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nexus
18 Posts |
 Posted - 11/04/2009 : 12:22:40 PM
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| Does some one knows if BOA HRD use the rule of 31% from the gross monthly income? and if the mortgage payment is under that criteria therefore BOA won't modify the loan. |
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cindyhulett
589 Posts |
Posted - 11/04/2009 : 3:06:10 PM
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| It appears that all participating banks are using the HAMP model first. If you have a borrower that has a mortgage payment equal to or less than 31% of the gross, and the remaining income is not for frivolities, then you can ask for a standard mod. I just got one through B of A. The borrower refused the Making Home Affordable payment/plan. I later opted for standard, as you can only be qualiifed once for HAMP period. Take it or leave it. On the HAMP my borrower would have received a 4.625% rate. On the standard mod, I got the borrower a 3.5%. Yay Cindy! jk You should always check to see whether the loan you are modifying is a Fannie or Freddie loan. |
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velecico
5309 Posts |
Posted - 11/07/2009 : 09:06:28 AM
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thats good to know Cindy , good job |
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cindyhulett
589 Posts |
Posted - 11/07/2009 : 10:55:33 AM
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| Thanks Velecio!Standard mods go off the net. |
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