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Old 03-12-2012, 12:34 PM
 
3,972 posts, read 5,376,126 times
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hi everyone....
i read the article about BoA modifying principles for underwater properties upto 100k. so i called BofA and they said that it won't apply to my rental. (worth 150k. 200k loan) because it's a freddy/fannie loan.

i was wondering if there are any other options out there for me that you all can think of. currently, my mortgage is current and property rented out.

thoughts?

thank you.
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Old 03-12-2012, 01:50 PM
 
Location: Richardson, TX
11,790 posts, read 18,736,727 times
Reputation: 30732
Underwater homeowners are eligible if they live in the home, have a loan serviced by Bank of America and were at least 60 days delinquent on their mortgages as of Jan. 31. The cutoff date was imposed to keep borrowers from intentionally going delinquent in hopes of getting their principal chopped.

BofA vows to contact 200,000 underwater homeowners on loan cuts - latimes.com

You have to show a financial hardship to have any chance at a modification. As you already know, you're not eligible for any of the HAMP programs as it is not your primary residence. The quote above shows that you're also ineligible for the recently announced B of A principal reductions for the same reason.

Last edited by Debsi; 03-12-2012 at 02:06 PM..
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Old 03-12-2012, 01:56 PM
 
3,972 posts, read 5,376,126 times
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Quote:
Originally Posted by Debsi View Post
Underwater homeowners are eligible if they live in the home, have a loan serviced by Bank of America and were at least 60 days delinquent on their mortgages as of Jan. 31. The cutoff date was imposed to keep borrowers from intentionally going delinquent in hopes of getting their principal chopped.

BofA vows to contact 200,000 underwater homeowners on loan cuts - latimes.com

You have to show a financial hardship to have any chance at a modification. As you already know, you're not eligible for any of the HAMP programs as you do not have a Fannie/Freddie backed loan. The quote above shows that you're also ineligible for the recently announced B of A principal reductions as the property is not your primary residence.
thank you.
i appreciate the response.
So am i pretty much SOL and essentially no options that you can think of?
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Old 03-12-2012, 02:04 PM
 
Location: Richardson, TX
11,790 posts, read 18,736,727 times
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I'm sorry, I thought you said your loan was NOT Fannie/Freddie. I edited my response above for accuracy.

Have you looked into a HARP refinance to lower your payment? When was your loan closed and what is your interest rate?
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Old 03-12-2012, 02:23 PM
 
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Quote:
Originally Posted by Debsi View Post
I'm sorry, I thought you said your loan was NOT Fannie/Freddie. I edited my response above for accuracy.

Have you looked into a HARP refinance to lower your payment? When was your loan closed and what is your interest rate?
thanks.
i bought the place in 2004 June. 5 year arm. then refinanced in late 2004? or early 2005 (don't remember) and made it a 30 year loan at 5.785%
been paying on time since.
i'm at 23 years left with negative equity.
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Old 03-12-2012, 02:35 PM
 
Location: Richardson, TX
11,790 posts, read 18,736,727 times
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Quote:
Originally Posted by Thinking-man View Post
thanks.
i bought the place in 2004 June. 5 year arm. then refinanced in late 2004? or early 2005 (don't remember) and made it a 30 year loan at 5.785%
been paying on time since.
i'm at 23 years left with negative equity.
Then you should definitely be eligible for a HARP refinance.

Home Affordable Refinance Program (HARP)

I keep hearing though that B of A is so backed up that people are waiting months on internal refinance applications.

I would get rate quotes from there and from another bank/broker.
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Old 03-12-2012, 02:45 PM
 
3,972 posts, read 5,376,126 times
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Quote:
Originally Posted by Debsi View Post
Then you should definitely be eligible for a HARP refinance.

Home Affordable Refinance Program (HARP)

I keep hearing though that B of A is so backed up that people are waiting months on internal refinance applications.

I would get rate quotes from there and from another bank/broker.
thanks very much.
so just to be clear, i can do this through another bank instead if i can get a better rate, right? (i just refinanced my primary house for a 10 year 3.25% loan last month, and wouldn't mind going with them...)
Also, is this something that i can do NOW, or must i wait for something?
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Old 03-12-2012, 03:02 PM
 
Location: Richardson, TX
11,790 posts, read 18,736,727 times
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Quote:
Originally Posted by Thinking-man View Post
thanks very much.
so just to be clear, i can do this through another bank instead if i can get a better rate, right? (i just refinanced my primary house for a 10 year 3.25% loan last month, and wouldn't mind going with them...)
Also, is this something that i can do NOW, or must i wait for something?
Now is good. The program currently expires 12/31/2013.

Yes, you can go with any lender doing HARP refi's in your state. You also need to stay current on the payments.
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Old 03-12-2012, 03:08 PM
 
3,972 posts, read 5,376,126 times
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Quote:
Originally Posted by Debsi View Post
Now is good. The program currently expires 12/31/2013.

Yes, you can go with any lender doing HARP refi's in your state. You also need to stay current on the payments.
Thanks Debsi :-)
i will keep this thread updated with results.

Cheers!
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