Posted on: 24th Jun, 2009 03:44 am
I started the process of a loan modification with the BOA two months ago, for my mortgage payment is almost 70% of my income. Two weeks ago I received a letter stating they were increasing my mortgage payment by 280.00 per month. Is there anyone that can help me get my payment lowered that does not charge a fee? BOA is being ...
"Is there anyone that can help me get my payment lowered that does not charge a fee?"
I know there will be so many companies which will guide you about the process and you have to do it on your own then they will not charge you anything (or small amount ) but if they are taking care of everything then it is necessary to pay them.
Deal with locals.
keep in touch.....
I know there will be so many companies which will guide you about the process and you have to do it on your own then they will not charge you anything (or small amount ) but if they are taking care of everything then it is necessary to pay them.
Deal with locals.
keep in touch.....
To Tazsue,
If BOA was considering to modify your loan, they were supposed to lower your payments. It's quite strange that they increased the payments instead. Did you ask then why they increase the payments? Did you send them hardship letter and your financial statement? Have you asked them why they have rejected your application for loan modification?
If BOA was considering to modify your loan, they were supposed to lower your payments. It's quite strange that they increased the payments instead. Did you ask then why they increase the payments? Did you send them hardship letter and your financial statement? Have you asked them why they have rejected your application for loan modification?
i will suggest you check on the hud website to find a counselor. there are plenty of non-profit organizations that will assist you.
ask reason of increase from them. is it against interest or principal?
It is most likely an escrow payment. BOA did it to me when I started the loan modification process.
Do you know why they increased your mortgage payment that much? You maybe able to solve it yourself but without knowing what it is for exactly, I would not be able to assist you. There are plenty of free services, however, you do get what you pay for and sometimes free is not always the best thing. I've worked with HUD counselors and they are just as bad as the lenders. Clueless on the government guidelines for HAMP. Not to toot my own horn, but i've been in this business for 3 years and know the in's and outs of all aspects of modifications, especially BofA. Our website is a free service with online help. Check us out if you like. Good luck!
I'll still hold out for free first, reasonable second and exorbitant on a never basis. If you are more than just a "professor" then it would make sense for folk to fork over a few dollars...on a retainer, for example. However, if you're one of those charging thousands for a look-see at someone's situation, then I'll rail against that process over and over.