Complaint / Review
Nationpoint and Bank of America
Modification denied! School, pets, and 401K, unallowable expenses?

I first talked to nationpoint about refinancing my home, they stated they were not accepting applications for refinancing. Then we applied for modification and were denied. Even though we were denied an Escrow account was added to our mortgage increasing our $932.00 a month payment with Adjustable rate to $1300.00. This escrow then transitioned whe the loan was sold to Bank of America. I requested modification documents from Bank of America twice, they took about a month to get to me.

In the mean time, I applied for modification through Neighborhood Association Corportation of America to Bank of America, and I was declined due to debt to income ratio being too high, with a Phd program, 401K from work, and Pets being listed as unallowable expenses.

So you aren't allowed to be student, save for retirement, or have pets and be a homeowner or get a modification?

So now I have a Principal Interest, 30 year ARM, denied Mod, and no help in sight, no resolution proposed by Bank of America, and going to NACA save the dream to meet with them tomorrow.