Comments for Mortgage Modification Attorney

Comment on Bank of America by admin

admin — Tue, 08 Dec 2009 04:32:21 +0000

I have to ask why you are in a forbearance agreement and not a trial plan for modification. What is your gross income? What is 31% of your gross income? That is what you should expect your payment to be, counting principal, interest, taxes, insurance, and HOA. If your income is too high, then 31% of it may be a high payment. You may have too much income. I need more data in order to answer this question properly. I would need to know your loan amount and your gross income.

Comment on Bank of America by RW3

RW3 — Mon, 07 Dec 2009 20:10:36 +0000

Hi,

This is an excellent post. Bank of America services my loan, and Fannie Mae is the investor. (The loan originated with Countrywide.) I am in my 4th month of a 6 month forbearance program. What can I expect to be offered when this program ends in February of 2010? I’ve made all payment on time thus far over the phone, and have sent numerous complaints to my senator, the Office of the Comptroller of the Currency, and the BBB. My loan is now being handled in the office of the president.

Comment on Bank of America by PLEASE ONLY POST - Articles, Official Letters, Testimony, Rules and Regs. Moe - perhaps a Sticky is in order ? - Page 15 - Loan Modification Forum - LoanSafe.org

Sat, 05 Dec 2009 08:26:29 +0000

[...] Letters, Testimony, Rules and Regs. Moe – perhaps a Sticky is in order ? Link From davephx Mortgage Modification Attorney Bank of America Dave I want to say I appreciate ALL Your direct and factual observations of how & why THEY [...]

Comment on Bank of America by Moe: Question Re B of A Pay Back of TARP Funds - Loan Modification Forum - LoanSafe.org

Sat, 05 Dec 2009 02:37:51 +0000

[...] Re: Moe: Question Re B of A Pay Back of TARP Funds From a Mortgage Modification Attorney 11/20/09 – Bank of America processors tell me that they get 120,000 “requests” per day. To get down to issuing a modification, they take the longest of any lender or servicer that I have worked with. For those who do not qualify for a Home Affordable HAMP modification, Bank of America offers a forbearance plan, which capitalizes your arrearage, that is, adds it to the total balance, and then raises your payment, without lowering your interest rate. If you do qualify for a HAMP modification, Bank of America says it can give you a provisional lower interest rate and payment provided you are more than 30 days late. Otherwise, if you are current on your loan, you are still eligible for a HAMP modification – other things being equal – but you will have to wait 60 to 120 days, during which time you will have to continue making your current payments unless you want to risk going into foreclosure. Bank of America is one of the lender/servicers which took the TARP money from the Feds and therefore was obligated to offer HAMP modifications. However, there are cases where Bank of America does not own a given loan but merely services it, and if the lender which is the actual owner did not take the TARP money nor sign onto the Obama Plan, then that lender, prepresented by Bank of America as servicer, is not obligated to give you as good a modification or any modification at all. Bank of America has plenty of staff to originate a record number of new loans but not enough staff to handle modifications and so is making modification applicants wait longer than any other lender. If a Borrower does not qualify for HAMP because his deficit is too large, Bank of America will try to qualify the Borrower under its own HOPE program. Under HOPE the monthly payment can be higher than 31% of gross income, and the interest rate might be higher than under the HAMP program. After many months of waiting, a Borrower will generally be approved for a trial payment plan, where he will make payments for three months. Payments cannot be paid online. They can be mailed in by ordinary check or sent by Western Union. They are best paid by check over the phone. When a trial payment plan is set up, most lenders will send out a letter outlining of the terms of the trial payment. Bank of America may or may not send out a trial payment letter. You may have to press for such a letter so you will know when payments are due. Each lender has its own excentricities. Source: Mortgage Modification Attorney Bank of America [...]

Comment on News by admin

admin — Thu, 03 Dec 2009 19:17:03 +0000

Having a “co-signer” on your loan should not prevent you from obtaining a modification if you otherwise qualify. Ocwen has signed onto the Making Home Affordable program. Your payment, including principal, interest, taxes, insurance, and home owner association dues, should be modifiable. Your payment for PITI and HOA should be no more than 31% of gross income, not take-home pay. Most “co-signers” are really co-owners. Does this co-signer have income? Probably your income and the income of the “co-signer” would be added together and then multiplied by 31% to determine what your total payment should be. If your “co-signer” has moved out and has not contributed to payments, it might be possible to have the “co-signer” income not counted as part of total income. Modification is sometimes very easy and sometimes very complex. My fee is 1.0% of your loan balance or $3,500, whichever is less. I accept credit cards in payment. Feel free to call.

Comment on Vericrest Financial by admin

admin — Thu, 03 Dec 2009 19:04:02 +0000

I cannot make any guarantee that I or anyone can help you modify this loan. Veriquest did not accept the TARP money and therefore is a law unto itself — unless there are specific violations of RESPA or TILA. Further, there is a three-year statute of limitations on most violations. I would suggest you get your loan professionally audited. That alone might not help unless you are willing to hire a lawyer to sue. The big banks are in the power position. Feel free to call.

Comment on Vericrest Financial by g in oh

g in oh — Thu, 03 Dec 2009 17:48:07 +0000

Yeah cit/veriquest duped me and my wife 10 yrs ago when I lost my job. I had a nice 8% fixed rate through my hometown lender and when I got behind refinanced with cit. My rate has never been below 10% and my payment went from $550 up to $900 on a 80k loan that they appraised the house value up to 130k for their own interest while my home was valued at 72k. My payments are current but they have financially handicapped my family and if I find the right lawyer i’m gonna sue the pants off someone!

Comment on News by Wayne

Wayne — Thu, 29 Oct 2009 20:06:57 +0000

I’d llike info about modification of my mortgage. I have a co-signer on the loan. Does this affect modification? I am current on loan with Ocwen but my loan and home association fee is over 50% of take home pay.

Thanks

Ps what are your fees