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can we get a mortgage with previous late mortgage payments?

we have been in our home for 2 years my husbands job gave him pay cuts due to the economy - we applied for home modification thru Bank of America - they said we were approved gave us an amount to pay which we have and then told us we were still be looked at (it has been a real game) so now my husbands credit has been affected because we paying the modification amount every month and not the actual amount while they are still determining (which could take months now they say) so the last couple months he has been reported to the credit agency because we are not making total payment amount which is 1468.00 - we were told to make 1086.82 which we have.  so we have now put the house on the market and want to get a cheaper mortgage.  so if our house sells and we we buy a house for 150,000 and put 50,000 down would we still be able to get a new mortgage with our late payment history??  But our new mortgage would be less then our modified rate that we have been paying on time to BAC and we would have the 50,000 down.  Please let me know- can i get out???
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July 14 2010 - Dover
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Answers (2)

Bank of America is a MESS when it comes to modifications ..Primary reason is the HAMP program is a complete piece of banking junk with an over 88% failure rate Nationwide!

BoA will by default run you through HAMP and that can take months however, the Feds have finally realized HAMP is a disaster and now created HAFFA to couple to HAMP ..Essentially, if after your HAMP trial payment period, you're not give a final approval, HAFFA kicks in "automatically" and requires the bank to explore "conventional" modification programs ..They probably should have started there to begin with!

I'm assuming you fell behind in payments prior to the modification - if so, those lates will reflect and pull your scores down which will dramatically decrease your chances of getting a "new" loan via refinancing ..This also creates a "double edged sword" effect as lower scores traditionally mean higher interest rates / payments and in turn can re-create another financial disaster - Let's also not forget you'll be aying some mortgage broker a new pile of fees and increasing your debt load ...

I'd say stick wit BOA on the mod and see what happens ..it's a long, frustrating ride I know ..We do this all day / everyday and the bank's ability to screw things up never cease's to amaze me!
 
Stay on them ...keep yourself engaged / involved and make sure you keep a record of conversations / people you speak with ...

Whatever you do, DON'T get conned into paying thousands of dollars for modification assistance ..it doesn NOT cost that much nor does securing a modification require the services of an attorney ..Should you need legal counsel, be sure to hire a LOCAL lawyer who's licensed to practice law in and by your State ...We have done hundreds of mods sucessfully, and NEVER ONCE needed to bring a lawyer into the picture ..

The Government has taken basic banking / make sense number crunching and complicated the @#$%@ out of it ...Stay calm, be persistent (not rude) and stay involved!

Never "assume" the bank knows what to do or what they are doing ..That's asking for trouble

Good luck!

Ed
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July 15 2010
First: how much has the credit been affected?
Second :  You are not actually late on your payments you are paying a modified amount.
Third:  You might be able to get a modified mortgage.
Forth: Is the loan modification finalized?


I would go to a reputable loan officer or try B of A for more frustration and see if you qualify.  My guess would be that without late payments and no foreclosure  you should/might  be able to get a conventional mortgage with 33% down.  Banks are a little leery of lending money to someone who is likely to default on another mortgage....
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July 14 2010
 
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can we get a mortgage with previous late mortgage payments?
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July 15 2010 | 2 answers
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