Comments on: HUD’s Donovan Addresses FHA, HAMP Challenges

By: William Gilstrap

William Gilstrap — Fri, 21 May 2010 04:57:45 +0000

On March 10, 2010, I received a call from my HUD representative indicating that Bank Of America would be holding “one-on-one” talks with all of us with distressed FHA loans. So I met with a BofA representative and submitted all updated materials. These were in turn sent to their retention department immediately. I was told to wait 10 to 20 business days and would receive a letter with a decision via FEDEX. I was also told to call 1-800-669-6607 every 2 weeks to get updates on the status of my loan modification. 2 months have come and gone, and when I called 2 weeks ago, I was told that their retention department no longer handeled my case. They explained that my workout package had been transferred to the “Advocacy Department” Their number is 1-877-327-9225. I was told that my file is pending review by a negotiator under the FHA HAMP guidelines. I asked how much longer it would take for someone to look at it, and they stated that there is no timeline, and to just call back every 2 to 3 weeks. Not very encouraging given the original 10 to 20 business day time frame I was told back on March 16. Have you (Chetan Mistry) had any progress in your loan modification. Looks like we both submitted paperwork to HUD around the same time. Please call me or email me at billvero@cox.net with your answers. I will appreciate it.

William M Gilstrap
Veronica GIlstrap
9064 Sage Thicket Avenue
Las VEgas, NV 89178
702-755-0916
Bank of America Loan #205785430

By: Chetan Mistry

Chetan Mistry — Tue, 23 Mar 2010 17:56:36 +0000

I am in a similar situation as William Gilstrap; I applied for a HAMP program over 11 months ago with Bank of America due to reduce in my wife’s income and some debt, Bank of America declined me for a HAMP program because I did the streamline refinanced on my FHA Loan in December 2008 and my loan didn’t get funded until January 2009 and according to the HAMP program the current loan must be originated before January 2009. The New FHA HAMP program came out in August 2009 has a similar condition but it also says in Questions and Answers on HUD websites that if the FHA Loan has been streamline refinanced then the Loan origination before January 2009 condition DOESN’T apply now I don’t know WHY Bank of America doesn’t follow this guidelines. After struggling so much to get the loan modification done with bank of America I have contacted HUD Counselor of Atlanta (CCCS of Great Atlanta) who also provide online counseling service and they prepared my package for review and submitted to B of A. on March 4th 2010 and now I am waiting for the decision on FHA HAMP to save my home. FYI- I have found CCCS of Great Atlanta info. on http://www.995hope.com Website.

Chetan Mistry
52 Dawson Ave.
Clifton NJ 07012
973-470-0515
Bank of America Loan # 196049652

By: William Gilstrap

William Gilstrap — Wed, 10 Feb 2010 05:58:50 +0000

We are in the same situation. I was forced to sign a new salary and contract with my company. My wages were cut 60%. Bank of America said that we no longer qualified because we Streamline Refinanced our loan after January 1st of 2009. I have the COMPLETE rules and regulations explaining that we do qualify because the original FHA loan was taken prior to January 1 of 2009. The streamline does NOT constitute a new loan, but rather, the Bank must look at the original date in which the loan was first taken out for the purchase of our home. I am currently working with a HUD counselor, and I will have fire her because she claims that the FHA HAMP is a waist of time and she is no longer trying to mediate. It is completely ridiculous when a HUD worker has no faith in a system and openly admits that we have no hope. I am already 3 months behind. I begun this process before I was late, but now, I guess the only solution is to try hiring a lawyer with a proven track record. I wished that this letter could reach the desk of the president of the United States and hope that he cared enough to make me believe that our system can work, and to force the corrupt banks to do the right thing once and for all.

William M Gilstrap
Veronica GIlstrap
9064 Sage Thicket Avenue
Las VEgas, NV 89178
702-755-0916
Bank of America Loan #205785430

By: barbette jefferson

barbette jefferson — Thu, 07 Jan 2010 18:08:53 +0000

I have submitted a Home save Solution through NACA, to save my home from Foreclosure on 11/30/09 to Bank of America. Bank of America declined my Solution on 12/07/09 They said that I did not qualify,without any reason. I have called and faxed Bank of America and I have called FHA. Bank of America is not willing to work with anyone on my behalf. I would like to know why I do not qualify for FHA- HAMP plan or The NACA Plan. We are responsible, hardworking homeowners. We do not want to lose our home. This has been an extremely difficult time for our family.

Barbette Jefferson
Darryl Hall
228 Cool Stone Bend
Lake in the Hills, IL 60156
847-353-9727
Bank of America, Loan# 114084438
FHA Case No# IL137332383870
Naca Id# 837216