Bank of America Nightmares-UPDATE

[alohamom]

So, I emailed my negotiator to find out the status of my mod and she called me yesterday and told me....we were approved BUT, I have mixed feelings on it. Granted, they did lower my payment by $350 a month which is a huge help as my hour cutback resulted in $400 a month less. HOwever, I am not enthused about the fact that they didn't do much for the interest rate. We unfortunately were one of those that got sucked in at a higher rate ARM (started at 8.75 and then adjusted to 10.25) thinking we would refi in 2 years and be good-but with medical bills and taking care of sick parents, it didn't happen. So, now they put the interest at 8% fixed for 30 years. Again, I am grateful for the reduction in price but I was hoping for a bit more help. Oh well....they are pretty strict about sticking to the 31% of income requirement. I was a lucky one and it actually got a little lower. Now just waiting for docs.

[alohamom]

what are anyones thoughts on asking why my modification, when you take the new modified payment and add in my taxes, HOAs, and insurance, it will be over the 31%? I am nervous about asking my negotiator becuase I don't want to seem ungrateful and piss her off. BUT, if these guidelines are out there, don't you think they should be followed?

What do you think? here is an email I drafted (but haven't sent yet)

"
Thank you so much for getting back to me yesterday. It is great news that the modification has been approved!! I appreciate all your work on this matter.

I do have one question-you advised me yesterday that the modification was lower than 31% of our income. According to the guidelines that were put out on modifications, isn't that 31% benchmark supposed to include taxes and HOA fees and home owners insurance? And if that were the case, shouldn't my payment be less than $XXXX?

Again, I definately am not looking to screw anything up and am SO appreciative, I am just trying to make sure that I completely understand things and that my family iwill truly be ok. Any insight you can provide would be so appreciated!!"

THOUGHTS? SUGGESTIONS?????

[Evan Bedard]

Hi alohamom,

Did BofA say that you have been approved for the MHA program?

If not maybe you qualified for a regular mod which would not require the 31%DTI?

[HereinNY]

That happened to me too...I got a mod that saves $250 a month but is not down to 31% of my income..I am assuming fannie mae only approved us for this..