I'm not delinquent. My other rentals cover the cash flow, I just want to get my principal reduced and payments decreased.
I have a question about what I am being told from my banks "customer service manager" that I have been assigned. I have been in the loan mod process from about 7 months and now they are saying that I will need to start over on the HAMP program again because I am only two months behind on my mortgage and I need to be at least three months behind. If you read 1.1.2 HAMP Tier 1 Eligibility Criteria, it only states "The mortgage loan is delinquent or default is reasonably foreseeable. Loans currently in foreclosure are eligible." So what can i do to force them to continue where I am force me to start over which is a stall tactic in my opinion.
BAC bought my mortgage from Wilshire 2 weeks before our 1st modification payment started . 2 percent for 26 years anything owed on the back of the loan . They refused to honor this sign agreement for 3 years . After getting a letter from a lawyer I hired they sold the mortgage 2 weeks later and suddenly the Wilshire terms were on the mortgage but by now with 8.5 percent interest added and late fee's our mortgage balance has gone from 203000 to 313000 in 3 years . What should I do . My lawyer wants 10000 dollars to take Bank of Amercia to court . What can I do . Who can help me.
Congrats. I had a friend who had an absolutely messed up situation put together by her lawyer, mortgage broker and a sub of B of A. Took her five years to get her second mortgage essentially waived and for B of A to modify her first mortgage. She and a pro bono legal program worked on it. Glad to hear someone do it in a lot less time.
I can't believe the nightmare BOA got me into. I was ready to refinance and took a look at paperwork BOA sent me encouraging me to ask for a loan modification. It sounded better because I was going to lose a lot of equity refinancing. When I called they played up their program and encouraged me. Now it has been 6 months and my adjustable just keeps going up. Soon I will reach the point that I will not be able to pay and I suppose go into foreclosure. I can't move because I am disabled and I'd lose so much with what I have in the house and invested in they house. They pulled me into this with many ridiculous things such as an error on a form in which I didn't put my middle initial only to mention one. I believe there is some good advice on this forum which I will follow but if anyone has anything else to add, I am open. Also, I came across a company that says they can help me and sent me a form to sign so they can get the loan info from the bank. I'm afraid to sign it that I'd be getting into something worse. Thanks for the suggestions so far and any others will be greatly appreciated.