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Loan modification, why does it take so long? I been be working with this company for 10 months.

I be trying to get a loan modification for 10 months now, base on changing jobs and  hours cut, I cant afford a law because they asking for so much money for them to represent me. I am also behind on my mortgage. what should I do? 
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February 24 2011 - Princeton Township
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Profile picture for user7016774
I am going on 14 months waiting for an answer to see if I qualify.  They keep giving me the run around, by they I mean B of A. 
Already submitted all the paperwork that they asked for around 5 or 6 times.  At this point I am ready to foreclose if they are not willing to help out.
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October 19 2012
Profile picture for BKLounge1
Most lenders (ones insured by Freddie Mac or Fannie May, which is a huge majority) receive the full amount of the balance on your mortgage if the bank forecloses on you. It's true just ask them. So the longer they take, the deeper you go ino debt and spend all of you savings, and the bank can now foreclose after you've missed 3 months of payments. You and your family are out of your home, your credit is significantly damaged, and the bank is out nothing, they get whatever your house sells for and then the rest comes from Fred Mac or Fan May due to the loan insurance. These are the facts, I've been waiting 4 months for a modification. How long do you think it takes to figure out 31% of your net monthly income, then change the amount of months of your loan is for or change the interest rate to make it work.
This is a sad day is our country.
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March 08 2011
Profile picture for monique0831

bennyray,
I am a BofA customer as well and in the same situation as you are, they are the worst to deal with when it ccomes to getting a modification  They ask for all these documentss and run your credit for nothing.  I am working with a HUD approved agency but, that doesn't make a difference either.  We have been to mediation four times with th 5th being canceled recently because the bank isn't ready to give me an answer.  Needless to say I am still living in limbo.

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March 07 2011
I actually don't generally suggest a lawyer for this, even if you can afford one.  Banks don't respond any better on loan mods to use than they do to you... although sometimes using a lawyer makes things a little more straightforward.

Unfortunately banks can be as fast or slow as they want.  There's nothing to do but keep calling, or try to sell the home.


This is not legal advice and is not intended to create an attorney-client relationship.  You should speak to an attorney for further information.  The poster is licensed only in CT & NY.

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February 24 2011
There is no easy answer.  Period. 

Much depends on your lender, the mortgage insurer/investor, your circumstances... Perhaps you could provide more information? 

I am an experienced real estate broker with a background in finance.  Someone I love was going through some hard financial times so I offered my expertise to do what I could for them in assisting with the modification process.  They had one loan with Bank of America and several factors that created a financial hardship, but they still had income and it was reliable... just less.  Ideal modification candidates.  They were turned down 5 times over approximately 2 1/2 years before they were finally granted a modification. 

I called the bank every 10 days rain or shine. 

I understand that some banks are making very serious efforts to help people who are legitimately qualified for modifications.  Others are less motivated or effective. 

If you qualify and you need this for you or your family, KEEP TRYING!  My experience with people who have had success is that persistence is the key.  Not strong-arming bank reps or crying tears.  Keep after it. 

You should also talk to a HUD counselor if you haven't already.  They are free and do not work for your bank.  They might have advice about how to put your best foot forward:  http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm

If others have more concrete advice, I would love to hear about it. 
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February 24 2011
Profile picture for wetdawgs
Perhaps it is time to start investigating a short sale if you are underwater and have had reduction in your income.
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February 24 2011
 
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