Want to write the President of B of A

[pitapocket]

I have tried to call B of A since Feb 09 to get some assistance in my loan. They keep saying there is nothing they can do. Has anyone had them do a modification on a 30 year fixed interest only loan? Am I dreaming?

I am frustrated. Do you think they would even consider doing a modification? My loan is 30 year fixed interest only on $416,999 and a Balloon payment for $37,000.

Would love to hear any advice.

[Evan Bedard]

Hi pitapocket,

I have tried to call B of A since Feb 09 to get some assistance in my loan. They keep saying there is nothing they can do. Has anyone had them do a modification on a 30 year fixed interest only loan? Am I dreaming?

I am frustrated. Do you think they would even consider doing a modification? My loan is 30 year fixed interest only on $416,999 and a Balloon payment for $37,000.

Would love to hear any advice.

From my personal experience dealing with CW now BofA I have seen 30 fixed int only loans get modified on many different occasions. If BofA is hassling you and you feel you are getting nowhere you can try to go through NACA, they may be able to help you out with your modification.

[pitapocket]

After reading up on NACA. You can not own other property. I do own a piece of property that I own nothing on. I am just confused on what I should do. I want to lower my interest rate which is 6.838% on the first and 7.713% on the second, which is on our primary home. If I can get the interest rate changed it would help. BofA said we do not qualify for any program. We do have some savings and after sending them our bank statements, pay stubs and expenses, I am not sure if my savings had anything to do with not qualifying. Are you not suppose to have any money at all to qualify for any assistance?

[Evan Bedard]

No. But it depends on how much..


If you have thousands of dollars in your savings account that may be a reason why.

[ama125]

Originally Posted by pitapocket

After reading up on NACA. You can not own other property. I do own a piece of property that I own nothing on. I am just confused on what I should do. I want to lower my interest rate which is 6.838% on the first and 7.713% on the second, which is on our primary home. If I can get the interest rate changed it would help. BofA said we do not qualify for any program. We do have some savings and after sending them our bank statements, pay stubs and expenses, I am not sure if my savings had anything to do with not qualifying. Are you not suppose to have any money at all to qualify for any assistance?

Don't believe everything they say as they themselves often don't know all the details of what is available. Sometimes, you have to just read up on things for yourself to determine if you are eligible for assistance. In particular, please see this post regarding the Making Home Affordable program (MHA - it is the only one that I've found extensive details for online): PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is in order ?

As for the amount of savings you might have, for the MHA, you must submit a hardship affidavit explaining the reasons for your hardship. Here is a portion of it for you as it pertains to income/savings:

My cash reserves are insufficient to maintain the payment on my mortgage loan and cover basic living expenses at the same time. Cash reserves include assets such as cash, savings, money market funds, marketable stocks or bonds (excluding retirement accounts). Cash reserves do not include assets that serve as an emergency fund (generally equal to three times my monthly debt payments).