BankUnited Mod Questions

[rlkellenbenz]

To start out I am looking for some stories about BankUnited and any success stories that anyone has had. I did a refi with BankUnited in Aug 07. At the time I had a career change and needed to adjust my payments to accomodate the change. Unbeknowst to me, I had sugned a 5 year ARM with negative amoritization. My wife and I understood that the loan was a neg am loan but where both shocked when the 1st payment came and the total of the minimum payment was greater than what had been discussed with the broker. I can't prove it but I feel that we discussed one thing and was given something different to sign, if we signed the "new" one at all.

I approached BankUnited after receiving a qualification letter to do a loan mod. After my initial rep was let go somewhere around Sept, I finally received a call back from someone new. I resubmitted all of the requirements again and in 3 weeks he called me back. I couldn't believe that he had suggested another ARM loan. We discussed a fixed loan but couldn't come up with anything that would fit in my budget. He sent over the paperwork on the new ARM and after review I felt like there is still something out there that can help me better!

Now fast forward to 2 weeks ago. My current position was eliminated and my new position pays about 30% less. If I weren't in trouble before, I sure am now! All my payments are current up to now but I can't afford this months payments.

Has anyone had any luck getting a lower fixed rate around 3.5 -4.0%? The one originally offered was at 5.5%, but it took my payment out of reach. Has anyone successfully had a write down on their principle? I know i'm at least 75,000 upside down in the market. Does BankUnited elect to participate in the h4h?

Any help is appreciated, Thanks in advance.

[Moe Bedard]

Hi rlkellenbenz,


Welcome to the forum and thank you for joining..............

The modifications given are up to the investor that owns the loan and if they have offered the 5.5% that may be what the investor had approved to offer. Investors have not been participating in the H4H program which is why out of 400k that it is supposed to help, there have only been around 312 applications made and no successes............we have also not seen the investors willing to write down principle as a part of a modification yet........whether they will in the future is anyones guess.........

If BankUnited is difficult to work with, and the investor has not been willing to offer a fixed rate modification, what you may want to do is to see if NACA can help you with a low fixed rate modification..........if you meet the criteria and if this is the only property that you own and is owner occupied........click on the link for the info..........

https://www.naca.com/refinance/refinanceTenStep.jsp