After a period of hardship, we now have the income to support our monthly payment but we do not have the money to pay off the payments we missed ($20K.) I asked B of A about a pay off program and they told me to apply for a loan mod, and, that if we were approved, the past due amount would be either forgiven or put back into the loan. We are awaiting to find out if we are approved for the mod but when I complete the NPV test online it shows we have negative NPV. I think that is because we have some equity in the home (ie the bank would make more by foreclosing on the property versus letting us keep the home.)
The rep told me last week that if we are declined for the mod (we are supposed to know within 15 days) they will require payment within 30 days for the past due amount or they will proceed with foreclosure and they there are no other options.
Has anyone else been in this situation...are there other ways to pay off the past due amount through the bank without having to do it in one lump sum.