Home Loans and Support

Turning down modifications?????

Discussion in 'Bank of America Mortgage Help' started by shawnNov09, Apr 22, 2010.

  1. shawnNov09

    shawnNov09 LoanSafe Member

    Is it just me or does it seem like there are alot of people turning down modifications. I am reading some posts here and on other threads about people getting perm modifications and turning them down. I understand when people can't afford it or the modification is above 31% of their income. But it seems that people are waiting for huge principal reductions that are never going to come. Maybe I am just a little jealous that people are getting modification offers while I sit in never endings "review". Anyone else noticing this?? I will now go back checking my BOA "online status" and punching my loan number in the FEDEX site for the 30th time today.:)
  2. goldie

    goldie LoanSafe Member

    I have B of A too and when I've gone through the wringer with them. I get jealous too, as I'd be VERY happy just to get a stepped interest rate reduction. I don't care about principal reduction, just give me a payment I can afford and I think it would be doable in my situation. I have Fannie too. I'm calling them tomorrow to see what can be done about an Alt Mod as B of A is REFUSING to help me. I have "allegedly" been declined for HAMP as of 02/19/10, after making 5 payments and never hearing a word. I don't have any official denial letter or any correspondance in writing from them for that matter. I heard with the Fannie Alt Mod that if B of A is refusing to help, Fannie will modify for me. Its worth a try!
  3. jhawk

    jhawk LoanSafe Member

    I have been waiting since my HAMP Started in August 1st. I can relate! I never totally believe what BOA is saying. I was suppose to get a call from a Supervisor in the Underwriting Department - that called never was made. I was told I was approved for HAMP though, they are just working on the final numbers. We'll see.
  4. shawnNov09

    shawnNov09 LoanSafe Member

    Goldie....I think I am in the same situation. I just want to be out of a 7.325% intrest only loan. I think if they offered me the same exact payment but was paying principal too....I would figure out a way to make it work. I am not underwater on my loan. I plan on being in this house for at least another 20 years so the value is not my biggest worry. I would just like to be paying some princpal.
  5. D and J

    D and J LoanSafe Member

    I am on the other side of this discussion. No one is doing principle reductions so that idea has been off the table for eons. However, I was just Fed-Exed an offer that gives me a temporary interest rate reduction of just over 2% (to put me at 5% interest) but only for one year! Within five years, my loan will be the same. This is not sustainable. I have been fighting for my home since Jan '09. With their new offer, my qualifying house expenses (PITI and HOAs) still rate at well over 40% of my gross income!

    Don't you think they can do better than 5% fixed for 1 year? Don't you think I deserve a loan that's not going to put me right back in the same position in a matter of months?

    I'm so scared all the time - now more than ever. What if they decide to just foreclose after I decline their no-good offer? It takes balls to stand up and fight but there are people here who are winning and they give me hope. I don't want the world but I want something I can afford. I want to own my home forever.
  6. shawnNov09

    shawnNov09 LoanSafe Member

    I think each persons circumstances are different and I'm not suggesting anyone take something they cannot afford. I guess BOA is counting on people like me to take just about anything they offer if its even slightly better then what I currently have. I'm hoping to have the chance to accept or reject an offer one day. Anyway, my intention was not to offend anyone. Just venting some frustration at this whole process. Good Luck! I hope you can get what your fighting for.
  7. scarylarry

    scarylarry LoanSafe Member

    Yes,
    I have turned down loan mods. I might just have the record. Today I received another loan mod, my 3rd, which we are declining too. I would have taken the promised "verbal mod" that they said I was approved for, it had principle reduction and brought me down to 31% of my gross pay. But they screwed me out of it and sent me another that had me paying 65% of my gross pay (#1 mod), #2 mod was a 10 yr I/O mod that increased my principle by $44,000 and left us extremely ($320,000)underwater and at the 10 yr mark was totally unaffordable. #3 mod is 44% of our gross pay to start and has an unknown amount of balloon payment (ammoratized over 40 yrs but 25 1/2 years of payments) due upon pay off...
    Like they say on TV , don't try this at home.:eek:

    I put over 20% down and I am about $275,000 underwater and they keep giving me mod offers that are unaffordable to me, if I can't get a reasonable mod then that is too bad for them, they have enough money I don't.
    I already got a lawyer and we are working on a resolution. I will keep you guys updated on how it turns out.
    It boils down to will the mod offer works for you

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