Okay, guess what! We finely received a HAMP modificationfrom Bank of America after 25 months and four attempts. This has been one of the hardest things we have ever done in our lives! Well I think everyone knows the issues. But the thing is, weíll be saving only $158.86 a month! Here are the details.
Loan amount $158,123.00 + threes month behind
Monthly payments $967.00
Combined gross monthly income $2591.40 (S.S. only)
Est. home value $112,000 Ė $122,000
Servicer / leader BOA /Freddie Mac
Modification trailpayments $1,008.86, this is where I have an issue. Itís my understanding your modification is based on 31% gross income,so I called my bank representative and she said the underwriter takes my gross income and multiples that by 1.25 and thatís my true income! WTF is this, have Itotally missed something here? Did I miss school that day this BS was covered? So I made a few phone calls and two people said that was SOP for all banks!
I just donít get it! And to add more fuel to the fire, with only eight days to reply, I agreed and made the first trail payment, knowing I canít do this. So today I call the bank representative and tried to explain my problem and before I could finish she advised me that if I donít make my next trail payment I would be in default and kicked out of the HAMP program and would not be able to reapply and face FC.
Would someone please help me understand this madness. My wife and I do want to keep our home. I think tomorrow I will call a local housing counseling agency and see if they can help.