Hi - I really need some help. I'm in a panic now and not sure what the next step is! I finally after 10 months talk to a negotiator at BOA and hefficeffice" />
told me that my numbers look good:
Gross pay check bi weekly-
Net pay check bi weekly
Roommate - $1200 but 75%
Total Monthly Income
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Total Monthly Expense
However, that I will not qualify for HAMP because the investors would have to agree to for bare $294,000.00 because based on my income and that I would only be able to afford a $189.00 payment a month at 2%. This is the most ridiculous thing that I have ever heard. He told me that he could offer me a traditional modification (I guess this mean in house) at best would be around 3.5% for the next 40 years with a payment of $1,381.54 a month. I then asked him how he figured that I only could afford $189.00 a month and he said that was 31% of my take home. I said HAMP is based off of 31% of gross and he said really I didnít know that!!!! Are you kidding! He then said let me rerun the numbers and said that I still wouldnít qualify because it would mean that the investors would have to agree to for bare $201,000.00. How is that possible??? I asked for his supervisorís information and email address and said that I would be contacting her! Where do I go from here????
My current mortgage is 349,999.00 at 5.5% interest only
and second mortgage is $67,000.00 7.25% principle and interest.