B Of A Loan Mod Declined... Current On Mortgage Payments?

by Seth
(Portland, OR )

Mortgage-Modification-Answers Home ›
Mortgage Loan Modification Info ›
Bank Of America Loan Modification Problems Q&A ›
B Of A Loan Mod Declined... Current On Mortgage Payments?

My Countrywide (Freddie Mac) loan has been transferred to BofA...

I applied for a loan mod last April-Declined because I was current on my mortgage.

I contacted HOPE- confirmed they can't decline on this basis..I contacted BofA - they won't re-open so I have to make another application, provided I have a 25% change in Gross income-fact or fiction?

Luckily I've had an increase recently in income but I'm overly cautious speaking to a Collection Agent who admits he knows nothing about the Loan Mod program.

Any advice would be appreciated. - Seth

Bank of America Mortgage Loan Modification Answer:

by B of A Mortgage Loan Modification Expert - Dan North

Being current on your mortgage is not a valid reason to decline, you can appeal this decision at the executive level but too much time may have passed. It is worth a try.

You can re-apply and there is no HAMP Guideline that requires a 25% change in income. That may be an internal Bank of America policy to cut down on re-applications. It can be ignored on the basis that an invalid reason for denial was given.

Request Review Of HAMP Denial At Executive Level

Send in a Qualified Written Request (QWR) per the instructions at How To Save House From Foreclosure - 3 Ways To Stop A Foreclosure Auction

Clearly state that you are requesting that your HAMP loan modification denial be reviewed at executive level as an invalid reason for denial was given.

Send a copy of the denial letter and reason you were given for denial, state that you are in imminent default due to the financial hardship you are facing with your mortgage being greater than 31% of your gross monthly income.

Give the specifics of your financial hardship and any changes that occurred to cause the hardship.

Re-send all the documents, evidences and financial required for HAMP mortgage modification, since your information is most likely more than 90 days old.

Print off and use these Bank Of America forms. Collect all documentation and evidences required in the "Gather and bring" section of the BOA website (answer the questions and you will be told what evidence is needed from you).

Send to:
MHA Escalations Unit
PO Box 940070
Simi Valley, CA

FAX: 866-382-0489

Phone: 800-720-3758

Review Your Eligibility For HAMP

Run through the HAMP eligibility forms and run your own Net Present Value Test on your mortgage and financials:

First check your HAMP eligibility requirements

Download and use the CheckMyNPV.com Quick Start Guide

Download the HAMP Non-Approval Notice to see the NPV input fields used by BofA in your denial, so you can run your own test. (Data will be on the HAMP Non-Approval Notice you received from Bank of America - if you did not receive one ask that they send it to you.)

Use the NPV Evaluation Form to run your own NPV Test on your mortgage to see what your results will be.

Review Not Only Your Eligibility For HAMP But Run All Your In-House Modification Options

Run a complete loan modification analysis to see all your home loss mitigation options not just your HAMP eligibility. Use the same data base and information that the lenders use to analyze if they make more money by modifying or foreclosing. See exactly what your lender will use and get a complete report of each home loss mitigation option you qualify for. Use this powerful tool to prove to your lender that they will make more money by modifying.

ORDER NOW - get your own home loss mitigation analysis report