Upon first sign of trouble making full mortgage payments, I applied for loan mod with HUD approved advisor

by Kim
(Denver, CO)

My question is this:

I started my first attempt to modify my mortgage, as recommended by Fannie Mae, with a Hud approved advisor when my fiance moved out in October of 2010. This process took all the way to January of 2011 at which time I was denied! I was told that I Might qualify for basically a workout - they used some other name and began that process. Since my advisor, who was very nice, but not very helpful, & didn't seem to make ANY difference in my outcome & was just another obstacle (I had to take time off of work to meet with him), I decided to go it alone....To make a long story short I was denied the workout assistance program also - their excuse - I didn't make enough money!!!! Bank of America does a GREAT job of giving the run around!!! Still, I do NOT give up easily - I decided to hire a loan modification document company - it had very good reviews and seemed to have good connections with Bank of America. We started the process ALL OVER AGAIN..........
Here's where I'm at now - because of all the late fees, past payments due, etc. (from waiting on an answer from them) they have offered me a workout - 33 dollars less than my payment (that I couldn't afford to begin with)back in October of 2010!!!
I have been told the bank does not HAVE to change your payment to 31% of your income. All they have to do is change it to what they think (from your paper work)you can afford!!! That "the investors" will probably not do any better - that it is their best offer! I asked BOA who my investor was & was told that she "wasn't allowed to tell me"!!! What bull is that!
What is the point of this Program, if it helps NO ONE???