B O A Deined...Help - Loan Modification Forum

mgm75 · 10-06-2009, 12:48 PM

Wife just called me. We got a letter from Bank of America saying basied on the information we gave them we are denied a modification...

We have been working with BOA directly....after 2 months of me calling my negotiator and Cindy from the OOP with no call backs they send me this letter...is there anything left for us to do...we are a family of 6 and my pay was cut 30% this past year do to the economy....

any suggestions???

Melanie702 · 10-06-2009, 12:58 PM

I'm sorry, I know this is not something you want to hear, but I can only give you my apologies on behalf of those jerks. And tell you how sorry I am. I am going through the same thing and was also denied several times. Not the answer you're looking for, but wanted to say sorry and I'm sure someone else will tell you what you can do.

Evan Bedard · 10-06-2009, 01:00 PM

Hi mgm75 welcome and thank you for joining.

Quote:

Wife just called me. We got a letter from Bank of America saying basied on the information we gave them we are denied a modification...

We have been working with BOA directly....after 2 months of me calling my negotiator and Cindy from the OOP with no call backs they send me this letter...is there anything left for us to do...we are a family of 6 and my pay was cut 30% this past year do to the economy....

any suggestions???

Find out exactly why you were denied. That is no excuse to deny you..

Was it lack of income, to much income, etc?..

helpsavemyhome · 10-06-2009, 01:04 PM

BofA did the same thing to us twice, until we went to NACA for help...

mgm75 · 10-06-2009, 01:18 PM

should I try naca?

The oop won't return my calls and my negotiator never called me or retuned my calls for 2 months...how do I find out why I was denied...

this is so frustrating...

ama125 · 10-06-2009, 01:19 PM

Were you applying for HAMP? As of 10/1, the servicers are to record a denial code to both the Treasury and the borrower.

Here are the codes:
1. Ineligible Mortgage
2. Ineligible Borrower - Current DTI Less than 31%
3. Property Not Owner Occupied
4. Other Ineligible Property (i.e. Property Condemned, Property >4 units)
5. Investor Guarantor Not Participating
6. B/K Court Declined
7. Negative NPV
8. Offer Not Accepted by Borrower / Request Withdrawn
9. Default Not Imminent
10. Previous official HAMP modification
11. Loan Paid off or Reinstated
12. Excessive Forbearance
13. Request incomplete

cjbory · 10-06-2009, 01:20 PM

It seems like no one is making any progress with BofA. I my self sent and email to the OOP yesterday morning and no one has call me yet.

mgm75 · 10-06-2009, 01:33 PM

ama125 thanks for those codes...I dont know what I was applying for though...my negotiator never called and would retun my calls...

Had my wife re read the letter it said: After a review of our records we would not be able to support a modified payment

I dont get it they never even talked to us....I have seen people with the same or worse percentages get mods with BOA

is it worth trying NACA?

huz715 · 10-06-2009, 01:52 PM

look like you don't have enough income to support modified payment.
calculate by NPV worksheet, find out how much income you need.

helpsavemyhome · 10-06-2009, 02:16 PM

Yes, you might want to try NACA...we were denied by BofA twice and couldn't get any help until we signed up with them. I will be honest in telling you that NACA is swamped and the process can be very time consuming, but it's worth it.

ama125 · 10-06-2009, 02:39 PM

Quote:

Originally Posted by mgm75

ama125 thanks for those codes...I dont know what I was applying for though...my negotiator never called and would retun my calls...

Had my wife re read the letter it said: After a review of our records we would not be able to support a modified payment

I dont get it they never even talked to us....I have seen people with the same or worse percentages get mods with BOA

is it worth trying NACA?

Well, for what it's worth, sounds like they are improving the denial reasons. My first rejection letter just said "you are not eligible for a loan modification" with no explanation at all. My last rejection was over the phone. I asked why and was told we were coming up 1500 dollars short after the mod. I would try to get someone on the phone that can explain in more detail.

nativelasvegan · 10-06-2009, 03:20 PM

You are entitled to an explanation. Don't give up until you get it. Have you sent an email to Barbara? I had a runaround for months until I sent an email to her. A week or so after the email, I was assigned a negotiator. Negotiator has not been much help, but I do have someone I can talk instead of whomever answers an 800 number.

10-06-2009, 12:48 PM	#1 (permalink)
mgm75 Member Join Date: Jun 2009 Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	B O A Deined...Help Wife just called me. We got a letter from Bank of America saying basied on the information we gave them we are denied a modification... We have been working with BOA directly....after 2 months of me calling my negotiator and Cindy from the OOP with no call backs they send me this letter...is there anything left for us to do...we are a family of 6 and my pay was cut 30% this past year do to the economy.... any suggestions???

10-06-2009, 12:58 PM	#2 (permalink)
Melanie702 Senior Member Join Date: Mar 2009 Location: Las Vegas, Nevada Posts: 535 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B O A Deined...Help I'm sorry, I know this is not something you want to hear, but I can only give you my apologies on behalf of those jerks. And tell you how sorry I am. I am going through the same thing and was also denied several times. Not the answer you're looking for, but wanted to say sorry and I'm sure someone else will tell you what you can do.

10-06-2009, 01:04 PM	#4 (permalink)
helpsavemyhome Senior Member Join Date: Dec 2008 Posts: 348 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B O A Deined...Help BofA did the same thing to us twice, until we went to NACA for help...

10-06-2009, 01:18 PM	#5 (permalink)
mgm75 Member Join Date: Jun 2009 Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B O A Deined...Help should I try naca? The oop won't return my calls and my negotiator never called me or retuned my calls for 2 months...how do I find out why I was denied... this is so frustrating...

10-06-2009, 01:19 PM	#6 (permalink)
ama125 Senior Member Join Date: Jun 2009 Location: Reading, PA Posts: 1,495 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B O A Deined...Help Were you applying for HAMP? As of 10/1, the servicers are to record a denial code to both the Treasury and the borrower. Here are the codes: 1. Ineligible Mortgage 2. Ineligible Borrower - Current DTI Less than 31% 3. Property Not Owner Occupied 4. Other Ineligible Property (i.e. Property Condemned, Property >4 units) 5. Investor Guarantor Not Participating 6. B/K Court Declined 7. Negative NPV 8. Offer Not Accepted by Borrower / Request Withdrawn 9. Default Not Imminent 10. Previous official HAMP modification 11. Loan Paid off or Reinstated 12. Excessive Forbearance 13. Request incomplete

10-06-2009, 01:20 PM	#7 (permalink)
cjbory Senior Member Join Date: Apr 2009 Location: Miami FL Posts: 93 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B O A Deined...Help It seems like no one is making any progress with BofA. I my self sent and email to the OOP yesterday morning and no one has call me yet.

10-06-2009, 01:33 PM	#8 (permalink)
mgm75 Member Join Date: Jun 2009 Posts: 19 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B O A Deined...Help ama125 thanks for those codes...I dont know what I was applying for though...my negotiator never called and would retun my calls... Had my wife re read the letter it said: After a review of our records we would not be able to support a modified payment I dont get it they never even talked to us....I have seen people with the same or worse percentages get mods with BOA is it worth trying NACA?

10-06-2009, 01:52 PM	#9 (permalink)
huz715 Senior Member Join Date: Nov 2008 Posts: 59 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B O A Deined...Help look like you don't have enough income to support modified payment. calculate by NPV worksheet, find out how much income you need.

10-06-2009, 02:16 PM	#10 (permalink)
helpsavemyhome Senior Member Join Date: Dec 2008 Posts: 348 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B O A Deined...Help Yes, you might want to try NACA...we were denied by BofA twice and couldn't get any help until we signed up with them. I will be honest in telling you that NACA is swamped and the process can be very time consuming, but it's worth it.

10-06-2009, 03:20 PM	#12 (permalink)
nativelasvegan Senior Member Join Date: Sep 2009 Location: Near Austin, TX Posts: 789 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B O A Deined...Help You are entitled to an explanation. Don't give up until you get it. Have you sent an email to Barbara? I had a runaround for months until I sent an email to her. A week or so after the email, I was assigned a negotiator. Negotiator has not been much help, but I do have someone I can talk instead of whomever answers an 800 number.

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