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This is a discussion on Need BoA Loan Modification Advice within the Loan Modification forums, part of the Foreclosure Forum category; Hello all, I bought a home back in 2007, with 6.625% APR Fixed for 30yr. I lost my job back ...
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| Member Join Date: Apr 2009
Posts: 8
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Need BoA Loan Modification Advice Hello all, I bought a home back in 2007, with 6.625% APR Fixed for 30yr. I lost my job back in 2008 after which I started working fulltime in my old business which was doing OK, but due to economic downtrend the profit margin have been drying up pretty fast. I haven't been in default yet on my loan and nearly used all my savings for staying on current with payment. Currently, my monthly mortgage payment comes up to $1900 with gross income of $3000 per month. Also to reduce my other monthly expense, I asked my son to move in with us. Loan is from FREDDIE MAC. Here is the rough draft of my hardship letter so far, your advice would be greatly appreciated. Quote:
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| Founder Join Date: Aug 2007 Location: Southern California
Posts: 16,887
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice Hi icemanu, Welcome to the forum and thank you for joining............ The letter is good just as it is.
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| Member Join Date: Apr 2009
Posts: 8
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice Quote:
Is it Ok to send the above hardship letter to all BoA executive email address posted in this forum : Ken lewis, Liam, Maryellan and Barabara; all at Once. What should be the subject line - Any other info to be added in the letter apart from Loan Number and Loan Details. Thanks. | |
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| | #4 (permalink) |
| Senior Member Join Date: Oct 2008 Location: California
Posts: 554
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice I sent my letter to all at once. However, that was before the new Obama plan was in place. You could try calling the loss mitigation number (800-846-2222) and see if you can make any headway there. Still, sending in the letter can't hurt. |
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| | #5 (permalink) | |
| Member Join Date: Apr 2009
Posts: 8
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice Quote:
So is it Ok to send the Email and actual post to BoA. Thanks. | |
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| Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC
Posts: 1,407
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice icemanu, Sending your hardship letter to every contact you can is a good idea
__________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward. |
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| | #8 (permalink) |
| Member Join Date: Apr 2009
Posts: 8
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice Thanks for all the advices. I just send the email to all execs. Keeping my fingers crossed. Just out of curiosity, When can I expect to hear from them? Are they fast in responding to emails ? |
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| | #10 (permalink) |
| Member Join Date: Mar 2009
Posts: 12
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice icemanu,they called me the next day! Make sure you stay close to your phones (they called me at home), because if you have to call them back, it might take a while, they don't pick up always. Make sure you have your financial spreadsheet in front of you, they took my info over the phone |
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| | #11 (permalink) |
| Member Join Date: Apr 2009
Posts: 8
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice I have send the Email to all execs and also faxed all the documentation required + Hardship letter to Loss Mitigation Team too. Eagerly awaiting their positive reply for now. |
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| | #12 (permalink) |
| Member Join Date: Apr 2009
Posts: 8
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice I got a callback from BoA for taking all financial spreadsheet info, they told me the guy who handles freddie mac loans will give me a callback beginning of next week. Does the success rate for mod anything to do with Freddie Mac? Or does that explicitly depends on BoA and luck factor? |
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| | #13 (permalink) |
| Member Join Date: Apr 2009
Posts: 8
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice As per BOA, I just got prequalified for the loan Mod according to the letter. I am not too sure what prequalified means though. Can it be : -- I will surely get some kind of adjustment ? OR -- I just cleared the first stage for the loan mod. |
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| | #14 (permalink) | |
| Senior Member Join Date: Oct 2008 Location: California
Posts: 554
Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0 | Re: Need BoA Loan Modification Advice Quote:
In the meantime, I recommend that you keep following up with B of A to check the status of your modification. You might feel like you're being a pain in the a-- (that's how I sometimes felt), but just be polite and thorough and make sure that you know what's happening each step of the way. | |
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