Modification Paperwork

[justbroke]

Well, went outside and my approved modification package was on the front porch! They rolled all my arrears into the note. There's a "Mortgage Modification" document that is in recordable form that will be recorded. I just need to get that notarized. I was told that I don't have to reaffirm in order for this package to stick. The only thing interesting in the package was the subordination stuff, but they hold both loans, so... they can subordinate the 2nd on their own.

There is no trial period! I keep hearing all the time about these 3 months of trial payments, but I think when you're in Chapter 7, they don't have time for trial payments. My modification is effective on April 16th.

[goingcrzy]

That's great news!!!!!

In house mods and NonHamp mods don't need a trial. However some servicers will still add the trial just to keep it simple on their side.

Did you find you got a better response after you filed? I tried for a mod before filing and really got nowhere. After the discharge, seems like the want to jump through hoops to hopefully help me.

I am in a recourse state and once they realized that they couldn't come after me due to the bk and I won't help them out by doing a short sale, they seem worried that I will abandon the property.

By the way - congrats on converting to a 7. You helped me out quite a bit when the UST challenged us on our house payment. We would have been chap 11. I think I read everyone of your post. Thanks for all your contributions to this board!

[justbroke]

Did you find you got a better response after you filed? I tried for a mod before filing and really got nowhere. After the discharge, seems like the want to jump through hoops to hopefully help me.

Rsponse was at first slow, but once it hit the BK Negotiator, it was fast... less than 2 weeks "negotiating".

The request was filed in February after filing for Chapter 7. Then I had to send in a form indicating that my attorney gave permission for them to speak to me. (I'm pro se, so I had to sign it myself!)

Then I waited about 4 weeks, and we now have a deal!

HAMP, schmamp... HAMP can't beat that at all.

By the way - congrats on converting to a 7. You helped me out quite a bit when the UST challenged us on our house payment. We would have been chap 11. I think I read everyone of your post. Thanks for all your contributions to this board!

Glad it all worked out for both of us!

[tigergem]

Good deal! Glad everything has worked out for you.

[qsr]

That's encouraging news. Who is your servicer and does Fanny own your note?

I don't have enough income to get a mod yet, but hoping for one after my discharge. Also wondering what did you put on your statement of intent form for the Mortgage? Workout agreement pending?

[justbroke]

Very nice. Just learned today and confirmed that my loan is now current. I actually went into the Chapter 7 with my loan in arrears and the lender did quite quickly file a Motion for Relief from the Automatic Stay (MFRS). However, as of now, the loan is current, and the hearing on the matter is next week. This was all due to the Modification and my very persistent pursuit of the modification once it was offered. I never let them tell me they are missing stuff. Told them I send it and that I can instantly resend it at anytime since it's all electronically faxed!

I had the phone number and direct extensions for both my pre-negotiator and loss mitigation negotiator. I contacted them at least once a week and kept very good notes of what was discussed. I put the pressure on them that they had to complete this before May.

Now, it was part of my strategy to let the house go if the MFRS was granted, but this is going to work out. They did send a reaffirmation package, but told me that I don't need to reaffirm. Furthermore, the modification paperwork specifically states that

Notwithstanding any of the terms of this Modification Agreement to the contrary, in the event that Borrower has received a discharge of the original debt secured by the Security Instrument on the Property and Borrower has not reaffirmed such indebtedness, Borrower understands, and Note Holder has so advised Borrower, that Borrower will not be personally liable for any amounts due under the Promissory Note and/or this Modification Agreement." (emphasis added is mine)

I like that.

[justbroke]

That's encouraging news. Who is your servicer and does Fanny own your note?

None of the GSEs own my note. It's owned by a securitized trust with Bank of America's HLS as servicer.

Also wondering what did you put on your statement of intent form for the Mortgage? Workout agreement pending?

I put reaffirm, actually.

[montana59451]

You reaffirmed with B of A? They told us after our in house mod that they do not reaffirm but they consider the continued payments to BE the reaffirmation agreement. Now I am confused!

[justbroke]

You reaffirmed with B of A? They told us after our in house mod that they do not reaffirm but they consider the continued payments to BE the reaffirmation agreement. Now I am confused!

The servicer is BofA, but the note holder is Deutsche. I was told I do not need to reaffirm, but they provided me with a reaffirmation agreement, should I choose to. I asked for the reaffirmation agreement. They weren't going to send me one.

[montana59451]

Thanks!