Comments on: HomeSaver Forbearance from Fannie Mae

By: Todd

Todd — Sun, 22 Aug 2010 22:16:38 +0000

I’d recommend going to your state attorney general’s office. You can also go to a local HUD housing office to see if there are others in your area that have had the same problem or if they know of class action lawsuits alleging the same things.

By: Michelle Miller

Michelle Miller — Sat, 07 Aug 2010 16:59:36 +0000

We did this program from 7/19/09 – 1/1/10. Today 8/7/10 we recieved in the mail a default notice for the balance that was suppose to be the forbearance.
My husband called Bank of America who told him it was not really a forbearance. Now we are really screwed. This program appears to be a fraud. Who do we contact to file a complant?

By: Bernadette

Bernadette — Tue, 27 Apr 2010 15:08:58 +0000

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By: Todd

Todd — Sat, 08 Aug 2009 15:41:48 +0000

Thanks for asking.

As you read this, remember that it’s just my opinion. The only way to know how they will report it is to ask them and then follow up to see if they actually did what they said they were going to.

That being said, a forbearance shouldn’t impact your credit by itself. Here’s why I say that. When you agree to a forbearance, the lender is basically saying they’ll reduce your payment for a few months to help you get back on your feet financially or give you time to work a permanent solution out.

If you agree to the forbearance, you still owe the bank the same amount every month, they just agree to take a reduced payment and still count you as current. At some point in the future, you will repay the amount they’ve agreed to forbear…probably at the end of the loan.

Let me give a simple example. Say I borrowed $1000 from you and I was supposed to pay it back in 10 $100 monthly payments. I lose my job and can’t pay you the first payment. So we talk and we agree that you’ll let me only pay $25/month for 3 months and then the payments will go back to $100/month because I’ll have a job again by then. You’ve just given me a forbearance on my payments….but I still owe the entire $1,000 and will eventually pay it all. It will just take me a few more months.

Now, what will hurt your credit for sure is being late on or missing payments all together.

I hope my answer helps and wasn’t too convoluted.

By: Marie E.

Marie E. — Wed, 05 Aug 2009 03:52:24 +0000

We received a FedEx pkg from Bank of America offering the HomeSaver option. I’ve read and re-read the materials, and I am not quite clear on how paying the reduced amount will impact our credit report. Will it be reported as being delinguent? After missing May’s payment because of forgetting to schedule it until the weekend and then a mixed message from the online payment scheduling for the June and May payments which resulted in no payment being made (and probably resulted in the generation of the HomeSaver option), at this point, we are now current – May, June and July (we do still need to make the August payment). We are down one income due to a layoff, so we might be in a place where we might eventually need to take advantage of HomeSaver; however, in recognition that employers are now doing credit checks as a part of the hiring process, we are still a little worried about the immediate impact on our credit report for participating in HomeSaver. Thanks for any information … hopefully this isn’t too convoluted to understand.

By: Todd

Todd — Tue, 23 Jun 2009 00:51:11 +0000

It’s confusing, but the modification process and the foreclosure process are completely separate from one another. More than likely, two different departments in the bank are responsible for each of the notices.

Unfortunately, about the only thing you can do is continue to call. I’d recommend calling the phone number on the modification package, though, rather than the Notice of Default. If they tell you the foreclosure has been stopped, ask them to fax or e-mail or mail you confirmation…don’t just take their word for it!

By: Linda Sanders

Linda Sanders — Tue, 23 Jun 2009 00:19:55 +0000

I recieved a letter of approval through FedEx from my mortgage company (Bank of America). Also, I recieved a letter of default from Bank of America during the same week. Today I called to get verification on this letter. I have not been able to get any confirmation this letter was legitimate because no one seem to know. I was connected to one number then given another number to call then put on hold to speak with someone else and finally they disconnected me. I have been trying to get help since hurricane Ike in September 08. What’s up with this?

The only thing I am trying to get straight is, Am I approved or not?