Well here is the story, 260,000 loan 5 year interest/ARM with country wide. The money was taken out of a property i owned for years since the 80's that i purchased for WAY less than this loan though it appraised very high 5 years ago. Since then i have had a true hardship. We contacted BofA who took over the loan and they set us up on this 3 month payment plan which reduced my payment from 1,455 a month to 900 a month for the term of this 3 month payment plan. We first received a letter stating to make the current payment due in the lesser amount for the current month which we did. We then received a packet asking for all of the financial info. and waited for an approval. Well, 3 months go by, payments were made before the due date so in January, we contact BofA for an answer since we ran out of payment stubs that allowed us to make the reduced payment and they had not sent us any further instructions, a denial or a phone call. We called the home retention team and they just stated to keep making the same lower payment and we would be contacted later. To date, all we have received is a letter stating there was an adjustment made to the escrow account attached to the loan that pays for my insurance and taxes and asks for us to make a payment in the amount of 1,425 in March. we have tried to contact BofA though they give me no calls back and makes nothing but promises. We have a consultation with an attorney this Thursday, any input or help with my current situation would be appreciated, i hate walking around with butterflies in my stomach playing the guessing game. The loan matures in about 5 months to the variable rate and i just want to lock in the interest rate at what it is currently at.
Thanks you all, you all provide very valuable input.