So after 2.5 years of being late on our 2nd, I finally got a settlement offer. Little less than .10c on the dollar. However, it took becoming seriously late on my 1st and the threat of walking away (both are non-recourse and underwater) to make it happen.
Now I am faced with the issue of the 1st. The principal owed on the 1st is $238K. The house is worth between $190-225K. So far I've refused giving Bank Of America or Real Time Solutions (via Fannie Mae) ANY of my financial information. We have documented our "hardship" and even offered a modification proposal multiple times, but BoA has yet to budge. I figure with the late payments and fees we probably owe more than $250K by now.
Any advise? Will BoA make any modification without financials? We can afford to pay, but as these are non-recourse notes, we will not pay if it doesn't make financial sense.
Only wrinkle now is that I have two weeks to make a decsion on the paying the 2nd settlement, barring me getting that deadline moved out. I will certainly reject the offer if I can't get the 1st cured for resonable amount and walk. And their attorney threatened me that I have two weeks to re-sign/notarize my 1st lien as they never recorded it. (they never recorded the second either, but they insist it has been -- which it isn't).