My husband and I are separated, he is giving me 2100 a month to pay his car, ins, and credit card debt, I net 4330 a month and my house payment is 2850 plus association dues of 98. I have two car payments (his and mine) 942, and min. credit card pymts of 777. I want to keep my house which i owe 367k and is now only worth 310k, I made a partial pymt of 2000 for July, and have been pleading with B of A for a modification. They told me there is nothing they can do. I have a Freddie Mac loan originally with Countrywide, the house is solely in my name and I was approved on a NINA loan.
How can I get a loan modification with B of A without them refusing me every time, they have all my documents i sent them when I first requested one. They tell me my debt ratio is too high, even though I am receiving 2100 a month to pay for the debt portion.
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There is no leverage you have over the lender if they refuse to modify the mortgage. Bankruptcy judges wanted permission to modify mortgages, just like yours, to provide relief but the strong banking lobbyists on Capitol Hill blocked that from making it through Congress.
And even though Countrywide agreed to modify these loans to avoid criminal prosecution, they don’t appear to be living up to that court ordered settlement.
Last October, Countrywide Financial, the now defunct subprime mortgage giant that merged with Bank of America a year ago, promised $1 billion in mortgage relief to its legions of struggling Florida customers.
The loan modifications were part of a $8.4 billion settlement reached with Florida and 10 other states that allowed Countrywide to avoid prosecution for allegedly using deceptive sales and marketing practices to sell borrowers risky, high-cost mortgages.
But now — eight months after Countrywide launched a court-approved program that was supposed to aggressively modify mortgages — borrowers trapped in the problem loans say the company is not living up to the terms of settlement. Source
I think your best bet to find some relief would be to contact a HUD approved housing counselor and ask what they can do and what programs might exist to help. I really can’t suggest that you contact one of the many loan modification companies that advertise, they’ve proven themselves to be scams, time and time again.