Hi there -
I called
CW today about a mod I have been working on since JULY 15th and got told by the rep that my loan qualified for the new BOA Nationwide Homeownership Retention Program (She actually said that as my file was populating, the system "flashed" a warning that I was a candidate...that is fast seeing that this signed over the weekend). She requested my financials again and told me that although they did not have much information, that my file would be under review and I would get a letter in the mail! I am baffled. My loan does not re-set until Mar 09 and although I am struggling, I have never been 30 days late (late yes, but not 30 days). I have been trying to get a MOD forever and I am told the file was sent to HOPE on 9/15/08 and I should receive the famous FedEx any day now. My question is this, I asked the rep if I should wait for the FedEx or wait for the new program, of course she had no idea.
I see so many options here that I am now confused. Should I try an FHA loan? Should I see what this new program does? IF I EVER get the mod docs, I can see the terms, but I am a closing agent and I do a great deal of
CW mods, and not all of them are great (at least not compared to what this new program states it will be doing).
I bought my house for $480k, put alot down and owe $308k (plus $10k pre pay up in Mar). I have a 2/1 re-setting in March and my current rate is 7.75%. When I got the loan I was making good money in real estate, but now my salary is $45k which can barely cover my mtg and escrow and certainly not a re-set. My investor is Bank of New York. Should I try this Secure Loan FHA thing and who do I call to even see if I qualify? My income is stable (but low) and my debt to income is horrible. My husband is self employed, but he is not on the loan b/c his credit is worst than mine.
Thanks for the help!