Upside Down Mortgage

Mortgage Loan Modification Bank Of America

Question: mortgage refi question?

Hi,

My husband and I owe 179,000 on our home, our home estimated value is 169,000....our payment is 1,4039.00 per month which due to me having to go part time at work has made it extremely tough every month to make payment. We are current on our payments. We applied for modification loan, loan company received documents on 23aug and then the called me again on the 20sep needing more info which I gave. They said a package would be coming via fed x, and its been over a week and I still haven't received anything. My broker told me about the new home affordable refi at 125% which would be good for us since we are upside down in our home.....I called our current lender and bank of america and they said it hasn't launched yet. What should we do, wait and wait for modification loan or try for this 125% refi? What are some recommended mortgage companies, are there any that are offering this program?

Answer: figure them to cut your payment to 31% of your net income.
wait for it to review it...

Oh, and sometimes they want you to be late..stupid part if you ask me.

over a week,did you change addresses? did they send to an old address from your initial loan app?

...They sometimes f' up with the zip codes due to automated computers spitting them out.. Mine did.,it kind of makes you feel secure with the whole housing industry and recovery

Mortgage Loan Modification Helping Few Borrowers

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!