Bank Of America Loan Modification Problems
(Vernon Hills, Illinois USA)
I am writing this letter to ask your help to keep our home. My husband and I work hard but unfortunately we have problems making our current monthly payments and there is no money left in our accounts. My income has become less and less with each passing year.
Refinancing and/or selling our house is no longer an option.
We do not want to get behind on payments,but we did it,we do not want to have foreclosure on the house, but this will be the case unless our monthly payment amounts are lowered. We have three children and we need to provide food, clothes, school fees, etc. Our current income is not enough to pay for the mortgage, taxes, association fees, car and home insurance, and utility bills.
We sent are recent pay stubs showing our current income and bank statements to show our expenses and other accounts.
Please review my request for Home loan modification and help make our home mortgage affordable for my family.
Thank you in advance for your time and consideration.
Bank of America Mortgage Loan Modification Answer:
by B of A Mortgage Loan Modification Expert - Dan North
While I cannot provide a lot of direct help for you there is quite a bit of help available for Illinois' homeowners.
Illinois' Hardest Hit Fund’s Homeowner Emergency Loan Program
Illinois’ program called the Hardest Hit Fund’s Homeowner Emergency Loan Program
or “HHF HELP” received $445 million in federal funds to assist Illinois homeowners struggling to pay their mortgages due to job loss or income reduction.
HHF HELP has not yet started accepting applications but intend to start this spring or summer, so get your application in as soon as it starts. These funds are on a first come first serve basis.
Other Illinois Financial Assistance For Homeowners
The Illinois Treasurer's Finally Home Program
helps Illinois residents purchase or refinance a home if they have difficulty qualifying for a mortgage. This provides an alternative to keep their existing homes from going into foreclosure.Neighborhood Lending Services
offers a number of sustainable mortgage and refinancing products to low- and moderate-income lenders.
Illinois Assistance For Homeowners In Foreclosure
Call the Attorney General’s Homeowner Helpline 1-866-544-7151 (Voice/TTY) 312-814-5094.The Cook County Mortgage Foreclosure Mediation ProgramIllinois Homeowners in Foreclosure: Know Your RightsMortgage-Related Consumer Complaint Form to Illinois Attorney GeneralFree Legal Help For People Losing Their HomesIllinois Legal Aid Online
offers legal information about a variety of mortgage problems for homeowners and renters whose buildings are in foreclosure.Land of Lincoln Legal Assistance FoundationSouthern Illinois School of Law self helpHow to defend a foreclosure lawsuit in IllinoisHow to defend a foreclosure lawsuit in Illinois - Supplement
There Is Some Good News About B Of A Mortgages
See Article What are servicers doing with borrowers after denying a permanent HAMP modification?
BOA is starting and completing fewer Foreclosures than other lenders. With almost 1/3 of their denied modifications they do nothing after the denial and they accept almost 10x's more short sales and Deed in Lieu of Foreclosure than any other lender but do less than half the number of alternative in-house loan modifications that other lenders are doing. B of A is more likely to do nothing than negotiate a modification.
Related BofA Modification Questions & Answers:
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