Loan Mod with a VA loan

[lttlemamax3]

We have been trying since June 2009 to have our loan modified with BofA. We decided to try with NACA first which was a complete waste of time. I was calling them every two weeks to get an update and uploading my husband's paychecks every week. I finally got a hold of someone at BofA and they said they hadn't been getting the financial updates from NACA. Sent them the 23 pages they wanted and they decided to close my case on the 18th because they said we didn't have enough positive income at the end of the month. Said there weren't that many options for people with VA loans. We currently owe $103,000 on the house and it is worth $120,000. We are behind 3 months because we paid our car payment instead of our mortgage. The said we could do the repayment plan which would raise our payment to $723.00 a month. It would bring our mortgage current, but not help lower the monthly payment. Does anyone have any advice for what we can do next? Losing the house is not an option.

[aprilware2]

Originally Posted by lttlemamax3

We have been trying since June 2009 to have our loan modified with BofA. We decided to try with NACA first which was a complete waste of time. I was calling them every two weeks to get an update and uploading my husband's paychecks every week. I finally got a hold of someone at BofA and they said they hadn't been getting the financial updates from NACA. Sent them the 23 pages they wanted and they decided to close my case on the 18th because they said we didn't have enough positive income at the end of the month. Said there weren't that many options for people with VA loans. We currently owe $103,000 on the house and it is worth $120,000. We are behind 3 months because we paid our car payment instead of our mortgage. The said we could do the repayment plan which would raise our payment to $723.00 a month. It would bring our mortgage current, but not help lower the monthly payment. Does anyone have any advice for what we can do next? Losing the house is not an option.

Exactly how much was you paying before the $723.00 repayment plan.If was I you I would scrape up anything I can to pay that amount. Its still a low amount. I was paying $1580 on my mortgage until I fell behind. My husband left. Now Im hopefully going to get a final mod 0f 735.I haen gotten my final paperwork yet. But Im finished with the 3 month trial period so far.

[Garry]

Originally Posted by lttlemamax3

We have been trying since June 2009 to have our loan modified with BofA. We decided to try with NACA first which was a complete waste of time. I was calling them every two weeks to get an update and uploading my husband's paychecks every week. I finally got a hold of someone at BofA and they said they hadn't been getting the financial updates from NACA. Sent them the 23 pages they wanted and they decided to close my case on the 18th because they said we didn't have enough positive income at the end of the month. Said there weren't that many options for people with VA loans. We currently owe $103,000 on the house and it is worth $120,000. We are behind 3 months because we paid our car payment instead of our mortgage. The said we could do the repayment plan which would raise our payment to $723.00 a month. It would bring our mortgage current, but not help lower the monthly payment. Does anyone have any advice for what we can do next? Losing the house is not an option.

I think part of the problem is the bank is still taking people on a priority basis. It might be a smart move to make the payment and buy yourself more time.

[Garry]

I know that you are three months behind and it seems like that would make you a priority, but a lot of people have foreclosure dates set. That puts them ahead of you.