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Old 02-29-2012, 05:33 PM
 
14 posts, read 45,567 times
Reputation: 10

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Hello Everyone,

I'm currently falling behind on my mortgage. I heard that you can call your mortgage lender and have them restructure your loan to reduce your monthly payment. And they will send you a bunch of questions to answer. My mortgage is with Bank of America. I would like to call them tomorrow; however, I want to arm myself to answer some questions they may have for me.
Has anyone done a loan modification before with their lender ?
-What salary bracket you have to be in to qualify, if any
-What types questions are on the form
-Do I need to provide proof of income
- What else they would need to know
- If you're not currently employed, can you be qualify


I know Obama has implement some type of Home program (HAMP) that helps us retain the American dream, but I'm not sure if I'm qualify. I need to look into it further. if you have any good links you can post that would be utmost appreciated.

Thanks
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Old 03-01-2012, 05:57 AM
 
Location: The Beautiful Pocono Mountains
5,450 posts, read 8,761,760 times
Reputation: 3002
Good luck with that. I've heard that many lenders are being sued in class actions over it.
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Old 03-01-2012, 06:21 AM
 
44 posts, read 72,784 times
Reputation: 40
Loan Modification Frequently Asked Questions - HUD

try this for reference. It is a slippery slope and may take months to get done. It isn't as easy as it should (i haven't done this but know people that have). Good luck - here are some more links

Borrowers looking to score mortgage modification

Mortgage Modification - this is a public website designed to aide the borrower.
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Old 03-01-2012, 04:16 PM
 
14 posts, read 45,567 times
Reputation: 10
Thanks guys for your reply. Appreciated.
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Old 03-02-2012, 07:46 AM
 
Location: West Orange, NJ
12,546 posts, read 21,402,201 times
Reputation: 3730
Quote:
Originally Posted by rbx10 View Post
Thanks guys for your reply. Appreciated.
in the meantime, I'd see what you could do for some extra income. In college, I used to donate plasma for some textbook money. it's only like $30 per trip, but you gotta do what you gotta do.
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