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Mortgage is with B of A., it's killing me, but I can make my payments so far. But it's tight as hell. What should I say to BofA LM? Any advice on an approach? I want to renegotiate, I'm flat broke right now, I want a lower payment, I'm laid off right now (should I tell them that?). Any advice please.
they probably wont talk to you until your 3 payments behind
And that goes on your credit, brings down your FICA score and makes it harder to get ANY loan much less a new home loan. It is that "stuck between a rock and a hard place". I'd rather call and try to make arrangements without missing a SINGLE payment.
And that goes on your credit, brings down your FICA score and makes it harder to get ANY loan much less a new home loan. It is that "stuck between a rock and a hard place". I'd rather call and try to make arrangements without missing a SINGLE payment.
let me rephrase, they aren't helping those who aren't behind.
Loan modifications are a lot different than a regular refinance.
If you dont have a high rate or late payments they will tell you they can't help you. I would still call anyway, but that would be one of their top reasons of rejection. They can't legally tell you to be late either.
with the OP it may not matter as he has no job.
Quote:
Originally Posted by momof2dfw
And that goes on your credit, brings down your FICA score and makes it harder to get ANY loan much less a new home loan. It is that "stuck between a rock and a hard place". I'd rather call and try to make arrangements without missing a SINGLE payment.
What is the reason your payments became unaffordable? Getting let go by your former employer or did it start prior to that?
It's always been tight..too tight. But getting let go has made it scary. I'm bound a determined to not miss a payment, my credit score is in the 8's. I really don't want to mess that up
Quote:
Originally Posted by brokerdave
they probably wont talk to you until your 3 payments behind
This Alexis Glick on Fox News said some banks, she mentioned B of A, have announced they are willing to talk to people about their loans. Even the people who are making their payments. In an effort to prevent a possible forclosure situation down the line
Quote:
Originally Posted by momof2dfw
And that goes on your credit, brings down your FICA score and makes it harder to get ANY loan much less a new home loan. It is that "stuck between a rock and a hard place". I'd rather call and try to make arrangements without missing a SINGLE payment.
I called about six months ago when I initially lost my job ( don't know if it was the loss mit. dept.) They said unless I was in in forclosure status, there is no help. It felt like a rock and a hard place. I won't miss a payment, that's just engrained in me. I bought a home, and I've been living like a poor person for 3 yrs. I have 5/1 ARM., at the time I couldn't even afford a 30 yr. Man, what was I thinking?
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