I am a self-employed land developer who has gone through some extremely rough financial times over the last 30 months. I have a CW/BofA jumbo fixed with a loan balance of $725,000. I am currently in receipt of NOD and received an "Institution of Foreclosure Proceedings" letter from Nationwide Trustee Service, Inc., dated Oct. 22, 2009. I have completely exhausted savings and a large portion of retirement accounts due to my precipitous drop in income and tremendous amount of overhead. The expenses have been brought into balance through various methods including negotiated settlements, and a short sale on one of my development projects.
My home is valued at or near the loan balance(although it was a 67% LTV when we closed 3 years ago), although I believe in our market there is a decent chance of some equity gain over the next 18 months. Currently, I cannot show 3 months of income sufficient to meet guidelines of HAMP. However, fortunately I have contracts from individuals to purchase several lots in a neighborhood of mine that was recently approved, and the closings are scheduled over the next 90 days. The income from these closings would be sufficient to meet the guidelines and with spotty income from other sources, I should be able to continue to show the required income going forward.
I assume my first hurdle is to get BofA to agree to a temporary payment situation(even if it is more than the current monthly payment) for 3 months to allow me time to show the income necessary to qualify for HAMP or other loan mod, and then perform on this temporary payment plan and subsequent trial mod and mod plan.
I tried and failed with HAMP loan mod in June, sent in documents again in September that were "never received" and appear to be near the end of the rope. As a licensed(and practicing) real estate broker I do know that foreclosed properties are suffering about a 30% "hit" on value as opposed to comparable "untainted" properties.
Any thoughts on who at BofA, and how, I should propose this "plan". Would an email to the President, Ms. Doeser, be a good next step? Talk with loss mitigation? Other possibilities?
These forums have been extremely helpful to me over the last several days on a multitude of levels. If I'm going to go "All-In" I need all the help I can get, and these forums are one of the best resources I've found.