I applied for a loan mod with BoA in February and was denied due to the income to debt ratio in April. I called and asked for reconsideration, since they did not include my husbands income. He is not on the loan. I am 3 months late on Payments. Now they are offering trial payments of $1956 under FHA HAMP.
I am confused because the FHA loan was acquired in Feb 2009 and I thought I am not eligible for anything but inhouse mod. Also the offered trial payment is 42% of my gross income and 23% of our combined income, so really not sure how they came up with it. It is $222 less than our previous mortgage payment and honestly not sure if it will make such a difference in our budget. What would happen if I do not agree to it. I know we will go ahead with foreclosure proceedings, but could I re apply down the should I decide to? We live in NY and foreclosure takes some time since it is a judicial state, so I was hoping to either get a better mod or save up the payments. Any thought would be appreciated.