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I am doing a modification with Bank of America, and have been…

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I am doing a modification...
I am doing a modification with Bank of America, and have been in the process for 4 months. the last 3 times I called they told me I was approved and that it is waiting for a seal. Today I got a letterr in the mail for a notice to accelerate. So I called, They told me that that notice is not in effect and they transfered me to the making homes affordable. They told me that I have been declined and that I owe 842 dollars, and that I was entered into another program. I asked why we were declined since when I called on 6-1 they said I was approved. She told me that I was in the hole to much every month. I told her thats why I am doing this program to lower my payment so that I do not lose my home. She talked to a supervisor and they said that I was declined in error and that they were going to re-open it. She told me that we would probably still get denied since we were denied once. They also told me when we started the program that the only way it would hit my credit would be if we were approved and it would show as one late payment. That is not the case. We have been making out "modified payment" even before the date due. What do I do to get a straight answer.
Submitted: 8 years ago.Category: Real Estate Law
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Answered in 1 hour by:
6/24/2010
Real Estate Lawyer: Ellen, Lawyer replied 8 years ago
Ellen
Ellen, Lawyer
Category: Real Estate Law
Satisfied Customers: 36,715
Experience: 25 years of experience helping people like you.
Verified
Hello,

Unfortunately this is the scenario that is happening all too frequently. Lenders are putting homeowners on temporary payment plans and then opting not to modify leaving the homeowner further behind. Additionally the overwhelming amount of foreclosures and modifications have led to an increasing amount of errors on the part of the lender's agents.

If your modification is not approved, you may want to consider a Chapter 13 bankruptcy


A Chapter 13 bankruptcy would immediately stop the foreclosure action. It could permit you to set up a plan to reinstate your mortgage arrearages. In other words, it could allow you to pay the arrearage over a 5 year period.

The Chapter 13 bankruptcy may also be used to strip away any 2nd mortgage if the first mortgage equals or exceeds the value of the property.

It would be best to retain an attorney. If you cannot, you will want to purchase the forms on line and file them yourself prior to the sale. After you file the petition, you will need to notify the plaintiff.


I hope that the information which I provided was helpful to you.

Best wishes for a successful outcome. If you have additional questions, please do not hesitate to submit them to me directly.

Thank you,
FLAandNYLAWYER
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Customer reply replied 8 years ago
Relist: Incomplete answer.
Real Estate Lawyer: Ellen, Lawyer replied 8 years ago
please clarify the portion of your question that I did not answer
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Customer reply replied 8 years ago
I need to know what to do with the mortgage company. I was not behind until we started this program. I can not file bankruptcy so I need to know how to get a straigt answer to know if I am going to have a place to live or not.
Real Estate Lawyer: Ellen, Lawyer replied 8 years ago
If the mortgage company will not agree to a modification, your choices are:
1. Pay the arrearage and bring the mortgage current;
2. File a chapter 13 bankruptcy and pay the arrearage over a five-year period; or
3. Allow the house to be foreclosed
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Customer reply replied 8 years ago
Relist: When they say that its under review and keep telling me that after they approve it I get further and further behind. I have a rental home so I do not qualify for bankruptcy. is there a way to get them to stick to the approval or let me know instead of this waiting game?.
When they say that its under review and keep telling me that after they approve it I get further and further behind. I have a rental home so I do not qualify for bankruptcy. is there a way to get them to stick to the approval or let me know instead of this waiting game?
Real Estate Lawyer: Ellen, Lawyer replied 8 years ago
When they say that its under review and keep telling me that after they approve it I get further and further behind.
Yes this is a common scenario and what I understood to be the case

I have a rental home so I do not qualify for bankruptcy.
a rental home would not disqualify you from filing a chapter 13 bankruptcy

is there a way to get them to stick to the approval or let me know instead of this waiting game?.
no
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