Any Luck with Bank of America + Home Affordable Modification?

[Hope4aNewDay]

Dear Beelzebub,

I have been reading this forum and have a similar circumstance. I was hoping you could share your hardship letter and any feedback you received on the pregnancy/birth hardship. Thank you in advance for your help.

[Hope4aNewDay]

Dear Beelzebub,

Please Help with hardship letter! I have been reading this forum and am hoping you can help me. I have a similar circumstance and was hoping you could send your hardship letter and any other feedback you received about the pregnancy/birth hardship. Thank you so much in advance for your help.

[Hope4aNewDay]

Dear Beelzebub,

Need help with hardship letter! I have been reading this forum and have a similar circumstance and was hoping that you could share your hardship letter and any other feedback you received from the forum on pregnancy/birth as a hardship. Thank you in advance for your help.

[Lhuynh]

Originally Posted by beelzebub

I guess I thought lenders that participate in the "Making Home Affordable" program must follow a predetermined protocol to bring down the monthly payment to 31%. I thought the lender must lower the interest rate (to a minimum of 2%) to lower the monthly payment to 31%. I didn't realize they could do whatever they wanted.

The lender will low as much to make the consumer satisfy and to a certain point that the lender do not take much of a loss. Why would a lender want to stop making money from a borrower?


Are you saying I cannot do another refinance at a later point if I do a modification now? I don't see how BofA prevent another lender from paying off the loan. I didn't see anything in the fine print but I should re-read the agreement just to be safe. In any case, I'm upside down on the mortgage, so refi isn't likely any time in the near future.

modification and refinancing is two different thing..

[nbtapia1]

Originally Posted by kcchica

Does anyone think it would be worth it for me to email also. We have been assigned an analyst already and were given a 4 month loan forebearance (1/2 payments).. we were not behind. I have called and talked to people a couple times to double check that our paywork is complete and they have pretty much told us to just wait.. that we are in limbo. Any thoughts as to emailing Barbara Desoer, whether she could 'check' on the progress? Or is emailing her just for people that need to get hte process started?

Hi kcchica
I just received foreberance letter (1/2 payment for 6 months) but they will report me late and they will also charge me late fee., and if I call negotiator doesn't answer phonr or returns my calls. I don't know what to do, we are 2 months behind, but with this foreberance at the end we will be 5 months behind and if they don't identified a permanent solution the letter says they could foreclosure the property. I don't see any help, I am two months behind but at the end of it then I'll be 5 months late.
Does anyone knows more about this foreberance agreement? please help

[gr8t68]

Just talked to Bank of America. They approved the loan mod for my first mortgage @ 5% fixed for first five years and then it jumps to 6% fixed. The second will be fixed at 5%. I'm ok with the interest rate but think they could be lower. The big thing I want is the term extended to 40 years but they aren't budging. Suggesting that if we don't accept this deal they will have to cancel and start over and then there is a 50/50 chance of approval. Not sure what to do. If we got the 40 years it would fit better for us but scared to chance it.

[Jim B.]

Bank of America is not following the Make Homes Affordable unless you have NACA intercede for you. NACA is VERY helpful in assisting you to figure your budget and help you get a modification that will work for you for the next 5 years at least. Apply to NACA then let Bank of America know you are working with NACA.

Jim

[gr8t68]

Thanks Jim. My first is approx $900K so it doesn't fall within any Obama programs and it was interest only for 10 years so getting a fixed rate is better for us. I'm just not sure about chancing it with BofA to see if they will go for the 40 years because that would really work for us. I know I see the blogs indicating to keep at it until you get a good deal but this process is tiring.

[lucky4me]

forget about getting an MHA if you are current. if your income is not reduced by 10% or your fico is not poor poor poor, then b of a says you dont qualify according to their own internal imment default checklist. they dont care if you qualify under the obama plan, if you dont meet their own qualifications, it doesnt matter, and it doesnt seem to matter what the hardship is either. and if your rate is not due to set for another few years, than they dont care about that either.

and then because your rate states conventional, but it is a adjustable , set to the libor note , 10/30 then they think you are fine.

i guess they want more foreclosures to hit the market, or they want you to hire an attornery, what a crock of crap

[CouldaWouldaShoulda]

Hey Lucky... Sounds like I'm right behind you. Our loan is supposedly in the "imminent risk" department at the moment. I've been calling everyother day and leaving messages to no avail. Did they give you any idea what their criteria is? If not too personal, what are your loan details? I'm in Cali too and 55% underwater... Thanks and sorry you got jerked around. Can Naca help you?

[EddyR]

Originally Posted by Moe Bedard

These are what most lenders consider to be generally acceptable hardships....

1. Loss of job or reduction in income
2. Death of the homeowner, spouse or family member
3. Illness of homeowner or family member
4. Divorce or separation
5. Forced job relocation by employer
6. Adjustable rate reset-payment shock

The best way to set up a hardship letter..........

* First, describe the hardship and the circumstances that caused it
* Explain what steps have been taken to correct the situation
* Provide the lender with your plan to get back on track and stay there
* Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home.


Examples of a Hardship Letter

Moe: I was offered a deal without having to default from BoA. It took 3 months since I sent my hardship letters and documents. However I am undecided. I lost income around 500 a month and I was asking for help around the same amount or a little less The value of the house has gone down to 175K from 250K purchase price. What they did was to lower from 6.78% to 5.5% bringing the mortgage payment down 188 a month. I am afraid that that is not going to help me much but I am afraid to turn it dow and never get an offer again. What do you think? They did not do any principal modification or changed my payment arrangements other than the APR.

[EddyR]

They just called and said there was no negotiation because of my wife income, they had to follow the 31% rule and that's what they could offer me. I felt like I was forced, but I guess something is better than nothing
On the upside, since I did not have to default they will block any credit reporting during the trial period and when the loan mod is done they will report it as current. I do not know what this means in Fico points but I guess that's the best I could do by myself.