[niki4h]

So, it's been four months and I just notice on the BOA Website that our modification has been canceled. Up to this point, they had me convinced that I would be getting a modification offer soon. I am so upset. I called and was told the reason it was canceled is because our current payment is just under 31% of our income. Well, our ARM is going up (and will make it over 31%) in November and then we won't be able to make our payments. We have never missed one. They knew all of this the entire time, it's been four months. Total BS. She told me that we could reapply after our payment goes up. She told me hat she could request an interest rate reduction that normally lasts for five years. But, we may not get approved for that either. What should we do? Should we try for the interest rate adjustment or should we try going through one of the organizations for modification? I'm pretty sure we couldn't refinance since we only lived here a couple years and the home prices have gone down some and we certainly don't have any money to pay closing costs or anything out of pocket. Any help/advice would be greatly appreciated. Thank you!