I need help! Does anyone here know about getting a mortgage

[Amy6627]

loan modification from BofA if your loan originated with now defunct Countrywide? I found on-line a law suit settlement that is forcing BofA to do principle reductions and load mods on Countrywide loans that they acquired when they took over Countrywide toxics loans.

I went on the BofA's website and they said that if you enter your loan number they will tell you if you qualify. I did that and they said I didn't qualify so I called them and find out why because I meet all the qualifications of the law suit. Does anyone know what I should do to get help?

Thanks so much! Amy

[zipplewrath]

1. A lawyer

But they don't necessarily come cheap. Shop around.

[safeinOhio]

3. Yep a lawyer

and start digging out every slip of paper about the loan, your job, your spending, your taxes and everything else. Keep records of every communication you have with the bank, time, who you spoke with and what was said. Send everything they ask for registered mail and every fax should be sent through your lawyers office. They will deny every talking to you or getting any documents from you.

[Amy6627]

4. Thanks! nt

[GreenTea]

2. Almost anyone can get a new mortgage - if one puts down a large enough down payment - and.....

a large down payment will also keep ones monthly payments much lower, obviously.

I had and still have the absolute worst credit going, anywhere.

But I was able to put down a 100K on a $260k house (I studied the market where I wanted to live & maneuvered a great bargain) and my monthly payments are low (plus every month I throw a some bucks towards the principal, it ALL adds up in your favor).

With remodeling and upgrades through the years, my house is worth well over 600k (in today's Norther CA coastal property market).

Though I have said fuck it to many of my medical bills...I still have shit credit - But I now have hundreds of thousands of dollars in equity.

However, I have NEVER been late with a single mortgage payment. (If one is late they'll get you again in late fees plus interest and you'll be going backwards).

The key is to beg, borrow (from friends and/or relatives) and steal to get as large a down payment as possible (and always pay a little more on the principle each month $100. bucks (or more) is ideal but even $10. bucks a month is better than nothing at all).

If you only have a small down payment its difficult or near impossible in today's market and if one gets a mortgage with a small down....you'll really be at the mercy of the banks they'll bleed you to death.

And a lawyer will just cost one lots more money that they could be putting towards a down....be frugal and spend time knowing the market and be ready at the drop of a hat to go out of your way, at any time to look at a property and you'll be able to bargain much more effectively - take the time!

[katanalori]

5. Lenders vary

but B of A's Countrywide loans seems to have a qualificaion that you don't qualify unless you are seriously delinquent on your loan payments.

It is a stupid rule. Wreck your credit, stop making payments, and THEN they will talk.

Hint: If you go this route and stop making payments, DO make your HOA dues payments if applicable.

I suspect that the reason they knew you didn't qualify, based solely on your loan #, is because you have not missed payments. ??