Loans, Debt & Credit - View Single Post - Recieved Offer From BoA/Countrwide...Need Advise

ramoss · 09-01-2009, 09:50 PM

Has anyone been able to renegotiate an offer for a loan modification? Ive been waiting on an loan modification, began the process and was told to pay 31% of my income which brought me to an $1800 monthly payment instead of $3300.
Just as I got paperwork for a trial for 3 months which then stated a payment of $2500 for for the next 3 months, I then get laid off from my job. I am not able to make the payments for this amount.
Im wondering if I should call them and let them know I got laid off or should I go ahead and continue to make the payments I was making of $1800 and let them know that this is the payment I can afford and hope that they will renegogiate.
My loan is with Bofa and my second is with GMAC which also made me an offer of a reduction of $180. I cannot make the payments on the offer and I cannot speak to anyone to negogiate these loans. Im told that basically they have offered me the best deal. I cant get anyone to talk to other than the reps and they have no say on your loans. Any suggestions on how I should proceed?

09-01-2009, 09:50 PM	#17 (permalink)
ramoss Junior Member Join Date: Sep 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Recieved Offer From BoA/Countrwide...Need Advise Has anyone been able to renegotiate an offer for a loan modification? Ive been waiting on an loan modification, began the process and was told to pay 31% of my income which brought me to an $1800 monthly payment instead of $3300. Just as I got paperwork for a trial for 3 months which then stated a payment of $2500 for for the next 3 months, I then get laid off from my job. I am not able to make the payments for this amount. Im wondering if I should call them and let them know I got laid off or should I go ahead and continue to make the payments I was making of $1800 and let them know that this is the payment I can afford and hope that they will renegogiate. My loan is with Bofa and my second is with GMAC which also made me an offer of a reduction of $180. I cannot make the payments on the offer and I cannot speak to anyone to negogiate these loans. Im told that basically they have offered me the best deal. I cant get anyone to talk to other than the reps and they have no say on your loans. Any suggestions on how I should proceed?