My name is***** just completed a loan
modification with Bank of America, my last modification before this one was an affordable one until I got sick, I owed $143,000 plus a balloon payment of $55000 at the end of 24 years, I thought this new modification cannot be worse so I sent it my signed acceptance after 3 months of trial period without carefully going through the letter, I was shocked when I realized that the loan is modified to owing htem $203000 plus with a balloon payment at the end of 39 years of $140,374,57. The house is worth around $300,000 with a lot of repairs needed. I never received any disclosres re loan or terms of the loan until after the trial period, then I was given about 10 days to send everyone back. I now owe $200,000 more and the first 20 years payment will go to mostly interest. I di d not want to be homeless, but I am elderly and my income is not great.
JA: Thanks. Can you give me any more details about your issue?
Customer: Can I do something about this modificaiton to get back to where I was? I was 8 months behind only owing about $13,000 including penalties.
JA: OK got it. Last thing — Lawyers generally expect a deposit of about $36 to help with your type of question (you only pay if satisfied). Now I'm going to take you to a page to place a secure deposit with JustAnswer. Don't worry, this chat is saved. After that, we will finish helping you.