Can I Refinance And Modify Within A Year With BOA?
by Abby F. Ebodaghe
(Marietta, Georgia USA)
I called BOA
to apply for loan modification and they said that since I just refinanced my property less than a year ago that I do not qualified for the program.
Yes, I did refi to get a lower interest rate in February but I did not take any equity out, just straight interest rate change.
BOA said it was a federal government restriction. Is there any such restriction?
Bank of America Mortgage Loan Modification Answer:
by B of A Mortgage Loan Modification Expert - Dan North
Generally lenders will not modify more than once a year, which is an internal guide line. Under HAMP you are only eligible for one modification on loans that originated prior to Jan 2009.
If you just refinanced three months ago and already need a modification then something is seriously wrong. If you refinanced under HARP then your payment should be less than 31% of your monthly gross income. If this did not happen you should start filing complaints and ask BOA to review and correct the refi that was done.Report scams and mortgage fraud in Georgia
- to the Governor's Office of Consumer Protection (404) 651-8600 or (800) 869-1123 toll-free in Georgia outside metro AtlantaHow to File a Complaint
- Americans for Fairness in LendingFile a Consumer Complaint
For decades Consumer Watchdog has been the nation’s most aggressive consumer advocate, taking on politicians of both parties and the special interests that fund them.
Call For Action (240) 747-0229 Monday thru Friday 9 a.m. to 5:30 p.m. EST complaint formConsumer Action Complaint FormWrite Complaint Letter at Measured UpWrite Complaint Letter at PlanetFeedback
Georgia Public Interest Research Group takes on powerful interests on behalf of Georgia's citizen: 817 West Peachtree St. N.W., Ste. 204, Atlanta, GA 30308
Phone: (404) 892-3405
Georgia Financial Assistance For Home OwnersHomeSafe Georgia
(877) 519-4443 - temporary mortgage assistance for unemployed or underemployed Georgia homeowners. Funding for HomeSafe Georgia comes from the US Department of Treasury's Hardest Hit Fund.State Home Mortgage
(800) 781-8346 or (404) 679-5294 - servicing company for Georgia Dream Homeownership Program loans.
Georgia Legal Assistance For Home Owners
Institute for Foreclosure Legal Assistance - providing help to Americans losing their homes. IFLA Grant Recipients in Georgia Atlanta Legal Aid SocietyFind an Attorney
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