Cw/bofa and me-loan mod story - Loan Modification Forum

PAULAOH · 05-24-2009, 09:04 PM

Hello everyone,
Here is my situation:
I'm current.
1st- Mortgage Bal- 399k @4.9 30yr fxd with BOFA
2nd-Eq. Loan Bal- 39k @6.9 20yr fxd with Key Bank
Property tax and Mello Roos is 11,700.00
Our payment for the 1st. is 3,400.00 and 308.00 for the 2nd.
Our property value is underwater 80k.
Our income was reduced so my payment with taxes is 61% of our income, my two sons will go to college this Fall and because I'm using our Savings money to complete our mortgage payment I decided to apply for a Loan Modification.
I'm scheduled for an interview with a counselor with a local agency listed in the HUD webpage. I was wondering if somebdy has been in a similar situation (low rates and financial hardship) and what was rhe outcome.
After the interview We will make the decision weather stop paying or pay untill this Fall when We have to pay the "Parents share of cost" ($4500.00 for one only).
Anyways, wish us good luck and...

Good luck everybody.

Evan Bedard · 05-27-2009, 05:23 PM

Keep us posted on how progress is coming!!

05-24-2009, 09:04 PM	#1 (permalink)
PAULAOH Junior Member Join Date: May 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Cw/bofa and me-loan mod story Hello everyone, Here is my situation: I'm current. 1st- Mortgage Bal- 399k @4.9 30yr fxd with BOFA 2nd-Eq. Loan Bal- 39k @6.9 20yr fxd with Key Bank Property tax and Mello Roos is 11,700.00 Our payment for the 1st. is 3,400.00 and 308.00 for the 2nd. Our property value is underwater 80k. Our income was reduced so my payment with taxes is 61% of our income, my two sons will go to college this Fall and because I'm using our Savings money to complete our mortgage payment I decided to apply for a Loan Modification. I'm scheduled for an interview with a counselor with a local agency listed in the HUD webpage. I was wondering if somebdy has been in a similar situation (low rates and financial hardship) and what was rhe outcome. After the interview We will make the decision weather stop paying or pay untill this Fall when We have to pay the "Parents share of cost" ($4500.00 for one only). Anyways, wish us good luck and... Good luck everybody.

05-27-2009, 05:23 PM	#2 (permalink)
Evan Bedard LoanSafe.org Homeowner Guide Join Date: Aug 2007 Location: Southern California Posts: 2,168 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Cw/bofa and me-loan mod story Keep us posted on how progress is coming!! __________________ Keep Fighting! Evan Bedard LoanSafe.org Support Team Please donate via paypal to LoanSafe.org to help keep this forum going The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode