Unemployment and Loan Modification with BOFA....

[robin11]

Hello,fficeffice" />>>
Here's my question...any help is appreciated.>>
>>
My question is that we are looking to contact our lender BOFA and try and get a loan modification but I can't find out if they will count his unemployment check. He only has a few months left and I don't know if you count this in your income amount when you contact BOFA. I have read a few places that they do count it and then that they do not count it. >>
>>
Any answers or help you have would be great. >>
>>
THANKS!!>>
Robin>>

[AZOwner]

I read on a post, yesterday, mentioning that you are unemployed is a kiss of death in the mod programs. . .

There is no magic formula, and you should go to it in any event, but in your hardship letter you may just mention a reduction in monthly income and avoid the "unemployment" word all together if possible.

Sorry. Please sign our petition! It's making some news now, and we need signatures!

Take a look at your lender's threads, you will find some things that work, and some that do not. . . don't stop educating yourself, and definately look at the things that are going on around the forum in the event that you face a situation someone else has learned from.

Blessings and Peace!

[ill1965]

Unemployment will not hurt your mod. That is why you trying for a mod. In the first place. They want to see how many weeks of unemployment are remaining. My wife has been laid off for 1 year already. They gave her 13 more weeks. Good till the end of year. Then she receivedinfo that she will get another 20 more weeks when that ends. We are chicago il.

[kiranedison]

Whether they give or not leave it to them.Pl do not falsify any income information to them.

[BadBobMo]

The HAMP guidelines state you need 9 months coming to you when you apply, just for your info there might be 13-20 wk's more coming from the gov. keep your eye's open.
kiranedison is right you should be up front w/lender not because we are on there side but, the lender can do what ever they want to help you.
1. HAMP lender can lower your rate to 1% but gov. will only cover rate cut down to 2%.
2. If it's in the lender's best interest the can offer you any thing they want out side of HAMP/Program meaning in house mod.
OK!
Just keep fighting!!!

[lami in calif]

Originally Posted by robin11

Hello,fficeffice" />>>
Here's my question...any help is appreciated.>>
>>
My question is that we are looking to contact our lender BOFA and try and get a loan modification but I can't find out if they will count his unemployment check. He only has a few months left and I don't know if you count this in your income amount when you contact BOFA. I have read a few places that they do count it and then that they do not count it. >>
>>
Any answers or help you have would be great. >>
>>
THANKS!!>>
Robin>>

We were approved for a trial mod on 10/13 and I'm receiving unemployment. We have not yet received any paperwork, but we made our first trial mod payment today.

[ama125]

Originally Posted by lami in calif

We were approved for a trial mod on 10/13 and I'm receiving unemployment. We have not yet received any paperwork, but we made our first trial mod payment today.

If you didn't receive any paperwork, how do you know you are approved for a trial mod? How do you know how much to pay? I am not insinuating anything, but do be wary of any info given to you over the phone with no documents to back up what you were told. I have seen it happen before where the person thinks they are in a trial because they were told so, sending in money, and then never get any paperwork and are still in danger of foreclosure. Just keep on top of them and proceed with caution. I would hate for you or anyone to throw their money away.

[AZOwner]

Apologies, all, if my earlier post was interpreted as don't be fully honest with your bank.

I would not, in a million years, support dishonesty. . . depending upon where you are in your mod process your wording may make a difference in getting you through to the next phase.

Although it sounds like some folks here understand the rhyme or reason for getting through this process -- the majority of other posts on this forum dictate that there really isn't any rhyme or reason to a permanent modification.

On another post, a rather arrogant loan servicer explictly stated that the word unemployment is a kiss of death. Just passing on the information.

Don't think we have any stats on those that are unemployed that have received permanent modifications -- trial mods may just buy you time to find that job. You have to have some sustainable income in order to prove your ability to pay a mortgage, I think. . .

[lami in calif]

Originally Posted by ama125

If you didn't receive any paperwork, how do you know you are approved for a trial mod? How do you know how much to pay? I am not insinuating anything, but do be wary of any info given to you over the phone with no documents to back up what you were told. I have seen it happen before where the person thinks they are in a trial because they were told so, sending in money, and then never get any paperwork and are still in danger of foreclosure. Just keep on top of them and proceed with caution. I would hate for you or anyone to throw their money away.

I have spoken to the Home Retention Department multiple times asking about when we would receive docs - each time they say it's "in process". However, each time I've called I've specifically asked them to verify the amount of my trial mod payment - without telling them what I believe it to be - and they each have told me the same, correct amount. The last rep recommended that I make payment by phone if papers have not arrived, so that is what I did. I did not, however, go through the automated process - I waited on hold to speak to a representative. As promised, they took the payment by phone, confirmed the trial mod amount, and assured me that there was no charge for the pay-by-phone service. I have a confirmation # - so I'm not too worried, although I hope our paperwork comes soon.