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I am in very serious situation. Help Me please!!!

Discussion in 'Loan Modification' started by kdw1988, Jan 12, 2010.

  1. kdw1988

    kdw1988 LoanSafe Member

    :( I just found this site at last night, and I learned that I've wrongfully tried Loan Mod. with BOA in last 14 months.

    I had tried get Loan Mod. from BOA more than 6 times in 14 months, all failed. Also, I hired a lawyer who promised me to get Mod. with Moneyback Guaranteed when its fail. However, it failed and never respond my calls and refused to pay me back.

    So I am alone to fight BOA. At last night, I called BOA, and they told me that my acct is frozen because of 7 months behind payments. If I pay 5 months due, then they will reopen and give me a chance to put me in other modification program (NO Guarantee to approved).
    I was pre approved "Home Affordable Modification by Obama's Plan" in May 2009, but denied on Oct. 2009. After that I had offered by a BOA Analyzer that paying just 1/3 of regular Mort. for 3 months, then pay off all Credit card debts & personal loans. Then I need callback to get BOA Own Mod. program. So I did it and call back as soon as I sent 3rd payment tonight. However, they told me ( I talked to 4 different Reps) that only option I have is refinance my mort. and transferred me to the loan dept. Since I have over due in existing Mort., I am not able to get refinace option at all. At this moment, only option is I have sent over $15000 as Cashier's check to BOA Retail Payment Service, Dallas Infomart, TX by overnight. The rep told me that BOA will not helping anybody who has deliquent balances more than 90 days, and advised me keep my mort within 90 days current.

    Please give me some advise. Do I have to pay over 15 grands to get another chances to apply BOA Own Mod. ? Any idea BOA own mod. program is? I want to stay in my house and I will not walk away.

    thanks in advance
  2. StressedAtBest

    StressedAtBest LoanSafe Member

    Hmmm ... one of the strangest ones I've read yet. Do you know why the six attempts have failed? How many of those six attempts involved an attorney? Do you know why you were pre-approved and then denied? All of these reasons will play a big part in your future strategy.
    Even if you pay the five months, you will still be showing at least 60 days in default, and will be riding the hampster wheel again. I don't have the luxury of being within 90 days current because i live in Texas, so I can't relate to that option at all. I think if you can give some specific facts on what happened with each denial, you will be able to get some good advice from many here.
  3. kdw1988

    kdw1988 LoanSafe Member

    The main reason I was denied is the differences between Income & Expenses by Monthly Budget. Expenses is too much compare to Income monthly. The Attn. had tried only one time. Anyway, he was not much help at all.
    Mainly I was denied by Freddie Mae because in order to set the mortgage amount to 31% of my income, Freddie Mae has to eat $80,000 from my Mort. Balance according to an BOA Analyzer. that's why I was turned down by the investor. Pre-Approved Stage is the first step that the investor will take a look the application. So it does not mean anything.
    As soon as my Atty. found that, he told me pay only 60% of Regular Mort. payment to BOA ( based on adjusted to 31% of my income ). He thought that I would be approved. I have kept paying my mort. every month, but not whole amount.
    Now I am 7 months behind payments. In BOA's point of view, they think I will abandon my house and walk away. So BOA locked my acct. to get another mod. program or application unless the payments are upto 90 days in their Mod. Policy.
    I will pay 5 months mortgages, just like BOA requested. Then I will try another Mod.

    thank you
  4. msm859

    msm859 LoanSafe Member

    Initial thought is DO NOT pay up on past owed. Will not benefit you in getting modification.
    What is your house worth? How much do you owe (1st and 2nd?)? What are the terms of your current loan? What is your gross income? Need more information to evaluate your situation.
  5. kdw1988

    kdw1988 LoanSafe Member

    I guess it is too late. I sent $12500 MO by Fedex Overnight yesterday. I loaned it from my boss.
    House Worth $ 350000 to $ 380000 ( I bought it for $500000 with $150000 Down paid in Oct 2006)
    30 years with 5.5% Fixed
    Gross Income $54000 yearly

    The reason I made the payment is that BOA Rep told me they will send Forclosure letter this week.

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