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what does Bank of America want in regards to obtaining a loan…

Customer Question
what does Bank of America...
what does Bank of America want in regards XXXXX XXXXX a loan modification i.e. principle reduction due to loss of property value decreased from 245,000 to 210,00 and decrease in amount of income. Currently on unemployment. why can't I find someone to help me with this process that doesn't require $3500 or more to help and not guaranteeing a successful outcome?
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 5 hours by:
6/12/2010
Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
Infolawyer
Infolawyer, Lawyer
Category: Real Estate Law
Satisfied Customers: 63,718
Experience: Experienced lawyer
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Hello and thank you for your question. What precisely do you want to know?
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Customer reply replied 8 years ago

I want to know how to get my approval for a loan modification which includes a principle reduction(since AZ property values have decreased by 40%)-I am now upside down on my loan now. My goal is to get a loan for 40 years at a 2% rate, at a price point of 31% of my current income. Everyone I've contacted wants $3500 to put the paper work together for me correctly they say in the proper order! I've read that it's against the law to charge for performing a loan modification. They make up some reason like it's a membership charge.

I just want to know exactly what the guidelines are for Bank of America. They rejected my first attempt with the assistance of a non-profit called The Primavera Foundation. Is there any organization that does legal work pro-bono specifically for the the Obama Making Home Affordable program.I am desperate and live in fear of losing my home. Every day I fear the door bell- a sheriff coming to tell me to leave. All Bank of America tells me is that the status is in "foreclosure" w/no sale date. My loan was previously with Taylor, Bean & Whitaker, the government closed them down for "shady" business practices. I've only received one bank payment statement since Bank of America has had the loan, which was in Jan.2010.

Is there a fund for people to get assistance in completing the modification process available. I have been out of work for 3 months now. So I am really hurting.

Any advice would be greatly appreciated. thank you!

Real Estate Lawyer: Infolawyer, Lawyer replied 8 years ago
I am going to open this question to my colleagues who may have state specific information as to resources you may use for funding.
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