anyone refi/loan modify with Bank of America?

[thebulldog]

I lost my job about a month ago and our house has really dropped in value since we bought in 2007 b/c of foreclosures on the block etc. We have excellent credit (high 700s) and have never missed a mortgage payment. we have no debt but our mortgage but have not been able to re-fi up to this point b/c of low equity.

We FINALLY have an appointment with a bank of america specialist on monday night. i have been following their settlement and am hoping we can qualify for something under this new plan (we are not backed by Fannie or Freddie so can't do any HARP).

curious if anyone has had success with BOA on this? we have gotten such the run around with them for the last year and a half i want to scream.

We have savings and can stay afloat for awhile but lower interest would help us out so much at this point.

[Susie]

We refi'ed with BOA in 2010, but it was a standard FHA refi, not HARP. It went smoothly enough.

Good luck, I hope it works out for you.

[LoveTrains]

LOL.

You know how the government had that big settlement with the banks, right? There was a report that came out a few weeks ago that showed that BOA had done ZERO loan modifications since the settlement. I'll have to google around for an article.

Good luck.

I am right now the buyer of a short sale, with the seller's bank being BOA. BOA keeps losing paperwork and asking us to resubmit. The latest is that now they want my real estate agent to initial some part of the contract.

[AmyRI]

After a year and a half, we finally did get BofA to refi our loan. However, we did qualify under HARP as our loan was backed by Fannie (although we didn't know this until a private mortgage broker told us when she was looking for options). We also had additional issues with the fact that they took out a lender paid mortgage insurance policy on our original loan without consent or disclosure, so that complicated matters immensely. It was the main reason it took us so long.

Have you talked to a private mortgage broker? They had options for us with as little as 3% equity (I think it was an FHA loan) but we, sadly, didn't qualify because of the LPMI issues. I would have LOVED to switch lenders after the hoops we jumped through with BofA.

[LoveTrains]

Here we go:
query.nytimes.com/gst/fullpage.html?res=9907E0DF1F3DF933A0575BC0A9649D8B63&ref=shailadewan

I think if you are just looking for a refi, you might qualify. But it is clear that BOA is not interested in doing loan modifications from this article.

Good luck, I hope it works out for you.

[thebulldog]

Sept 19, 2012 10:19:21 GMT -5 LoveTrains said:

Here we go:
query.nytimes.com/gst/fullpage.html?res=9907E0DF1F3DF933A0575BC0A9649D8B63&ref=shailadewan

I think if you are just looking for a refi, you might qualify. But it is clear that BOA is not interested in doing loan modifications from this article.

Good luck, I hope it works out for you.

thanks...i saw these stories and lost my shit. during one phone call a few months ago (when i still had a job) i called to ask about re-fi saying we just want to try to get to a new rate (we are at 6% now) she asked if we have missed payments or are in danger of foreclosure. i said no, she said until we start missing payments they can't help us.

dh and I joke that we should just start buying lotto tickets with our mortgage money each month and spend the rest on hookers and blow to start missing payments to satisfy BOA. sigh.

[AAM2012]

Ha!! I am still waiting on my loan officer from BOA to call me back from 1.5 months ago....good luck!

[orangeblossom]

We just did a streamlined refi with them. They were a little slow with some things and askigm for paperwork over again, but it wasn't too bad. I'd say it took about three months start to finish.

Good luck!