Loan Modification Forum - LoanSafe.org - View Single Post - Have B of A 1st and B of A HELOC and 2nd Home

WCFAMILY · 05-03-2009, 09:55 AM

Hi.
1. Can we use NACA to begin to assist us w/ a loan mod for our primary residence, even if we have another rental home thru WFB and Nat'l. City?
The good news on the rental home, is we just got a mod completed and in-place thru Wachovia-WFB with a loan principal reduction of $83K, six years of low step-up / int / payments, followed by a 40 year fixed beginning in 2016. THIS ONLY HAPPENED because we were 7 months behind in payments with a notice of default on file, etc.

We have semi-recovered from lay-offs and huge reduced incomes during the last two years, but w/ our new debt-to-income ratios (from combined $7500/mo dn to $5500/mo), we won't be able to afford this home at all soon.
Most importantly, we have never been able to pay Property taxes form 2006 thru present. We owe +/- $20K!!!)

Our question is this:
Can we use NACA on our primary residence only???????

Primary Residence Details:

Purchased $525K in Oct., 2006...now valued at only $335K
(upside down by $190K !!!)

B of A - 1st mortgage (one of those 2006 Countrywide typical neg amort / very toxic Opt Arm for $415K, which will "explode" in July, 2011).
B of A HELOC -2nd $85K, we and are received temp help ago, we got a temporary HELOC (26 month) reduction good until 4/2011.
Property taxes would, at the current val. be $500 /mo.
We would need NACA to help get a Mod to include a 5 to ten year interest only / reduced principal / include back and future PTaxes into a 31% income payment.
The Ptaxes would / most likely be a major concern. Hopefully they would be reduced to fair market value ...or close. This would be a huge help!!
CAN NACA OR MYSELF MAKE THIS WORK???
Please HELP!!!

Thanks to all.

05-03-2009, 09:55 AM	#5 (permalink)
WCFAMILY Member Join Date: Feb 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Have B of A 1st and B of A HELOC and 2nd Home - OK to use NACA??? Hi. 1. Can we use NACA to begin to assist us w/ a loan mod for our primary residence, even if we have another rental home thru WFB and Nat'l. City? The good news on the rental home, is we just got a mod completed and in-place thru Wachovia-WFB with a loan principal reduction of $83K, six years of low step-up / int / payments, followed by a 40 year fixed beginning in 2016. THIS ONLY HAPPENED because we were 7 months behind in payments with a notice of default on file, etc. We have semi-recovered from lay-offs and huge reduced incomes during the last two years, but w/ our new debt-to-income ratios (from combined $7500/mo dn to $5500/mo), we won't be able to afford this home at all soon. Most importantly, we have never been able to pay Property taxes form 2006 thru present. We owe +/- $20K!!!) Our question is this: Can we use NACA on our primary residence only??????? Primary Residence Details: Purchased $525K in Oct., 2006...now valued at only $335K (upside down by $190K !!!) B of A - 1st mortgage (one of those 2006 Countrywide typical neg amort / very toxic Opt Arm for $415K, which will "explode" in July, 2011). B of A HELOC -2nd $85K, we and are received temp help ago, we got a temporary HELOC (26 month) reduction good until 4/2011. Property taxes would, at the current val. be $500 /mo. We would need NACA to help get a Mod to include a 5 to ten year interest only / reduced principal / include back and future PTaxes into a 31% income payment. The Ptaxes would / most likely be a major concern. Hopefully they would be reduced to fair market value ...or close. This would be a huge help!! CAN NACA OR MYSELF MAKE THIS WORK??? Please HELP!!! Thanks to all.