Mortgage Payment question

[chephil111]

Hello,
My monthly mortgage payment is $2,300 (IO) from BOA. We have already gotten approved to have our loans modified last year to a fixed rate. However, we cannot keep up with our monthly mortgage. We want to start paying BOA $2000.00 starting November. What would happen? Will they be able to re-modify our loan?

Any suggestion will be helpful.

[auroraproblem]

I can only speak from my experience. Short paying will not be considered payment, it will likely be held in a suspense account until you made the next $2000 payment at which time $2300 is applied to your prior month payment and $1700 is left remaining in the suspense account. Late fees would be tacked on to your payment due.

As to the modification, that I do not know. Normally there is a period they make you wait after already having received a modification; however, in this economic climate I am not sure what they are willing to do.

[chephil111]

Thanks for your quick response auroraproblem. I really appreciate it.

Another question...
I am currently only making Interest only payment on my 1st mortgage and per the Making Home Affordable site states that mortgage payment is a monthly-basis for principal, interest, property taxes, hazard insurance and homeowner’s association fees. In order for me to calculate if we are below or above the 31% should we include property tax, HOA etc. (we pay this separately from our mortgage) even though we only pay interest for our 1st mortgage?

Thanks for the advices.

[Riley18]

Originally Posted by chephil111

Hello,
My monthly mortgage payment is $2,300 (IO) from BOA. We have already gotten approved to have our loans modified last year to a fixed rate. However, we cannot keep up with our monthly mortgage. We want to start paying BOA $2000.00 starting November. What would happen? Will they be able to re-modify our loan?

Any suggestion will be helpful.

Have you emailed Barbara D.'s office? Her office might be able to get you a forbearance payment of 1/3 your regular payment while you apply for a modification. That way you avoid late fees. Do you have a hardship which makes it difficult to meet the payment? Is your loan currently 31% of your income? The 31% includes taxes, insurance, interest, principal, and HOA fees.

[chephil111]

Thanks for the response.

How can I call Barbara D?

Thanks.

[chephil111]

How can I contact Barbara D? What is her email or #?

What is trial modification? What is the qualification for trial modification? Is this ok for us even though we are requesting for a 2nd modification for our 1st mortgage?

thanks.

[auroraproblem]

Originally Posted by chephil111

Thanks for your quick response auroraproblem. I really appreciate it.

Another question...
I am currently only making Interest only payment on my 1st mortgage and per the Making Home Affordable site states that mortgage payment is a monthly-basis for principal, interest, property taxes, hazard insurance and homeowner’s association fees. In order for me to calculate if we are below or above the 31% should we include property tax, HOA etc. (we pay this separately from our mortgage) even though we only pay interest for our 1st mortgage?

Thanks for the advices.

Yes, your payment will have to be Interest + principle + insurance + taxes + hoa. I was on an interest only as well, with the mod they place you back into a 'normal' type payment that requires principle. They also require an escrow (which it sounds like you are not on now).