Comments on: Bank of America http://mortgage-modification-attorney.com By James Robert Deal - Attorney Wed, 16 Jun 2010 16:18:51 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: admin http://mortgage-modification-attorney.com/lenders/bank-of-america/comment-page-1/#comment-2968 admin Tue, 08 Dec 2009 04:32:21 +0000 http://mortgage-modification-attorney.com/?page_id=198#comment-2968 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. 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.

]]> By: RW3 http://mortgage-modification-attorney.com/lenders/bank-of-america/comment-page-1/#comment-2965 RW3 Mon, 07 Dec 2009 20:10:36 +0000 http://mortgage-modification-attorney.com/?page_id=198#comment-2965 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. 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.

]]> By: Moe: Question Re B of A Pay Back of TARP Funds - Loan Modification Forum - LoanSafe.org http://mortgage-modification-attorney.com/lenders/bank-of-america/comment-page-1/#comment-2962 Moe: Question Re B of A Pay Back of TARP Funds - Loan Modification Forum - LoanSafe.org Sat, 05 Dec 2009 02:37:51 +0000 http://mortgage-modification-attorney.com/?page_id=198#comment-2962 [...] 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 [...] [...] 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 [...]

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