“Dear Steve,
We have an upside down mortgage. In order to make mortgage payments we pretty much maxed the credit cards. We were told by Bank of America the only reason we did not qualify for HARP was b/c we were 30 days late paying June 2012’s mortgage. They told us that since we did not have any other lates if we paid on time for the next 6 months we’d qualify for HARP. So we borrowed money from my in-laws for the mortgage and used the credit cards to make our other monthly bills. Since then BoA has turned us down for HARP. They’ve turned us down for a modification last year. Not only that but we have since found out that they sold our mortgage and as of May 31st 2013 they will no longer our servicer.
For the next 3 months BoA can’t help us and what’s worse it that once we are officially with our new company Green Tree they can’t help us because they can not loan in the state of New York. My wife has called around a few different places to see if they can refinance us. These are the places we see and hear ads for because the local banks won’t do anything because the house is under water.
She called Quick-in-loans the other day and they turned us down for 2 reasons. The first being we had that late payment in June 2012. The rep said that the guidelines they follow say we have no have had no late in 12 months.
The 2nd reason they turned us down was because we did not have enough income. My wife has been unemployed for a while. The rep said if my wife was able to find a job and show proof of working there for 30 days and pay 3 more months mortgage we would fall under the no lates in the 12 month category. It was at this point my wife told the rep that this probably wouldn’t happen because we’ve been borrowing from the family for months and we would/could not ask again.
My question is this: Quick-in-loans called twice today and left us messages stating we should call them back because they might be able to do something. Something about us being selected for a “2nd look.” I have not called them back yet because I’m starting to wonder if Quick-in-loans is a reputable company? If they are not can you recommend some company that is reputable? Our goal is to stay in the house if at all possible. Thank you.
Jeffrey”
Dear Jeffrey,
You need to know that no bank is required to modify any mortgage. And I admit that trying to get a bank to modify a mortgage, even when they have an internal program is painfully difficult and there is no guarantee they will ever approve you. Readers have said that even after years of trying they have not been able to get the loan modified.
In your case, if the modification is what you want to try to do then I would suggest you call a free government subsidized HUD Housing Counselor. They can help you to determine if there is a program you qualify for that your bank participates with.
Regarding Quicken Loans, they are a legitimate loan broker but it sounds like you are getting a follow-up sales job. Since you have a fairly specialized issue you might want to find a local mortgage broker you can deal with face to face and develop a relationship with. The local mortgage broker will represent a number of different resources and can help guide you to a lending program that will fit your situation.
Please post your responses and follow-up messages to me on this in the comments section below.
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