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Home Saver Program

Submitted by on Thu, 10/16/2008 - 07:16
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Sorry for posting again! I forgot to mention that my husband and I signed papers for a Home Saver Program. Countrywide says they are not aware of this program even though the offer came on their letterhead. We were told it was from Fannie Mae but I can't find any information on it. Stupid me, can't find anything in my files either....I am thinking it may have been part of the papers destroyed when a storm flooded my basement. UGH. I can find the cover letter but not a copy of what we signed. I can just enter into another program but it seems as though no one has heard of this program when I inquire. Has anyone here heard of it?


I'm surprised. A lot of mortgage companies have temporarily suspended foreclosures while waiting for more clarification on how the government assistance program will work to help people stay in their homes.

Did you make payments while being "enrolled" and were you timely with them? Do you have a signed document for this program? I'm not familiar with it, but if you were in the program for four months and can prove it, you probably have a good basis for a lawsuit.

You might also call Countrywide/BofA directly as the lenders are all trying to do modifications on loans, so their willingness to work with you may have changed from what was happening four months ago.


Submitted by ball_mich on Wed, 02/18/2009 - 17:20

ball_mich

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I as well entered into a home saver advance program thru, what I believed to have been Countrywide's program. But they also told me that they were not aware of the program. Fannie Mae doesn't seem to know anything about it either. I can't seem to find the info. I had on it, and would like to make the payments, but I don't have the paperwork, nor am I sent any paperwork. Is there a contact name and number that anybody's aware of? :?


Submitted by on Thu, 02/19/2009 - 09:51

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google homesavers advance
the top three pGES GIVE YOU CONTACT


Submitted by on Thu, 02/26/2009 - 05:06

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There are no programs out there unless they are from a government agency of reputable investors like FMNA. Watchout check with your mortgage company first before you have a third party help you. Lots of times you will not need a third party they are just like a middle man and they know just as much as you.


Submitted by on Sat, 05/09/2009 - 12:17

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I have called Countrywide/BofA four or five times, and each time I call I get a new person who gives me a conflicting resolution to the last person. Even worse, two of those who answered my calls told me to purposefully not make a payment and 'wait to see what I qualify for next month'. Background: my husband had significant medical bills and we are trying to pay them off, so we requested a modification program. The only options they will give us are to not pay for 3 months then repay in a lump sum at the end. If I had the lump sum I would simply pay the medical bills and not mess with Countrywide at all. There just seems to be no relief for those of us who have tried to do the 'right' thing and now are struggling.


Submitted by on Wed, 05/13/2009 - 08:46

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This letter has been sent to fed, State agencies, the OIG, FannieMae, and Obama's Office.

July 31, 2009

Dear Sirs,
I am issuing a complaint about the recent Mortgage Outreach Program, a part of CitiMortgage???s Loss Mitigation Department. They have misrepresented details of this program or are sorely inept in the execution of the program and have thus destroyed my previous excellent credit!
In February, 2009, a representative of CitiMortgage???s Mortgage Outreach Program, a part of their Loss Mitigation Department, contacted me to offer a new program to assist homeowners who are feeling the financial pinch of the current economic recession, but who are not yet in default on their current CitiMortgage mortgages.
The representative offered me a partial payment program for which I qualified. I was to be on reduced payments for mortgages on two separate homes for three months, at the end of which time I would resume the original monthly mortgage payment and also pay a balloon payment to cover the sum of the monthly payment reductions. I was assured at this time that, because this was a forbearance plan, the reduced payments would not cause CitiMortgage to report negatively on my credit reports or to foreclose on my property while I was on the plan. I would not have agreed to participate in a plan that would damage my long-term excellent credit. I was later informed that the program had changed and that after prompt monthly payments for three months, I would qualify for a program offering lower long-term interest rates on these mortgages.
Within a few weeks after the first call, I was to receive documents to read and sign relating to the first program, which was to begin on March 30, 2009. When CitiMortgage Outreach did not send papers, I called repeatedly and was always promised that the papers would be sent. I was eventually advised by a representative that the beginning payment date was changed to April 30, 2009, and that I did not need to make a payment until then. I never did receive the promised documents for this program; however, CitMortgage did receive all my monthly payments on time and verified this when I called them monthly, as no statements were ever sent. I was also advised that the Outreach Program was so new and the guidelines changing weekly that confusion reigned, and many things were overlooked.
In June, 2009, CitMortgage Outreach contacted me again to indicate that my prompt payments now qualified me for the HomeSaver Advance Program for one mortgage, to begin August 1, 2009, and the Home Affordable Modification Plan for the other, for which I was to receive paperwork indicating the first payment due on August 15, 2009.
Of great significance, however, was that I was assured repeatedly by CitiMortgage Outreach representatives and Loss Mitigation representatives that no action would be taken to report negatively on my credit reports or to foreclose on my property. Only CitiMortgage would note in their records that I was on a forbearance plan and paying as agreed. My credit rating would not be affected. Had there been a chance that my credit rating could be compromised, I would not have agreed to participate.
During the last twenty years I have maintained excellent credit and enjoyed having my credit limits increase yearly. Most of my credit cards were at a $25,000 limit, and none under $9,000. I have also enjoyed frequent offers of lower interest rates based on my good credit.
In mid July, 2009, I began to receive letters from creditors who were now either cancelling my credit or reducing it to $500.00 The most recent from Bank of America cancelled one card and reduced the credit line on the other from over $25,000 to $500 because of a ???major derogatory record on your credit file.??? Checking my credit reports, I discovered that the only two negative reports on all three major credit reports were from CitiMortgage, who had reported me to be delinquent for 60 to 90 days on the two mortgages.
Today, more than any time in our history, good credit is a gold standard of economic sustainability. I have always maintained excellent credit, even during this trying economic time. Though I live on a meager retirement and savings, I have managed to maintain an excellent credit rating. That credit rating has now been destroyed by CitiMortgage???s negative reports to the credit bureaus.
Once again, I must stress that every person with whom I spoke during the presentation and fulfillment of the lower payment offering, insured me that may credit rating would not be affected. I asked that question many times, only to be assured that my credit would be fine.
The Mortgage Outreach program was offered to me, because I was current on my mortgage and had no delinquencies on it or any other credit accounts. It was, according to the ideals expressed by President Obama, a means to help individuals before they had to suffer the consequences of delinquencies that would impair their credit or cause them to lose their home. Yet, it appears that this program, instead of helping to prevent this from occurring, actually causes the individual who has excellent credit to have it ruined! Certainly, this is not the spirit of the money infused into these programs to help citizens and the economy!
Perhaps it was the incompetency of the bank management, or the program workers, or the speed at which they had to ramp up the program that has caused this damage. I don???t know and don???t care about the cause. I only know that I was lied to and duped into a program that has ruined my credit, and thus my future financial security. I need to have my credit rating re-established NOW!
CitiMortgage misrepresented the program, lied directly to me, and now I have suffered irreparable damage to a great credit standing for which I worked for years as a single, working mother to achieve. I am 62 years old, living on retirement income, suffer pre-existing health conditions for which I pay extravagant insurance fees , and I have no other means to correct this travesty and rebuild my credit in my lifetime.
May I hear from you?

Joanne E. Gregory 3206 Lamond Ct
San Jose, CA 95148
559-917-2886


Submitted by on Mon, 08/10/2009 - 15:23

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We too were taken advantage of by CitiMortgage. I was solicited by a Dorie Mayorson from the Home Savers Advance Program from Citimortgage loss mitigation department. We were not behind on our mortgage but offered to not have to pay four months mortgage that would be tacked onto the end of our mortgage at a substantially lower percentage rate. We signed the contract they sent (stupid us did not keep a copy!) us and returned it and were told we were approved. Dorie informed us that we needed to reset up our bi-monthly payment plan just prior to the fourth month period, which we did. At that point, we were informed that we were four months delinquent on our loan. Marty from the Citimortgage collection department read through the notes in our file and said that we were denied by Fannie Mae on January 22, 2009. Low and Behold....January 22, 2009 is the date of the letter we received from Citimortgage that said our bi-weekly payment program was to re-initiate on March 11, 2009, at which time "...draft in the amount of $800.55 (1/2 of your mortgage payment, a $0.00 enrollment installment fee, $0.0 additional principal, and $1.50 transaction fee) will be debited from your designated account on 03/11/09 and every 14 days thereafter." We were never informed that this plan was denied during the four months that we did not make payments according to our Home Savers Advance contract.
Diane Shaw
Reno, Nevada
(775) 329-2888


Submitted by on Mon, 01/11/2010 - 14:11

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Fannie Mae has had 2 home saver programs a home saver advance is taking delinquent payments, and advancing you the funds to your mortgage to bring it current; it is very similar to an FHA partial claim. You do not need to pay back these payments for the first year then; then after a year you have to start paying back the advance with a low interest loan. I believe 4 or 5% and I believe the loan is for 15 years. If you were approved for this program your credit would have already been affected with the delinquent payments that Fannie Mae so kindly advanced to you. The other program is a home saver forbearance, in which Fannie Mae started and many investors followed where for 6 months they let you make 1/2 payments, in which your credit is being protected during this forbearance. Then of course if you were not able to bring the loan current or be moded then yes this would affect your credit. Fannie Mae no longer has either program, but do participate in the HMP program. And any mortgage company in this day and age does not just take a house to sale, unless said borrower is not making payments.


Submitted by loss mitigation on Sat, 02/06/2010 - 18:05

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I am trying to figure out this home saver advance contract. If anyone knows about this contract let me know. Everyone we spoke with says we pay the note back after the 6 month period of no payments. Which is coming up. The first payment is about to be due. Not sure how to handle this. Calls to Fannie Mae have not been returned. Spoke with the mortgage company they directed us to a law firm,fannie mae,and another 3rd party. Received a letter saying we pay a 3rd party $40 a month. The law firm says pay the 3rd party. The mortgage co. says I have no information just call law firm,and fannie mae after several phone calls still not clear about what to do. Contacting a lawyer about our obligation. Does anyone know about this ? Please advise.


Submitted by on Wed, 10/20/2010 - 06:58

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call for best solution
800 403 5849


Submitted by on Mon, 11/22/2010 - 11:11

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CitiMortgage also told me there would be NO negative credit reporting on HomeSaver advance...just found out they did when I processed a refinance! CitiMortgage assured me that no negative reporting would show up. They said I could file a dispute, but nothing can no be done. No one there seems to even have knowledge now of HomeSaver Advance!

Never trust a banker nor mortgage company!


Submitted by on Mon, 04/25/2011 - 11:51

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