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Niicss · Posted: Fri Mar 06, 2009 2:28 am Post subject:

Hi Gary

If you are current on your mortgage payments, then you can try to refinance the mortgage. It is not necesary to refinance the mortgage with the same lender. You can contact other lenders and check out the rates and terms they are offering you. Then you can chose the one you can afford.

You can even speak to the lenders of this community and get a no obligation free mortgage consultation from them. This will help you to know the type of rates and terms you will receive.

Thanks.

Guest

Hi,

There are 3 of us in our group who got the "no-fee" rate modification mortage from bofa around December 2006. Each of us has called Bofa customer service several times in the past two years and every time their reply was that the rate is higher. 3 weeks back one of my friend called and luckily got his rate reduced from 6.00% to 5.375%. I called the next day and was told that the rate is higher which did not make sense. I am going to be suing Bofa for breach of contract. If anyone is interested in joining please contact me at "naveenpa@gmail.com". If there are enough of us, we have a class action law suit against Bofa

[Email address deactivated as per forum rule]

Guest

We're in a No Fee Rate Mod program with BoA. Was able to reduce interest rate with them last year from 6.5 to 6.25%.

According to our contract with BoA, we're eligible to exercise this option for the lifetime of the program, once every 12 months. Since interest rates are so low these days, we called the bank again several times. They keep giving us a much higher rate than what we have now. This is not right.

There is a class action complaint about this that we found online: complaint No. C090663.

Guest

If a rate modification fee is charged; Should it be trated as a finance charge, or as a fee to Lender?

smithsussane · Posted: Tue Sep 28, 2010 12:48 am Post subject:

Hi Elvis!

Welcome to forums!

As far as I can understand, a rate modification fee will be considered as a fee to the lender. It won't be considered as a finance charge.

Feel free to ask if you've further queries.

Sussane

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BoA no fee rate modification program