Need Advice

[pitapocket]

We live in California and in 2005 we decided to used our equity to purchase another small home. We have a loan in total of $454,000. The first is $416,999 30/yr interest only and the second is a balloon for $37,272. Our home that we took the equity out of was $553 and is now approx. $211,000. Everything went South.

My husband was getting disability which is now cut off but does get SS. I work for a school. We have not missed any payments and are trying hard to keep up with the bills. Our income is small. We are now starting to use our savings to keep up with the mortgage and monthly bills.

When I called BofA, they had us send in all pay stubs, tax records, and bank statements. I have done that twice. They said that we do not qualify for the making home affordable and that there is no program we qualify for to lower the payments. They also refuse to tell me who has my loan. They say that they have been asked not to tell borrowers. Isn't that illegal? I know it is not Freddie or Fannie.

I am frustrated and not sure what to do. We will have no money left if we continue the way we are. I thought that the government programs want you to have money so they can make sure you continue to pay. I am confused. Belive me I have read almost everything online to educate myself.

I am now considering walking away, which I do not want do. Never have left my responsibilities, but I am at a point I have no choice.

My question is if I walk away from my primary house, can they take my second home and our small saving and retirement?

Please help, I do not know who to talk to.

[faith]

Pitapocket,
You can write a hardship letter explaining in detail the hardship and the circumstances that caused it. Explain what steps have been taken to correct the situation. Provide the lender with your plan to get back on track and stay there. Assure the lender that you are a responsible homeowner who just needs a second chance and that you are very motivated to save your home.

Try calling the numbers below and email the President of Home Loans, you need to call, email, fax and do not stop until you get their attention and the help that you need. As Moe always says, the squeaky wheel gets the grease.

Barbara J. Desoer
President of Home Loans

barbara.j.desoer@bankofamerica.com

Office of the President; 704-386-5681


Bank of America Corporate Center
100 N. Tryon St.
Charlotte, NC 28255
Phone: 1-704-386-5681
Fax: 1-704-386-6699



B of A's Home Retention Team in the Loss Mitigation Dept; 716-635-7255


Bank of America
Loss Mitigation
1-800-846-2222
1-800-936-6362



The link below may help you
http://www.loansafe.org/forum/success-stories-homeowners-who-fought-back-won/5562-bank-america-loan-mod-success.html


Take care and God bless,

[faith]

P.S.

Guidelines for the modification, payment and the gross income criteria


Please click the link below:
http://www.treas.gov/press/releases/...guidelines.pdf

Information and guidelines for the new modification program dated March 4^{th, check}your eligibility

Making Home Affordable - Home Affordable Modifications

Some more links to help you.
http://www.loansafe.org/forum/success-stories-homeowners-who-fought-back-won/5488-success-ahmsi.html

[faith]

PS.

You also need to contact NACA I think the web is www.naca.com and ask for help.

Don't worry everything will be fine, just be persistent, courageous and patient. Keep bugging the President of Home Loans, email, fax and call.

Thanks,

[pitapocket]

Faith

Thanks for your quick response. I did do a hardship letter and I still get either no response or when I call they say I have an excess of money after paying bills so they can not do anything. Do you have to with out money to get help? Seems they would want you to have money so you continue to pay. Not to be negative but you didn't answer the question that is if we walk can they go after the second house and any assets we have such as retirement?

[faith]

pitapocket,

You need to be persistent and email the President of Home Loans that was given to you in the previous posts. Don't wait for your negotiator to call you or anyone from BA to help you. Call NACA they are very good in helping people and have good results in helping people approving for Loan Modification.

As far as your retirement, your creditors or lenders can not touch your retirement and pensions, don't even mention to them that you have 401k or retirement, just your income. You can also search the net about this issue and you will be surprise to know once you see the informations in the website.

If you plan to walk away, this site has a lot of information about how to walk away and what to do,, again thank God for Moe for helping struggling homeowners, he is really helping people and may God bless him.

Here is the link for that.
http://www.loansafe.org/forum/deed-l...elp-walk-away/

Take care and God bless you.

[Nathan Fransen Esq.]

pitapocket,

I am sorry to hear of your struggles. Please remember that the lender is also a debt collector. Everything you send them and tell them can later be used against you. If the lender is able to obtain a judgment they can pursue that judgment through all traditional avenues, including attaching a lien on other property. It is good you are proactively looking into this, and there is a great deal of valuable information you can find online. My suggestion is to use the information as a starting point, and a way to familiarize yourself with the issues. A consultation with an attorney would be a very good idea so that you can get professional advise tailored to your situation. If you prepare yourself ahead of time, the lawyer may not need to put much time into assisting you, thus saving you money.

Hopefully your lender will still come through, but being prepared is always a good idea.

Best Regards,

[pitapocket]

Nathan

Not understanding the comment everything you send them or tell them can be used against me. I sent what they require to ask for a loan modification. Did not tell them anything when I spoke to them except asking if I qualify for any of the government programs. What, do they write down everything you say or something?