While I'm ranting... holy crap home loan problems?!?

[TAftonomos]

http://www.thinkbigworksmall.com/mypage/player/tbws/23088/1111064

[ducpainter]

...and to think you thought it was the electricians causing the problems.

[nateqwik]

if you plan on trying to modify your mortgage and bank of america owns it.... dont waste your time. I have known for three months that my job is going away at the end of march and have tried twice to get the modification. BOA could care less. Even with the help of a non-profit HUD approved mediator, they refuse to budge. I certainly meet the criteria. My house has lost $64,000 in value in less than two years. I cant re-finance because i now OWE $34,000 more than market value. This is one criteria I meet. Not good enough. I will be unempolyed and if I can't find a job my unemployment benefits will pay about 40% of what I previously made.(before they are taxed, mind you..) This is also a criteria I meet. Still not good enough. In my area of the country(appalachian mts,) there is a huge unemployment problem and local employers are taking advantage by offering fewer positions for less pay because they know someone will be desperate enough to settle for a crappy wage. I have made it a point to let EVERYONE I know stay away from BOA. My only options are foreclosure or bankruptcy. Lucky me. 



Okay... got it out of my system... have a good weekend everybody!!!

[cyrus buelton]

Sorry to hear that dude, that really make the beast with two backsing sucks.

[Howie]

Stupid banks

See some financial advisers, there may be some other creative way around this.way

[muskrat]

expose expose expose!  send emails across to every Senate member and the press along with one to the Board of Directors of the bank stating you are going national with this.  Enough of us create headaches for them they will turn, or at least listen.

[cyrus buelton]

What's wrong with your mortgage?

Do you have an extremely high rate? or you just want a lower one because you are losing employment and want a cheaper payment each month?

[nateqwik]

What's wrong with your mortgage?

Do you have an extremely high rate? or you just want a lower one because you are losing employment and want a cheaper payment each month?

Actually my rate isnt all that bed. 5.875% fixed. My biggest issue is that federal law mandates the bank should at least TRY and help me if they can and they refuse to play ball. They actually had the gall to call my wife and tell her we were refused because if they were to lower our payment to 31% of our gross pay it would set the interest rate below the federal minimum. When I called for some clarification, the jerk on the other end of the line told me the federal minimom interest rate for modification was set at 2%. By modifiying my loan my rate would be 1.895%. I told them to just set it at 2%..after all, how much can .015% actually save me? I'm willing to settle, I told the guy. He then told me they couldn't do it because that would be above 31% of my gross pay. Talk about your catch 22's. I asked him how he expected me to make payments when I lost my job and our income was cut by almost half. He said that wasn't his problem. Therefore I have lost all respect for Bank of America.

[cyrus buelton]

I was at 6.3% 30yr fixed rate. I refinanced in 2007 and that was "low" at the time.

I re-financed last month and got it to 5.0% on 3yr fix.

I wanted the 5-1 ARM at 3.2% (as we have agreed 2 more years in our condo and then an actual house or larger condo purchase, so that gives us 3 years to sell our place, find a place, etc). however, we didn't qualify for that ARM (I have 20% equity in my condo) because Fannie/Freddie don't extend ARMS to condo's anymore.

They must have taken a huge hit on default on condo's?? I really don't know.