BofA loan mod

[eviljap]

Just found this forum and thought I would post.

Purchased
Date 7/2008
Value 400k
loan amount 310k @ 5.75% 30yrs
current value - hopefully over 300k

Currently on a job furlow so attempting to lower payments even if for few years.

1. Called BofA loss mitigation 1-800-936-6362
was referred to NY branch # where my loan is serviced

2. Called NY BofA 1-866-613-4790
was told that i do not qualify because i was current on my mortgage,
they seemed to have no idea when i mentioned the Home affordability plan. They said they would send me an appilcation for a loan mod though.

3. Sent email through BofA online mortgage site to ask who owns my loan and what my options are for a loan mod. Got a reply that my loan is serviced by Freddie Mac and to call 1-877-776-5842 ext 52701

4. Called new number, was told that Freddie Mac did not currently mod loans that are not in default. Was asked if I have tried to refinance, to which I replied yes but did not qualify due to LTV. Was asked if I tried the presidential refinance (what?) and was transfered to another number.

5. New number I was transfered to knew exactly what I was talking about. Said that the plan was still under review but there was a reservation list. I asked to be put on the reservation list and was told that I would get a call in a week or two, no later than April 2nd.
Questions that I was asked:
Have you been late on any payments in the last 12 months: no
Have you had the loan longer than 2 years: no
Have you had the loan longer than 3 months: yes
What do you think the value of your house is: 300k
Was also given the number to call in case I did not get a reply by April 2nd. 1-888-256-7674

EJ

P.S. if this is in the wrong forum, please move.

[Moe Bedard]

Hi EJ,


Welcome to the forum and thank you for joining..........

Here is the Q & A regarding the refi..........

http://www.financialstability.gov/docs/borrower_qa.pdf


Keep us posted on your progress.........

[eviljap]

This forum is very helpful...

anyways...

Update:

Didn't receive anything or any calls from BofA yet so I decided to call them instead.

Got in contact with a mortgage agent M (he says usually does regular refinance and not in loss mitigation) who said he can help me out with the application. He informs me that the program literally just started today and he thinks BofA is about 2 weeks ahead of other banks (taken w/ grain of salt) and that I am his first applicant on this program.

He said that I qualified and that I should have no problems as long as my property was no more than 105% LTV. Then he went to look for rates and ran into some problems finding the rates, which he finds out won't be published till Tues afternoon. So we make appointment to fill our application on Wed.

Now some things that I things that i found out:
Income and assets will be all stated, they will only verify employment.
Need to fax one pay stub just for employment verification.
Better not to have PMI, he said I have no PMI so I am no problem.
This program is just a streamlined refinance program for most people who cant refinance without getting into PMI issues.

Will post again after filling out application.

Overall I have a felling that this is going to be a regular refinance.

[eviljap]

Another update..

refinance rather than modification... (recategorize?)

Apparently I was eligible for the Home Affordability Refinance.
Basically, a streamlined refi for those with equity or up to 105% LTV.

Everything is stated, nothing is verified except insurance and proof of employment. Min credit score of 620.

Ended up getting a 4.625 APR with 1.325 points (BofA rates suck). Up to $2500 can be rolled back into loan. Saves me $200 a month that pays for the refi in 36 months, not too shabby.

Initial application approved instantly, now pending underwriting approval which may take up to 60 days.

[LHarveyMadman]

If that's the "APR" that you're getting (which is not the same as the interest rate), then you've got yourself a really good deal. It's nice to see that at least one lender is starting to implement the President's plan.

[eviljap]

The interest rate is 4.625 and the APR is 4.785.

[LHarveyMadman]

Still among the lowest mortgage rates in the history of this country. Heck, your original 5.75% was already considered excellent until the government swooped in and started buying toxic assets.