES, comply with everything they ask for, call, call, call and follow up. I am a prime example that there is hope, they ARE working to help us, and Bank of America, you win in my book, at the end of the day, I am staying in my house and I will be able to sleep at night again!!!!
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