Bank Of America Modified My Loan By Raising My Payment And I Do Not Qualify For The Old Payment
Is there not some illegality in modifying a loan to a higher payment, when the person does not qualify for that payment or the previous one because of job loss?
The person at Bank of America stated that the bank could raise the payment up to $1 of the person total income!!!!!!!!!!!!!!!!!!!!!!
I will blast this all over national media.
You better come up with a good answer, since I have talked to hundreds of people that this is happening to, it was even on Dave Ramsey show saying what a scam the loan modification was just trying to make the public think Bank of America was helping people stay in their homes !!!!!!!!!!
I now have a job, a little less income but a job, 3 little kids and a home their grandpa built. We want to stay here but how do I feed my kids and pay utilities if I'm paying 80% of my income to a mortgage payment that you are forcing me to do or lose my home???????
HELP ME get to the bottom of this !!!!!!!!!!!!!
Bank of America Mortgage Loan Modification Answer:
by B of A Mortgage Loan Modification Expert - Dan North
Wow! I would be angry too. First thing I want to make clear is that I am not an employee of or in any way connected to Bank Of America.
I hope that I can be of help. So here are the first things that I would recommend if you really want to keep your home. I will leave it up to you as to whether you are willing to do what it takes to save your home.
You Can Refuse A Loan Modification Offered
By Bank Of America
Just because BOA offered you a modification that raises the payments, which sounds more like a repayment plan than a modification, you do not have to take it. Just do not sign the papers and keep your mortgage at the previous rates.
Now here is the part that will be the hardest for you: DO NOT BE ANGRY AT WHOEVER YOU SPEAK WITH FROM BOA. You will get more cooperation by asking Bank Of America employees to help you save your home than yelling at them.
Now read the article How To Save House From Foreclosure - 3 Ways To Stop A Foreclosure Auction
and start writing your Qualified Written Requests. Make sure that you send carbon copies to the CEO, Legal Department, Public Relations Dept as well as your Loss Mitigation Officer and the Dept Head of Loss Mitigation. Send each separately so that it does not go all to one person in Loss Mitigation who will not forward it. Ideally send by registered mail but you can fax and/or Fed Ex the QWR's.
Run An NPV Test To See If You Qualify
For Loan Modification
Download the NPV Test
(Net Present Value Test) spreadsheet and run your financial figures. This is the test that decides if it is better for Bank Of America to modify your mortgage or start the mortgage foreclosure procedures.
This is also where you can run all the possible combinations to find what modification terms will pass the test or find out that you cannot afford the house and will have to work out an exit strategy.
Related BofA Modification Questions & Answers:
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