Mortgage Modification Complaints/Underwater Loan Amounts, etc.
Complaint
Carol
Country: United States
I am a retiree who wants to help. My home got saved through a loan remodication..not Bank of America but it was American Home Mortgage Servicing Inc. All I want to see is Don't give up!!!!!!!!!!!!!
If your lender or mortgage servicing company is BANK OF AMERICA and you get a letter DON'T THROW IT AWAY!!! Being a typical bank, they are not reaching out to people because they care. They are doing it as part of a settlement for their abusive foreclosure practices and have to pay this money to homeowners now in trouble.. They are counting on people throwing the letters away. The letter will say something like you could be eligible for a savings of 30 to 35% on your mortgage. By this time you are probably jaded and think it is just another scam to get your money. I don't blame you. I felt the same way and was close to walking away from my condo. Seriously, you could end up saving your home. I believe the criteria will be the following:
1. You were at least 60 days behind on payments on January 31, 2012.
2. You owe more on the mortgage than the property is worth today.
3. Have a loan owned and/or serviced by Bank of America or another bank investor that has given the bank delegated authority to do such modifications
4. Your contractual monthly papment for principal, interest, property taxes, hazard insurance and any applicable homeowner association feels total more than 25% of gross household income..(That this contractual amount is more than you can afford to pay). But on the other hand if you have no income you will not qualify. You will also not qualify if you have the money to pay but chose not to. The rules are quite specific.
I know from personal when I went through the process, they will not make it easy for you. You will have to be persistent. You will get frustrated. But in the end, if you qualify, you could end up paying only 25-35% of gross household income. For example, my own loan amount I pay is $277.00 a month! And out of that they pay my taxes. Seriously. If you need any help with the paperwork....english or spanish, please email me at crlchaplik@yahoo.com. I just want to see people stay in their homes if they can.! I also want to see the banks pay what they owe. I am a concerned citizen who just wants to help. I am in the Chicago area. If a lot of people respond, I can get others who can help. I do not want any money.
If your lender or mortgage servicing company is BANK OF AMERICA and you get a letter DON'T THROW IT AWAY!!! Being a typical bank, they are not reaching out to people because they care. They are doing it as part of a settlement for their abusive foreclosure practices and have to pay this money to homeowners now in trouble.. They are counting on people throwing the letters away. The letter will say something like you could be eligible for a savings of 30 to 35% on your mortgage. By this time you are probably jaded and think it is just another scam to get your money. I don't blame you. I felt the same way and was close to walking away from my condo. Seriously, you could end up saving your home. I believe the criteria will be the following:
1. You were at least 60 days behind on payments on January 31, 2012.
2. You owe more on the mortgage than the property is worth today.
3. Have a loan owned and/or serviced by Bank of America or another bank investor that has given the bank delegated authority to do such modifications
4. Your contractual monthly papment for principal, interest, property taxes, hazard insurance and any applicable homeowner association feels total more than 25% of gross household income..(That this contractual amount is more than you can afford to pay). But on the other hand if you have no income you will not qualify. You will also not qualify if you have the money to pay but chose not to. The rules are quite specific.
I know from personal when I went through the process, they will not make it easy for you. You will have to be persistent. You will get frustrated. But in the end, if you qualify, you could end up paying only 25-35% of gross household income. For example, my own loan amount I pay is $277.00 a month! And out of that they pay my taxes. Seriously. If you need any help with the paperwork....english or spanish, please email me at crlchaplik@yahoo.com. I just want to see people stay in their homes if they can.! I also want to see the banks pay what they owe. I am a concerned citizen who just wants to help. I am in the Chicago area. If a lot of people respond, I can get others who can help. I do not want any money.
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