Loan Modification Forum - LoanSafe.org - View Single Post - Bank of America-H4H or modification?

rk123 · 01-10-2009, 09:06 PM

Hi,
I am here to help my parents. Here is situation;
Bought house in 2004, Refinanced with bank of America in 2006,
478,000 @ 6.25 % FIXED, NET 5, fixed for five years and then adjusts, paying almost $2500( interest only). Not escrowed
LOC, 60,000, not fixed paying current rate of 4.5/5 %, used for repairs, consolidate credit card debt, family expenses.
House current vale is not more than 360,000.
They are behind in mortgage due to combination of many things, mainly loss of income dad is not making much due to economy(Cab driver, no passengers any more, not eligible for any other job based on health, age, and education. Also he can not work any more as he used to because both my mom and dad has a big responsibility, that is my severely mentally and physically challenged brother, who is totally dependent on them, needs 24/7 protective supervision, mom is her paid care taker, dad is unpaid,brother is an adult. They have hard time paying since a year now but they were current on payments as other adult children who lived with them payed them. One of them lost job, one moved out. So make it short they were already hand to mouth and now behind, even with help.

They both only make $2500/month nowadays, help from adult household is $1500 which includes SSI for son, together is $4000/month, while expenses for a household are $6700 that include $3121 for house related expenses e.g insurance, tax, mortgage and $3500 for living expenses and credit bills, utilities They are 40 days late and bank told that they are not eligible for
payment plan. Received loss mitig. dept. latter to send income proof etc. in order to get options.
They can not afford current payments but can not afford to loose their home either as no body is going to rent them with the son, actually they bought this house as former apt. kicked them out due to son.
What re suggestions, I think they are not eligible for loan modification as their personal income even don`t cover even mortgage. Also can they count the above mentioned income into paperwork which needs to be sent out.
H4H only works if lender is willing to release with loss, not sure about BOA at this point about this option, also based on their income do they qualify for H4H, plz help me where to start.
I already signed with NACA workshop but it is way far on 3/7/09, might be too late, before that even no counseling provided.
HOPE-995, called them, just a money management company rep, want to go through all financials and submit paperwork for modification, I never went through as I personally don`t believe them. My thinkings were confirmed by some posts on this forum afterwards.
Gurus, plz help us.

01-10-2009, 09:06 PM	#1 (permalink)
rk123 Member Join Date: Jan 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Bank of America-H4H or modification? Hi, I am here to help my parents. Here is situation; Bought house in 2004, Refinanced with bank of America in 2006, 478,000 @ 6.25 % FIXED, NET 5, fixed for five years and then adjusts, paying almost $2500( interest only). Not escrowed LOC, 60,000, not fixed paying current rate of 4.5/5 %, used for repairs, consolidate credit card debt, family expenses. House current vale is not more than 360,000. They are behind in mortgage due to combination of many things, mainly loss of income dad is not making much due to economy(Cab driver, no passengers any more, not eligible for any other job based on health, age, and education. Also he can not work any more as he used to because both my mom and dad has a big responsibility, that is my severely mentally and physically challenged brother, who is totally dependent on them, needs 24/7 protective supervision, mom is her paid care taker, dad is unpaid,brother is an adult. They have hard time paying since a year now but they were current on payments as other adult children who lived with them payed them. One of them lost job, one moved out. So make it short they were already hand to mouth and now behind, even with help. They both only make $2500/month nowadays, help from adult household is $1500 which includes SSI for son, together is $4000/month, while expenses for a household are $6700 that include $3121 for house related expenses e.g insurance, tax, mortgage and $3500 for living expenses and credit bills, utilities They are 40 days late and bank told that they are not eligible for payment plan. Received loss mitig. dept. latter to send income proof etc. in order to get options. They can not afford current payments but can not afford to loose their home either as no body is going to rent them with the son, actually they bought this house as former apt. kicked them out due to son. What re suggestions, I think they are not eligible for loan modification as their personal income even don`t cover even mortgage. Also can they count the above mentioned income into paperwork which needs to be sent out. H4H only works if lender is willing to release with loss, not sure about BOA at this point about this option, also based on their income do they qualify for H4H, plz help me where to start. I already signed with NACA workshop but it is way far on 3/7/09, might be too late, before that even no counseling provided. HOPE-995, called them, just a money management company rep, want to go through all financials and submit paperwork for modification, I never went through as I personally don`t believe them. My thinkings were confirmed by some posts on this forum afterwards. Gurus, plz help us.