BOA Denies My Loan Mod

[phones772]

I have been trying for the past 5 months to get a loan mod with BOA. Unfortunately the negotiator Jessica Coleman told me that with my arrears which is 25,000. put back to my loan at a interest rate of 5.3% would make my payments higher than they currently are, which is not correct once I did the calculations. I am at the end of my rope and need some advice, I am paying about 50% of my income to my mortgage, which MHA states should be 31%. Can someone help me with.....

[heidi79]

They are supposed to do a series of things to get you to the 31% of gross
first the interest rate can go down as low as 2%
if that doesn't get you there they can extend the loan to 40 years
afterwards if that is not enough they are supposed to forebear principal.

wells is not that great, i have to admit, try contacting the executive resolution team and be ready with your financials, maybe they can help you.

Executive Team 1-800-853-8516 fficeffice" />>>

[phones772]

I spoke to another representative at BOA who stated that I should have never been denied, and put me back in for further review. I feel that we are all being pushed around by these banks. BTW the rep told me it would help my mod if I can make a payment, how can I make a payment when I cannot afford my current payments. And when was it that was part of the guidelines...

[THANKS2U]

Originally Posted by phones772

I spoke to another representative at BOA who stated that I should have never been denied, and put me back in for further review. I feel that we are all being pushed around by these banks. BTW the rep told me it would help my mod if I can make a payment, how can I make a payment when I cannot afford my current payments. And when was it that was part of the guidelines...

Making a payment WILL NOT HELP your mod at all.

It actually will HURT your chances, as doing so will then show those B of A assssssholes that you have ABILITY to pay..

Of course you don't, but if you managed to scrape enough together to make the 1 payment those DIMWIT Arsss hooles at B of A will tell themselves, SEE SEE SEE he or she had the money all along and B of A will just blow you off completely

95 % of the employees and Negotiators etc at B of A are lying, manipulative, sadistic, DEFRAUDING & DESPICABLE HUMAN BEINGS

They will just pocket any money you send them and will proceed to foreclose anyway..

Keep fighting for a proper mod at the 2 % for 40 years, with principal reduction as a balloon at the end of loan or when you sell...

Bank of America are a bunch of FRICKIN LIERS PERIOD !

SADLY, It is 95 % up to us to make them do the legally right thing !

[hockey17]

How many years do you have left to pay on your loan> Are they lengthening the term as well as lowering the interest rate. Is this a standard mod or a MHA mod. That 31% should be able to be tweaked.

[phones772]

hockey17 i have 28 years left on my mortgage, a lost my job and found another job that's which cause my house hold income to decrease about 33%. My mortage payment is 3046.00 with a total income after taxes per month is about 5100. There is no way I can afford my current payment. I am not sure if I should try NACA or go thru HUD housing counselors to help me.

[phones772]

BTW they did not even suggest lowering my interest or lenghtening my terms. It was basically you did not qualify and there are no other options. The Rep was rude and did not even give me any other options and suggetions.

[Sprinklergal09]

Good Afternoon, I to was turned down by Bank of America after I did their 3 month Forebearance agreement. I called in the last month of the agreement to find out what the next steps were and was told I did not qualify under the affordability program and I could try to go for a "Traditional Modification". I had to resubmit all my check stubs, hardship letter etc. When I called back on 9/25/09 to find out what was going on because I still have not received any paperwork the woman on the phone referred me to NACA and I have been trying for a month to get them on the phone because their workshops are to far for me to travel. I called BOA today and they say my loan was rejected for foreclosure because I am actively trying to modify. I am so frustrated and tired of the run around, I feel like I have nothing else to give these people.! Any advice on getting through to NACA or what I should do?

[AZOwner]

Hang in there, play the game if you want to keep your home, and keep fighting.

In addition, join the action team from loansafe and let's get some visibility back to the mortgage crisis.

Please sign the petition but together by Sr. Member caldwell:

Everyone - here are is our petition on two places on the web. Please sign them. Send the links to your e-mail buddies. Put it up on your facebook pages. Lets make this happen!

PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress |

TO THE UNITED STATES GOVERNMENT FROM AMERICAN HOMEOWNERS Petition

[BadBobMo]

Tell them MF's to write down you loan 25,000 period. They would rather sell your home to a bottom feeder for 1/2 price w/gov. down payment money and your tax dollars.
Timmy better wake-up things are starting to heat up!

[kdpamd]

Originally Posted by Sprinklergal09

Good Afternoon, I to was turned down by Bank of America after I did their 3 month Forebearance agreement. I called in the last month of the agreement to find out what the next steps were and was told I did not qualify under the affordability program and I could try to go for a "Traditional Modification". I had to resubmit all my check stubs, hardship letter etc. When I called back on 9/25/09 to find out what was going on because I still have not received any paperwork the woman on the phone referred me to NACA and I have been trying for a month to get them on the phone because their workshops are to far for me to travel. I called BOA today and they say my loan was rejected for foreclosure because I am actively trying to modify. I am so frustrated and tired of the run around, I feel like I have nothing else to give these people.! Any advice on getting through to NACA or what I should do?

Sprinklergal09, if you live more than an hour away from a NACA office you do not have to attend a workshop. You can set everything up online and schedule phone appt. I received a mod last month through them and did not attend one workshop. I am helping my parents through the process now and they did not need to attend one either. Keep up the fight.

[hockey17]

why do you not qualify for mha mod. Who is you investor? If you really want to keep your home hang in there. Beleive you me after 18+ months I know how frustrating it can be but don't take no for an answer. I did try NACA at one point was not satisfied but that's me!

[Sprinklergal09]

The reason I am in this turmoil is because I lost my husband suddenly and can no longer afford the current payment. Of course we paid more for the home then we should have and I now owe more then its worth but I do want the home however, I am getting so fed up! I have not been able to get any response from NACA. I started the online submission but my computer lost connection in the middle now when I try it again it tells me I am already a member but I have no idea what my password or login id are? I have emailed them several times and get no response! Can anyone tell me how the ids are generated I know its numeric? hockey17 who did you use if not NACA

[hockey17]

I am so sorry for your loss. I have done thid myself through quillizillion phone calls. Quick story: got a cpitalized loan mod in 5/08 pmt went up to 3300 did not know any,better. In the middle of the ocean drowning so I signed it know I would fail. Called in 11/08 cgot preapproved for a workout. Got a laon mod down to 2500. Did some quality control say i did not have the mod for 1 year or made 12 pmts. Recinded the mod to repmt to mod never put me in repmt but fc. Thenput me on a forbearance then the hsf. Where I am now have a long term hardship son was hurt in an accident .insurance did not cover. So 31% means s77t to me as my income is eaten up in medical bills. We boyh work and have in come plus a second mort which is never considered. So this is my last hope (great grand parents house) either they will lenghten my term an lower my interst rate (hve 17 yrs left) or they can have it. I have so tried my best but everything has suffered in the process, marriage kids etc.NACA never returned phone calls or clled when they were suppose to added frustration I could not deal with

[phones772]

Can someone if you would be able to see your FHA-HAMP workout status online with BOA? I was told that I would be unable to see it because its a gov't loan and their system does not have the capability for that. Please advise.