Upon first sign of trouble making full mortgage payments, I applied for loan mod with HUD approved advisor

by Kim
(Denver, CO)

My question is this:

I started my first attempt to modify my mortgage, as recommended by Fannie Mae, with a Hud approved advisor when my fiance moved out in October of 2010. This process took all the way to January of 2011 at which time I was denied! I was told that I Might qualify for basically a workout - they used some other name and began that process. Since my advisor, who was very nice, but not very helpful, & didn't seem to make ANY difference in my outcome & was just another obstacle (I had to take time off of work to meet with him), I decided to go it alone....To make a long story short I was denied the workout assistance program also - their excuse - I didn't make enough money!!!! Bank of America does a GREAT job of giving the run around!!! Still, I do NOT give up easily - I decided to hire a loan modification document company - it had very good reviews and seemed to have good connections with Bank of America. We started the process ALL OVER AGAIN..........
Here's where I'm at now - because of all the late fees, past payments due, etc. (from waiting on an answer from them) they have offered me a workout - 33 dollars less than my payment (that I couldn't afford to begin with)back in October of 2010!!!
I have been told the bank does not HAVE to change your payment to 31% of your income. All they have to do is change it to what they think (from your paper work)you can afford!!! That "the investors" will probably not do any better - that it is their best offer! I asked BOA who my investor was & was told that she "wasn't allowed to tell me"!!! What bull is that!
What is the point of this Program, if it helps NO ONE???

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Sep 25, 2011
Bank won't tell who Investor is.
by: Dean (St Louis, MO)

That is true they do deny to tell you who the investor is. The fact is they have to tell you and the way to get it is a QWR (Qualified Written Request) A sample QWR can be found here.

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