Luis and I had a nice long chat yesterday afternoon. We went over my new and revised household financial worksheet, tweaked a few things so that we were not quite so negative. We went from -$1460 per month to -$1000 a month. (We cut my littelest one's preschool for next year)Luis thought this would help us so that the bank didnt' have to give quite so much on their end.
Apparently the banks are required to take the monthly mortgage payments down to 33% of your income and still leave you with an extra $200 a month. For us this would mean that with taxes and insurance our mortgage payment would have to go down to about $2200/ month, of which B of A would only get about $1800. That is a $2,000 a month reduction from what they are currently getting from us. Luis was unsure if the -$1400 would fly with them, but felt much better about our $1000 deficit.
He submitted our revised info and told me that he would get the file assigned to a negotiator yesterday afternoon. Once is has been assigned a negotiator it should only take about 2-4 business days to get a reply. What that reply is I'm not sure. I don't know if that means we get the breakdown on Friday, or we just get to go over all the info again with the negotiator. I have no idea and Luis wasn't super clear when explaining it to me.
I'm am really starting to understand this process more and more. Not a damn thing will happen until you are assigned someone like Luis and you are assigned a negotiator. Everythign else was just a stall to get to this point.
Another interesting thing that I discussed with Luis is that the bank could come back and say that they will take the payment down and require us to stop paying one of our credit cards. Let's say that my minimum credit card payment is $500 a month. In order for me to qualify for the MHA program I'm about $300 off in one of my categorys as far as income and expenses. B of A could come back and say..... look we can make it fit but you have to cut $300. How about you stop paying your Visa bill and then it will all be peachy?
Seems a little strange to me, but we'll see how it works out.
We're waiting again, hopefully only until Friday.
3 comments:
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