Answers (5)
- Brian Goetz, "bri_gets"
- Contributions:451
Lenders always qualify you based on your gross income (income before taxes are taken out of your paycheck). The HARP program is designed to help homeowners who are upside down, like you. However, you still need to qualify for the new loan based on your income and other debts. It sounds like you are saying you don't qualify based on the amount of income you receive.
You may want to contact BofA about a loan modification. This is a program where they reduce your rate or extend your loan term to a level that gives you an affordable monthly payment. In order to qualify for this, you have to show a financial hardship, such as losing your job. If you are current on your monthly mortgage payments, there is very little chance that BofA will work with you. However, if you are several months behind, then they are usually more willing to work with you. Most banks don't want to have to foreclose since it is very costly to them.
Warning: a loan modification could take a long time to accomplish, you will get the runaround, and it will be exhausting. BofA took 2 years to modify my friends mortgage. They kept losing the paperwork and were impossible to speak to. My friend spent countless hours sitting on hold and had to speak to different people in different departments. It was very frustrating for her, but she had no choice.
Good luck.
You may want to contact BofA about a loan modification. This is a program where they reduce your rate or extend your loan term to a level that gives you an affordable monthly payment. In order to qualify for this, you have to show a financial hardship, such as losing your job. If you are current on your monthly mortgage payments, there is very little chance that BofA will work with you. However, if you are several months behind, then they are usually more willing to work with you. Most banks don't want to have to foreclose since it is very costly to them.
Warning: a loan modification could take a long time to accomplish, you will get the runaround, and it will be exhausting. BofA took 2 years to modify my friends mortgage. They kept losing the paperwork and were impossible to speak to. My friend spent countless hours sitting on hold and had to speak to different people in different departments. It was very frustrating for her, but she had no choice.
Good luck.
- Allan Freitag, "Mortgage_Expert"
- Contributions:4
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- user730772
- Contributions:2
bAKERSFIELD, CA
- Greg Cowart, "Roseville Loan Guy"
- Contributions:624
If you are eligible a HARP refinance may help you out. I don't know how much because you already have a 5% interest rate but seeing as your current loan is from May of 2006 you might be able to see a considerable savings.
It doesn't matter that BofA sold your loan with a HARP refinance. As long as you and the property qualify you can go to any lender that participates to do it.
The only other thing I can think of is a loan modification but I don't know too much about those (except for the horror stories I have heard).
Sincerely,
Greg
It doesn't matter that BofA sold your loan with a HARP refinance. As long as you and the property qualify you can go to any lender that participates to do it.
The only other thing I can think of is a loan modification but I don't know too much about those (except for the horror stories I have heard).
Sincerely,
Greg
- Susanne Benson, "Susanne Benson"
- Contributions:13
Where are you located? I may know of lender who could help you.
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