Morgage mod when payment does NOT exceed 31% of gross income?

[greenthinker]

Hi Everyone,

Has anyone succeeded in getting their mortgage modified when their payment is already less than 31% of their gross income? We are in that situation, but would still benefit from a loan modification because it would bring our loan current, and therefore, enable us to pay the mortgage outside our Ch. 13 plan. We are also underwater by about $125K, but seriously doubt that Bank of America will do anything for us about that.

Any thought or related experiences to share?

Thanks!

[kakdbass]

I'm not sure about the less than 31 percent situation, but I will tell you this. We dealt with B of A for almost a year trying to get a mod. Lost documents, transferred from agent to agent, denials, left hand doesn't know what the right hand is doing...

Finally, I got fed up and emailed the office of the Pres. of BofA home loans and within two weeks our mod was done. I had to go above their heads or I would probably still be fighting with them.

Best of luck to you!