Need advice - on time and current

[BKalldayy]

I live in California. Have a second with BofA 8.75 percent 30 years fully amortized conventional second (orginally with Countrywide) and my house is severly undewater. I received a letter on 4/26/12 from BofA stating we are considering your loan for relief under the Department of Justice and State Attorneys General Global Settlement. I've never been late and my loan is in good standing. I call BofA every week and they tell me the same story. "When the program is finalized we will contact you." Interesting becuase I am hearing on these forumsn that people are settling. Not sure what I should do here. I think BofA is full of it and they won't even look at me becuase I make my payment and have a good income.

[Evan Bedard]

Welcome and thanks for joining the community.

Settling your 2nd mortgage is very different than the letter you received from BofA. Most people who settle their 2nd mortgage are very underwater and behind on payments on their 2nd, if you read the two threads below you will find strategies and many members here who have been successful settling their account.

Strategy for Settling Your 2nd

Success Stories in Settling 2nds

The letter you received is apart of the national mortgage settlement in which BofA is participating in that provides relief to homeowners who are underwater (such as a principle reduction) and you do not necessarily have to be delinquent on your mortgage. This is a legitimate offer and I would definitely recommend contacting BofA to inquire about it. Here are some threads with more information on the settlement:

National Mortgage Settlement

National Mortgage Settlement Information and FAQs