Successful Permanent Loan Modification with BOFA

The Home Affordable Modification offered by Bank of America Amendment by borrowers, Making Government affordable Start program. This program can help borrowers struggling to pay their mortgages due to the significant financial hardship during the current economic downturn. The purpose of the loan modification is that payments do not exceed 31 percent of monthly income before taxes.

If you are found to be eligible for the program, your loan will be modified on a trial basis, usually for three months. The information you provide will be checked for accuracy, and, most importantly, you must successfully make the payments during the trial modification period. Then, the loan modification can be made permanent.

Sample of BOFA Permanent Loan Modification Success

I received a telephone call last night at 8:55 from Sheila (don’t know last name) wanting to schedule a notary appointment for signing Permanent Loan Modification docs. I was shocked. I had not heard a word from BofA on anything. Never spoke to a negotiator, nothing. Made 6 trial payments and no information. Only updates were through main telephone number. I email OOP three months ago and got Randy Reynolds. He wasn’t much help as far as giving information but who knows maybe he worked behind the scenes. Just got off the phone with HOPE and below are the new terms (still have not received FedEx but supposedly here today):

Original loan balance: $203,292
Original payment: $1429.63 (PIT)
Original interest rate: 5.75%
Term: 30 years w/25 and 3 months remaining

Modified balance: $210,945.65
Modified payment: $1,246.71
Term : 25 years and 3 months
Interest rate: Years 1 through 5 – 4%
Year 6 – 5% Payment – $1,346.21 (PIT)
7 though end of term – $1,358.47

Not a huge reduction in interest but better than foreclosure!

It’s funny that I feel so happy to get a loan modification to stay in a home that I owe $211K and 2nd of $40K and is worth about $100K but I am. I would have walked away but I have animals and did not want to have to try to find a place that would accept them and then have the rental sold or foreclosed and have to move again.

Advise to all that are waiting for their perm mods………always have in the back of your mind…..screw ‘em if they can’t/won’t modify, the bank can have the house back. I finally got the attitude that if they are going to promise help and not give it, then I will too!

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