Originally posted by ConfusedinOC
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Thank you so much for your response. From all the information I'm getting I'm more hopeful that BofA will offer me a modification. With your modification, did they also lower your monthly payments or just give you a fixed rate for the life of the loan? I realize that is a great deal however, just wondered if you saw a change in your monthly payments also. Have you already filed your BK and if so which one 7 or 13? Do you think your modification will be affected when you file if you haven't done so already? Are you in OC California? I'm in SoCal. -
So, if I am planning on filling BK and also in the process of a modification... should I go ahead with the Bk first? I've been holding off, thinking it may harm the modification. But, it sounds like having a lot of credit card debt doesn't work in my favor for the modification. I've stopped paying on cards, so that has freed up some money making it a bit easier to make mortgage. (The 2nd would be part of the BK) We have never missed a mortgage/2nd payment. I have gotten mixed thoughts on this. Some have said to keep making the payments because there are so many out there that have stopped, the banks may be willing to work with you quickly. Then, I have heard that if you haven't missed a payment, the banks figure you can make the payments and are in no hurry to help you!! UGGHH...I'd like to file the BK in sept/oct, but I really want to make sure I get this modification done right! Any suggestions would be greatly appreciated!Comment
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Huntington - I don't know best answer but I can tell you that my boyfriend had never missed a payment or had been late on the mortgage when applied for the mod, and was approved for the modification easily...the mortgage was eating up 90% of his paycheck. That was the main basis for the mod was that his income had decreased since taking the mortgage out and he was basically robbing peter to pay paul. Sooner or later that house of cards would collapse. I don't know if not paying the mortgage would put you in a better or worse position with your particular bank.Comment
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I going through the exact same thing. I stopped paying my cc's because I couldn't make my mortgage with BofA. So every month I'd pay my mortgage before I was 30 days late. Every time I called them and told them how bad my financial picture was, I too was told they couldn't help unless I was late on the mortgage. It was almost funny on one hand I'd get "can't help until you're late" and then in the next breath they would ask if I could make a payment today. I am now late on my mortgage for the month of May and can't pay June. I called them the day I was officially late and finally they took a verbal application and said I now qualified for the "home saver" program. This was just a couple of days ago so I haven't received anything in writing from them.Originally posted by huntington View Post
As for the BK, according to some of the new guide lines, lenders can't hold it against you if you are going through BK. I haven't filed BK yet either because I afraid to complicate the modification. I realize that I have do both to be able to get my life on track.
You might want to take a look at the new guidelines for the lenders and see what you get out of it. As most things are, they are confusing. I hope this helps you in some way and then you can share what your understanding of the guidelines are.
I know what a stressful time this is just know, so many of us are going through the same thing. Thank goodness for this forum.Comment
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Someone on this forum suggested http://www.naca.com
It sounded promising to us struggling home owners. It might help.Comment
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BofA update so....frustrating
I called BofA today and was again transferred to 5 different people. The first four were unable to pull up my loan number.
Anyway, the purpose of my call was to find out if they had received my submitted documents for the loan modification.
I was finally told they had been received on 6/2/2010, and were being reviewed by who knows who. BofA continues to be disorganized and their reps seem to know little if anything about their own organization. They have many departments in place however, it's scary these people are going to make a crucial life decision for so many of us.
The following are phone numbers I managed to get from them: Home Retention Dept- 800-669-4578
Hope Team: 877-767-0706
Default Prevention: 888-325-3120
BAC Home Loans: 800-669-0102
I'm hoping these numbers will help someone avoid the BofA maze. If anyone has more direct numbers, please share them.Comment
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Couple issues with the loan modifications. Several comments were made regarding HAMP. Your loan will not qualify for HAMP. It is only good on loans before Jan 1 2009.
Second, if you are self employed loans modifications will take longer. You may be making trial payments for up to year before you have a answer.
Third, you will need to pass the NPV. That is the NeT Present Value Test which is being done on both inhouse and HAMP modifications. It is formula which lets the lender know if it is MORE PROFITABLE to foreclose on your home and sell it vs doing a loan modification. The concern I have for you is how much EQUITY do you have in your property? Sadly, the more responsible you may have been the more this may hurt you.
Finally, the lender will look at your entire debt picture. Meaning they will examine if reducing your mortgage to 31% based on your income will even still be affordable if you have high debt.
Good luck.Comment
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Freeatast,
Sorry for the late response.
My existing loan is a pick a payment loan that is a negative arm loan. I always picked the minum payment which is ok now but back when the rate was 9% I was adding thousands to my loan balance. The new loan will keep my payment at the minimum payment I have been paying but it fixes the loan at 4% which is great.
I was planning to file CH7 this month but due to the loan mod I am going to hold off until it has gone through (officially). My loan payment was set to recast in May of 2011 and be fully amortized which is $500 more than what I am currently paying. My attorney was going to use the higher payment because it was what I was going to be paying. I was worried that this extra $500 would push me into CH13 but after consulting with my lawyer he told me not to worry and that I still qualified for CH7.$160k Unsecured; Way Over Median
Filed CH 7: 7/28/10; 341 Meeting: 9/7/10 (Was A Breeze)
Dishcarged: 11/9/10; Case Closed: 12/2/10Comment
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Thank You for getting back to me.Originally posted by ConfusedinOC View Post
Did the lender tell you when your loan modification would be finalized? Also, were you late on your home loan while you were trying to modify? If you were late, did the lender work with you as far as the back payments? BofA told me I had to be late before I would be offered help. Therefore I didn't mail May's payment because I didn't have it in full. They haven't told me if they will even consider a modification. I am hopeful but afraid, I'll just get farther behind and then I'll lose my home.Comment
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We got ours modified. We have GMAC. We filled out our paperwork in March of 09 and they told us that we had to make our payments ontime, not one day late for 6 months before they would consider it. I thought for sure we'd end up losing the house. Somehow we made our payments. Then when they contacted us, our payment was actually going to go up $17 a month! And they wanted like $1800 in closing costs...ya right, why would we ever do that? So we ignored it and then missed our next payment we were going to just let the house go. A week later, we recieved a new proposal. They dropped our payment $800/month and took $70K off our principal balance. So now here we are...we get to stay!Filed Ch.7 Pro Se 5-20-10
341 scheduled 6-24-10Comment
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oh I also wanted to mention that when they approved the mod, we didnt have to make a Nov or Dec payment. We had no closing costs either. So we got off scott free for the holidays and they tacked those 2 payments onto the back end.Filed Ch.7 Pro Se 5-20-10
341 scheduled 6-24-10Comment
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Thank you again, Great beginning,It sounds as if things are a lot better for you loan modification wise. What a relief it must be. I hope for the same result however, I have BofA. Another question, you said you were told not to be late even one day, did they give you a grace period as they do with most home loans? I hope I can skip a payment or two, that would give me a little breathing room right now.Originally posted by PoorNow View Post
It appears financially you'll be in good shape once your BK is completed. I'm very happy for you. Good Luck to you and your family with everything. I hope to be you soon.Comment
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They moved our payment due date from the 1st the 15th then we were told we couldnt go over the 15th even one day.Filed Ch.7 Pro Se 5-20-10
341 scheduled 6-24-10Comment
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My understanding - the Hope Team is BofA's dept that handles the federal/HAMP modifications. Not everyone qualifies - such as if your current mortgage is not greater than 31% of gross income. But even if its obvious you don't qualify, they put all applications for inhouse mods thru that system also. I called and yelled when I applied for inhouse and got by FedEx an application to submit all the same docs to the Hope Team. After they explained it, I understood that the mortgage co's are getting a lot of grief for having so few successful HAMP modifications. So they need people to apply for, even if its sure to be denied, the HAMP just so they can show that only a small % of people even qualify for it in the first place.
I did not return my HAMP packet though. Seemed a waste of my time & their FedEX return envelope overnight expense.
The # I have for the retention department is 800-669-0102. I do NOT give my loan # to the automated system or reps to pull up, had trouble getting anywhere that way. But when I give my SS#, no problems...
Originally posted by freeatlast98 View PostGet mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)Comment
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