Mod approved, upfront funds?

[3kidshouse]

We applied for a BOA mod this summer and have been approved. Now, we're waiting for the call from BOA to discuss the terms. I've been told that the upfront funds will be discussed. Meanwhile, I'm in a panic since we we're already behind when we filed the mod, and do not have any idea of what they would want for upfront. I've been keeping up with the posts on this website for any info and saw that HAMP does not require upfront funds. So.... when I get the call, what options do I have? Can I tell BOA that I don't want to pay upfront funds? When I get the call, will the worker already have the terms in print, or can I negotiate? Can I be denied on the phone after I've been approved? Of course, the customer service worker can't answer any questions.

I'd like to add, we filed BK to keep our house. We were already behind in house payments when the BK was discharged. We haven't made a payment now for 8 months. I'm just happy that we were approved for a mod and not foreclosed on. Keeping our house is my top priority. I'm worried sick that I'll have to pay some loan shark to help with upfront funds. I'd appreciate any info on what this upcoming phone call will be like. The paperwork follows with a 10 day deadline.

[ama125]

HAMP does not require upfront funds, so they are likely offering an in-house mod. Get all the details and inquire about HAMP to see if you qualify for it. Many here have not liked the terms of their first offer (or more) and have been able to re-negotiate for better terms. If their offer works for you and the upfront funds are doable, then you make the call. Just post what you find out and others can give you their opinion too. Good luck!

[Melanie702]

Yeah, that is an in house mod. I was approved with them and there was an upfront fee of almost 2 grand. The mod was really crappy too. I turned it down.

[heidi79]

take a good look at the terms, hopefully the upfront payment won't be so large, if the terms are good, you should take it!!! people are having so many problems with the hamp and end up waiting 5-7 months for an approval and then are denied.

[Evan Bedard]

So.... when I get the call, what options do I have? Can I tell BOA that I don't want to pay upfront funds? When I get the call, will the worker already have the terms in print, or can I negotiate? Can I be denied on the phone after I've been approved? Of course, the customer service worker can't answer any questions.

Only pay the upfront funds if it is on the actual modification paperwork you receive. You should not have to pay this until you send back the agreement signed and notarized. With many in-house mods upfront funds will be required.

Good luck and please keep us posted on your results.

[hope67]

Before you talk to them, do your own calculation to see if you qualify for HAMP, your current mortgage payment should be more than 31% of your gross income in addition to other criterias:

Making Home Affordable - Home Affordable Modifications

Also, you can ask them if they can add the so called "up-front" amount to the balance, in other words, to finance it.

[3kidshouse]

Thanks everyone for your quick responses. I feel much better today as I wait for this phone call! I'll keep you posted.

[jg9608]

Hello, we are actually in the same situation as you are...we were approved, but now Im scared straight that the upfront funds will be drastically hight. We are bearly getting by and now we have to figure out where Im going to get this extra money that I dont have to pay for this entire nightmare to be over....please keep us posted and hopefully your "upfront funds" are not a lot....

[sick and tired]

Originally Posted by Melanie702

Yeah, that is an in house mod. I was approved with them and there was an upfront fee of almost 2 grand. The mod was really crappy too. I turned it down.

I want to know if they offered you another mod?