Home Loans and Support

Bank of New York Loan Mod (Lots of Equity)

Discussion in 'Countrywide Home Loans - Tell Us Your Countrywide ' started by Sandra Cabrera, Jul 15, 2008.

  1. Sandra Cabrera

    Sandra Cabrera LoanSafe Member

    Hi There -
    I have been quietly reading these posts for months now (THANK YOU). I have Bank of New York as my investor and after many calls have been told multiple times that they will not let me modify. I am going to try again today, but here is my question to you. I have a 2/1 ARM due to reset in May 2009 (current rate 7.75%). I have $180k in equity, but my income has gone done significantly ($45k a year). Do you think I will still be eligible for the mod with my equity? What paperwork do they need other than my paystubs? My husband had a horrific year and is just now picking up again (he is self employed). He is not on the loan, but we share a bank account and the last 2 months of bank statements look pretty lucrative. Of course it looks good, but the money is going out as quickly as it is coming in to pay for the last year of debt that we have accumulated on credit cards due to my income change and his lack of work. Any advice? Thank you!!! SC
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Hi Sandra,

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

    A modification is based on a hardship and not on the equity in your home....although with equity they will wonder why you can't refi.....most in a hardship situation trying for a modification are upside down in their houses.............except that it might be a bit early for you to get started if you don't adjust until 2009.......

    Give a call and see if you can start the process...........
    Bank of America Loss Mitigation
  3. Sandra Cabrera

    Sandra Cabrera LoanSafe Member

    Thanks CAT. Well, with my income I can't keep up, so hopefully that will help. I think I saw somewhere they stated that we can start up to 120 days before rate change, so that puts me in DEC. My fear is that the modification option won’t be there when I am eligible. I am on time with my mtg, but I have sold everything I can to keep up with it and with my husband back to work I can probably make the next few as well, but then what (especially if I get a rate change). I tried refi several times but was denied over and over b/c of my income, debt to income ratio and our horrific credit score (due to the credit cards and hard times).<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:eek:ffice:eek:ffice" /><o:p></o:p>
  4. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Have you tried speaking with CCCS (Consumer Credit Counseling Services) about the credit cards............they do work on lowering the amounts and putting the payment into one sum..........and helping to avoid BK's..........

    Modification programs are being added by investors daily.............
    but call and see what they can do now............it doesn't hurt to try......
  5. Sandra Cabrera

    Sandra Cabrera LoanSafe Member

    Here is the update: The Home Retention Team says that they CANNOT modify until I am 30 days from reset. But try the Modification dept. Call Mod Dept and they said that they are not modifying 2/1 hybrid ARMs at all. Only 3/1, 5/1 and something else I can't remember now. Anyone have this experience and what to do now! I am going to try the Home Retention Team again. Wish me luck!<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:eek:ffice:eek:ffice" /><o:p></o:p>

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