B of A Loan Modification

[bayareamommy]

Hi there,

Just found this site and thank God that I did! My questions are:

1) Does it make a difference wether we submit our Home Affordable Program application on our own or through a third party (HUD counselor)?

I ask because I don't want to waste anytime (mine or a counselor) if it is not going to make a difference.

2) If damage has been done to the home (such a the outside AC unit being stolen) can that be claimed under the new modification loan? Or can that be claimed under home insurance?

3) How long does it normally take for B of A to get in touch with us after we submit our application with hardship letter?

4) We have our 1st loan with B of A. We also have a home quity loan that is maxed out with another lender (both of wich we have not made payments too).

Do we still qualify for the Home Affordable Program? If so, what happens to the 2nd loan?

I think that is all (at least for now, lol!)
Thank you SO much for you brain cells =D

[Moe Bedard]

Glad you found us!

1) Does it make a difference whether we submit our Home Affordable Program application on our own or through a third party (HUD counselor)?

Sometimes. A 3rd party may have more knowledge than you and can properly package your modification as well as your income and expense sheet. However, no one will fight and keep on top of this like yourself.

2) If damage has been done to the home (such a the outside AC unit being stolen) can that be claimed under the new modification loan? Or can that be claimed under home insurance?

That would fall under homeowners insurance.

3) How long does it normally take for B of A to get in touch with us after we submit our application with hardship letter?

This can range from 2-never weeks. You may have to keep on top of them this whole time or you may get a good employee who is on top of things. Rare, but it does happen.

4) We have our 1st loan with B of A. We also have a home quity loan that is maxed out with another lender (both of wich we have not made payments too).

You'll have to negotiate with both separately. The second may be willing to work with you or settle.

Do we still qualify for the Home Affordable Program? If so, what happens to the 2nd loan?

Please find out here to get detailed. Making Home Affordable - Home Affordable Modifications

If you don't qualify here, don't worry, you may still qualify under a normal loan mod.

Hope that helps!

[bayareamommy]

Quick question regarding the equity line...

When do I contact them to let them know that we are going to apply for the Home Affordable Modification program?

Or does B of A handle that situation?

Or are we on our own having to settle our 2nd mortage?

Thanks!

[bayareamommy]

I forgot to ask (regarding the Ac unit)...

Hi Moe Bedard....
You mentioned that it would fal under the home insurance. Since we stopped making payments, does that still count?
We hope to get approved for the modification under the Home Affordable Program, but till then we are not making any payments.