Home Loans and Support

Loan Mod with Bank Of The West?

Discussion in 'Stop Foreclosure and Tell Us Your Story' started by velocity, Jun 17, 2009.

  1. velocity

    velocity LoanSafe Member

    So glad to find this forum... I'm planning to get a loan modification with Bank Of the West, my interest rate is 7.25%, monthly payment is $4600, which is very high and I can't afford it anymore. I got divorced a year ago and my income is from a part time job with $1300. The rest of my income are from my son and from the rooms I rent out, comes up to a total of $5800.

    I was wondering if anyone has an experience of loan mod with Bank of the West and if a loan modification is possible in my case?

    Any help would be appreciated! Thanks!
  2. Moe

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

    Hello and welcome to our home loan forum!

    Sounds like you have a large mortgage. You may need a rate of 2-3% to really afford that home. I have seen that happen, but not ay b of w. We do not have a lot of information or stories with Bank of the West. But I do have some contact information for you. I hope it helps!

    https://www.bankofthewest.com/BOW/main.jsp?ChId=e27f5e29e152c110VgnVCM1000007fc35c92____

    Possible options include, but are not limited to:

    Loan “workout” or modification providing for a more affordable mortgage payment.
    Alternative repayment plans to assist you in bringing delinquent payments current over a period of months rather than in a lump sum.
    In certain situations on home equity loans, temporary relief may be available through payment deferments.

    To discuss your options, please contact us:
    Be sure to complete items 1, 2 and 3 to the right prior to calling.

    Residential Mortgage:
    please call us at 1 (800) 545-8180, TDD 1 (800) 243-3468.

    Home Equity Loan or Home Equity Line of Credit:
    please call us at 1 (800) 653-0347, Option 6.

    The Department of Housing and Urban Development (HUD) may be able to help you by offering free or low cost credit counseling. To find a HUD-certified housing counseling agency, call 1(800) 569-4287, TDD 1 (800) 877-8339.

    We may also be able to provide assistance with other Bank of the West products:

    Consumer Credit Cards and Goldline: 1 (800) 653-0362.
    Consumer Auto, RV, Marine Loans: 1 (800) 653-0347, Option 3.
    Consumer Auto Lease: 1 (800) 653-0347, Option 5.

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