Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for trniteowl

B of A won't let me modify. they will refi my loan. anyone get them to modify ; and if so how?

B of A  keeps telling me I  don't qualify for the modifying program; when I do. they insist on a  refi loan with points and a higher loan amount that includes all the fees and cost of the loan. my payments are 60% of my gross pay now. they only want to reduce it to 50%. when the modify program says 31% is the max. any ideas on how to get them to follow the rules of the program? they want the refi because it makes them more money.
  • July 28 2009 - Portland
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (8)

It's hard to give much of an answer without knowing more, but if you want your payments lowered to 31% of your income (the modification program guidleline, and B of A is offering something else, I'd have to guess that the lender is thinking it would have to write off too much of your loan balance in order to get the payment down.  Either that, or they can't force the interest rate low enough to get your payments where you want them. If the bank is offering you a loan that takes 50% of your income to pay--hmm, doesn't sound good. Doesn't sound right.

Check out my Portland website, www.mortgage-rescue-cafe.com and see if has anything of use to you.
  • July 29 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for CORONA NICK
Miss payments and get modified.
  • July 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for CORONA NICK
Miss 3 payments and see how their attitude changes.
  • July 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Servicers are not offering modifications to clients that qualify for the refinance.  I worked at a large servicer and clients were required to speak with loan officers regarding refinancing first.  Then, if they didn't qualify, we could then transfer them to the modification dept.

Just an FYI:  read the Zillow blog on loan modification and refinance scams...
  • July 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

No doubt you would assist with a small fee...Upfront of course!
  • July 28 2009
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

We have modified hundreds with B of A. You just have to know what they are looking for and adjust your numbers to fit in that box. If packaged correctly, 98% of modifications are accepted.   
  • July 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
If B of A is telling you that you don't qualify, ask them specifically which feature they are referring to.  

One of the critical features of the modification program is that the new payment rates must still be paying the loan back.  If reduction to 31% makes this impossible, then you wouldn't be qualified.

  • July 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

TR,

If you qualify for a refinance...why would the lender offer a loan modification.  A loan modification is a loss mitigation tool, it is not a product that choose to get.  The bank can simply say I am taking my ball and going home and there is nothing you can do ... but stop paying your mortgage.  A foolish option if you have the ability to refinance and you have equity in the property you could sell and buy a more affordable home.  If you stop paying you will eventually loose your home and ruin your credit.
  • July 28 2009
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.