Quote:
Originally Posted by JaFlNowWhat  After nearly a year (beginning Dec 08) of trying, we finally rcvd our loan mod package. The MHA Trial payment is $55 less than our original payment amount and is 44% of our gross and rate is 5.75%
Upon receipt of package, contacted BoA to ask why the trial payment was so high with respect to % of income, and why rate not at 2% (original loan was 6.0%).
I was told that if I did not agree to the terms, then just don't sign paperwork and re-apply.
Can anyone advise?
Thanks very much |
Hmm, strange...
The initial package shouldn't even show the interest-rate and payment-conditions at that point in time - only the trial payment amount and the due dates. Set amount should be very close to 31% of your gross, maybe slightly higher. But 44%? No way!
BTW, how did the paperwork look they wanted you to sign? Was it a trial period plan? How many copies were you supposed to provide? Did they request additional paperwork?
To answer your question: If you reject, you can still apply for HAMP.
I agree that I would start fresh from scratch and ask for a new HAMP-evaluation. This offer probably only shares the logo with HAMP - nothing else. Unbelievable what these lenders do with this program. No wonder everybody is complaining!
