5 months behind on my mortgage. Need suggestion on what to do?

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I am currently 5 months behind on my mortgage. Last June I have called bank of america regarding my situation. Telling them I am having trouble keeping up with my payments. They said they can’t help my at that time coz I am current with all my payments. Last September I started to miss my payments. They have told me to fax my pay stubs and hardship letter and they also interview me regarding about my finances so they can try to do a loan modification. Since September I had been bugging them of my loan modification status. Just yesterday I recieve a letter from bank of america stating that I am not qualified and they can’t help me with my mortgage problems. I called them and ask for the reason and demanded to talk to a supervisor. I told the supervisor why I had been denied for the loan modification and basically told them I need my mortgage payment lowered. The supervisor stated that since my loan is under the VA Loan guaranteed I am not qualified for the loan modification under the HOPE program. Is there anybody out there that have some ideas on what I have to do? Should I get an attorney? What is the best thing to do?

4 Comments
  1. Reply
    Glenn S
    February 12, 2011 at 7:20 pm

    You’re toast…..and start packing your bags.

    consider talking to an attorney that specializes in loan modifications. That would be your only option at this point.

  2. Reply
    rokwe
    February 12, 2011 at 8:10 pm

    If you have a decent member of Congress, you might try contacting them, since election season is about to begin and they may want to help their constituents more. Democrats are starting to put pressure on these stingy banks to use some of that TARP money they got to help struggling homeowners. And since BofA is constantly running commercials claiming to be soooo helpful to homeowners, they might not appreciate the bad publicity they could get from screwing a veteran, especially if that veteran started making a lot of noise on the internet about it (as in RipoffReport.com).

  3. Reply
    Sharon
    February 12, 2011 at 8:51 pm

    Like so many people right now, me and my husband where about to lose our home

    but we went through a company to lower our mortgage payment, they also helped with

    our finances (debt consolidation). I will give you the company that we used, very

    reputable and i have a good friend who is going through the same process. Hope

    this helps:) http://Expert-Loan-Modifications.tk

  4. Reply
    Max
    February 12, 2011 at 9:15 pm

    Stop trying to go it alone and talk to some professionals. Talk to lots of loan mod companies and attorneys. Don’t stop with just one. Ask lots of questions and you’ll get lots of free, useful information. Some will try to pressure you to go with them but just ignore it. Start now! Don’t think that the bank has your best interests in mind. They’re trying to squeeze every last dollar out of you.

    Consider calling HUD at (800) 569-4287 and take advantage of their free financial counseling services. Another good place to start is the website the Federal Government set up to educate homeowners about the loan modification process. See http://www.makinghomesaffordable.gov.

    Your goal is to learn as much as you can about the process before you contact your lender so you will be prepared and able to meet their guidelines. Take the time to do your homework and your time and effort will be well spent. Thousands of homeowners have gotten the mortgage loan modification help they needed, you can too!

    Homeowners don’t need to pay a company to obtain a loan modification. However, sometimes it can be better to have someone, such as a lawyer or credit counselor, negotiate on your behalf. A good strategy is to talk to as many experts as you can prior to contacting your bank. Many of these services will give you a free consultation.

    A good site I used to begin the education process can be found at http://www.credit-hub.net/loan-modification where I entered some details about my current mortgage and the company got back to me multiple loan modification proposals.

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