Modification through Bank of America

[xpert66]

Well I am having a hard time trying to get my loan modified. I may have done all the right things when buying my home 5 years ago except the part about me losing my job. I put down $200,000 on a $439,000 home. My interest rate is fixed 30 year at 5.5%. But last November I lost my job and am now earning $33,000 less per year. Bank of America is telling me I do not qualify because my monthly gross income is more than my mortgage payment using the 31% calculation. My property taxes went up 27% this year and I am sure the extra $745 per month plus home owners insurance can be used to offset my monthly gross income. Bank is telling me I also do not qualify for the Making Home Affordable program. I thought it was a Federal law to be able to obtain a loan modification if I had a substantial loss in income? (34%). I have also sent them a hardship letter and list of my expenses. Does anyone know if i qualify for anything? A friend who makes much more than I do, lost his job but still earns much more than I and can make his mortgage payments and expenses easily, was just awarded a loan modification through his bank. Any advice?

[Evan Bedard]

Hi xpert66 welcome and thank you for joining.

I thought it was a Federal law to be able to obtain a loan modification if I had a substantial loss in income? (34%). I have also sent them a hardship letter and list of my expenses. Does anyone know if i qualify for anything? A friend who makes much more than I do, lost his job but still earns much more than I and can make his mortgage payments and expenses easily, was just awarded a loan modification through his bank. Any advice?

The government is trying to push lenders to modify as many loans as possible, but they are still no way a guarantee.. Even though BofA is telling you that you don't qualify for the MHA plan does not mean that you cant qualify for a regular modification. They may be able offer you a lower interest rate(2-4%) or possibly even extend the loan to 40 years to help lower your payments as well. Try emailing Barbara Dosoer she has helped many here get their process started in a timely and professional matter:

Barbara J. Desoer
President Home Loans and Insurance
Bank of America
100 North Tryon St.
Charlotte, NC 28255
barbara.j.desoer@bankofamerica.com

[xpert66]

Thanks, preparing a letter now and will post a status!

[xpert66]

Evan,
Just in case I get denied from Barbara Desoer, is they any recourse I can take like filing a complaint with the NJ Public Advocate, Office of Obudsman or any Federal Agency overseeing loan modifications? I would think there are since this topic is at a Federal level. Thanks

[xpert66]

Anything on the above question?