Loan Modification Forum - LoanSafe.org - View Single Post - Any Luck with Bank of America + Home Affordable Modification?

beelzebub · 04-14-2009, 01:24 AM

Hi Everyone,

Has anyone had any luck (or not) in getting "Home Affordable Modification" (aka "the Obama Plan") done with Bank of America? We're about to call and ask B of A to consider our case for mortgage modification, but I would like to gather some info on people's experiences.

We bought our house in 9/2007 for $327,000, using a loan program offered through Acorn Housing + BofA. This special 40 year mortgage let us put 3% down but avoid private mortgage insurance. The loan is interest-only for the first 10 years with a interest rate of 6.75%. Our current monthly payment is about $2150, which includes interest & tax (but no principal and insurance). After the first 10 years, the loan adjusts by requiring $200 extra to cover the principle.

The mortgage payments went from 30% of our gross income to 45% when my wife became pregnant and had a very tough pregnancy. I've been moonlighting to keep the mortgage payments current, but I don't think I can keep it up indefinitely. I'm hoping the Obama Plan will bring down the payments to 31%, but it sounds like some people are getting rejected by BofA? Why?

-BLZB

04-14-2009, 01:24 AM	#1 (permalink)
beelzebub Senior Member Join Date: Apr 2009 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Any Luck with Bank of America + Home Affordable Modification? Hi Everyone, Has anyone had any luck (or not) in getting "Home Affordable Modification" (aka "the Obama Plan") done with Bank of America? We're about to call and ask B of A to consider our case for mortgage modification, but I would like to gather some info on people's experiences. We bought our house in 9/2007 for $327,000, using a loan program offered through Acorn Housing + BofA. This special 40 year mortgage let us put 3% down but avoid private mortgage insurance. The loan is interest-only for the first 10 years with a interest rate of 6.75%. Our current monthly payment is about $2150, which includes interest & tax (but no principal and insurance). After the first 10 years, the loan adjusts by requiring $200 extra to cover the principle. The mortgage payments went from 30% of our gross income to 45% when my wife became pregnant and had a very tough pregnancy. I've been moonlighting to keep the mortgage payments current, but I don't think I can keep it up indefinitely. I'm hoping the Obama Plan will bring down the payments to 31%, but it sounds like some people are getting rejected by BofA? Why? -BLZB