B of A offers to modify second at a higher payment

[indeep1959]

I've been in the trial period for my first loan (made 2 of the 3 payments so far) and now I have received the offer for the second loan mod. Good news and bad news I guess,good that they offered to modify and rolled in my late real estate taxes into it,bad that they didn't do any interest rate reduction (currently at 10.5%) with a new balance of 143,000,increasing my monthly payment by $112 per month.

I called today and basically got the runaround from dept to dept and a final "we can't do anything else for you " answer.
What should I do now? This payment on the second is primarily the one I need to lower and instead it's higher.
If I refuse the offer,then they said they will withdraw it and it goes on to foreclosure.
I did email Barbara Desoer,not sure if that will help.Any other contacts I should know?
The first loan is the Making Home Affordable program and the second loan offer seems to be from the "Hope" team. Or should I say, the "hopeless team"?

One other thing,after reviewing my financials, it seems they didn't differentiate my gross income from my net income counting it as the same. I hope now they don't withdraw the first and second offer since thats a big size swing to negative.

[Evan Bedard]

Hi indeep1959,

If I refuse the offer,then they said they will withdraw it and it goes on to foreclosure.
I did email Barbara Desoer,not sure if that will help.Any other contacts I should know?
The first loan is the Making Home Affordable program and the second loan offer seems to be from the "Hope" team. Or should I say, the "hopeless team"?

One other thing,after reviewing my financials, it seems they didn't differentiate my gross income from my net income counting it as the same. I hope now they don't withdraw the first and second offer since thats a big size swing to negative

If you cannot afford the payment do not accept it. It will most likely get you in an even deeper hole. Emailing her was a good idea and may be able to help. I suggest you just keep on calling and talking to as many reps as needed be. You will notice many times different reps will have different info to tell you...

[cheri]

I seem to always get lost on this board , its so big,, and can never find the answers to my questions. But if anyone can answer me?? I hired an attorney in april for a loan modification, we are in an interest only till this Feb, and upside down by half its value. Ok so being we were not late we kept getting denied,, but we were late on all our other bills, and car 2 months behind, so i decided that we would skip the mortgage to pay the other bills , one thing after the other, bills snowballing on us, we are going on our 3rd month now no mortgage payment, and the attorney told me not to worry we are in reveiew?? so today I just got another letter from B of A saying we are denied again due to Investor/mortgage insurance company has declined the application??? so I emailed my attorney and she said it has to be a mistake and she would call them?? honestly does it normally take over 6 months when you even hire an attorney?? we make around 4,800 a month between me and my husband, we are not rich by no means, in an upside down house, interest only loan?? why is this taking so long,, and why do they keep denying us?? im getting worried we are going to loose our home? Is this the typical time it takes even when you have an attorney? or am I being scammed?? please if anyone knows?? thankyou Should we stick with this attorney?