Loan Modification Forum - LoanSafe.org - View Single Post

scottdog · 05-10-2009, 08:29 AM

Heres my experience with B of A, formally held by CW.
Sept 08 I hired a so called mod company... which was worthless but its actually helped in one way which I will talk about later. After trying for several months to get a mod without being late, I stopped paying in Jan of 09 on 1st and 2nd(2nd with GMAC). Month and a half later I got "great news from BofA... a 2 year rate reduction... BS!! the crappy mod company I hired first told me that is was a joke offer and then called me 2 days later and told me is was actually a mod offer. which I knew wasnt true after seeing a friend get a real mod offer. So I told the mod company to stick it and now I am about 5 months no payment. In the mean time my girlfriend and I put an offer on a bank owned house. Her name is not on the title or loan so I will be the only one hit hard by this. This house that we put on offer on needs a LOT of help so my plan is to slow the foreclosure process myself to give us time to remodel this new one and eventuly do a deed in lieu and try the cash for keys program. I know not everybody is in our situation but everybody has a different one but without a plan you feel hopeless. I lost the emotional attachment to my home awhile ago and now just look at all of this as a business disicion, one that will affect my some now but will be worth it in the long run when I currently live in a home thats lost over 100k of equity and I have a chance to get into the lowest price housing market that we could ever see again. Theres another post in here about the buy and bail approach and it does work. No matter what we will have to deal with our decisions but the days of keeping up with the jones are over for a lot of us. Hide your money if you have plans of bailing. Get rid of direct deposit and just cash your paychecks. Hope for the best but plan for the worst.

05-10-2009, 08:29 AM	#4 (permalink)
scottdog Member Join Date: Jan 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Foreclosure experience with B of A Heres my experience with B of A, formally held by CW. Sept 08 I hired a so called mod company... which was worthless but its actually helped in one way which I will talk about later. After trying for several months to get a mod without being late, I stopped paying in Jan of 09 on 1st and 2nd(2nd with GMAC). Month and a half later I got "great news from BofA... a 2 year rate reduction... BS!! the crappy mod company I hired first told me that is was a joke offer and then called me 2 days later and told me is was actually a mod offer. which I knew wasnt true after seeing a friend get a real mod offer. So I told the mod company to stick it and now I am about 5 months no payment. In the mean time my girlfriend and I put an offer on a bank owned house. Her name is not on the title or loan so I will be the only one hit hard by this. This house that we put on offer on needs a LOT of help so my plan is to slow the foreclosure process myself to give us time to remodel this new one and eventuly do a deed in lieu and try the cash for keys program. I know not everybody is in our situation but everybody has a different one but without a plan you feel hopeless. I lost the emotional attachment to my home awhile ago and now just look at all of this as a business disicion, one that will affect my some now but will be worth it in the long run when I currently live in a home thats lost over 100k of equity and I have a chance to get into the lowest price housing market that we could ever see again. Theres another post in here about the buy and bail approach and it does work. No matter what we will have to deal with our decisions but the days of keeping up with the jones are over for a lot of us. Hide your money if you have plans of bailing. Get rid of direct deposit and just cash your paychecks. Hope for the best but plan for the worst.