Loan Nightmare with Countrywide/BofA and VERY CONFUSED!

[iulloa]

I guess the best way to begin a story is from the BEGINNING! I have been reviewing this site for a few days now and feel comfortable with the advise I have been reading. All I'm asking is for help on getting through my ordeal...I'm ready to walk away from my home!

About 2 years ago we chose to refinance our home. Pay off some bills, and cash out about 30k. We closed on our refi, waited the 3 day recision period for our check and nothing happened. We found out that this bank had filed for bankruptcy and gone under (along with 90 other banks that same month) My title company got their attorney's involved and after a month, we recieved most of the checks to pay off some debt and we recieved a check for about 18k of the 30 we were supposed to get. No one to fight with, nothing to do, that bank was gone! My husband and I, not knowing any better dealt with the loss. Our mortgage payment ended up being much higher than we expected and are now just drowning.
We have been trying to talk with Countrywide/now BofA to no avail. They at first started with "you have to be behind on your mortgage to qualify for a mod". We are now 2 months behind due to a large home robbery that severly hurt us back in January. Now BofA says we do not qualify for ANYTHING because our loan isn't a FannieMae or FreddieMac backed loan. The investor on the loan isn't what's important, it's the originator of the loan that they look at. You always get customer service in India that seem to read off scripts and are not helpful at all! And to top off my anguish, now when we call, the BofA agents tell my husband that they are unable to provide information on our file because the social security number they have on file does not match the information he is giving them! That of course is bull as it is our home, nothing has changed. We think they've sold our loan over and lost our paperwork in the process!
65% of our income is used to pay our mortgage and we are seriously drowning. We don't know if to just stop paying (while we are 60 days behind, i've still been making monthly payments, we just don't have the income to catch up on the missed payments from months back). Now, all this being said...We owe close to 210k. Houses in our neighborhood are now selling for 130 to 140k and we have a $1900 montly mortgage pymt.
My question to all of you is; What are our options, is it just best to walk away? should we consider a short sale? should we just stop paying to see if our bank will finally talk to us?
We are willing to do whatever it takes to get out of these payments even if it means walking away but we are also willing to save our home if the possibility is there. This situation is tearing our family apart and is jeapordizing our health. The stress is beyond as all of you know first hand.

I appreciate you all reading this long post and so look forward to hearing your thoughts.

[rozuki]

If CW/BofA is the servicer of your loan, try going with NACA ... go to the home save area....

[rkel11]

iulloa, Hello and welcome to the forum!!!!
I'm sure if you have read some of the stories here that you have seen that most of the people here are working with NACA. Naca is a free service and WILL help you keep your home if you want to. There is not much that comes out of BofA now that is reliable. Naca will take some time to go through the process (they are as boged dowm as the banks are) but if you read some of the success stories daily, it will be worth it in the end.
The boat is very large and growing, so you are not alone. You are among friends here that understand what you are going thru.
I don't have the link to NACA, but someone will post it for you to look at.

Again welcome and GOOD LUCK!!!!

[megfire]

Hi Julloa,

The link you are looking for is www.naca.com I also am just starting on the adventure.......I say that with tounge in cheek for sure. i am also with CW/BoA.
I have not started with naca yet but will likely try to start tonight. Since I just got home from the new job, we are here due to a failed business, and now in the looking glass with BoA/CW.
I can appreciate the tearing family apart statement it is doing the same to us. For so many years I have been able to provide but times do change,,,,,, Wishing us both the best. I will likely post my story soon but I will check your tread to get updates. I also agree with all I have read here that CM/BoA is so lost it is scarey. If they had just given the billions to the people in the form of refunds we wouldnt be in this mess. I read some where that it would have equalled to about 900,000.00 for every one over 18 in the united states. And as far as the banks are concerned dont anyone tell them what comes after a trillion..................

[iulloa]

Thank you for the great information. I have looked into NACA and it does seem like a great possibility. We are starting the process this week. We are at a point where we would love to save our home but we are prepared to loose if it gets to that. My family, my sanity is worth more than anything. I'm so disgusted with Bank Of America. Their lack of wanting to help their customers, the runarounds that they give and the unprepared employees that give you different information every time you call! It's horrible. Right now, unless I fix the social security issue with the bank that they screwed up on to begin with I can't even get information on my loan...so I ask, wonder if it's our credit our house is even being reported to? what are the ramnifications if we have to walk away? How long can it take? At this point, my credit doesn't concern me. I'd like to buy again one day but as I know i'm not the only one in this boat, something will give once the economy stablizes again.....I hope!

[iulloa]

I forgot to add, just so that you all see why i'm so upset with my mortgage, other than the obvious originally stated in my first post.
I owe 208k with a 7.75% interest on a 30 yr loan with a pymnt of 1900/mo on a 50k income with 3 small kids. so it's 60 to 70% of our income exclusively to pay our mortgage. And where does that leave everything else???