Is It Possible That I Can Get a Loan Mod w/B of A?

[jinksy]

I bought a double wide on it's own land and it burned down two years ago. SO and I got another one on the same lot and we are both on the loan. We refinanced with TB&W just before B of A took over our loan. After we refinanced SO decided that he wanted out.

Being that I am on SS Disability I figured there was no way I could afford it on my own. It is three payments behind and I have it up for sale but no buyers. I called B of A to tell them the situation and they took my info and have referred it over to the home affordable.

Is there any chance that this would go through? Is there someone that I could PM my loan amount, income and payment info to and let me know if I'm barking up the wrong tree? I just need to know if there is a chance. I don't want to be hopeful for something that is in no way going to happen.

[Evan Bedard]

Hi jinksy,

Being that I am on SS Disability I figured there was no way I could afford it on my own. It is three payments behind and I have it up for sale but no buyers. I called B of A to tell them the situation and they took my info and have referred it over to the home affordable.

Is there any chance that this would go through? Is there someone that I could PM my loan amount, income and payment info to and let me know if I'm barking up the wrong tree? I just need to know if there is a chance. I don't want to be hopeful for something that is in no way going to happen

Well what does your monthly payment look like compared to your monthly income?

[jinksy]

Originally Posted by Evan Bedard

Hi jinksy,



Well what does your monthly payment look like compared to your monthly income?

Right now my monthly payment is $731 and my income is $1029 a month.

[Evan Bedard]

Right now my monthly payment is $731 and my income is $1029 a month.

It is going to be nearly impossible to acheive a modification with a DTI like that. Your best bet would definitely be to go for a short sale. How much do you owe on your property compared to the current market value?

[ChrisC]

Another issue seperate from dti, will be is it a mobile home on the land or a manufactured? If it's a manufactured on foundation and title was released and recorded as a sfr then may be doable, mobile home, unfortunetley I've not seen any lender holding them in portfolio do anything good, I've seen some barely get lowered especially with Vanderbilt. I know Greentree for example will not do anything for mobile homes in their portfolio.