B of A or Countrywide? - Loan Modification Forum

Papa4 · 05-16-2009, 07:42 AM

Hi all,
I've been following this forum for months now, weighing my options for what to do with my Countrywide loan. My wife and I have a pay option ARM that we make the minimum payment each month. We currently pay $3,200 per month. Next February our payments will go to $8,200. We need to get that fixed. Our most recent monthly statement came with a BofA letterhead. Yesterday we received a welcome guide from BofA. Does anyone have any idea how this will affect our negotiating position?
Thanks to all of you,
Papa4

chazkeepahoma · 05-16-2009, 10:20 AM

$5000 a month more! Holy moly! B of A now being your lender shouldn't really make much of a difference. You can't get much worse than CW.
Not to get personal but we would need to know a little more information to guide you. If your not underwater and in good standing you may just be able to refinance. There are many options but need more info.

Cassietw · 05-16-2009, 11:10 AM

Hi and welcome! If you only own one home, I would contact NACA. I think they are the best chance anyone has.

Good Luck and keep us updated!

Cassie

Papa4 · 05-16-2009, 11:17 AM

Thanks for your response,
We are probably 250K upside down. The bank would have to be willing to come way down on the interest to keep us in the house.
We owe almost 1.1 Mil on the 1st to Countrywide, now BofA, and going negative another $1000 a month.
I have been following the Countrywide threads but now would we be contacting BofA? I'm sure others have been put in this situation since BofA bought CW.

Papa4 · 05-16-2009, 11:21 AM

Cassie,
I don't think we are eligible for NACA because we own some land. Of course we owe more than it is worth! The only property we own that has a house on it is our home. Do you know if we might still qualify?

Cassietw · 05-16-2009, 11:28 AM

I don't know. I am sure that someone else will be by and respond that knows the answer to your question. Maybe you can try calling NACA and asking or maybe thye could also sujest a solution for you.

Good Luck!

Cassie

Jamie · 05-17-2009, 06:04 PM

from what I understand, it has been in Bank of America's hands for almost a year. They are just officially transferring the names and the look of the site. You are probably dealing with the same people.

05-16-2009, 07:42 AM	#1 (permalink)
Papa4 Senior Member Join Date: Dec 2008 Location: Pacifica, Ca. Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	B of A or Countrywide? Hi all, I've been following this forum for months now, weighing my options for what to do with my Countrywide loan. My wife and I have a pay option ARM that we make the minimum payment each month. We currently pay $3,200 per month. Next February our payments will go to $8,200. We need to get that fixed. Our most recent monthly statement came with a BofA letterhead. Yesterday we received a welcome guide from BofA. Does anyone have any idea how this will affect our negotiating position? Thanks to all of you, Papa4

05-16-2009, 10:20 AM	#2 (permalink)
chazkeepahoma Senior Member Join Date: Jan 2009 Location: California Posts: 39 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A or Countrywide? $5000 a month more! Holy moly! B of A now being your lender shouldn't really make much of a difference. You can't get much worse than CW. Not to get personal but we would need to know a little more information to guide you. If your not underwater and in good standing you may just be able to refinance. There are many options but need more info.

05-16-2009, 11:10 AM	#3 (permalink)
Cassietw Senior Member Join Date: Feb 2009 Location: Foothills-Los Angeles Posts: 486 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A or Countrywide? Hi and welcome! If you only own one home, I would contact NACA. I think they are the best chance anyone has. Good Luck and keep us updated! Cassie

05-16-2009, 11:17 AM	#4 (permalink)
Papa4 Senior Member Join Date: Dec 2008 Location: Pacifica, Ca. Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A or Countrywide? Thanks for your response, We are probably 250K upside down. The bank would have to be willing to come way down on the interest to keep us in the house. We owe almost 1.1 Mil on the 1st to Countrywide, now BofA, and going negative another $1000 a month. I have been following the Countrywide threads but now would we be contacting BofA? I'm sure others have been put in this situation since BofA bought CW.

05-16-2009, 11:21 AM	#5 (permalink)
Papa4 Senior Member Join Date: Dec 2008 Location: Pacifica, Ca. Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A or Countrywide? Cassie, I don't think we are eligible for NACA because we own some land. Of course we owe more than it is worth! The only property we own that has a house on it is our home. Do you know if we might still qualify?

05-16-2009, 11:28 AM	#6 (permalink)
Cassietw Senior Member Join Date: Feb 2009 Location: Foothills-Los Angeles Posts: 486 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A or Countrywide? I don't know. I am sure that someone else will be by and respond that knows the answer to your question. Maybe you can try calling NACA and asking or maybe thye could also sujest a solution for you. Good Luck! Cassie

05-17-2009, 06:04 PM	#7 (permalink)
Jamie Junior Member Join Date: May 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A or Countrywide? from what I understand, it has been in Bank of America's hands for almost a year. They are just officially transferring the names and the look of the site. You are probably dealing with the same people.

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