On Monday we received a letter from our B of A "personal rep" thanking us for submitting all the required financial information and telling us our info would be reviewed and we would hear back within 30 days ... THREE DAYS later (yesterday) we get a letter from our B of A "personal rep" indicating that "we are unable to offer you a modficiation because your current monthly housing expense, which includes your loan's monthly principal and interest payments, plus property taxes, hazard insurance, and hoemowner's dues (if any), are considered to be affordable under this program."
Go back a few weeks ... our B of A rep called to say that we were qualified under this program and would be pulled from the regular B of A modification program so she could submit us to the DOJ program. She told me that I would get a denial letter for the regular program and that they would let us know that we were being put into the DOJ program. (Never received this letter). At the same time she told us that I would receive a letter from the DOJ indicating they were reviewing our case for the DOJ program (Never received a letter from anyone other than our B of A rep - the letters noted above, first to say we were being submitted to the program, and the second letter (three days later) saying we didn't qualify). The B of A rep also indicated that we would know before her whether or not we qualified for the program because the DOJ would contact us directly and she would receive the information after me. However, the DENIAL LETTER came from her - the B OF A REP!!!!!!!!!!!!!!!!!!!!!!
We have been going through this process, like everyone else for the last couple of years. Our loan is approximately $600,000 - our payments over $2800, and the approximate value of our home based on Zillow.com is $272,000. We were so excited about the principal reduction possibility ... now this ...
Not even sure where to go from here ... there denial letter suggests we apply for a short sale or deed in lieu of foreclosure program with them. WE WANT TO KEEP OUR HOME! Why don't they get this?
We do make "decent" money, we are NOT rich. We live paycheck to paycheck and make it stretch the best we can. Yes, it would make sense to walk away and start over - but we're not trying to do that -- we are trying to make the effort to work this out ... why are they so STUBBORN!
I did not get any other information as to the denial .... no numbers, no percentages, no NPV ... nothing ... just what I put above. Any suggestions on where to go from here? PLEASE RESPOND ASAP AS I AM TRYING TO CALL THE B OF A REP THIS MORNING ... ANY INFORMATION/SUGGESTIONS APPRECIATED! THANKS EVERYONE!