| 2nd Loan Mod (High Crime Area) LOST
I purchased a home in 2006 (located in Miami) for $300,000. My lender was Countrywide. I had an ARM which started at 7% and grew to 11.5% by 2007. I contacted NACA late in 2007 and began the process with them. They did not have an office in Miami, so I had to drive 600 miles roundtrip to visit their Tampa office. With their assistance, I received a modification from Countrywide in June of 2008. The process took 8 months. I now have a fixed rate 5.25% APR for the life of the loan. I believe at the time the process took so long, because I was one of the first NACA "clients" to receive a mod from Countrywide
I have never been late on the loan before, during, or after the modification. I receive comps on a monthly basis for sales of homes within my zip code (specifically within a 1/2 mile radius). Homes with the same quantity of bedrooms, bathrooms, and square footage currently sell for $50,000 - $80,000 (max). My balance is still approximately $300,000.
This problem, I am sure, is common on the forum. Many home loans are upside down these days. This however, is not my greatest concern.
The area in which I live has an extremely high violent crime rate. One month ago someone was shot dead one block from my home. Over the three years I have lived there, there have been two shoot-outs in front of my next-door neighbor's home. In addition, there are violent crimes (within a 1 miles radius) of my home weekly. Armed robberies, car jackings, rape, etc. All of these occurrences I have documents with newspaper articles (online print-outs to be more exact). I do not spend much time at all at the house (it is empty), and have been living with relatives for over a year out of fear. The time has come to make a move one way or another.
My home loan with insurances comes to approximately $2,500 per month. I feel I could rent the home for approximately $1,200 per month. I would like to obtain a second modification either reducing the principle balance (I know...unlikely) or interest rate sufficiently that I could conceivably cover the difference between the rental amount I would charge and the payment. This would be in addition to the rent I would be paying wherever it is that I move to (have to get out of the relatives house soon, wearing out my welcome).
Right now, the difference would be $1,300 plus the rent I would be paying (say $1,700). That would be $3,000...too much.
I have tried contacting NACA in relation to a second mod. The counselor said that he empathized with my situation, but I did not meet the current criteria for assistance. I have Countrywide (now BofA), and Bank Of New York is my lender.
You might ask why I would buy a house in such an area. At the time I purchased the home, it was the only area in Miami which had homes for $300,000 or less. I do not own any other properties.
How do you think I should proceed board?
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