HARP Refi after CH7 Discharge, Mortgage NOT reaffirmed?

[dneil]

I will make a very important suggestion... with the new National Settlement, they are required BY LAW to make it happen. Go to your state's Attorney General and file a complaint immediately! Bank of America was just HIT with a huge Federal and state government regarding this type of issue.
Also, have you looked into what trust your home is in? Send them a QWR asking for a copy of your note and also for the name of the trust your mortgage is in. Some mortgages were not securitized or perfected in regard to the lien. Go check out loansafe.org. Just search under countrywide/bank of (screw over the American People) America.

[HHM]

National Settlement, they are required BY LAW

That is not exactly accurate. The settlement doesn't require any bank to give "anybody" who asks for it a modification or refi.

[tobee43]

That is not exactly accurate. The settlement doesn't require any bank to give "anybody" who asks for it a modification.

exactly, and unfortunately so true.

[dneil]

That is not exactly accurate. The settlement doesn't require any bank to give "anybody" who asks for it a modification or refi.

In Michigan our Attorney General has it stated that this is a requirement that if it is not a fannie mae or freddie mac that under the settlement they are required to either do an interest reduction, principle reduction, or a modification that may include both. It is 5 specific bank and actually my second lien I am in the process of having not only an interest but a principle forgiveness. I will update on how that goes and if it will actually go through. I already filed a complaint because they told me I was eligible for harp2 and then after clearing my credit check and telling me what costs I would incur and explaining the streamline application, they said they couldn't do it due to "it not being affirmed". However, I got curious and started investigating and my loans were not ever securitized according the the PSA... and the largest loan has a name listed as "lender' whom did not exist from what I am reading..... Not all banks are required, it is the 5 big banks and this is part of their agreement. Perhaps I am misunderstanding... I will call the attorney generals office and specifically ask them to explain this to me again and how it helps those of us who have been victimized.
My sister lost her home to ally. She and her husband are getting a check .... so people who have lost their homes should definitely check it out. In Michigan, we are also a hardest hit state and they have additional programs which also includes principle reduction.

[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.)

[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.

[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.

[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.

[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!!!!!!!!!

[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

[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.

[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.

[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!

[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....

[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.