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.
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