Unemployment Hardship for Loan Modification with Bank of America

by Louise
(Palm Coast, Florida, USA)

BOA said I do not qualify for a 3 month forbearance on my mortgage loan. I am 3 days late to even apply. My husband's Unemployment insurance just ended. I explained to BOA that we would have applied sooner but he got a job, then the EPA shut down the whole job.
So he is again looking for work. I am on SSDA and work only minimal each month.
We have never been late in 7 years, so I spoke to a supervisor and she couldn't tell me what the "qualifications" for the temporary hardship actually were- so I was transferred to another person who helped and told me to call back in 24 hours to run my "debts" and numbers I think, again. They gave me their extension #.
What should I expect? Am I not giving the "qualifying" numbers or something?
When the first rep. told me the result was that "there were no qualifying programs for you and at this point we would like to transfer you to our 'imminent default' department to ascertain what your plans are for the property" Well, I didn't say anything on the phone at that point- I just asked for her supervisor- who of course, wasn't helpful and transferred me to another who told me to call in 24 hours. This rep. didn't understand why I was denied and said "all the more reason for you to get helped" according to
our hardship and income.
So please, what might I expect, except for phone calls now?!
Thank you very much.

Mortgage Loan Modification Answers:

Sorry to hear of your current circumstance. From what you wrote, it seems the only income you are currently receiving is from your SSDA payments. Without knowing all the numbers, I am going to assume that B of A has denied your application based on the lack of income to afford a newly modified payment or a temporary forbearance payment plan.

When they tell you that they have no program available for your situation and that you will have to speak to their "imminent default" department, they are essentially saying that you may have to start looking at having to sell the property through a regular market sale, or a short sale if the value is underwater. Otherwise, they will exercise their right to foreclose on your property if you can no longer afford your loan payments.

You will need to sit down with your husband and have a discussion on what action to take next, based on what options are available to you.

All best of luck to you and your family.

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