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Does anyone have advice when your mortgage company will not modify your loan?

Bank of America will not modify my mortgage due to already having a modification in the last 5 years.

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Asked by Anonymous at 9:26 AM on Jun. 24, 2010 in Money & Work

Answers (11)
  • Try to refinance through a different company?

    Answer by Scuba at 9:30 AM on Jun. 24, 2010

  • Unfortunately, I don't think so. We tried to modify our loan through HSBC, and they denied my modification. My home is now in foreclosure. Obama's plans aren't working like he says they are.

    Best Wishes!

    Answer by Anonymous at 10:04 AM on Jun. 24, 2010

  • forbearance, temporary indulgence.

    I hope you have a lawyer looking out for you. Its not to expensive when you have the right connections.


    Answer by IraqiVetWife at 10:17 AM on Jun. 24, 2010

  • anonymous, you really need to get educated if you want to save your home. there have been so many programs put together to help people save their homes.

    Of course its easier to blame it on someone else. But the truth is You have a debt you cant take on for one reason or another.

    No one forced a gun to your head and told you to take on your house debt did they?

    Answer by IraqiVetWife at 10:20 AM on Jun. 24, 2010

  • IraqiVetWife-you need to get educated as well- there are many reasons for houses to be in foreclosure that are not the "fault" of the homeowner-the main one being job loss or reduction in income. If you read the papers, you will see the numerous problems with the home loan modification programs and how they really are not working well. Some homeowners are in this position because they over-bought but many more are in this position because of job loss.
    For OP- sadly it seems that what looked good on paper is not working in real life and foreclosure is the only option for far too many. If you can not avoid foreclosure, the best thing to do is plan for what comes next-secure a decent rental, put together a budget and plans to sock extra away for the next round of bad times. For my friends in your position I think the most important thing they did was have a plan for keeping the family afloat and rebuilding. Good luck to you

    Answer by soyousay at 10:39 AM on Jun. 24, 2010

  • Locate a NOT FOR PROFIT consumer credit counseling service such as Money Mangement International ( (866-515-2227). You can talk to them by phone, or you can visit with someone in person if there is an office in your area. They will be able to give you very good advice for little to no cost.

    Answer by TweenAndTwinMom at 11:11 AM on Jun. 24, 2010

  • Being a real estate student I can also tell you that BOA does not want yout o foreclose, it will not be of benefit to both of you, thats why i stressed for you to get further education on this process.

    The #1 resource is HUD.

    My husband and I are acquiring homes through investing so this is not something I have personally gone through but havemany contacts who are going through the same thing and are on the way out.


    Answer by IraqiVetWife at 11:15 AM on Jun. 24, 2010

  • In fact We will personally be helping someone go through forebearance, We agreed to rent thier lovely home while they go home, save money to catch up and will use our rent money to give extra payments for up to the nest 18 months.

    This is a good deal for both of us.

    My husband is a property manager and we are both in investing school. Works out great.

    Do yourself a favor and go to HUD.Gov and get with a counselor, they may eve have better options for you seeing that the president passed new approvals.

    Answer by IraqiVetWife at 11:16 AM on Jun. 24, 2010

  • Many people seem to think that the only option is re modification. If you are interested I have an audio of a bunch of lawyers from our firms talking about what can be done and how they are helping people keep thier homes.

    Best of luck!


    Answer by IraqiVetWife at 11:19 AM on Jun. 24, 2010

  • If you having trouble working with the bank, contact your state representative's office. They may be able to assist you in dealing with the company. That's what I did when my mortgage company was trying to foreclose on me for their mistakes in applying payments.

    Answer by motherofhope98 at 11:38 AM on Jun. 24, 2010

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