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Originally Posted by so-cal-gal  I would definitely scale back on the payments to BofA. The only way to prod them into doing a mod is when you don't pay (there are a few people who were able to get a mod while continuing to pay but I don't think it happened with CW/BofA). I'd get them to processing the modification, start paying some of those other bills down. I don't know what to say about the property taxes. If your husband really needs to cut the hours, I think you will just have to do it. I do not know if it will cause BofA to fail to offer you a modification or not. Typically they will want pay stubs at some point. When the income shows as less than they now have, I don't know what will happen.
I doubt that you will have ANY success with a short sale with BofA. I have not seen that 'happening'.
As to whether to file a BK, there is a BK forum that might be of more help making that decision. Otherwise, you might be able to qualify for a low or no cost session with an attorney. It sounds like you would want to talk to a BK attorney. The only other option would be a Real Estate attorney (experience only, not someone who started working this area from 2007 on when the market crashed).
Have you considered using the HOPE Hotline? That or NACA? With Hope, do not let them refer you to 'Springboard'. I keep seeing problems with that group. With NACA, you also have to stay on top of things. The other thing you could do is to contact Barbara Desoer's office (OOP) to have them assign a negotiator to try to 'speed' your processing (lol, that is so laughable).
It really sounds like you need to know how low they can get that mortgage payment before you can decide for sure, what you area going to do. I'd say stop paying the mortgage, pay off other things or stash cash for your move or any expenses such as the BK filing. It will get more effort from BofA. Then depending on what you are doing with the BK (BTW, if you try for an MHA loan, I think you can not be in BK - check this out) vs a mod getting approved, just wait it out. I'd walk away only when there was no mod being processed and they actually set a sale date. If you get NACA or MHA to processing a mod application, they are NOT supposed to advance or start foreclosure. Sit tight but be very involved. |
Thank you for your advice. It reaffirms the fact that we feel B of A has not done anything for us and pushed us to wait 45 days for the loan mod workout to be done, because we have always paid. They make $100 in late fees off us each month. We literally need to save $1000.00 a month to pay all the bills, not just home loan. We don't even want the house anymore, sounds silly but we are starting to resent it. We have no family time, exhausted from all the extra hours at work, and spend free time working on the house. Regarding real estate taxes, I think they will put a lien on our home and charge huge fees if we do not pay them at the end of this year/start of next. Since the taxes are not in the loan, we are not paying them (haven't all year), about $3600 behind.
What is worse, to not pay the payments for the next couple months (we can't really afford it), deny the loan mod if we get one (I know it won't save us $1000), and just walk away? Or, do we wait for foreclosure (it is fast here in TX, so I have been told)? Which is worse walking away or waiting for foreclosure? The bank won't do deed in lieu or cash for keys, but could we just stay for a couple months and mail our keys back?