Loan Modification Forum - LoanSafe.org - View Single Post - Bank of America

murf3030 · 07-14-2009, 08:42 PM

First of all, I want to thank Shkir for replying back to everyone....

Latest update on my issue. 2nd HELOC with BOA

They initially accepted my realtor's 6900.00 offer (62K Balance) but they wanted me to sign off that their Recovery Dept could come after me for the deficiency. That is just is not possible! If I could afford to pay the deficiency, I wouldnt be in the situation I am currently in.

Anyways, I wrote a letter back to the Short Sale dept stating and restating my hardship. Threatened to write my state govt, the BBB, etc and also include the chain of managment that has been given earlier in this chain. After I didnt hear anything for a couple of days, I re-faxed the letter again to the rep assigned to my file.

My realtor emailed me tonight and what do you know, I MADE SOME HEADWAY...

They pulled back the initial approval for the 6900. They now say they will take 10k as payment in full for the loan. WHEW!! I still need to fight to get them to agree to mark the loan on my credit reports as Paid In Full/As agreed and to remove any lay payments.

With that said, I am feeling a bit better. I will modify my letter to them tomorrow to try and have them include the above. I will let you all know how it goes.

Thanks,
Tim

07-14-2009, 08:42 PM	#65 (permalink)
murf3030 Member Join Date: Jul 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America - Short sale with collectible Debt First of all, I want to thank Shkir for replying back to everyone.... Latest update on my issue. 2nd HELOC with BOA They initially accepted my realtor's 6900.00 offer (62K Balance) but they wanted me to sign off that their Recovery Dept could come after me for the deficiency. That is just is not possible! If I could afford to pay the deficiency, I wouldnt be in the situation I am currently in. Anyways, I wrote a letter back to the Short Sale dept stating and restating my hardship. Threatened to write my state govt, the BBB, etc and also include the chain of managment that has been given earlier in this chain. After I didnt hear anything for a couple of days, I re-faxed the letter again to the rep assigned to my file. My realtor emailed me tonight and what do you know, I MADE SOME HEADWAY... They pulled back the initial approval for the 6900. They now say they will take 10k as payment in full for the loan. WHEW!! I still need to fight to get them to agree to mark the loan on my credit reports as Paid In Full/As agreed and to remove any lay payments. With that said, I am feeling a bit better. I will modify my letter to them tomorrow to try and have them include the above. I will let you all know how it goes. Thanks, Tim