CW/B of A Modification Need Advice

[ml888]

My loan was originated with CW/B of A and is backed by fannie mae. Due to my unemployment the first half of this year and currently a 28% reduction from previous income I need to apply for a modification. I spoke to a rep back in June and they said I didn't qualify because I was current on my payment and had PMI. I only have 11% equity on my apt. I called two weeks ago and I was told that i qualify for HARP and kept steering me to that direction, with some closing costs involved and can be refinanced to the current rate. I did some calculations and I was still short every month. I again called B of A yesterday and according to the rep, and the calculations that she did I would qualify for a modification. She said to prepare the financial documentation, however, I was not told who to send it to (fax, email or regular mail). My question is, do I have to wait for communication from the bank, or can I send it to a certain address now, where? or can I send it to the OOP attach it to an email to get a quicker response. My funds are now completely depleted and my monthly expenses are greater than my current income so I needed help yesterday and like some folks on this board. HELP, can somebody give me some insight. Sorry for being long winded. Appreciate the advice people can share. THANX!

[nativelasvegan]

Hello ml888. Welcome. If you meet the guidelines for the modification Making Home Affordable - Home Affordable Refinance, I would send your loan package to Barbara Desoer, Office of the Chairman, 100 North Tryon Street, Charlotte, NC 28255 - via certified mail, return receipt requested. Send a cover letter stating that you are making a formal request for a modification of your loan pursuant to the President's Making Home Affordable Program.
The package should include (1) a hardship letter (there is a form on this website), (2) copies of your last two month's bank statements, (3) copies of the last 2 years tax returns (this may not be required but I would send it anyway to cover all bases), (4) a printout of your loan information from the BOA website that shows your loan number, name on the loan, property address, (5) the last two most recent paystubs, (6) a list of your current monthly expenses (7) an IRS 4506 form (can be found at Internal Revenue Service).

That is where I started. I have now been assigned to a negotiator who has informed me verbally that we qualify, but we have not received documents.

This might help you. Good luck!

[ml888]

Thank you! Native LasVegan. Will definitely follow your advise and send the package out to B of A/Attn. Barbara D. this week. Hopefully, along with the rest of many folks on this board, who have shared their story and advice, I will get quick response when going through this route. I will keep updating and share my experience. Again, Thank you!