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What can we do to refinance?

Since BofA has constantly been in questioned about their refinancing homes tactics and customer service for homeowners, what are some viable alteratives to either refinance our home or get approval for their home loan modification program.can been?  In October 2009, we requested a home loan modification because my wife had lost her job.  By the end of December, we finally receive the first of many hurdles or road blocks about what they were willing to do for us. By mid April, all hope was abandoned because BofA said we did not quallify.  What do we do?  Btw, we originally were Countrywide customers until purchased by BofA.  The only income we are receiving is from military retirement and VA Disability, since I lost my job in March 2010.  Please give us some insight on the best direction to take.  Thank you in  adance.
  • June 08 2010 - Canyon Lake
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Answers (5)

Best Answer

The best answer I can give is this: banks dont like to do modifications, so they will weasel out of them.  it seems to me that you would meet the basic qualifications for a home loan modification.

I recommend that you contact BofA and ask for the specific reason why you were denied the Modification.  Then I would find a nonprofit (through the HUD or VA website) that can help you go through the modification process.  you can get one of those modification lawyers but most of the time they wont do a better job and you will be paying a big fee for their services.
  • June 08 2010
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Depending on what your current rate is , perhaps a VA streamline may net a savings for you. . Email me I'll get you details.
  • July 10 2013
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Do you have a VA loan?
  • June 08 2010
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Unfortunately on a modification you have to still prove that if a modification is going to be offered, you must prove enough income to justify how much the loan will be required to be changed to, so that the income ratios work.

If there is not enough income the lender will not approve the modification and you are left seeking other options.

I am sorry for your stress and wish you better days ahead.
  • June 08 2010
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Could you post more details about your credit scores, income, liabilities, LTV, etc.?
  • June 08 2010
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