So becoming unemployed in May 2009 and taking almost a year to find gainful income and BOA steering me in the COMPLETE wrong direction I became over 2 years behind. When I made my last payment in Sept of 2009, my balance was $108K. When they sent me the paperwork for the modification the new PRINCIPLE balance is $134K and my payment, naturally, is more than what it was originally.I called and asked why the principle balance was so much more she told me it's because the 2 years that I missed isn't just 'forgiven'. I said I understand that, but it shouldn't be nearly DOUBLED. I understand there is tax and interest, but that would not equal $28K. She kept repeating that the 2 year hiatus wasn't just swept under the rug. I am very confused on this. I have asked a few people that I consider to be pretty intelligent when it comes to finances and they were confused as well. So BOA is automatically putting me under water with the new modification. My house is not worth $134 anymore, when we bought it, it was worth more than that - but our area has sold more than 5 HUD houses in the last 2 years. The house across the street from me sold in Jan 2010 for $25K and the house next door sold Jan of 2012 for $20K!!!! I just received a Notice of Change in Value from the Auditor's office that my New Property Value is $70,100! (that's over $40K less than what it has been)
Ok, but here's the caveat - at the time they offered me the modification I thought that was that and there was no bargaining, so I signed for the trial payments and now have made all three payments. I have yet to get the paperwork for the permanent mod, so do I have an argument or even have room to argue the fact? Of course if I were to ask BOA they'd tell me no. I am just trying to figure out my options...
Reply With Quote
Bookmarks