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winker58

BOA Suggests Forebearance - Being Late on Mtg Will Qualify Us

winker58
13 years ago

We have a mtg with Bank of Americas and one line of credit and one home equity loan with Wells Fargo.

Yeah, we were living high on the hog like all the others and bought our house and tooks out the other loans for upgrades after the fact. My husband's job was doing better than expected and he was bringing income a good salary and big bonuses. I was working a medium job. Well, he took a pay cut, no bonuses now and I ended up quitting my job because I have developed a health condition.

We were turned down for a modification from BOA but have been told that if they give us a forebearance we do not pay our mortgage for three months we will be considered behind on payments and will then qualify for a modification. Does that sound strange or does anyone know anything about this?

We would still be liable for the three months' mortgage, just would have to make payments or something. they aren't saying exactly what will take place just yet.

Do they want us to go in foreclosure hoping that we won't hang on to the money that would have gone toward the mortgage or what?

Wells Fargo has the other equity loans. We received something in the mail that did not look a paid advertisement for modification. It said that our modification had been approved and blah blah blah and that we should call. I usually throw everything like this away but called just 'cause. I talked to someone that told me that BOA wasn't interested in modifying and that their best bet was shortsale for them. The place I called was a company that had attorneys apparently that for $3,500 will try to get a modification for us. They asked if I wanted someone to call me back the next days for an intake. I said sure but did not really intend on going for something like this. I just wanted to see if I could find anything out. They told me that they didn't work on BOA modifications but possibly could help with Wells Fargo loans that we have. They said that Wells Fargo might try to pay on our first mortgage for us so that they have an interest in the shortsale. So confusing to me.

Well strangely, BOA called the next day with their forebearance offer. I wonder if there is a connection somehow.

What's with all these plans and forebearances and telling you to get behind on payments so they can help?

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