BofA (orig. CoutryWide) Investor Bank of NY Mellon

[jygtorrente]

I have an original CountryWide, stated income, 6.5% rate, refi (cash-out) in 2006 with Bank of NY Mellon as the investor. I'm a Realtor and hit hard times in 2009 but kept up with my mrtg pymts thru 7/2010. I was served in Oct of 2011 and just last month received an appt regarding the new agreement with the Dept of justice for princpal reduction. My first with B of A is over 700,000 and i have a second loan with Bank Atlantic for 250,000 (both non performing). My appt is tomorrow to negotiate with them and I would like to keep all of you posted on the process and anything learned. Is there anything you can all share with me? Any tactics on the interview, any debt to ratios they are looking for? Please let me know and I will share with all my experience, Thanks a Million!!!
P.D. I wanted to add that my home value is about 500,000 now in the South Florida market.

[Evan Bedard]

I was served in Oct of 2011 and just last month received an appt regarding the new agreement with the Dept of justice for princpal reduction. My first with B of A is over 700,000 and i have a second loan with Bank Atlantic for 250,000 (both non performing). My appt is tomorrow to negotiate with them and I would like to keep all of you posted on the process and anything learned. Is there anything you can all share with me? Any tactics on the interview, any debt to ratios they are looking for? Please let me know and I will share with all my experience, Thanks a Million!!!

Welcome and thanks for joining the community.

That is great news you have received an agreement to begin a loan modification under the DOJ settlement. The 5 participating banks are sending out letters to any homeowners they find eligible for assistance under the settlement and it sounds like you may been approved for the principle reduction portion of the program. Here is more information from BofA in regards to the DOJ/national mortgage settlement.

Modification, Refinance, and Short Sale Program Enhancements | Bank of America

Among other criteria:

• customers must be at least 60 days delinquent as of January 31, 2012 as well as at the time the loan is evaluated for a principal reduction modification.
• customers who owe more on their mortgage than the value of their home.
• customers must have a contractual monthly payment for principal, interest, property taxes, hazard insurance and any applicable homeowner association fees totaling more than 25 percent of gross household income.
• customers must have a loan owned by Bank of America or a loan held by a mortgage investor that has delegated authority to Bank of America.

[debsgirl]

I have an original CountryWide, stated income, 6.5% rate, refi (cash-out) in 2006 with Bank of NY Mellon as the investor. I'm a Realtor and hit hard times in 2009 but kept up with my mrtg pymts thru 7/2010. I was served in Oct of 2011 and just last month received an appt regarding the new agreement with the Dept of justice for princpal reduction. My first with B of A is over 700,000 and i have a second loan with Bank Atlantic for 250,000 (both non performing). My appt is tomorrow to negotiate with them and I would like to keep all of you posted on the process and anything learned. Is there anything you can all share with me? Any tactics on the interview, any debt to ratios they are looking for? Please let me know and I will share with all my experience, Thanks a Million!!!
P.D. I wanted to add that my home value is about 500,000 now in the South Florida market.

I believe they are looking to reduce your payment to between 25 and 31 percent of your income. Good luck. There are some other threads here with maybe a little more detail. search DOJ and Bank of America. Good luck! I'm curious though . . . did they already come up with a reduction figure for you or did the letter just ask you to come in to discuss?

[Tucson John]

Hello I habe BONY as an investor also, they have stood in my way in the past. Hope DOJ is different! Keep me posted!

[jygtorrente]

When i met with them, they had a figure of $512,000 on the first mortgage and they would see if i can get a 2% rate. After two weeks, i faxed them asking them that i was happy with the numbers above and ready to start making payments. A few days later i got a letter telling me they were forgiving 126,000 from my loan (which based on their figures would give me a new loan in the 535,000 ballpark at 2.6%. I simply wanted a yes, so i can rest easier. I'm still wondering if this is appealable since i feel that an appraissal on my property if it be foreclosed would be more in the 475,000 range. However, I'm starting to make my first of three payments and then get approved for the modification. I am relieved, but at the same time thinking if it could of been less to really reflect true market value. I still have the second for 250,000 with BankAtlantic that has been sent to Broward Adjustment Services for collection. I'm seeing my options in how to work with this one.

[wonderlan]

I am with Bank Of America now, Originally with Country Wide! I purchased my home in 2004 -March for $86,000.00. I make $36K Yearly (before taxes), around $27k after taxes.
I bring home: $2400.00 MONTHLY and B of A feels as if I can afford $921.00? (that's 38% of my NET income) on top of student loans (150.00), utilities (averaging 300-400 MONTHLY), phone bill, insurance (car, health, medical - I'm a diabetic), the list continues.
I am one of the people who unfortunately ended up in a "sub-prime mortgage," with an adjustable rate beginning at 8.00% I am the first in my family to own a home, I am a single woman, who honestly did not know about the adjustable interest rate at the time, I was lead to believe it was going to stay the same forever and I thought I was receiving a great interest rate (even though now, I see many people receive 6% or below.) Well, I fell behind on my payments during the year of 2009 (I lost 800.00) of income. I have been paying my mortgage on time for at least two years now. I have been through the modification process TWICE with B of A. I was approved earlier this year, in May to pay $921 monthly, but I told them that those payments were too high. My monthly payments orginially was 689.00 - moved up to 795 and that is what I have been paying since 2010, until I was approved for the modification where I had to pay $921.00. I turned down the modification because it was over 31% of my gross, and so I reapplied under a new modification program with B OF A. today, I find out that I was denied, according to: "We are unable to offer you a modification because your currently monthly housing expense, which includes your loan's monthly principal and interest payments, plus property taxes, hazard insurance, and homeowners fees, are considered to be affordable under this program." I'm looking to re-apply again, and my utility bill, which I didn't because I thought you needed a nice surplus. Apparently not.