So after 45 minutes on the phone to Bank of America . . . . The New Payment under the terms of the loan modification will be $2,914.46 which is down from $3,000.00. This represents a $2,146.18 Principle & Interest Payment on the New Balance (Arrears tied into the back of the loan) and $768.28 for an amount that we can't possibly explain to over the phone according to Bank of America. In fact you must speak with customer service about that amount. Call to customer service states that we don't have you in loan modification and we don't know what that amount represents. And remember, if you file a bankruptcy all is null and void!
I've explained it to the client. If the real taxes & insurance on the property were added to the P&I amount listed above it would be about $2,600.00. Hardly worth saving.
The alternative would be to file for bankruptcy and try to work again for another loan modification agreement. See if any of the new programs out there that are starting on May 1, 2010 would be available to this borrower. One can hope. In the meantime, start saving money to move. UGH!
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