Bank Of America Principal Reduction ARE YOU ELIGIBLE?
MAYBE IF:
Once the enhancements are launched, Bank of America Home Loans will both mail and call all eligible customers to collect the necessary information and determine if they qualify for the National Homeownership Retention Program.
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful guided HAMP submission, including customized HAMP Calculations, hardship letters, profit and loss statement and more.. Still need more? One on One coaching is also available.
Save Your Home
How do i work on my financial analysis form on home modification ? After my my profit and loss statement i am left with $9000.After my expenses i am left with $3900.My trial perid they gave me payment of $2945.So is that gonna affect my modification?
Hello AMina – I would need more information – but here is a great article I wrote that explains it –
HAMP CALCULATIONS
For everyone who asks receives, and he who seeks finds, and to him who knocks it will be opened. If a son asks for bread from any father among you, will he give him a stone? Or if he asks for a fish, will he give him a serpent instead of a fish? Or if he asks for an egg, will he offer him a scorpion? If you then, being evil, know how to give good gifts to your children, how much more will your heavenly Father give the Holy Spirit to those who ask Him! (Luke 11:10-13 NKJV)
Expect Miracles,
Anna Cuevas
Loan Mod Guru
AMEN. Thank you Ann. I am too in similar situation. Received a letter from BofA regarding HAMP and was denied for the program. This property was given to me by my parents in Trust. I hope that I don’t have to give it up. It’s a shame that the banks are not willing or maybe forced to help all these people during this dire economic time. This is a recession and is not going to ease up for probably the next 5 years. My company in 2008 was fortunate to borrow from Warren Buffet (Berkshire) for millions and get them out of their problems, but no one has helped or let the average person borrow or forgiveness of their problems/debts. I pray only in my Lord for forgiveness and help! Thank you again for your website. God bless, your doing a great job!
I was layed off from work in February 2010. Because of a severence pay I didnt start collecting unemployment until April 6, 10. I have sent in my paperwork for a home modification through B of A. They said I wouldnt hear anything back for 45 days. In the meantime, I am stressing from reading so many different blogs on the internet! Will they even consider me since I am only on unemployment? My paperwork shows that I will be on it for at least a year.
Thank you in advance for putting my mind at ease!
Patti
Hello Patti the answer is YES they should consider your unemployment it is in the guideline to allow you to use this as income provided you have 9 months left on it –
You should be fine. You are not alone – we are here for you.
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Hi Anna,
We have a complication. My parents are the loan-holders (borrowers), but my husband and I, as well as my parents, are all on the title and my husband and I have made every single payment regarding the mortgage, prop taxes, hazard insurance, etc. since we bought the house (and can document this). We are interested in applying for a loan mod due to my husband’s unemployment, but are not sure they will accept an application based on our financials. Have you ever run into that situation before? Thanks in advance for your help! Stacey
Hi Stacey,
Yes, I have seen this many times – Do your parents have another home? or ? do they live there with you too?
Let me know -
Expect Miracles,
Anna Cuevas
Loan Mod Guru
Anna,
They own another home and they do not live with us. We were told that we would not be eligible for government modification programs for this reason, even though we are on the title. My parents would not qualify for a govt program – no substantial financial hardship and lots of assets. It’s our finances, however, that are relevant and we can document that we are the ones who have made every and all payments re: the home. I would be VERY interested to know others who have encountered this situation. Wells Fargo, with whom our loan is with, says we aren’t eligible b/c we aren’t the “borrowers”. Please let me know what you know about this situation! Thank you! PS My favorite quote: “Nothing real can be threatened. Nothing unreal exists. Herein lies the peace of God.” Thanks, Stacey
Thank you Anna! After they okay me for the 3 month trial period, can they deny me for the perm mod because/if I am still not working? I have seen that they are doing this to people on different websites. I sure hope they step up a little faster before I spend every last dime on mortgage payments!
Patti, they technically can deny anyone after the trial but if all of your numbers are inline you should be fine – I can help you figure it out if you send me all of the details -
http://www.askaloanmodguru.com/186/how-to-calculate-your-hamp-home-affordable-modification-program
God is Crazy in Love with you!!
Expect Miracles,
Anna Cuevas
Loan Mod Guru
I bring home 1700 on unemployment
I owe 121,000 on my home, but I do have about 35,000 in equity….
1125 is my mortgage with taxes included
60 are my HOA fees
Hi Patti – how much is the actual amounts of the tax and insurance – I need this to be able to help you with the figures
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect Miracles,
Anna Cuevas
MY P/I is 798 mo – 154 Principal / 645 Interest
Escrow 329 mo
Taxes 3,274 per year
Ins 578 per year
6.375% Interest rate
Thank you and sorry it has taken so long for me to get back to you. I just called the bank and my docs were just sent to investors on May 23 for review. I have been lied to about times. Originally I was told would hear some by the 45th day…now they are saying it could be another 30-60 days. UUGGHH—Frustrated!!!
Hi Anna,
We are currently in forbearance after a medical situation a year ago left us drained of all of our savings. Our loan is with First Franklin, which is now owned by B of A. They denied us for a modification in March 2010 because we were current on our mortgage. They suggested 1/2 payments for 6 months of the forbearance agreement, and said at the end of 6 months we would then be “officially 3 months behind” in payments. At that time, they will reconsider us for a mod. We are in Northern Virginia, and owe $603,000 on our mortgage. FMV can’t be more than $350,000 at this point. My husband has a govt security clearance that is at risk if we have financial difficulties, so we are at the end of our rope here. To make matters worse, our prop taxes aren’t held in escrow and we have a large tax payment due in June. When FF calculated what we could afford payment-wise during our 6 mo forbearance period, they didn’t account for us having drained all savings in order to keep current on our mortgage for the past year since our hardships began. So, right now, we can either make the 1/2 mortgage payment for May OR pay our property taxes– but not both.
The main issue in their putting us into a forbearance agreement was to get us “90 days behind” so we could be reconsidered for a mod. Should I contact FF and tell them we can’t pay our prop taxes AND our 1/2 payment this month? It seems like we should be able to not pay even the 1/2 payments for May and June – which will make us a full 90 days past due on our mortgage (again, the ‘place’ FF said we’d have to be at before they could reconsider us for a mod). We’d just be the 90 days past due in June vs. August.
Any help is appreciated- we can’t believe we’re in this situation. We have 4 children including infant twins, and now we’re at risk of losing our family home as well as my husband’s career with the fed govt. Thanks for any input!
Blessings,
Amy
Hi Amy –
Well there is some good news here – if you don’t pay the property taxes then eventually the lender will pay them for you and when you do a loan modification then they will usually add it to the loan – so that would take care of that problem – the other thing to think about is that property taxes are not counted against your credit so this will free you up to pay the payment vs taxes without jeopardizing your husbands security clearance. You don’t need to ask FF for permission – I hope this information is helpful –
Believe that you will save your home – you can do this!! ONLY believe that you will succeed!!
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Dear Anna:
Thank you for your wonderful website to assist distressed home owners.
We hope that you can answer our questions since we have been struggling to decide
what to do with our mortgage situation.
We applied to HAMP program and completed the trial period payments successfully but was denied three times without any permanent modification. Our primary mortgage holder Citibank is now offering us short sale or deed in lieu of foreclosure as an option.
We are $150,000 upside down in our condo. We purchased our condo for $250,000 and it is now worth $80,000 Unpaid principal for primary loan for Citibank is $200,000 , secondary mortgage with Suntrust is $30,000.
We also have a rental property in another state without homestead coverage. Rent payments covers mortgage
payments and the property has positive equity of $80,000
Our questions are the following:
1) If we agreed to short sale or deed in lieu with Citibank, what will happen to secondary mortgage with Suntrust?
Will Suntrust demand us to pay $30,000 outstanding loan although we would no longer be living in the property?
2) Will Citibank and Suntrust both come after our rental property for deficiency payments and cause us to lose the second home?
I read in a website saying that:
Once an agreement is reached the borrower will receive a copy of their mortgage note stamped “paid” along with an agreement from the lender that they will not be responsible for any balance remaining after the home has been sold. It is possible that the lender could request the borrower to put their home on the market for a period of time prior to accepting a deed in lieu of foreclosure.
A deed in lieu of foreclosure could be a better solution for people who can not pay back their debt rather than going through an entire foreclosure process. There will be less stress from worrying about when the home is going to be auctioned, as well as the fact that they can be relieved of all responsibility to have to pay the loan back. A deed in lieu of foreclosure can provide a much better situation for both the lender and the borrower than any normal foreclosure.
Is that true?
What should we do to protect our 2nd home since we will have to move in that property after short sale or deed in lieu but afraid that they can file for deficiency lawsuit or a lien on the property.
Please let us know what we should do.
Thank you for your encouragement and kind advice.
Peter k
Dear Peter,
Sorry for the delayed response I was in a 10day conference out of town. You are welcome.
Ok – did you call and find out why you were denied? Did you still want to keep your place?
You have to be careful on a shortsale because they do sometimes issue that 1099 on the deficiency- but that would normally just go against your taxes and you can get the exemption signed into law by Pres. George Bush The Mortgage Forgiveness Debt Relief act - this can also be accomplished through the foreclosure – and on the deed in lieu as well. I am NOT an Attorney nor a CPA so I can not give you legal or tax advice but in my opinion you can use both that ACT as well as Insolvancy , In my opinion and experience I have not seen them come after anyone or their other properties in these cases – and in the foreclosure if you go that route if it was purchase money then you don’t have to worry about this even more – Think of it as the ball is in your court and come into this from a place of power – if you want to save the home – then fight for it, come back here for guidance – if you don’t you just have to pick the route that is easiest for you and your family.
I hope this helps – if not let me know.
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
I was told that I was denied HAMP due to excessive forbearance, but this doesn’t seem right to me. Can you tell me what my chances are of obtaining a loan modification with Chase? I don’t want to give up because we cannot afford to lose our house!
Mortgage Balance – $285,000
How many payments are you behind – zero
Current Value – (keep in mind lower is better) check http://www.eppraisal.com – $189,000 (chase home value watch)
Current Payment – $1765 interest only
Lender – Chase
Investor if you know who it is – Freddie Mac
Total GROSS income – $4,200
Monthly Property Tax – $161
Monthly Homeowners Insurance – $45
Monthly HOA (if you have this) – zero – n/a
I don’t want to give up. If I have to resubmit an application, that is what I will do. Can you please give me your opinion on how to approach getting a loan mod with Chase? Does this look like excessive forbearance is the case? Thank you!
correction – the current payment is $1542 interest only. $1765 includes tax/ins
SJW,
There has to be some sort of error in the processing of your application – I would definitely reapply -BUT FIRST CALL AND GET ALL INCOME INFO AND EXPENSE INCOME AND VALUE THEY GAVE YOUR PROPERTY do not give up you can do this!
Your numbers seem right to me – I would fight it all the way – I will get you Freddie Mac’s email for you to complain there too! You will do this and win!
“Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you. For everyone who asks receives, and he who seeks finds, and to him who knocks it will be opened. (Matthew 7:7-8 NKJV)
Expect Miraclaes
I spoke with them today and they told me that the forbearance was 38% and that I needed to increase my income by $2500 per month or the value of my home would have to increase in order to decrease this forbearance. He would not give me the home value that was used. We are self-employed and supposedly they used our ytd p&l net income monthly average ($3,672) plus wages of $528. I just don’t understand how they are coming up with the idea that I need to make $2500 more per month!!
And how can I get them to give me the home value used? Chase told me that the could not give me that information. I sent them a letter requesting the values used to come to the denial determination. I will see what they say. But what then? Without someone inside the bank who can advocate for me, what possible chance to I have?? Everyone is telling me that the bank can do what they want and that HAMP is voluntary, that they don’t have to approve me. I am SO discouraged right now. I really don’t want to lose our house!!! We will have to file bankruptcy and we will lose everything!! Who can help me??
SJW – DO NOT BE DISCOURAGED! Read Conrads Story he was denied so many times and then saved his home!
Keep calling them and call in the Holy Spirit to guide you and them before you call, keep asking what value they used for your home, tell them per the HAMP guidelines when you are denied that you have the right to know this, nicely with respect, if you don’t get your answer, kindly say thank you and call again – this is amazing and it really works miracles! Don’t listen to “everyone” get all negativity out of your way, right away. If you plan on saving your home it first starts with your positive belief that you will.
If you don’t want to lose your house – BELIEVE first that you WON”T – “Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you. For everyone who asks receives, and he who seeks finds, and to him who knocks it will be opened. (Matthew 7:7-8 NKJV)
Where are you in the process? Do you have a notice of default or trustee sale scheduled? Re-do your package and resubmit it to Chase until you get approved! Your numbers are good – I know you can do this, don’t listen to anyone, laugh if they say something negative and believe in your heart with conviction that you will win!!!
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Thank you so much for the encouragement! I am still current with my payments, so not in default. My credit is decent. Last week Chase originally told me that it was approved for a trial, but then they said there was a dispute. The new analyst assigned to me is very hard core – he tells me that he can’t reveal the market value used or any other details. He just said that they used the numbers that I gave them for income and said that we don’t make enough, and even for an in house modification we would not qualify. He was quick to write me off. I asked him the loan to value percentage and he said it was 79%! That doesn’t sound right at all, and even if it was considered 79% negative equity, that would put my house at a value of around $80k. Something isn’t right, but he is insistent on NOT giving me the “BPO” figure used. I sent a letter in writing copying Freddie Mac, stating the reason for denial that I was given and that I was told about needing to make $2500 more income per month. I asked to be given this information in writing. He wasn’t happy about my doing that. If he doesn’t give me the numbers, I can’t make a case for myself, and I think he knows that.
SJW, It almost doesn’t even matter what he thinks – send him blessings and the Light of the Holy Spirit – either he comes around OR – if you wait to let him close it out you can reapply with the New HAMP forms and they have to follow the procedure starting June 1, 2010 – Here is the HAMP APPLICATION – In your letter you asked for ALL the NPV numbers right?
I gave you the Freddie Mac email address – you will win – remember do not give up – People have been denied 10 even 11 + times and end up winning! I am here for you!
YOu can do it! Watch this video – it will help
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Thank you. That is all I can do. I was told by a few people that since we are self employed we have no chance of being approved unless we are late. Have you seen self employed people get approved? I want to BELIEVE that it is possible to win! I am going to make a concerted effort to stay away from all of the negativity. Thank you so much!!
SJW :
I would also file a complaint with Freddie MAC – by the way they cannot just decide whether they just want to do the modification- under Freddie Mac Guidelines there are requirements and that is a whole different ballgame as this program was originally made for only those loans, those entities like Fannie and Freddie do have to participate! Get excited SJW – You are going to fight and win!!!!!
4200 x 31 % = 1302 total payment
285000 loan amount at 2% lowest rate and 40 year term is 863.05 for mortgage only + tax 161 and insurance 45 = 1069.05 this is 232.95 less than what you can afford at 31% of your 4200 – there is not even a need to do any forbearance with these numbers let alone a 38% forbearance. From these numbers they would only be using a @2393.55 income figure- are you sure your self employment income NET is the 3672.00 you gave me ? I would write this all up and email Freddie Mac to help you! I am here for you SJW
If your value is 189,000 and the Freddie Mac guideline allows for a 30% forbearance
Freddie Mac escalations and borrower Outreach is : borrower_outreach@freddiemac.com
and CC:
FDIC
Chairman Sheila C. Bair MB-6028
550 17th Street, NW, Washington, DC 20429
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
You have given me a lot of hope!! I think I told you the analyst was not nice about this. When I told him that I calculated it differently, he said that he could go home and use a mortgage calculator to get whatever result he wanted, but that I didn’t understand the more complex computation they used to result in the denial. I will go to Freddie Mac. Thank you again!! You are truly an answer to my prayers. You are right about staying away from negativity. I feel empowered today.
SJW – YEA! All glory be to God – God led you here for that hope – he is CRAZY IN LOVE with YOU!
Pray for Mr Groucho – I will too – before you ever speak to him, even if you have to place him on hold, call in the Holy Spirit to guide your words and soften his heart – ONLY YOU can decide you you let into your energy field, block all the energy vampires out! They have their own issues – you know what you’ve gotta do and you know if God is with your NOW WHO – CAN POSSIBLY BE AGAINST YOU? Remember who YOU are!!
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light, not our darkness that most frightens us. We ask ourselves, Who am I to be brilliant, gorgeous, talented, fabulous? Actually, who are you not to be? You are a child of God. Your playing small does not serve the world. There is nothing enlightened about shrinking so that other people won’t feel insecure around you. We are all meant to shine, as children do. We were born to make manifest the glory of God that is within us. It’s not just in some of us; it’s in everyone. And as we let our own light shine, we unconsciously give other people permission to do the same. As we are liberated from our own fear, our presence automatically liberates others.”
BY: Marianne Williamson
Expect ONLY MIracles,
Anna Cuevas
The Loan Mod Guru
Everyone seems to be saying that this HAMP program is voluntary. Why is that? Even the HOPE hot line says that the bank can do whatever they want and that they do not HAVE to modify. People are using the justification of contract law and the fact that the MHA program is not a law, but a set of guidelines. It is wrong how this MHA is being presented, as though they are making an effort to help homeowners.
SJW
The HAMP program is voluntary, for most, but YOU HAVE FREDDIE MAC as an investor and they have to really follow all the guidelines to get you into the program – and for the most part there are alot of other lenders that are following the program to the letter and others who aren’t – You are in a great position with Freddie Mac as your investor – No more worrying, or listening to the comments of other people — only believing!!
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Does it make a difference if the loan is a refinance loan rather than a purchase loan when it comes to Freddie having to participate in HAMP? Mine is a refinance loan, NOT a purchase loan. Thank you so much. I am resolved to maintaining only positive thoughts on this.
Hello SJW;
No difference if it is a purchase loan or a refinance for HAMP –
You are very very welcome – don’t forget about the Holy Spirit
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
I just realized..Could they be including my equity line of credit in this as well? I have a home equity line of $46000 and the first mortgage is $285000. Do they COMBINE the two for HAMP approval? Could this be the reason they are saying I need so much forbearance? I thought that it was solely based on the first mortgage of $285000. The current payment on the HELOC is $142 per mo.
Hello SJW;
They do not combine the 2nd into the HAMP calculations – It is based solely on the first.
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
I’m following up here. I sent a QWR to Chase on 5/26 requesting the NPV inputs used to compute the denial. I have not received any response from them. i sent another letter to Chase last week. I also sent an email to Borrower Outreach today following up on the figures used to compute the denial (home value, income, and other NPV inputs), and still no response. What can I do? I’m so tired, but have to keep trying and believing. I’ve been trying to pray and have faith, which has kept me sane. Now I need to get back to this Chase thing and get to the bottom of this. I appreciate your support and encouragement.
By the way, I also sent an email outlining just what you told me to Borrower Outreach on 5/27, asking if they could investigate the forbearance calculation and stating that I want to see the figures used. No response from them either!
Hello SJW, I know for sure it may not be easy but you have to be the one to push and be the squeaky wheel. Stay strong – write a letter and address it to Jamie Dimon the President of Chase and also to compliance. If we stay on these banks and keep them on their toes maybe together we all bring about change. Call in the Holy Spirit to guide you and them before you write the letter, also try calling them again. Call a few times until you get a helpful person. You can do this.
But the Helper, the Holy Spirit, whom the Father will send in My name, He will teach you all things, and bring to your remembrance all things that I said to you. Peace I leave with you, My peace I give to you; not as the world gives do I give to you. Let not your heart be troubled, neither let it be afraid. (John 14:26-27 NKJV)
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
Hi Anna,
I received their explanation today. They used an income of $2520.38 and stated that a 38% forbearance would be required. Here is what they said:”using 4 months average deposits for business bank statements and using bank statements expenses factor of 77.39%, profit and loss 75.08% (expense factor), and 2009 schedule C most current reflections – expense factor 44.25%”
Borrower 2 income $250 per month plus $144 per week.
Assets: 6 months of reserves (I have no reserves, so I don’t understand this)
loan-to-value = 118.60%, which is supported by Freddie Mac
BPO = $240,000
I do not understand the income calculations. What is the bank statement expenses factor and the profit & loss expense factor? Did they take these percentages of the total deposits on the business bank stmt?
Based on their BPO, I would qualify for a refinance, right? But then will they want a different appraisal that works in their interest?
My brain hurts trying to understand this. I thought that they were supposed to use the profit & loss figure for the HAMP and that the in-house would have been calculated based on the deposits and percentages they were using.
What do you think of this?
Hi SJW,
Can you get your CPA to write a letter and get you and updated Profit and Loss showing your NET income is what you told me it was before? You were looking at the Profit and Loss NET as your gross right?
Then put together your package with a rebuttal letter, challenge the numbers they are using. 30% is the max forbearance. But with the accurate numbers you are going to be approved. You just need to challenge their numbers. Or resubmit your package with the accurate NET numbers from your profit and loss – and a letter from your CPA that this is accurate.
It sounds like they are coming up with their own factors as this is not anything from a HAMP guideline.
Please keep me posted!
“And this is the confidence that we have in him, that, if we ask any thing according to his will, he heareth us: And if we know that he hear us, whatsoever we ask, we know that we have the petitions that we desired of him.” – 1 John 5:14-15 KJV
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
UPDATE:
Hello Anna. I am updating my situation. To answer your latest post to me, I do not use a CPA, as I am an accountant and do our own financials. What I submitted to Chase was truly the net income, not the gross. We recently incorporated and as of July 1, our income will be reflected differently. I decided to wait and re-apply after several months of getting regular paychecks from the corporation. Fast forward to TODAY: I RECEIVED A FEDEX IN THE MAIL FROM CHASE STATING THAT WE WERE APPROVED FOR A TRIAL MODIFICATION. While this seems like good news, I am afraid for several reasons. 1.) June was a TERRIBLE month for us, so our income decreased. 2.) We did not pay ourselves a salary in July because the corporation owed us money. The funds we received as payment in July were not salary, but repayment of the loan, not a pay check 3.) Our income has decreased since our May submission because the past few months have been slow business. While our bank deposits into our personal account have not changed, I am afraid that Chase will subsequently deny a trial and force us to pay all of the excess at the end of the trial period, and deny us of a modification. It would be easy to say that the past 2 months our income WAS actually only about $2500! I am distrustful of Chase and suspicious that this is one of their ways of speeding up foreclosure, as I recently read that Chase has been reporting profits from foreclosures. I wrote a letter to the OOP, copying Freddie Mac, asking about this trial modification letter and why we were denied based on the income of $2500 previously. I asked them to give me the income figure that they used to approve this trial. Do you have any thoughts on this? What do you suggest? The modified paymet would be heaven sent, but I am afraid to pursue this offer because they might just turn around and deny us due to insufficient income!! Would you be able to calculate for me the MINIMUM income I would need to remain qualified, if in fact I am? Thank you so much for giving us hope!!
Hello SJW, it is great news! Be positive – believe. From what I am seeing after the new guidelines most lenders do not come back and requalify if all the income was already submitted after the June 1, 2010 HAMP guideline changes.
I would just really see this as being good news and starting a gratitude journal. Pursue the offer – that is in my opinion the best option.
I will continue to pray for you
You will see you will be fine.
Matthew 8:13
Then Jesus said to the centurion, “Go! It will be done just as you believed it would.” And his servant was healed at that very hour.
Expect ONLY Miracles!!!
Anna Cuevas
The Loan Mod Guru
anna,
i was in the trial period and i am past the 3 month mark and i recieved the fedex package yesterday that said i was denied for the modification. do you think i can request another trial period? i do not want to wait until they come up with something else. i also want to know what i can expect before i call them
Jeremy,
The first thing you have to find out is why you were denied – go over all of the numbers they used income and expenses, then if your income is different or was incorrect you can reapply for another HAMP trial- as of June 1 you have to send in the full package. Call first get the detail on your denial then…. Reapply for HAMP. Make sure you know your numbers. Due to the high demand I offer services on http://www.theloanmodguru.com so you can be better prepared to get approved.
“Ask, and it will be given to you; seek, and you will find; knock, and it will be opened to you. For everyone who asks receives, and he who seeks finds, and to him who knocks it will be opened. (Matthew 7:7-8 NKJV)
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
Hi Anna,
Do you know how banks calculate income which will be used in HAMP for self employed individual since their income changes month to month? thanks
Hi Simon,
Yes you would use a Profit and Loss Statement, some lenders want to see bank statements to back it up others don’t care, don’t volunteer if not necessary. The profit and loss is calculated using the NET numbers after business expenses as the Gross income. Normally I submit the most recent quarter. Sometimes they want YTD or last months. If you use the quarterly it is the average of the 3 months.
I hope this helps.
Now this is the confidence that we have in Him, that if we ask anything according to His will, He hears us. And if we know that He hears us, whatever we ask, we know that we have the petitions that we have asked of Him. (1 John 5:14-15 NKJV)
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
From Countrywide to B of A. You know the rest. Have started and had cancelled and started again a Making Home Affordable Mod. 3 times with bank of america. Was placed on the “trial payment plan” option and a hardship Mod. Started making the lower payments as requested over phone. 5 months later I was informed that the original mod had been cancelled (after being told that the first one had been cancelled 5 mos. prior to that). Also that they never received the pkg of docs they had sent me by fed X. I have never to this day received a Fed Ex package from B of A. For this reason they say I now owe more than $3,000.00 in back payments. Each time I am promised a fed x pkg. would be sent I am told to check back in 45 days if I have not received it. At least now they are telling me to expect one. So now 2X45 days = 90 days. See why the tortoise is moving so slow? This has been going on now for two years. How can the Government allow this to happen in there Making Home Affordable program? It’s alot of hot air and no action. I am at the end of my rope and need help from somewhere, but where? I’m tired of fearing the loss of my home and all the payments I have made because of Bank of America’s bungled handling of my case. I know I’m not alone!
Hello Jaqueline,
I know it is so frustrating! I know you know that you are not alone – you need to get a detailed letter of what has gone on and mark the top ESCALATE my file to the Executive Office – keep in mind that maybe God has better plans for you and he is putting together the right modification for you – Stay positive, I know this is a frustrating process but only if you let it frustrate you – this is normal, they have not only the B OF A files but also the Countrywide files, that is alot of files they are in over their head, the staff is stressed, the borrowers are stressed… you can imagine the combo. Instead take a deep breath…. call in the Holy Spirit, change your attitude to one of gratitude that the right loan modification is being worked on and it takes time to assemble it just for you— stay on it but have a positive outlook – don’t let this begin to affect your health. You will fix the back payments, I know it seems hopeless at times but you will get it done, you have come this far. You can do this – I am here for you.
Remember to call in the Holy Spirit – he is your ally and will guide you, if you ask-
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru
We recently received a loan mod denial from First Franklin Home Loan Services.
I believe BOA now owns FF, is there any way we can try a loan modification through BOA ?
Hi Kristin,
First thing take a deep breath! Find out WHY you were denied, then double check all of your figures read the articles on this site to make sure you have a clear picture of what you are fighting.
Know your stuff inside and out. Then prepare to call and verify what income they used what expenses they used, and what value they gave your home. You have to continue with First Franklin, but you can reapply, if there are changes or if there is an error you can escalate your file. READ THIS ARTICLE
“And this is the confidence that we have in him, that, if we ask any thing according to his will, he heareth us: And if we know that he hear us, whatsoever we ask, we know that we have the petitions that we desired of him.” – 1 John 5:14-15 KJV
Expect ONLY Miracles,
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
Hi Anna,
First I’d like to thank you for taking time out to help so many people. To find someone like you is a prayer being answered. My husband lost his job a year ago and luckily was able to find another however it paid him 1/2 of what his wages were prior. Our gross income is 5300 after I’ve gone out and got a job now that my kids are in kindergarten. Our loan owed is $390,000 and we are 6 months behind which would now put us at a loan of $403,800. Bofa sent us a letter June 3rd stating we would hear an answer from them within 30 days however we heard nothing so we called. A supervisor informed us that everything documented was “inside” information that they could not tell us and that he’s sorry that letter states that but to expect at least 45-60days for final answer. Our taxes monthly are $575. We have saved $3500 to help with paying down what we owe. I’m so saddened and frustrated of how long this process is taking with every effort to try to save my home. Is there anything that can be done? I feel as if they are dragging this out so eventually we will not approve or they will request updated documents sense they have right to every 90 days which will cause everything to start over. We’ve been trying for this for over a year now. Any advise would be greatly appreciated.
I have read all of the guidelines for a FHA home loan modification and I am qualified, but Bank of America keeps denying me. I had a 30 percent wage reduction last year and it has been hard to keep up my payments. I am now 2 months behind and they are saying if i don’t make it current by August 5th they will foreclose. I don’t know what to do…how do I qualify or make them see that under their guidelines on their website I qualify? I do not want to hire an attorney because I cant afford it, but I do not want to lose my house. If they reduced my payment by what the website says it should be reduced to I will be fine. Please help
I have a BofA loan and they are telling me I don’t qualify because I don’t have $200 “expendable” income….that’s AFTER paying my original loan payment and bills. If I had EXTRA money after paying all my bills then I wouldn’t need a modification! One of my friends says that Chase told her the same thing and denied her too. Why do the banks expect you to have more money? My brother got a hamp modification a year ago and he was short by $500 each month…that’s when a modification is actually needed and they gave it to him. why are the banks changing the rules without warning us? Is what they are saying true? Do you have to have expendable income in order to get a HAMP modification? How do i confront them if they are lying? Is there a place that outlines the actual hamp rules?
Hi Anna:
I contacted you some months ago. Maybe you remember me. I was approved for the HAMP with Saxon, my lender. The only thing I do not understand is why they added about 21,000 to my mortgage balance. I tried contacting the banking commission but they never answered me. I pd $1860. as my trial amount. my orig pmt was 2,700. I paid the 1860 for about 9 months. I might have been behind one month of 2,700 when I stated the trial program. Where do all the extra fees, etc. come from? I thought they forgave late charges. I was a little minus my escrow account. When I asked Saxon for a breakdown to send to me, they misunderstood and sent me the modification forms again.
Can you enlighten me as to how to find out how they calculated?
Thanks, Liz
Hi Liz,
The best thing to do is to order a Qualified Written Request
I just posted a sample letter for everyone. I hope this helps.
“Thy word is a lamp unto my feet, and a light unto my path.” – Psalms 119:105 KJV
Expect ONLY Miracles!
Anna Cuevas
The Loan Mod Guru
Thank you, Anna
God Bless You,
Liz
Hello
I need some guidance. We fell behind on our mortgage in November 2008. We called Countrywide for assistance and they approved us for a modification (this was before HAMP). THey sent us the documents, we signed and sent back. Two months later they were sold to BOA and our modification never went through. I then called BOA and they qualified us for HAMP. So we started making trial payments and in April 2010 they sent a denial letter stating we had not paid the payments (this was before we were about to make our third). So I have called every two weeks since April 1, 2010 and all they tell me is its in review and the codes are on the account. Because of their mistakes I have gone from being only two months behind to now 18 months behind. WHat do you suggest? This is my husband’s childhood home and would devistate everyone if we lost it.
Hi Anna,
My husband and I purchased a condo in 2005 directly out of Graduate School as Countrywide as our lender. It is a 5 year interest only loan pay-option loan. There was no documentation required for us to get this loan. It was purchased as our primary home at the time. Our plan was to live in it as our primary home for a long time, then ofcourse sell it once we decided to move on. It was never meant to be an investment.
In 2007 my husband was transferred to PA for a job. We had no choice at the time but to rent out our condo because prices had fallen so much. We purchased a home in PA and have since begun a family. Now, we are about $80,000 underwater in our condo and our loan is due to adjust in November. We have contacted Bank of America about 50 times in the past 2 years inquiring about different programs and they are telling me that we do not qualify for anything because it is now considered an investment property. It costs too much to refinance.
My husband got laid off from his job 6 months after we relocated to PA. He then found another job, but I got laid off in May of 2009. I have bene laid off for the past year. I am interviewing now for jobs.
We are really interested in a principal reduction program but have no idea how to go about doing this. We have very good credit, and pay all of our bills on time. We do not want to default on the property and will do everything we can to keep it, but Bank of America will not even speak to us until we are late on our payments, which we do not want to do.
Any advice?
Hi Anna:
Wow, what a blessing from GOD to find your website. I am wondering if you could help me like yesterday?
I was on B of A’s trial mod for 6 months. It was to end Dec “09. I continued paying until Mar. 2010. I n June I received a package form Radian Guaranty with financial and tax forms to complete. I returned them. I was receiving unemployment benefits at the time I was on the trial. Now, I have no benefits. I asked the representative if contribution letters and if I could get a renter or two, (I have 2bed/2baths) if that would help me. I then read on another blog that contribution letters may not be too good because they could request the contributors info. I had already sent in the letter. Last week when I spoke with my rep, I was told that if I can get a renter that would be used as income but, they would only consider 75% of it. My original payment before the trial was $1,489.86. It was lowered by half, $744.93.
I have no idea how to work my #’s for this. My two contribution letters stated, $800 and $850. totaling $1650. I could ask one of these people to just move in because they already said they would until I am employed again. But if they only use 75% of $850 that’s $637.50. I can hopefully get another person, since I do have another bed and bath for the same amount.
My estimate taxes are: $310.44, Ins. $283.64. Will this be a good enough reduction in my payment so that the payments are more comfortable for? Should I ask that the contribution not be included if I can get two renters and just use the $1,700 only. My unemployment benefits was about $1,620 while I was on the trial. They were aware because I sent my benefits letter as proof on income at the time. My present interest rate is 8.375%.
Thank you for your time and advice. May GOD bless you going out and coming in.
I am an active real estate agent in AZ, I have been in the business for 21 years. I am being challenged by the short sales with Bof A, it’s not because all information has been submitted, it’s because you can’t get an answer.
My investors are another story, they are making good on their mortgages, their property is underwater 50% they are still paying because they don’t want to ruin their credit. Is there a program for law abiding citizens who are underwater and their tenants are paying a fraction of what their payment are. Any interest rate reductions or principal balance reductions in the near future for them. Often times they too had to take a reduction in income at work, but it doesn’t show a hardship.
Thank you,
Jett
Hi Anni,
I just received the dreaded denial letter (excessive forbearance) from Bank of America. They indicated in the letter that they were exploring other modification options and would let me know in (10) days. I presently owe 146,000.00 and the value of the house is about 130,000.00. I’m now about 8 months behind w/mtly pymts of 1709.00 w/insurance/taxes included. At present, my mtly gross is 2200.00. What can i do to keep my home?
Hi Anna,
I hope you can give me advise on my situation. April of 2009, I called Countrywide for a loan modification. The only offer I receive was to take my delinquent amount and add it to the principal. The payment actually went up, but I was told that I should re-apply again. The loan ended up at BofA. I was able to get a trial plan October of 2009. By January 2010, I received my trial package for the loan modification requesting the same documents that I’ve already provided. I went ahead and provided everything they requested and continued making payments based on the same plan. I was told on April 2010 that my loan modification has been approved and should expect docs. Yesterday I received a denial letter because when Countrywide modified the loan last year, I did not make the payments as agreed. I tried to explain the situation and the fact that the trial payments I’ve made since November was made in time but they wouldn’t hear me out. I’m not really sure where to go from here. I’m not sure if re-applying for a loan mod is an option. Do you have any suggestions?
I’m grateful to be on a trial period. It turned out that Chase decided to use the $4200 income figure that I submitted. What worries me now, though, is that our income has dropped to about $3400 per month!! So I have 2 questions: What is the forbearance based upon? Is it based on the BPO appraisal or the loan amount of $284,000? With a $3400 per month income, would the numbers still work out to a doable modification? Also, if the BPO drives the forbearance limit, then a new BPO is in order because even the broker’s office that did the opinion told me that my home would definitely not sell for the BPO amount. My home is worth, at the most, $201,000 (according to them), but would likely appraise for $175,000-$185,000.
I appreciate your opinion. November will be the end of the 3 month trial period, so they will look at the income again and see the decrease in income from $4200. I’m thinking about writing a letter regarding the BPO being too high, if that will make a difference. Thanks for your opinion!!
Hello. i have my 1st (412,000) and 2nd (103,000) both with Bank of America. The house is worth 275,000 to 300,000…BOFA denied me under HAMP due to my income was too low and that they couldnt qualify me. However, they indicated that i am being reviewed for the in-house modification. i usually pay the taxes and insurance. but for the past year i have not and they escrowed it – another 7,000.00 …the investor is not fanny or freddie, fha or VA. what do you think type of mod I get, between my 1st and 2nd ?
Hello John,
Bank of America has several different in-house modifications, these B of A in-house loan modifications usually use net vs gross income to qualify you and vary.
I am not sure what your finances are like to be able to give you an opinion of what I think you will get but it will most likely be 2 separate modifications for 1st and the 2nd. The taxes and insurance will most likely be escrowed as well. You can call and ask them what type of program you are being evaluated for, if you get someone on the other end of the phone you can build rapport with, SOMETIMES they will give you some clues and information. I hope this helps a little bit. It is hard for me to guess. Keep fighting for your home and question everything!!
A determined soul will do more with a rusty monkey wrench than a loafer will accomplish with all the tools in a machine shop.
Robert Hughes
Expect ONLY Miracles – To think for yourself you must QUESTION AUTHORITY! LISTEN TO HOW HARRY LOVED THE LOAN MOD GURU SYSTEM
Anna Cuevas
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission. TAKE THE GUESSWORK OUT OF THE HAMP PROGRAM!!!
Hello, I got approved for a mod from B of A which includes a 2% interest for the 1st 5years and adjusts each year following the 5 years to 4.75%. they ammortized it to a 40 year with a 268,000 balloon at the end of 25 years. This took nearly a year and personally I think its garbage. I remember I asked for a principal reductiona t the beginning and they had responded that after this mod I can re-apply for a principal reduction…is this still true? What do you think? is this still possible and what are my chances of getting it. What do I need to do to qualify?
May the love of the lord keep resting on you and your Real Estate Ministry.
I love it.
I’m a Realtor in Laguna area. My primary home had a TD sale after being turned down three times for a loan modification. I ended up writing emails the nite before the auction to Mr. Jamie Diamod’s office explaing the reason why it makes more sence to keep me in the home. We prayed it up and 59 minutes before my primary was to be sold at auction the VP’s office at Wacovia called me and told me the TD sale has been postponed and that she was my angel there to take care of me. THY KINGDOM COME THY WILL BE DONE ON EARTH AS IT IS IN HEAVEN. His will was done at 9:01 AM. The funny thing I had Wacovia customer service on speaker phone and when I heard the good news I started yelling THANK YOU JESUS THANK YOU THANK YOU THANK YOU. I forgot she was on speaker when I hung up with Wacovia VP’s office angel. So I got to testifty of Gods glory praise be the the king.
Also two days ago I got my final terms with 2% loan for the first 5 years. Tax are built into a new lower payment. Very thankful!
Rick C
Laguna Niguel, California
Rick,
Thank you for your great post. I am so happy that you were successful! Thank you Jesus is right!!!!! All glory be to God!
“I believe in the surprises of the Holy Spirit.”
L.J. Suenens
Expect ONLY Miracles and Question Authority
Anna Cuevas
The Loan Mod Guru Empowering You to SAVE YOUR HOME
The Loan Mod Guru – Breaking News “I am pleased to announce the launch of The Loan Mod Guru website” – A Professional, full service site to help you create and complete a successful HAMP submission.
——–This is what people are saying about Http://www.theloanmodguru.com—————-
”There’s magic going on in the mortgage modification sector… Anna Cuevas’s TheLoanModGuru.com is nothing short of amazing!”
Anna has simplified a very complex process, with comprehensive, easy-to-use software at her website, http://www.theloanmodguru.com. She also has a Blog there to answer questions in depth, which is, in itself a learning experience.
For a small fee, anyone can put together a strong comprehensive mortgage modification application. Anna’s web-based software system is based on her extensive industry background and knowledge.. It’s simple to use and generates a complete comprehensive set of docs that speak the bank’s language.
Anna’s system makes it simple and easy, both from the homeowners’ perspective as well as the bank’s. It’s challenging enough to convince your bank that reducing your mortgage is in their best interest.. Anna’s system has done just that – Ira – Washington DC
Hello Anna,
I used your web site HAMP calculator yesterday and I must tell you that I am so impressed. After researching many different avenues to pursue saving our home, including getting wrong information from a government HAMP counselor, waiting on the phone for hours, and passing on expensive offers that seemed a bit too snake oilish, I invested in using your program. Wow, what a fabulous resource at a reasonable price. Your site was easy to use and extremely comprehensive. Now I feel confident that I’m putting our best foot forward and that we have a shot at working this out. Thank you, thank you, thank you. This is an awesome contribution! I recommend your web site enthusiastically and hope everyone will have the opportunity to use it.
Cathy, Los Angeles, CA
I’m totally freaking out! We were put on a 3 month trial payment for BofA HAMP modification. We were late on the 3rd payment due to car accident and emergency medical procedure. We were subsequently rejected. We are now under review for an in-house mod. I’m not sure what that means, but other than magically finding $25,000 to bring our loan current under our original terms, what can we do? How does one qualify for an in-house mod with BofA?
Hi, I received a trial mod. from B of A but the amount they want is about $500.00 more a month than we can afford. I am afraid not to make the 1st payment so we are going to do it. Can I try to have them relook at our financials to have the payment lower? The girl that helped us did not wait for the 2010 tax’s which shows our significant drop in income. She went off of the 2009 which is before we even needed help. What do you think about trying to get them to lower it.
Hi, I received a trial mod. from B of A but the amount they want is about $500.00 more a month than we can afford. I am afraid not to make the 1st payment so we are going to do it. Can I try to have them relook at our financials to have the payment lower? The girl that helped us did not wait for the 2010 tax’s which shows our significant drop in income. She went off of the 2009 which is before we even needed help. What do you think about trying to get them to lower it.
So you want to hear what BofA REALLY is doing to get out of loan modifications. Listen to this and you’ll be blown away by by how they openly admit how they are using lies of omission to re-secure their loans:
REAL LIFE BANK OF AMERICA CALL – OUTRAGEOUS
I am in a bit of a complicated situation. I purchased a home with a relative about 4 years ago. The relative is has not been contributing to the payments and I can prove that I have been paying the mortgage. I contacted BofA regarding a modification and they have informed me that they can’t help me unless both borrowers submit paper work. However, my relative refuses to cooperate. What I do to keep my home?
Thank you!
Gia,
I am sorry to hear about your issues with your relative. It is hard to mix business with family sometimes. Will your relative quitclaim to you?
If they quitclaim off of the title then you can submit without their income. Maybe they would not like a foreclosure on their credit record.
Expect ONLY Miracles and Question Authority,
Anna Cuevas
America’s Loan Modification Guru and #1 Bestselling Author
Announcing my new book Save Your Home also available on Kindle Save Your Home ebook for immediate download
In September of 2010, I received approval to begin the trial payment period for my B of A modification. In January of 2011, I received a packet stating that my mortgage had been approved for permanent modification. I signed and returned all of the paperwork as requested and made all of my payments on time without fail.
In May of 2011, I received a letter stating that my modification had been cancelled at my request on February 28, 2011. I contacted B of A and found out that my ex-wife (who was on the loan but our divorce decree and quit claim deed removed her interest) was the one who called. I had to file an appeal, which was found to be valid and had to have a supervisor do an escalated closing to get my account updated.
Now, I have been contacted by “my new advocate” who wants all updated documents because the ones I sent in to B of A back in August of 2010 are outdated.
It’s like starting over. How and why is this dragging on when they are taking my modified payments and applying them to my account?
Frustrated beyond belief!
Hi Anna,
I applied with B of A for a loan mod in 8/2010 and was denied 12/31/2010 due to negative NPV. That same day I called B of A requesting written explanation and details of the denial but for 6 months they refused despite my constant follow up…saying they can only give verbal, not written explanations, etc. Finally on 6/14/2011 I got a letter from B of A showing the inputs used in calculating the NPV, but the information they used was NOT MINE. I appealed the denial and escalated it to the Ofc of the CEO on 6/23 showing the values they used (not mine) and the values they should have used (mine). I was given 3 days to submit my info to an underwriter who completed a new underwriting on 6/18/2011.On 8/18 I got a letter from B of A stating my correct values (per my letter dated 6/23 where I showed the difference between the inputs they used and my actual values) were used in denying me for NPV on 12/31/2010. I asked B of A to confirm in writing that their 6/14 letter was incorrect and that they used the values in the 8/18 letter to deny me for negative NPV. B of A refused to issue such a letter & said I must assume the later letter was correct.I said I didn’t want to assume – that I wanted confirmation..but they ignored me.My files were transferred to 4 different “negotiators” who did nothing to help me. .I escalated this matter to the Treasury who contacted HAMP who contacted me and said they got a letter from B of A on 8/24 showing I was denied for HAMP, so their hands were tied. I asked B of A to send me a copy of that letter but they said it was not in their system. I asked several times, including thru the Ofc of the CEO (by email) if this was a recent denial or was it the 12/31/2010 denial based on someone else’s info? Got no written reply to this. Yet my negotiator kept telling me I was NOT denied, I was still “under review”. Meanwhile I got a call from B of A’s Traditional Mod dept offering to INCREASE my monthly mortgage payment by $300 since I was now 2 months late. At the time I started the loan mod process I was current, and using my savings & my kids’ emergency & educational funds to pay my mortgage. Due to B of A’s delays & an emergency operation in 5/2011, I was overwhelmed w/ bills.I was referred to B of A’s Special Forbearance Dept which denied me since I was 2 months late & they claimed I had to be current to get forbearance.Besides my expenses exceeded my income. I also applied for PRINCIPAL redcution thru Nevada’s Hardest Hit Program, & should have been eligible under B of A’s NHRP program but was told B of A does NOT do principal reductions. B of A has stopped calling me & I am clueless on what my status is or what steps I need to take to get help.I am disabled & a senior citizen & sent a hardship letter & all the info required (multiple times) . I would like to work with you to get my loan mod.
My loan was obtained in 8/2005. It was originated by Soma Financial in Nevada & sold to Countrywide/B of A. Investor is Bank of NY. It is neither a Fannie Mae nor Freddie Mac loan.
Here is my info.
Mortgage Balance $244,224.31
How many payments are you behind 2
Current Value – (keep in mind lower is better) check http://www.eppraisal.com ….$239,000 from zillow
Current Payment $2384.38
Lender Bank of America
Investor if you know who it is Bank of New York
Total GROSS income $4200 approximately
Monthly Property Tax $253.27
Monthly Homeowners Insurance $73
Monthly HOA (if you have this) $32
Thanks in advance for giving help and hope to so many.
Maria A.
Hello Maria,
Given the information you have here it looks to me that you should qualify for the HAMP – It also does not look like with your income they would have to do any principle reduction so it does not really matter if they do them or not really, in your case. Even thou in their own CHART from their own Bank of America website regarding the Hardest Hit Progams it says right there that they do http://homeloanhelp.bankofamerica.com/en/hardest-hit-fund.html Anyhow I would not be concerned with that because in your case it is not necessary. You need to focus on your appeal and persist.
You should write a letter and detail your steps in appealing both the reusal of correcting the NPV calcualations along with dates and names and how long you have been waiting. Be sure to CC: the Treasury and Fannie Mae
call 1-800-7Fannie to report the issues, complaint and appeal you have first tried desperately to work with Bank of America on your HAMP loan modification. Fannie Mae is administering the program for the Treasury Department and you need to involve them to help you work to resolve the issue.
Expect ONLY Miracles and Question Authority,
Anna Cuevas
The Loan Mod Guru and #1 Bestselling Author of Save Your Home