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.
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.
Share on Facebook
Leave a Reply
You must be logged in to post a comment.