What To Expect Next.....

jwa81

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Jun 23, 2014
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Well, I spoke with our customer advocate at Carrington last week and she informed me that our file had completed the underwriting process and had been sent off to the investor (USDA) for their stamp of approval, so that's all we're waiting on at this point. She told me basically what that means is that underwriting has come up with a proposed retention plan for our account to bring us current and now they are just, in her words, "waiting for USDA to give their blessing" to move forward with the underwriter's proposed plan. She couldn't tell me exactly what underwriting had come up with for a plan, only that they had sent it off to USDA to get their approval on it.

Is this a good sign? Does this mean that the underwriter has come up with a retention plan for us that meets USDA guidelines and now all that needs to be done is USDA needs to give their okay on it? I'm just nervous because we went through this twice with Bank of America this past summer before they sold our loan off to Carrington and both times they denied us, but I honestly think that BOA royally screwed us and probably never even sent our file to USDA because they probably knew well before we did that our loan was going to be sold and they were just waiting to dump us on Carrington. I think that they most likely didn't even bother to try to help us and just let our file sit there collecting dust while they were waiting for us to become Carrington's problem. They also coincidentally denied us for the first time the very same day they notified us that our loan was being sold. They then had us reapply before our loan was sold and claimed they had "put a rush on it" so that it could be done before we went to Carrington, but it was almost immediately denied again, so that leads me to believe even more that BOA never even tried to get us help and just automatically denied us. In fact, they didn't even get my gross income amount right on either of the denial letters! Both times, they had a different amount listed and neither one was right!

Anyway, if the underwriter was able to come up with a plan for us to bring our account current, is it likely that USDA will approve it? I don't know if we'll get another modification as we got one 2 years ago and I'm pretty sure that our payment is already at 31% of our gross income. However, I'm hoping that they can at least come up with a repayment plan for us that will allow us to pay extra for a few months until we are caught up. We are more than willing to pay a higher amount until we are caught up as we just want this whole headache to be put in the past and move on with our lives without having to stress over this every single day. We've been going through this process for about 6 months now and I'm literally at the point of losing my mind waiting for an answer.
 

jwa81

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Jun 23, 2014
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Any words of advice or encouragement at all? I still have not heard anything. Can I assume that it's a good sign that our file has completed underwriting and has been sent for USDA approval? If there was a problem during the underwriting process, or if underwriting wasn't able to come up with any sort of assistance plans for us, they wouldn't have sent it for investor approval, would they? I guess I'm just looking for some feedback on our situation or even a little reassurance that things seem to be heading in the right direction. We had such a horrific experience with Bank of America that this whole process has left me an absolute nervous wreck and I'm scared to death that we'll have the same outcome that we had with them.
 

Moe Bedard

Call 1-800-779-4547
Staff member
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Aug 10, 2007
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Hello and sorry I missed this thread.

YES! That is a great sign, and you should feel positive about this. You shouldn't worry over this because you cannot control it anyways. You know that being a nervous wreck is understandable but it doesn't help you or your family one bit. So try to keep cool and occupied with something else for a few weeks.

This will all work out for you.
 

jwa81

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Jun 23, 2014
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Thanks! I'm guessing that if we passed underwriting, that means that they were able to come up with something for us! I know it can take a little while. It took us a total of about 6 months to get a modification 2 years ago with BOA and then this summer I'm pretty sure they only denied us since they knew our loan was going to be sold and didn't want to be bothered with us because of that. If the underwriter sent something to USDA for approval and it's within the USDA guidelines, I'm assuming USDA will be likely to approve it....at least I hope!!
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,840
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You are most welcome! Yes, it can take months. Try to take it easy and enjoy the holidays with your family as much as possible. Peace be with you and let us know when your hear something else.
 

jwa81

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Jun 23, 2014
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I'm definitely going to try! We just found out that we have to have some pretty major electrical work done on our house that is going to cost probably at least $1200 and our homeowner's insurance won't cover it since it's considered "wear and tear", so we're going to have to pay for it ourselves, which is NOT something we were budgeting for, but we have no choice and have to get it done, especially since winter is coming quickly here in New England. Ugh. Oh well. I guess it's just part of being a homeowner and we'll have to deal with it. I'm keeping my fingers crossed that we get some good news soon. Just knowing that we passed through underwriting gives me at least some hope. I just wish I knew what the underwriter came up with, but they couldn't tell me, so we'll just have to wait. Trying to stay positive!
 
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Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,840
466
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Southern California
www.loansafe.org
The good news is you have the money now to do it. That is great that you are trying to stay positive. KEEP UP THE GREAT WORK!
 

jwa81

LoanSafe Member
Jun 23, 2014
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I'm pretty sure that Bank of America has ruined me for every other mortgage company by what they put us through this summer. My best friend actually used to work for BOA in mortgage customer service and she agreed that they were most likely lying the entire time when they kept telling us all summer that they were just waiting for investor approval, when all along they probably did absolutely nothing and just gave us an automatic denial as soon as they knew we had been notified of our loan being sold. They sent us the denial letter the same exact day they told us about our loan being sold to Carrington. I just have to constantly remind myself that we are not with BOA anymore and that Carrington is probably actually doing what they say they are doing, or at least I can only hope they are! I was doing some research online and I was able to discover that BOA actually sold off many loans along with ours to Carrington who were also in the middle of trying to get assistance and they are all in the exact same boat we are.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Southern California
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They are all very difficult to deal with when applying for a loan modification. Everyone who ever applied for a loan modification for the most part goes through all the exact same kinds of issues. Not much has changed in 7 years since I founded this forum. It has got better a little, and less people need a loan modification or help. But homeowners still have the same issues they have always had.

I think you are seriously being looked at because it is a USDA loan and they have a contract they have to abide by in which they have to give it to the USDA for a possible loan workout if it makes sense.

If it was me, I would just try to relax and give it a few weeks.
 

jwa81

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Jun 23, 2014
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I still haven't heard anything, but I know it will take some time. It took literally months when we got a mod back in 2012. I'm just hoping that it's a good sign that the underwriter was able to send something to USDA for them to approve. The underwriters obviously know what USDA guidelines are, so the fact that they came up with something to send them hopefully is positive. This has been very stressful and I am really beyond ready to just have this behind me so life can get back to normal and I don't have to constantly have this in the back of my mind every single day.
 

jwa81

LoanSafe Member
Jun 23, 2014
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I just got what I think is at least some good news. I had contacted our state senator's office last week to see if they can help us with this situation since we have been dragged through the mud for so long by BOA and now by Carrington. I got a letter in the mail today from an assistant of the senator and she had me fill out a privacy act authorization form and said that once she receives that, she will contact both USDA and the CFPB on my behalf and see if we can make some headway on this. I just faxed her the form that she needed me to fill out and I called to make sure she received it, which she did and she said that she would get to work on this and see what she can do. I'm keeping my fingers crossed that this will get us to where we need to be and should have been months ago.