I am new here, and hoping someone can give me some guidance. I live in California, had a 2005 Countrywide loan taken over by Bank of America (BOA), seriously behind in my mortgage due to a lot of reasons not relevant to this post. I applied for Keep Your Home California, which I was told I qualified for, in Dec 2011.
In June I got a letter from Keep Your Home saying I was taken out of the program because BOA was putting me into their new Dept of Justice program. We've been going back and forth over the paperwork in the last 2 months, BOA continued my auction date to August 9, while I was sending in paperwork.
I just got their "decision", saying they are denying it based on their NPV analysis and the investors don't think it is a good value to modify my loan, (because they think they will make more money selling it, hahaha.) The NPV has serious problems, including blank boxes, but the biggest problems is my house value which they say is $262,000, while my loan balance is $260,000. On Zillow my home and the others on my street are all listed around $150,000, and Zillow has me at 2 bedrooms when my house is really 1 bedroom. I pulled recent sales in this area off Zillow for my sq. footage, and they are $130,000 to $150,000. When I used the HAMP NPV program, it shows with my income and home value, I AM approved.
I just got off the phone with my BOA guy, and I asked him where do I send my appeal, because I understand I have 30 days to appeal. He told me unlike the old program, under the new DOJ program, it HAS NO APPEAL AVAILABLE if you are denied! I said so BOA can just put crazy numbers in here, and say "Oh Well!" and the program provides for no appeal??? That just doesn't make sense!
Can anyone direct me how do I file an appeal under the new DOJ program? I do intend to get a real appraisal myself, but I don't have a lot of time before the auction date.
Carla in Sacramento