Loans, Debt & Credit - View Single Post - B of A offers to modify second at a higher payment

indeep1959 · 09-17-2009, 05:08 PM

I've been in the trial period for my first loan (made 2 of the 3 payments so far) and now I have received the offer for the second loan mod. Good news and bad news I guess,good that they offered to modify and rolled in my late real estate taxes into it,bad that they didn't do any interest rate reduction (currently at 10.5%) with a new balance of 143,000,increasing my monthly payment by $112 per month.

I called today and basically got the runaround from dept to dept and a final "we can't do anything else for you " answer.
What should I do now? This payment on the second is primarily the one I need to lower and instead it's higher.
If I refuse the offer,then they said they will withdraw it and it goes on to foreclosure.
I did email Barbara Desoer,not sure if that will help.Any other contacts I should know?
The first loan is the Making Home Affordable program and the second loan offer seems to be from the "Hope" team. Or should I say, the "hopeless team"?

One other thing,after reviewing my financials, it seems they didn't differentiate my gross income from my net income counting it as the same. I hope now they don't withdraw the first and second offer since thats a big size swing to negative.

09-17-2009, 05:08 PM	#1 (permalink)
indeep1959 Senior Member Join Date: Jan 2009 Posts: 60 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	B of A offers to modify second at a higher payment I've been in the trial period for my first loan (made 2 of the 3 payments so far) and now I have received the offer for the second loan mod. Good news and bad news I guess,good that they offered to modify and rolled in my late real estate taxes into it,bad that they didn't do any interest rate reduction (currently at 10.5%) with a new balance of 143,000,increasing my monthly payment by $112 per month. I called today and basically got the runaround from dept to dept and a final "we can't do anything else for you " answer. What should I do now? This payment on the second is primarily the one I need to lower and instead it's higher. If I refuse the offer,then they said they will withdraw it and it goes on to foreclosure. I did email Barbara Desoer,not sure if that will help.Any other contacts I should know? The first loan is the Making Home Affordable program and the second loan offer seems to be from the "Hope" team. Or should I say, the "hopeless team"? One other thing,after reviewing my financials, it seems they didn't differentiate my gross income from my net income counting it as the same. I hope now they don't withdraw the first and second offer since thats a big size swing to negative.