B of A Mortgage Mod. & Time to Foreclose

[DeepDooDoo]

Received a proposed mortgage modification. Current loan is 15 years with 13 left. My income has been reduced by 2/3rds since I got the loan 2 years ago. They came back with a payment that is actually $100 higher than current payment, all they did was rework the interest & late fees and divide by the months left on the term. Spoke with customer service rep at B of A who said that they could not extend the term of the loan because I was more than 90 days late and if you're more than 90 days late, forget a loan mod. where the term is extended.

Is this true? I sure didn't know that being more than 90 days late would kill my chances for a loan mod. Wish they would have told me that up front -- I wouldn't have run around faxing paperwork to them 9-10 times. Obviously if I could afford a payment that is $100.00 higher than what I was paying, I would have been able to pay it in the first place.

Also, served with foreclosure papers a month ago. I'm in Florida. Any idea how much time I have with a FannieMae investor foreclosure (servicer B of A)?

[ItsJustMe]

It's definitely not true. I was offered a mod that extended our term from 30 (25 remaining) to 40 years. I was 3 months late when it was offered and 5 months by the time everything was finalized. Contact the office of the president (Barbara De...something, you can get her email on the forums at LoanSafe). Email her and you will hear back from someone within a day or so. They are REALLY on top of things if you can get yourself a negotiator with the office of the president.