Underwater in Florida

[Salty dogs]

Has anyone in Florida, the panhandle specifically been contacted by BOA regarding the Mortgage settlement and interest rate relief program ?
We are current but seriously underwater

[Evan Bedard]

Has anyone in Florida, the panhandle specifically been contacted by BOA regarding the Mortgage settlement and interest rate relief program ?
We are current but seriously underwater

Welcome and thanks for joining the community.

We definitely do have quite a few members now who have received a letter for the national mortgage settlement/DOJ settlement. That is great news you have been sent this letter and you do not have to be behind on payments to qualify for assistance under the program. Below are a few other threads you may want to check out in regards to the settlement..

National Mortgage Settlement

Letter from Bank of America about the U.S Department of Justice and State Attorneys Settlement

[Salty dogs]

Thanks for your comments, but I HAVE NOT yet gotten any letter. I called to be placed on THE LIST about 3 months ago, and was told the only thing we could possibly be considered for was the interest rate reduction refi, as we are UNDERWATER but CURRENT on our account. I keep calling the number on the BOA website to check on it, but they keep telling me I will be notified if eligible. When I queried about how much longer, I was told they are going NOT BY STATE, but by the order in which your name is on THE LIST from when I originally called about the settlement, and they cannot tell me how far down I am on the list. Would it be of any use for me to contact the office of the president to try and find out more info on how much longer it will be ?

[Evan Bedard]

If you inquired about the program 3 months ago I would go ahead and contact the office of the president to see if they can tell you how much longer the process is going to take to complete.

[Salty dogs]

I did call the Office of President and was told I would be contacted in 48 hours or so. Spoke with rep from Home Retention division. He stated he knew nothing about the DOJ settlement, but when pressed indicated he sorta knew about it but had to ask his manager and would call back. He did not call back so I returned the call to him. He stated since we are CURRENT on our mortgage and not at any risk of default, his dept couldn't help me. He told me I was being reassigned, and again would hear something in next 48 hours, but that his manager told him the DOJ settlement was only for those in default. I again reiterated I read the documents from the settlement per BOA and the state of FLORIDA which indicated they were to offer an interest rate reduction refinance to those who were CURRENT, but UNDERWATER.

If the next person I talk to states the same thing, what am I to do. It appears from this forum that others who are CURRENT, not at risk of default have been offerred a lower interest rate, "Float down". Should I call the Attorney General's office in my state.

Any suggestions would be welcomed.

Thanks

[Evan Bedard]

He told me I was being reassigned, and again would hear something in next 48 hours, but that his manager told him the DOJ settlement was only for those in default. I again reiterated I read the documents from the settlement per BOA and the state of FLORIDA which indicated they were to offer an interest rate reduction refinance to those who were CURRENT, but UNDERWATER.

If the next person I talk to states the same thing, what am I to do. It appears from this forum that others who are CURRENT, not at risk of default have been offerred a lower interest rate, "Float down". Should I call the Attorney General's office in my state.

It seems a lot of reps still do not know much about the DOJ settlement and are very confused about what the program has to offer. It is true the program can offer interest rate reductions to those who are current, and I would make a complaint to your state AG and the OCC as well.

brian.t.moynihan@bankofamerica.com

Direct: 1-704-386-5687

[tqmshop1]

Evan, I did not get a letter, but i am underwater, 3 months behind on an in-house modification, and was told by rep at BofA, that i do not qualify for a principal reduction from DOJ because i was not 60 days delinquent as of 1/1/2012. Is there anything i can do? BofA is trying to do anohter mod for me. My principal is 398,000, and my house value is about 140,000, plus my wife passed away in March of this year, so i lost here $1200 income. I am not iving in the house right lot, but my son and his friends are watching the house. What should i do? i can not afford the payment of $1541.88, as the principal portion of the payment goes up in 2013 and will go up if the escrow increases due to increase of house taxes. Any suggestions on what to do? By the waym BofA took my wife's name off the mortgage as i sent them a copy of the death certificate.

Thanks.

[Evan Bedard]

I am so sorry to hear about your wife, that is very unfortunate and I'm so sorry you had to go through this I'm sure it has been a very tough year for you and your family. You may not be able to qualify for a principle reduction under the national mortgage settlement because it is true one of their guidelines state you must have been 60+ days delinquent on your account by Jan 31st in order to qualify. But that certainly does not mean you may not qualify for a loan modification. Have you applied for a loan mod under HAMP?

Modification, Refinance, and Short Sale Program Enhancements | Bank of America

Among other criteria:

• customers must be at least 60 days delinquent as of January 31, 2012 as well as at the time the loan is evaluated for a principal reduction modification.

[tqmshop1]

I am so sorry to hear about your wife, that is very unfortunate and I'm so sorry you had to go through this I'm sure it has been a very tough year for you and your family. You may not be able to qualify for a principle reduction under the national mortgage settlement because it is true one of their guidelines state you must have been 60+ days delinquent on your account by Jan 31st in order to qualify. But that certainly does not mean you may not qualify for a loan modification. Have you applied for a loan mod under HAMP?

Modification, Refinance, and Short Sale Program Enhancements | Bank of America

Among other criteria:

• customers must be at least 60 days delinquent as of January 31, 2012 as well as at the time the loan is evaluated for a principal reduction modification.

Evan,
fF
I tried two times, back in 2009 to get a hamp modification, and was turned down, both times. First time was for Negative NPV and the second time was for that i had already applied for a hamp and could not apply again. I wrote to the office of the president and heard back a week later. This was in January 2011, and recieved a in-house mod in August of 2011. there are trying to get me another hamp mod, but said something about me having to do a forbearance agreement first. Is this required before getting approved for a HAMP modification, I just want to get this done and over with. Do i need to be living in the house to be qualified for the HAMP mod?

[Evan Bedard]

there are trying to get me another hamp mod, but said something about me having to do a forbearance agreement first. Is this required before getting approved for a HAMP modification, I just want to get this done and over with. Do i need to be living in the house to be qualified for the HAMP mod?

HAMP guidelines have been recently updated and the property no longer has to be owner-occupied to qualify for a modification under the program. Are you sure they did not mean you must complete a trial period instead of a forbearance before offering permanent assistance under HAMP? Keep in mind that you must complete a 3 month trial period in order to receive a permanent HAMP mod, but a forbearance is a completely separate program and only provides homeowners with temporary assistance.

[tqmshop1]

Yes, he said a forbearance, but my rep has me filling paperwork for a HAMP modification. Submitted paperwork once, but told me it was incomplete. i only filled out what he told me. i have some corrections to make and then resubmit and wait another 30-45 days. however, the last time i applied for a HAMP mod, I was turned down because of negative NVP. Never got a good reason for the second denial. Hopefully this time it will work. if not, it is "Deed in Lieu Of" time. Thanks for the help and information.

[Evan Bedard]

No problem, hopefully your rep is very knowledgeable about the process and does not get HAMP mixed up with a forbearance period. Just make sure to follow up at least 1-2 times per week for updates on your account until a final decision is made.

Good luck!