1/31/2011 10:56 AM (PST)
What you have experienced is unfortunately not uncommon. I would call 888-954-KEEP (5337) to see if you can qualify for one of the CA state loan mod programs that are just now starting. BofA is a participating lender in these. Check out our Facebook page for more information, and note that not all of the state's loan mod/renter assistance programs have launched, but most should be up and running in the next couple weeks:
Here's the California state website:
2/2/2011 7:49 AM (PST)
The thing to do is STAY ON THEM.
And DO send the duplicate paperwork B of A is a mess...they have over 5000 people working on these things up in Simi Valley.
They are trying but are overwhelmed.
If you don't send back the duplicate paperwork...automatic turn-down.
There are a lot of people applying that don't intend to keep their home, that is why all the hoops to jump through.
Call twice a week to check on your file. (800-669-0102)...be a pest.
Make them read the notes in your file to see if anything is missing.
Check your income VS payment
you must be employed
You must NOT have a bunch of equity in the home.
House payment divided by monthly gross income...if it comes out UNDER 31%...you don't qualify.
example: 1500.00 house payment divided by 3500.00 a month income is .43%. That means , that you are OVER extended on your house payment, and should apply for a loan mod.
They are other factors...like other debt, ect that they take into consideration...but that is the BASIC rule.
Try to keep up on your payments while in the process to prevent foreclosure...and do not send partial payments to the Bank....they don't count for anything, and you still fall behind.
Hang in there!