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Originally Posted by Woodland Hills Worrier  I will continue to try to get a modification in the works. With a Pay Option ARM from Countrywide/BofA in 2006 I was set to refi in 2009 but by then I was underwater. However, my loan type is one of those determined to be predatory and in CA the Attorney General reached a settlement. From reading the document it seems I could get a principal reduction and a new fixed loan but try as I might I can't get through to the different programs. I am often told that I am currently in a work out but never get any follow-up and would like to be considered for Help For Homeowners as well. One of my problems is my current less than interest only payment is less than 31 percent of my income so I seem to disqualify myself. I am gong to try the email approach listed above. I stay current to avoid harassing phone calls and theatening letters, but I am now hearing that the court settlement is pretty much a toothless sham. So the saga continues. |
That 31% target is supposed to include principal, interest, taxes, and insurance. So if your neg-am payment is under 31%, it does not disqualify you from the plan. What might disqualify you is your loan balance - I think the MHA plan has a limit on the loan balance is covered under the plan.