Is anyone else having issues trying to get a home loan mod from bank of america?
Its taking forever and they seem to have thier heads up trier butts.
Ryan, I actually bought my house near the bottom of the market and had a nice equity of 250K at the top of the bubble. Now the house is worth just a little less than what I owe on it @ 245K. I'm trying to get a mod because of becoming disabled, losing my job and my debt to income ratio. I make enough to pay the mortgage, just nothing else. I do qualify according to the guidlines. I'm posting another question regarding a modification.
- godgedLv 710 years agoFavorite Answer
I wish I could say this is rare, but it is more common than you want to think about. On its face, it would seem that BofA would rather not participate in loan mods, despite the lip service they are giving about trying to keep people in their homes and helping customers with short sales.
I wish I had a true understanding of why lenders would rather than foreclose than do loan mods or short sales. I have read plenty of theories of why this is true, and bottom line, there must be some financial incentives to foreclosures for their accounting.Source(s): Oregon Realtor
- Appraiser guyLv 610 years ago
First thing I think home mod are a myth and really do not exist. I see short sale all the time but no loan mods. Think about it this way, you want the lender to lower your interest rate or lower the balance on the loan. Your credit is now shot to hell. It is easier for them to do a short sale or just foreclose and take a loss. I do foreclosure appraisals and short sale appraisal all the time, but Never have I done a loan modification appraisal and never heard of anyone getting one.Source(s): Certified appraiser
- Ryan MLv 710 years ago
Nope...I bought a house that I can actually afford, did not buy during an obvious housing bubble, AND I know what an UNREALIZED loss is. Only people who do not fall under those categories have their heads up their butts. Mods are not entitlements. Just short sale your house and let someone else buy it for a fraction of what you thought is was worth. Its a great feeling knowing that your neighbor overpaid by $200k on their house and their house is smaller than yours!!
- 10 years ago
Yes, Almost everyone is having trouble getting a loan modification from Bank of America. It has to be America's biggest joke Bank of America will take at least 4 months to get back to you- more likely it will be a year. Then they will offer you a higher payment then what you had. Loan mod's are called
Obama's biggest myth. Sorry to have to tell you this. P.s Bank of America will also want you to pay any past due payments first.
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- sunkissedLv 610 years ago
Me Too!! I started the process in February 2010. To date, they have done NOTHING! I have spoken to two different mortgage brokers that have told me that no one is closing on these modifications. Bank of America is an industry joke when it comes to modifications. I do wish you the Best of Luck!
- UpintheAirLv 710 years ago
Best of luck to you; it is going to take a long time and you will need a great deal of patience and persistence.