Where do I start with this?

[jsttoomuch]

I've been pouring over the posts in this forum for a couple of days and I'm really confused. I need some advice on where to start.

My husband and I bought this house about 2 1/2 years ago and the problems started soon after. My husband, at age 34, had to have double arterial bypass surgery and we got behind. The ARM started jumping up about the same time. We have one of those horrible deals where our 1st mtg is 80% of the price of the house and the 2nd is the other 20%.

Back in February, my husband got laid off from his job. We weren't expecting it and it took until this week for him to get a job. It's a 2 1/2 hour commute each way but it's the only thing he could find.

We've already gotten served with foreclosure papers on the 2nd mtg but not the 1st (????). I NEED to save this house. My elderly grandmother lives with us and I can't uproot her again (long, long story).

So, BoA owns both mtgs (since buying CountryWide). We tried talking to them before but, of course, since hubby didn't have a job, they weren't listening. I hope they'll be more amenable now that he's bringing in an income. I work, too, but I teach and he makes almost twice as much as I do. I need to get a mod that gets rid of this adjustable rate. Where do I begin? Should I try talking directly to BoA or go to a credit counselor for help or hire a lawyer or what? I'm so scared. Please help.

[Evan Bedard]

Hi jsttoomuch welcome and thank you for joining.

You need to contact BofA right away to get you loan mod process started. They will ask for all of your financial information including hardship, paystubs, bank statements, tax returns, etc. This should get your process going. If you do have trouble getting through with them go ahead and email this lady from BofA, she has helped many homeowners on this forum get their process styarted quite quickly:

Barbara J. Desoer
President Home Loans and Insurance
Bank of America
100 North Tryon St.
Charlotte, NC 28255
barbara.j.desoer@bankofamerica.com

[rozuki]

In addition to contacting BofA as outlined above.....go to the NACA website and check out the home save area. Many on this forum, including myself, have been successful by going with NACA to save our homes.

NACA is a non-profit organization that does not charge a fee to submit a loan modification/restructure proposal. BofA can be very hard to deal with alone. I know, because i tried for 5 months before I found NACA......

Good Luck!