Ok…we have been in our home for over 5 years. When we bought it we had a high interest rate, we accepted that because we wanted our own place. After a few years we started getting letters saying we needed to apply to the Making Home Affordable program (MHA) we were not really behind we got are payment in but sometime they were late but we did what we could. At first we did not want to apply but (in my opinion) we were bullied into applying. We went thru 9 months of faxing papers and talking to a different person each time, no one could ever give us a straight answer and then after all that they said we did not qualify and INCREASED our monthly payment. By their gorilla math they said we could afford the new payment. During the 9 months we were on a trial payment and it was only about $50 cheaper than our original monthly payment and we still cannot figure how they came up with the amount we owed. They increased it about $200.
Well after that my husband lost his job, we called them to re-apply and they said we could not. We used every dime of savings we had to make the payments. We then started working with someone from Bank of America again to do another MHA application. We had high hopes this time because we were assigned a “counselor” and we could call him directly. We again started sending in all the info, my husband finally talking to the counselor and he said we had to wait until the end of May to re-apply because it was still too soon. So we did, we had all the info laid out to re-apply and we got a letter saying that we were denied because we did not submit all the information. Well that came to a shock to us because we had, several times and had the fax conformations to prove it. We tried to contact the “consoler” but as you can guess we again got nowhere with him.
Now we have been put into foreclosure status and we are again applying for the MHO program. We started about the third week in May and we still are not getting any answers. We are at a loss. Oh and we also found out that Bank of America does not own our loan it was actually sold to Bank of New York. When we originally had the loan it was thru Country Wide.
All we want is to get our $1650.00 monthly payment down to something we can afford and most of all KEEP OUR HOME. We are at a loss to why we keep getting the run around. Any advice you can give would be appreciated.
As you are aware, no lender is required to modify any mortgage. Additionally, the loan modification programs have been a well documented mess. Some people may be due for compensation from this mess. See Big Foreclosure Compensation, But Only for the Right Wrongs.
What state do you live in?
Have you discussed your situation with a free HUD Housing Counselor yet?
Please post your responses and follow-up messages to me on this in the comments section below.