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Since I have been a responsible homeowner, never missed a payment, and am still living in a home that I'm $100,000 upside down on, I feel I am being "punished" for my responsibility.
I want/need to do a loan modification. I was told that my lender (BofA) won't even consider doing a loan mod if I am recent on all my payments. So I guess if I had late payments, I might qualify. The thing is, I don't qualify for the homeaffordability loan mod because my primary mortgage payment is less than 31% of my gross income...( of course I have a massive HELOC )...
What should I do? Can I get a loan mod while still being responsible, or do I indeed have to start missing payments to get some relief???
I'm not quite sure how you are being "punished". You bought a home at a price you agreed to pay that you could afford and under financing terms that you chose. Who is punishing you? How are you being punished? Unless you have to move, another option would be to continue being a responsible homeowner whether you can get a loan/mod or not.
Well gbone, if you were a lender - would you have given someone making $39,000 a year a loan for $210,000?
That was where it all started for me. They told me that it was perfectly affordable and when I asked what will happen when the ARM adjusts, they said "oh by then you can just refinance into a 30yr fixed....or sell it...the market's only going up".
So perhaps by "punished" I mean I feel like I am being punished because after I was approved for a house I shouldn't have been - I did everything I could like borrow money from family, downgrade my car, and slowly pump my savings into a sinkhole to keep up with the payments....
And now I watch as others who haven't been as responsible as myself are receiving relief. Yet because I haven't missed a payment, I don't "qualify".
Yes, I'm being punished - in a very complicated, unfair, and roundabout way.
Countrywide aka BofA was doing modifications on ARM's that were not late at all. I think they were then going to do some of the fixed rates.
It was a modification on the interest rate though not a write down of principal.
Call them and see what they say. You might be able to get down to 3.5% interest rate, maybe lower but I know they go down to the 3.5%
Really? Thanks Mike for the tip....do you think consulting an attorney who specializes in loan mods would be best? Or is BofA really ready to work with people like me now? (every other time I've called I've pretty much been told sorry...but its been a couple of months since last I tried)
Really? Thanks Mike for the tip....do you think consulting an attorney who specializes in loan mods would be best? Or is BofA really ready to work with people like me now? (every other time I've called I've pretty much been told sorry...but its been a couple of months since last I tried)
My advice is stay up on your payments and get an attorney. All banks will tell you that you have to be late in order to qualify for a loan modification, but I know an attorney that says about 25% of his clients never have a late payment and still get one. They are difficult, but it can be done.
I am surprised that you have an ARM but did not get a message from them yet.
The Loan Modification people are surprisingly easy to work with once they do decide to work with you. Getting to that point is the hard part. I would call every other day until you get someone to make a decision, having an attorney can help also.
Just wanted to say that I am on your side. We have also tried to modify about 5 times and the answer is always no. We have never been late and just would like to save some money every month, but because we are 130,000 + underwater we can't refi and they will not modify because we don't fit the "criteria" for the affordability bull crap. I guess maybe they will try to help us if I tell them to take this house and shove it where the sun don't shine!!
Just wanted to say that I am on your side. We have also tried to modify about 5 times and the answer is always no. We have never been late and just would like to save some money every month, but because we are 130,000 + underwater we can't refi and they will not modify because we don't fit the "criteria" for the affordability bull crap. I guess maybe they will try to help us if I tell them to take this house and shove it where the sun don't shine!!
Just like the OP can anyone take responsibility for their actions anymore and stop trying to blame others? Can anyone show me were you were guaranteed the house would go up
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