Hardship Letter Example For A Mortgage Loan Modification

My experience has been that BofA is a nasty company to deal with loan modifications, short sales and short payoffs. They wait until the VERY LAST minute to negotiate with you. I had a property that had a sale date and we were working on a short sale. BofA will not short their 2nd any less than 5% of the SALES PRICE NOT 5% of the loan you have with them. THEN they will issue a deficiency judgment afterward!

Unlike most people in this situation, George has never missed credit payments and has a very high FICO score of 805. But when George, who works for the state of Washington, suffered a 15 percent pay cut as a result of the state's furlough program, he asked his mortgage deficiency judgement lender to lower his payment under the government's Home Affordable Modification Program.

"Once there is enough documented performance for people who went through (a federal modification), we will be able to assess the accumulated data to determine how predictive it is," said Watts. "The analysts prefer having at least a year's worth of performance data" before making any changes to its credit-scoring formula.

MIP is a fee of almost a little over 3.50% (if FHA). MIP is to protect the bank's interest also. It cannot be waived BUT, if you sell within the first 5 years - ask to be reimburse (at least a portion). There is no way of getting it waived even if a person claims disability. It is for the life of the loan. Because of the foreclosures, the FHA also added 2% additional to MIP insurance -which is good for 7 years or 1% for the life of the loan. So you will actually see a decrease after 7 years. If the property is sold within the first 7 years, the MIP is prorated and seller can ask for the reimbursement of a portion. 2% within the first 5-7 years and the rest for the life of the loan.

Along with others critical of HAMP, GAO's report is its third attempt to study the problematic U.S. Treasury program and make recommendations to improve it.

We documented all of the key information such as square footage, lot size, age, amenities, and similarity to other homes in the area. We always make the assumption that the property is in average condition, comparable to the other homes selling in the same market area.

To celebrate their first anniversary and their commitment to the Community, they are providing FREE expert guidance to 100 frustrated local homeowners who need a Loan Modification to save their homes.

FICO will ignore this new notation for the time being. bank of america mortgage payoff phone number. FICO is the number one provider of credit score information. It will neither help nor hurt a person's credit score until FICO decides how to treat it.

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