Loan Modification Forum - LoanSafe.org - View Single Post - Bank of America loan mod -SUCCESS!!

Astro · 06-16-2009, 06:20 PM

I have some more questions, but I think this might not be the appropriate place for them, so I am switching my questions to the "loan modification" forum which seems to have a lot more varied and general questions. Since this is a thread about LHarvey's success, and not about my new questions, I will post the following in the other forum, but if you have a response, please feel free to respond in the loan modification forum. Thank you for your help so far, and congratulations again to LHarvey for his success.

"I am just starting the loan mod process with B of A. I am trying to understand what they are looking for as an "ideal" monthly deficit/ surplus for a loan mod. They asked me for income and expenses today; I went through it with them and came up with a slight ($40) surplus based upon net income and fixed monthly expenses. A few of these expenses like food and gas could be modified a bit to get to a "better" number; for example, I could probably easily increase the surplus to about $200-$300 per month. Would this be to my advantage to do so. The representative I spoke to told me I could call back and change these numbers after I think about it some more.

Can someone possibly tell me what they are looking for? I am a little confused, because if I have a slight surplus, then why do I need a loan modification? Does it really make a difference if my surplus is $40 or $200?

Thank you."

06-16-2009, 06:20 PM	#134 (permalink)
Astro Member Join Date: Jun 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America loan mod -SUCCESS!! I have some more questions, but I think this might not be the appropriate place for them, so I am switching my questions to the "loan modification" forum which seems to have a lot more varied and general questions. Since this is a thread about LHarvey's success, and not about my new questions, I will post the following in the other forum, but if you have a response, please feel free to respond in the loan modification forum. Thank you for your help so far, and congratulations again to LHarvey for his success. "I am just starting the loan mod process with B of A. I am trying to understand what they are looking for as an "ideal" monthly deficit/ surplus for a loan mod. They asked me for income and expenses today; I went through it with them and came up with a slight ($40) surplus based upon net income and fixed monthly expenses. A few of these expenses like food and gas could be modified a bit to get to a "better" number; for example, I could probably easily increase the surplus to about $200-$300 per month. Would this be to my advantage to do so. The representative I spoke to told me I could call back and change these numbers after I think about it some more. Can someone possibly tell me what they are looking for? I am a little confused, because if I have a slight surplus, then why do I need a loan modification? Does it really make a difference if my surplus is $40 or $200? Thank you."