California State Teachers' Retirement System loan modification

Does anybody have access to the loan modification guidelines for servicers for CalSTRS? (CalSTRS = California State Teachers' Retirement System)

Thanks

Dominique

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Permalink Reply by Short Sale Superstars LLC on August 1, 2016 at 4:07am

Ask if they participate in HAMP or similiar programs. If so, this will provide guidelines. Generally most banks that participate in modification programs have similiar guidelines when it comes to gross income vs future mortgage payment.

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Permalink Reply by Dominique Van Ryckeghem on August 1, 2016 at 4:10am

Thanks. I will make sure to ask that question.

It seems the original loans were 80/17 with CalSTRS providing the 17% second.

Apparently both are serviced by BofA now.

Permalink Reply by Short Sale Superstars LLC on August 1, 2016 at 4:15am

Understood. You may already know this, but if the 1st and 2nd are both behind with BOFA, the 2nd likely won't review a modification unless if the 1st approves a modification or is brought current.

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