Hi! Good day to everyone. I'm a new member on this forum. Just wanna ask for advice on my loan modification. I'm john from CA, I started my loan modification last year with
CW. I bought my house for 550k last 2004. Then I refinance last 2006 under ARM rate. My agent that helped me to refi told me that I can pay min. payment for up to 2 yrs then if the rate goes high the bank could give me loan mod. At that time I just believed on him so I went on with the refinance. Now with the interest goes high and our payment keeps getting higher, I applied for a loan mod before I will reach the maximum cap and can lead to negative amortization. Me and my wife are both working but we can't afford to pay the principal + interest. I applied the loan mod last year by myself but was rejected by
CW. Now I hired a company. We were 3 mos. behind on our payment and we just recently recieved a letter from BOA that we got denied for now. I called AFS and they said that we are not qualified for the 34% so now they will resubmitt my papers and applied for the 31%. I got confused with this one. What is 34% and 31%. Do you think I really have hope to get a loan modification? If I pay wht I owed to BOA can they help me? please someone if you could give me some advice I will really appreciate it.
