Latest news from BoA

[Mtobar]

According to one of the negotiators on the executive team....


For the Making Home Affordable program:

if the gross income is:


Under $2499….your mortgage payment will be 31%
If income is between $2500-$4999……. 34% applies
If income is between $5000- above…….37% applies


However, I read the guidelines for the Obama plan and it doesn't say anything related to that at all whatsoever, has anyone else heard of this?

[Melanie702]

Originally Posted by Mtobar

According to one of the negotiators on the executive team....


For the Making Home Affordable program:

if the gross income is:


Under $2499….your mortgage payment will be 31%
If income is between $2500-$4999……. 34% applies
If income is between $5000- above…….37% applies




However, I read the guidelines for the Obama plan and it doesn't say anything related to that at all whatsoever, has anyone else heard of this?

No. But BofA is making their own rules for this program. Jerks!

[minknmelissa]

Yes i was told same exact thing that is why i was denied because i need it to 31% due to the size of my family five children but because my husbands income is around 5000 give or take over time they say it would have to be at 37% and they claim that wouldn't help me but believe me it would

[Garry]

You may have better luck calling the number they post on this link Bank of America Begins Mortgage Refinancing under U.S. Treasury's 'Making Home Affordable' Plan - Apr 09, 2009

[Garry]

This may work better for the MHA program:
If eligible, please call 1.866.977.2941 or fill out the contact me form to speak with a Mortgage Loan Officer that is dedicated to this program. For questions regarding HELOCs, please call 1.800.621.1044.

[advocate]

What is the difference between the MHA and HAMP programs?---I can't keep these acronyms straight......thanks. I am expecting to hear from BofA today regarding the name of my negotiator (through Heidi McNaughton) Good luck to us all.

[Roberto77]

MHA stands for Making Homes Affordable which is the name of the entire Fed mortgage program. Making Homes Affordable is comprised of the mortgage modification program now known as HAMP (Home Affordable Modification Program) and the mortgage refinance program apparently now known as HARP. Hope this helps, Robert

[advocate]

Thank you, Roberto77, for clearing that up. Now, if I only knew what to expect from the negotiator. The latest I heard was that BofA had only modified 4% of over 800,000 eligible mortgages. This does not bode well for us, as we have a sale date in December. Lord help us all----there are at least 3 million more foreclosures on the way----and those are from recently acquired mortgages, the default due to unemployment.

[Garry]

I think the HARP part of it is what's causing a lot of confusion, they are supposed to deny you for HARP before they offer HAMP. When some people are being told they didn't qualify, it was HARP, then it's supposed to go to the next step, HAMP. Maybe I'm wrong, who knows.