anonymous
Clearwater,#2Author of original report
Fri, September 16, 2011
Thank you for the advise. I hired them because BOA would not work with me in the first place, but that does not matter. I have since filing this engaged a lawyer. The layman like me cannot do it ourselves and I am learning that now. Your advise was also good and will take that advise next time I think I can trust someone else with my money. But now I have an attorney I can rely on. Thank you again
Dave
USA#3Consumer Comment
Fri, September 16, 2011
Don't waste anymore time and contact BOA and ask them to send you an application for their loan modification programs. Depending on how far along you are in the foreclosure process you may still be able to get a loan modification.
During the loan modification process the foreclosure proceddings will not stop but it is possible for the actual sale to be suspended if there is the possibility that a loan modification can be approved.
There are no guarantees that a loan modification will be approved as there are requirements that will have to be met. You would have to be approved for trial payments first and make 3 to 4 payments then updated info would need to be sent in and reviewed prior to the terms of the trial payment becoming permanent. The requirements can be different from a Fannie Mae or Freddie MAc loan Vs a loan that was originated by BOA.
If a modification can't be done your next possibilities may be a Short Sale or Deed In Lieu
Be prepared to submit: Proof of income form all sources, last 2 years tax returns, personal expenses, and a letter explaining reason for hardship. last 2 months bank account statements.Some expenses may need to be verified by statements.
I really wish people would stop paying agencies to help with a loan modification as it is something a bank will do at no cost. Plus the process would be slower as you would send documents to them and they in turn would send them to the bank.
Hope this helps