My first loan is with BofA (investor is Fannie Mae), my debt to income ratio is just around 31% or so, and the home value on Zillow (which is what BofA uses) is just above what I paid for the house when I bought it.
So you'd think I'm not eligible.
And yet the rep who's supposedly in charge of my file (whatever his title is, some guy who loves to read screen prompts such as "thank you for being a valued customer"), has asked me to send in a request for a loan mod, so I sent the budget he asked for, including how much rent I pay, etc. but I don't doubt they factor that in ? The real home value is much below what has been reported to Zillow because of blatant disclosure misrepresentations which I found out later because I had hired the home inspector that the lending broker works with (duh, talk about learning the hard way). In short, the house has some serious structural issues, chemical contamination from a longstanding CDL, a leaky roof, no heat, and currently no plumbing. I'm already renting somewhere else after draining my resources with costly structural repairs, and I could afford to pay for more repairs (and eventually live in the home) only if I got a loan mod.
The rep calls me at home every couple of days when I'm at work, and leaves canned messages that say nothing, so basically I do not have a response from BofA.
I would like to know whether BofA would consider a loan mod, or not, because I have a reputable contractor who can shore the house to prevent collapse, but it's not cheap and I will only engage the funds if BofA says OK to a loan mod.
Any thoughts? If I was a younger person I wouldn't give it a second thought (I have a non-recourse loan and I'm not attached to the house), but I'm over 50 so I won't get to buy another house if I walk away, and so I'm still waiting. If they will consider a loan mod I have all the papers ready for the Assessor's office to review the property value, but if they won't there's no point going into it . . .