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reg loan modification....

Posted on: 30th Nov, 2010 02:27 pm
My company let go of 70 employees on May of this year. I called BOA right away to inform them of the situation I was in and requested information on home retention. After providing some financial details I was told I may qualify for the making homes affordable prgrm. After not receiving the packet I called again and finally had received my application and they were set with all my documents in early July. When I started this process I was not deliquent with my loan, since then I have been calling on a weekly basis (as instructed) to follow-up on my status. Well the reponse is that my file in review by the underwriter and it should take 30 days, I also recived a fed-ex pkg that says I will get a response in 30 days. I called the bank again yesterday and was tolda that although they say 30 days it may take longer, how much longer then? " I don't know" there are no new notes in my record for them to follow up on! I am now deliquent and they will not accept partial payment, but will not foreclose while under review.
So, if I am denied after so far, 7 mos, I may lose my home.
Where is the help we were supposed to get after bailing out the banks? Is anyone else experiencing this with BOA?
Hi Guest,

It is true that unless you're delinquent, the lender may not consider you for any home retention options. As you're delinquent on your payments now, there are high chances that the lender will consider you for the options. Also, it is a fact that as your file is in review, the lender will not foreclose the property.

Thanks
Posted on: 30th Nov, 2010 07:21 pm
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