HARP Refi after CH7 Discharge, Mortgage NOT reaffirmed?

[himanshux22]

Why people don't rely on the HARP loan program. Either they don't trust government or Government plans are not trust worthy. I learned about HARP program from here http://www.mindxmaster.com/2016/07/h...uidelines.html and it sound great.

[dneil]

My experience of the day -

I have had more help from you all than any one else I spoke with!

btw: I am not looking for a guarantee or handout for getting my refinance. I believe, in good faith, I am a good risk to give money to, even though we went through hardship a few years back. Heck, even GM got a pass.

This morning, I started by calling BOA to get answers, left messate at 8:00am, it is now almost 3pmEST and still no one has returned my phone call! I just left another message.

I called the Freddie Mac/ Making home affordable 877#, 877-300-5454, just in case anyone wants to check
I was looking for specific requirements/guidelines. HARP 2: to be elibible - current on mortgage for last 12 months, backed by Freddie/Fannie, originated before 2009, LTV > 80% - Thats it! No credit requirements, no special instructions for borrowers w/BK before 2 years, no re-affirmation issues - I possed all those to my 'coordinator'. He told me that I'm free to shop arround. Was told that it is lender defined as to getting a refi - THERE ARE NO GOVERNMENT STANDARDS put in place to restrict me for getting a refi.

Shopped around, googled, etc...
Can't do it is the answer I received with 6 lenders. MUST BE 2 YEARS OUT OF DISCHARGE (we are 17 months)
The most helpful said that there is no way, I have to work through BOA if I want to refi. Back to BOA - URGH !

Called my state attorney office - they were NO HELP.

Looks like I'll be waiting until April 2013 - my fingers are crossed that we won't see much change in interest rates. My guess is that we will see inflation by mid-2013 though...:-(

Does anyone else see something wrong with the system?

We are well qualified and paying 38% taxes (fed & State - our fair share), No other debt except for mortgage and making 175k / year on W2 verifiable income.

The only thing holding us back is this BK - I know we need to be punished...but geez! The fed is lending money away to people far less qualified.

Yes, it does seem to be a catch 20. And unfortunately, I don't think the "national settlement" is going to do squat for any of us whom have put having a roof over our familiy's head as priority, vs some who have not been able to or were smart enough to take the risk and get behind.
I called bank of America as well, argued a bit on the phone with them and then he told me "if you affirm the debt" this will be settled and you can refinance with harp2. Nope. I am not going to. In fact, I will wait until the next mortgage forclosure "boom" happens and then perhaps check back with them. If they want my house... they can come and get it. It is a log home and needs a ton of work that I have not been able to afford because I have been paying the first mortgage with fannie mae at 998.00 a month, and the second which is a 199 with a balloon loan that matures in 10 years. Even though I have been paying an extra hundred on that second mortgage for the last year and a half, I am to the point where I am sick of beating a dead horse and reading all these "promises".... the national settlement is a joke. It does state what they are supposed to do under the settlement, but uh.... this isn't what is happening. So.... I guess they can have my bug (leaf cutter bees) infested house. I really am tired of it anyway and eventually I will get another. Somehow a tent doesn't sound all that bad, other than Winter in Michigan is freezing cold and my 5 month old son has Down Syndrome and also happens to be visually impaired and have a heart defect. Thanks Bank of America.... you've taken away what little Hope I had, and what little trust existed in me in regards to the government. They are all corrupt. But I tell you this.... God knows your heart. He knows your every secret. He knows.... and that is the justice that I am holding on to. He will make this right in the end.

Time for me to get my daughter. I am sorry to all who read what I wrote because honestly, everyone who said "not so quick" is right. This settlement has nothing to do with the hard working back broken workers trying to keep their homes.... it is about all the "others"... you know, the ones who run this country while we continue to believe that we actually have rights and a voice.

[gamama]

My experience of the day -

I have had more help from you all than any one else I spoke with!

btw: I am not looking for a guarantee or handout for getting my refinance. I believe, in good faith, I am a good risk to give money to, even though we went through hardship a few years back. Heck, even GM got a pass.

This morning, I started by calling BOA to get answers, left messate at 8:00am, it is now almost 3pmEST and still no one has returned my phone call! I just left another message.

I called the Freddie Mac/ Making home affordable 877#, 877-300-5454, just in case anyone wants to check
I was looking for specific requirements/guidelines. HARP 2: to be elibible - current on mortgage for last 12 months, backed by Freddie/Fannie, originated before 2009, LTV > 80% - Thats it! No credit requirements, no special instructions for borrowers w/BK before 2 years, no re-affirmation issues - I possed all those to my 'coordinator'. He told me that I'm free to shop arround. Was told that it is lender defined as to getting a refi - THERE ARE NO GOVERNMENT STANDARDS put in place to restrict me for getting a refi.

Shopped around, googled, etc...
Can't do it is the answer I received with 6 lenders. MUST BE 2 YEARS OUT OF DISCHARGE (we are 17 months)
The most helpful said that there is no way, I have to work through BOA if I want to refi. Back to BOA - URGH !

Called my state attorney office - they were NO HELP.

Looks like I'll be waiting until April 2013 - my fingers are crossed that we won't see much change in interest rates. My guess is that we will see inflation by mid-2013 though...:-(

Does anyone else see something wrong with the system?

We are well qualified and paying 38% taxes (fed & State - our fair share), No other debt except for mortgage and making 175k / year on W2 verifiable income.

The only thing holding us back is this BK - I know we need to be punished...but geez! The fed is lending money away to people far less qualified.

[LadyInTheRed]

For information on the National Mortgage Settlement go to: http://nationalmortgagesettlement.com/help
Some State Attorney General websites may have more specific information. You can find your State Attorney General at http://nationalmortgagesettlement.com/states

To really get into the details, you can read the consent judgement for each Bank. Borrower eligibility requirements are in the exhibits.

Ally/GMAC: https://d9klfgibkcquc.cloudfront.net...ly-4-11-12.pdf
Bank of America: https://d9klfgibkcquc.cloudfront.net...oA-4-11-12.pdf
Citi: https://d9klfgibkcquc.cloudfront.net...nk-4-11-12.pdf
JPMorgan Chase: https://d9klfgibkcquc.cloudfront.net...se-4-11-12.pdf
Wells Fargo Judgment: https://d9klfgibkcquc.cloudfront.net...go-4-11-12.pdf

[dneil]

ps... did I write somewhere that it was anybody? Because I was more speaking to someone who is financed with one of the 5 big banks (or serviced). Like myself on one of my loans.

[dneil]

Well, I am not going to argue with your perceptions, but it is still misleading to say that the banks are required to provide a modification to "anyone" who asks for it.

The reality is, there is still a qualification process. The settlement applies to only certain loans, and the homeowner still needs to qualify. For example, the settlement still doesn't require the banks to give a modification to a homeowner that has zero income for the last 12 months and is still unemployed. That homeowner has no way to service any debt, the homeowner simply doesn't qualify.

I wasn't trying to argue with you? Sorry if it comes off that way. I was only trying to help someone with what I had read and what I have found out as far as my mortgage. And That is why I also said that perhaps I am not understanding the program as I had thought and perhaps I have just gotten lucky. Only trying to help... and am definitely not trying to mislead anyone.

Honestly...
You all have a great day. Time for me to go pay my lovely car insurance....

[tobee43]

Awww, thanks Tobee!!

LOL There is no keeping Frogger in line... Have you ever tried to have an amphibian 'toe the line'... those webbed toes just don't work that way! Oh, then I would have to fight all the other fans trying to get him to hop on over to their lilypad.

i know, it's pretty scary about that lilypad!!!!! poor pandora ROFL!!!!!!!!! i think he may have frog glue on that pad!

[tobee43]

As pro debtor as I am, this sort of attitude bothers me. That somehow, there is some sort of entitlement going on.

Here is the thing...and this is why there really hasn't been much movement by the various administrations to be more aggressive on the foreclosure issue...how are you victimized when YOU stopped making your mortgage payment and the bank foreclosed? Granted, there can be any number of reasons you stopped making your mortgage payment, but NONE of those reasons has anything to do with the mortgage lender, robo signing, securitization problems, and so forth. It is not as if homeowners don't know that if they stop making there mortgage payment, they will lose there house. You stop making the payments, you lose the house. It is that simple. So it is "offensive" when people come on this board playing victim and blaming the mortgage bank for their problems. That is misplaced anger. The bank and any of the issues surrounding the foreclosure problem HAVE nothing to do with the mortgage industry...it has everything to do with a bad economy, global competition, inept Obama administration, lackluster federal reserve, etc.

When you stop making your mortgage, for whatever reason, you set in course a certain chain of events that eventually leads to foreclosure. Everything else is just window dressing. You may be a victim of something, but you are NOT a victim of a mortgage servicer, robo signing, etc. That is why very few of the homeowner lawsuits that argue "produce the note", or violation of the PSA don't have much traction. That is not the issue; homeowner took out a loan, the homeowner gave the house as collateral to secure the loan, when the homeowner stops paying, the lender has rights to the collateral. Very few judges to date have entertained much beyond that scenario because all the other issues have very little to do with the underlying transaction.

Also, do you really want to know the purpose of the settlement with the banks, it really had very little to do with consumers, the counties and states got shorted on the filing fees they charge to record assignments. A typical mortgage gets assigned about 5-7 times before it ends up in the trust. The banks circumvented having to record the assignment each time (and hence pay a fee) by creating MERS. You get one assignment to MERS as the nominee, and then the subsequent transfers need not be recorded (or that was the idea anyway). The states and counties lost billions in revenue...that is what the settlement was about...money.

I think history will bare out (and it already is) that HAMP and HARP were the worst response to the foreclosure problem. It has prolonged the housing problem, hence prolonging any meaning economic recovery. The only benefit is that a few million people got to stay in their house a little longer, but compared to the number of foreclosures, HAMP and HARP only saved a handful. The re-default rate of those given modifications is north of 70%. All these programs did was foster false hope, and as evidenced by the posts here, a misplaced sense of entitlement and victim mind set.

Okay, end of rant

not that i would EVER totally agree with everything you stated...( i couldn't do that )...but you are pretty close on this one.

i think the mismanagement of the HAMP and other similar programs have left a bitter taste for many as far as using our tax dollar for the bank bailouts. this causes one to feel victimized in a sense...asking why did our tax dollar go help these banks, who, in turn were suppose to help those save their homes.........and didn't. why? because there was no regulatory committee overseeing the hen-house. fair no, but very real.

[ValleYum]

you so crack me up!!!!!!!!! nice to c u in green

and now frogger is REALLY green, the color that so suits him!!!! but make sure you keep him in line Valle...i haven't been on that much so i just saw you both now..so congrats and great choices!!!!!!!!!

Awww, thanks Tobee!!

LOL There is no keeping Frogger in line... Have you ever tried to have an amphibian 'toe the line'... those webbed toes just don't work that way! Oh, then I would have to fight all the other fans trying to get him to hop on over to their lilypad.

[HHM]

how it helps those of us who have been victimized.

As pro debtor as I am, this sort of attitude bothers me. That somehow, there is some sort of entitlement going on.

Here is the thing...and this is why there really hasn't been much movement by the various administrations to be more aggressive on the foreclosure issue...how are you victimized when YOU stopped making your mortgage payment and the bank foreclosed? Granted, there can be any number of reasons you stopped making your mortgage payment, but NONE of those reasons has anything to do with the mortgage lender, robo signing, securitization problems, and so forth. It is not as if homeowners don't know that if they stop making there mortgage payment, they will lose there house. You stop making the payments, you lose the house. It is that simple. So it is "offensive" when people come on this board playing victim and blaming the mortgage bank for their problems. That is misplaced anger. The bank and any of the issues surrounding the foreclosure problem HAVE nothing to do with the mortgage industry...it has everything to do with a bad economy, global competition, inept Obama administration, lackluster federal reserve, etc.

When you stop making your mortgage, for whatever reason, you set in course a certain chain of events that eventually leads to foreclosure. Everything else is just window dressing. You may be a victim of something, but you are NOT a victim of a mortgage servicer, robo signing, etc. That is why very few of the homeowner lawsuits that argue "produce the note", or violation of the PSA don't have much traction. That is not the issue; homeowner took out a loan, the homeowner gave the house as collateral to secure the loan, when the homeowner stops paying, the lender has rights to the collateral. Very few judges to date have entertained much beyond that scenario because all the other issues have very little to do with the underlying transaction.

Also, do you really want to know the purpose of the settlement with the banks, it really had very little to do with consumers, the counties and states got shorted on the filing fees they charge to record assignments. A typical mortgage gets assigned about 5-7 times before it ends up in the trust. The banks circumvented having to record the assignment each time (and hence pay a fee) by creating MERS. You get one assignment to MERS as the nominee, and then the subsequent transfers need not be recorded (or that was the idea anyway). The states and counties lost billions in revenue...that is what the settlement was about...money.

I think history will bare out (and it already is) that HAMP and HARP were the worst response to the foreclosure problem. It has prolonged the housing problem, hence prolonging any meaning economic recovery. The only benefit is that a few million people got to stay in their house a little longer, but compared to the number of foreclosures, HAMP and HARP only saved a handful. The re-default rate of those given modifications is north of 70%. All these programs did was foster false hope, and as evidenced by the posts here, a misplaced sense of entitlement and victim mind set.

Okay, end of rant

[tobee43]

gamama?

From another website; here is the contact information for the CEO of BofA:

You can call directly:

1-704-386-5687

CEO is Brian Moynihan and his email is:

[email protected]

Try sending an email explaining your situation. I have heard of people getting great success by contacting them!! Good luck!!

To Other Mods: We can remove this if you think it is TMI but it is pretty public info.

you so crack me up!!!!!!!!! nice to c u in green

and now frogger is REALLY green, the color that so suits him!!!! but make sure you keep him in line Valle...i haven't been on that much so i just saw you both now..so congrats and great choices!!!!!!!!!

[gamama]

Hi -
I just want to get to a "better place" with my mortgage. With all this money the feds seem to be throwing around, I don't understand why the banks are so hard to deal with. Mr. Fed chairman is printing $40.B / month to get the economy moving -- it's crap like I've been through that is holding people back from moving forward!!!!

Thanks everyone for all this great info! I'm going to research the GA attorney general and will be sending Mr. CEO Brian an email.

just to reiterrate my situation:

5.75 % 30 yr fixed, 20 years left - originally financed through Countrywide/Freddie-Mac
Mortgage is now owned by BOA

Filed chapter 7 BK oct. 2010, Discharged April 2011 (most debt due to business expenses)
NEVER Missed a house payment throughout - Did not re-affirm mortgage due to attorney's advice.

We are not upside down on our loan

We are in a much better financial place then in 2010/2011. Our new mortgage payment would be 22% of our NET take home pay. We love our house and don't see leaving in the near future.

Our FICO scores are around 680

Benefits of refi:

- mortgage payments going to rebuild our credit
- Lower interest rate
- lower the term
- pay off home in 15 years, placing dh and I at retirement w/no house mortgage.
- Bank receives benefits of having owners in the home that can be pursued - liability placed back on our shoulders.

[HHM]

Well, I am not going to argue with your perceptions, but it is still misleading to say that the banks are required to provide a modification to "anyone" who asks for it.

The reality is, there is still a qualification process. The settlement applies to only certain loans, and the homeowner still needs to qualify. For example, the settlement still doesn't require the banks to give a modification to a homeowner that has zero income for the last 12 months and is still unemployed. That homeowner has no way to service any debt, the homeowner simply doesn't qualify.

[ValleYum]

gamama?

From another website; here is the contact information for the CEO of BofA:

You can call directly:

1-704-386-5687

CEO is Brian Moynihan and his email is:

[email protected]

Try sending an email explaining your situation. I have heard of people getting great success by contacting them!! Good luck!!

To Other Mods: We can remove this if you think it is TMI but it is pretty public info.

[dneil]

(I am reading that some banks are having issues doing a mod or refinance due to the fact that you can't refinance something you do not own. Something with the issues of the note and assignments and their not doing what they were supposed to.)