Loan Mod Bank America phone interview

**BOOKMAN** · 05-03-2010, 12:03 PM

Doing my initial interview over the phone tomorrow with BOA My PITI is 47% and can make a budget which will show a surplus 300- 500 - problem is that I am collecting unemployment and cannot get verification that I am eligible for next 9 months (problems with how congress has extended) Further my wife may start collecting soon which would put us with a surplus of close to 2500 (she could easily prove 9 months of eligibility)

not sure how to handle the interview and what to say - what happens if you initially qualify and your situation changes ie she starts collecting - does that blow up everything?

**Evan Bedard** · 05-03-2010, 12:34 PM

Welcome and thank you for joining the community.

Further my wife may start collecting soon which would put us with a surplus of close to 2500

Are you saying that once your wife starts collecting her benefits you will have a surplus of $2,500 after your income and expenses are calculated?

**BOOKMAN** · 05-03-2010, 01:22 PM

Originally Posted by Evan Bedard

Welcome and thank you for joining the community.

Are you saying that once your wife starts collecting her benefits you will have a surplus of $2,500 after your income and expenses are calculated?

yes we will have have a surplus of 2500 if my wife start collecting

**Evan Bedard** · 05-03-2010, 06:57 PM

Well since you cannot prove at least nine months of unemployment you may have to go for a traditional in-house modification. Your situation is tough because if your wife does start collecting benefits soon and the bank asks for updated bank statements and paystubs, this will most likely put a major delay in your case as your situation will be completely different. do you know how soon she is expecting to start collecting?

**yomann** · 05-03-2010, 07:09 PM

Something does not seem right ........

When both you and your wife collect UI, how can you possibly have a surplus of $2,500 per month ?
Did you mean to say you will have a shortfall of $2,500 per month ?
i.e. your expenses exceed your income ?

Sorry; just trying to clarify ........

**BOOKMAN** · 05-04-2010, 04:49 AM

Originally Posted by Evan Bedard

Well since you cannot prove at least nine months of unemployment you may have to go for a traditional in-house modification. Your situation is tough because if your wife does start collecting benefits soon and the bank asks for updated bank statements and paystubs, this will most likely put a major delay in your case as your situation will be completely different. do you know how soon she is expecting to start collecting?

My wife has started the process and probably will start collecting within the next f month or two ; the process hit a snag which mya take a while to correct - our checking accounts are also BOA - our credit is a mess because of two corporations we closed and credit card companies are chasing us for business debt to the tune of 400k (already written off by amex etc and in collections)

To refrase the problem what happens if you qualify as a hardship and your situation changes after your 90 trial period start ie we overlap collecting? Could see a situation that we qualify under my collecting but after she starts collecting my benefits run out or change - does a change in your status /income for the better during the trial disqualify you? Could we modify the info and prove out the 9 months on her benefits?
Also I am talking to BOA rep who is actually from their HOLC department today at 12

Told her my sisters company usually pays my $300 phone bill - said I could leave this out of my expense budget??? How much flexibility do you have in listing assets expenses???

Will pass along info on how the process goes later
thanks!

**BOOKMAN** · 05-04-2010, 07:09 AM

With me collecting I get 2938 a month when she starts collecting it will add 2600 a month my PITI now comes to 1396 and am using my brothers car and my sister normally pays phone bill - have no other debt - and am trying to get my budget to around 2500 which will get me qualified today? hard to know what to tell BOA for a budget!

**Evan Bedard** · 05-04-2010, 07:28 AM

To refrase the problem what happens if you qualify as a hardship and your situation changes after your 90 trial period start ie we overlap collecting? Could see a situation that we qualify under my collecting but after she starts collecting my benefits run out or change - does a change in your status /income for the better during the trial disqualify you? Could we modify the info and prove out the 9 months on her benefits?

It is hard to say, but they are going to require updated information from you when the trial period is complete to continue their review for a permanent modification. If they find out you have a lot more income from when you begun the trial period they may deny your case based upon that fact.

**BOOKMAN** · 05-04-2010, 11:21 AM

Had my 30 minutes of attention and they now give you response within 2 minutes (HOLC FOR 241K NO FIRST MORTGAGE) BOA said we were not "under duress" - we have not been late have lot equity in the house plus gave them
info on our IRA's though we are both unemployed and only collecting $2938 a month with a PITI is 47% had a budget that gave us a surplus of $247.
Said we can try again in 60 days . Guess will spin different tale nextime!!!