I've searched the site but haven't been able to find any concrete info on BofA in house mod's. For an inhouse - what is the typical rate mod? Any info would be appreciated - is it negotiable at all?
I've searched the site but haven't been able to find any concrete info on BofA in house mod's. For an inhouse - what is the typical rate mod? Any info would be appreciated - is it negotiable at all?
Why not just visit BOA's site? All their mod program's are described there. That is, unless you think you'll receive more reliable info on this site (and that's possible, LOL).Originally Posted by CalOkie
The boa site says very little. I was hoping to find recent in house mod facts and figures (rates offered/situation).
I disagree; the BOA site has plenty in their loss mitigation page.
Thanks - its so helpful to hear on the bank website that if I qualify there may be a program that helps. Is this not the proper website to find out what people have been getting currently in terms of interest rates (not on the bofa website), loan terms (not on the bofa website) and qualifications (also not on the bofa website)?
While it's true BOA's site doesn't cite example of a loan mod's terms, their loss mitigation section offers tons of useful info on, not only on HAMP / MHA programs, but on their proprietary in-house programs as well. You'll find the qualifying criteria there for each program.
I'm not looking for qualifying info - i'm looking for about rates offered to people with in house mods (not hamp/harp, etc.). You're becoming pretty argumentative in your old age Tom. I'm just looking for some info that does not exist on the BofA website and I thought this was a place where I could find it. I guess I thought wrong.
Whatever. Good luck in finding it.
CalOkiee
I received an in house BofA mod in 2009. It is a 5 yr interest only with a step interest rate which caps at year 5.
Year one was 4 percent it then increases a quarter percent every year until year 5 where it caps at 5 percent but changes to principal and interest.
Definitely a band aid fix which we needed at the time but certainly not a good loan for us in the long run as the jump from interest to principal interest is huge..
Thank you - exactly the type of info i'm looking for. Appreciated. Are there other variations of this? Thanks.
Mine was locked in at 5 percent from the beginning. The arrears (my missed payments) were put into a non interest bearing account and is due as a balloon payment when the house is sold or the mortgage paid off. I did not find out the terms until AFTER making the three trial payments. My ordeal took 18 months from my first application to the start of trial payments.
Regards,
BigBlok502
I was looked at for an in house modification before the DOJ settlement came about and was never approved. I applied many times to no avail. I have finally (after years of hell) recieved a DOJ mod that is affordable to our family. Good luck. We are feeling very blessed here.
@russo
We were recently denied the DOJ mod because they said our payment was considered "affordable" - no other explanation as how the determined this. Any idea on how to get this information and appeal the decision ... should we reapply?
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