[rk123]

For new reader of this post my parents are already 90 days late.After sending the hardship letter and income/expenses etc, asked three times for update, every time the rep told she/he going to assign a counselor as every thing needed is in system(I think they wanted me to call to request for counslor, strange), guess what they never assigned one actually. At last one assigned for sure just a week/two ago. Asked to wait another four weeks for his call.
Surprisingly got a call tonight from BOA collections dept., that there is a deficit of 3100, no way for modification, collection rep said that our file is withdrawn from loss mit.department(letter is in mail), but no counselor even called or discussed any thing. Even collections dept. made only 3 calls in three month.
In short theyy have asked for updating income/expenses as the rep told that we can include income of disabled son(SSI) or any other household member even they are not on loan to make up deficit.

Now question how this income /deficit woks, I can not underdstand this if there is no deficit why the bank would consider for modification. how much deficit is allowed. We have cut back on expenses in these month( as the whole nation is forced to) sold car etc. will add non borrowers income(not much), only part time now).Look like there is going to be a decrease in deficit, but in reality even if there is no apparent deficit, what if any of these non borrowers move out that is also a reason for a request for modification, a loan parents can afford on their own with son`s SSI.
Can any body plz. tell how much deficit can some one have and still be eligible. Is it true there should be no deficit(income and expenses should exactly same). If so how the investor figures how much they should reduce. My parents pay taxes, insurance separatly, currently have 6.25% fixed for untill two more years.
Not at default with line of credit with BOA(3.25%).
Late with big loan(480,000) that is with BOA, private investor.
Plz, plz post reply soon.