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B of A turned us down for a modification, now what?

We had a baby born with Down Sydrome, premature, needing heart surgery.  We spent two months in the hospital, lost pay, got behind.  B of A rep said that we couldn't be helped until we were three months behind.  Then we tried to pay on our mortgage and were told that it won't count against what we owed.  I am heartbroken, not sure what to do.  Suggestions?  We are 'upside down' all that we put as a down payment, 7  years ago, is gone due to devaluation.
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May 08 2012 - Novato
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Answers (7)

Yes.
There is another solution for underwater loans.

Please take a look at my website at:

[website and contact information deleted by Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
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June 05 2012
It is important to know that you should not pay any one but an attorney licensed in the same state as either you or home home for a modification. 

In order to do loan modifications the professional has to 

1) be a licensed attorney in the same state as either you or home home.
      per FTC.mars 

2) be a real estate broker or realtor but they can not charge you anything until the loan modification has been approved AND your are happy with it. 

Make sure you are kept in the loop of every thing going on with your loan.

We continue to hear about fraud and it is horrible. 

There was a gentleman in the Sacramento CA area professing to be an attorney.  Apparently he has lost several of his clients homes to foreclosure.

If your working with an attorney check the bar of the state they are working in to make sure they do not have complaints.  I am very surprised to see some attonreys who have had so many complaints and have had their license suspended still allowed to work!!!
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May 11 2012
If the lender has not issued a notice of default typically what they will do is put your money into a suspense account.  Once you have paid the full amount past due they will apply it to your loan payments. 

You want to find out if your ratios meet the initial criteria for a loan mod:

1) typically the lender has several options depending on the loan balance of the first loan when it was originated etc.

Dont wait until you have a sale date that is very late in the game and you may be forced to file bankruptcy to stop the sale. 


Additionally from a few cases we have been dealing with some professionals never submit the loan modification package and try to turn the client into a short sale.  


Do not give money to any one that is not your lender.   

Do not listen to anyone who tells you not to pay your mortgage 

You dont have to be 3 months late to qualify for a modification. 
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May 10 2012
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The B of A rep was not telling you the truth. You can get a loan modification approved without being behind in payments, but it is harder. I would checkout the government website for HAMP and HARP to see if you can get some help.

They also have a loan counselor that you can call for options on that site. You might be able to qualify for HARP if you are able to catch up on your payments, but the housing specialist at 888-995-HOPE should be able to get you in the right direction.
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May 09 2012
There are also HARP loans where you may be able to refinance
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May 09 2012
I'm so sorry to read about your problems. If they won't do a loan modification for you, are you interested in trying a short sale? The other alternavtive (if you can't bring the mortgage current) is not to make payments and let your home go into foreclosure.  [phone number deleted with Zillow moderator. Please see our Good Neighbor Policy for posting guidelines]
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May 09 2012
I am sorry to hear about your hardship.  I wouldn't wait until 3 months behind to find out if you are eligible for a loan modification.  That's generally about the time they start foreclosure.  
have you checked to see if you meet the requirements for a loan modification?  

feel free to email me your situation and we can run through the numbers for you to make sure you are headed in the right direction.

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May 09 2012
 
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B of A turned us down for a modification, now what?
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