Attempting the Impossible?

[UndertheGun]

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.

Thanks.

[EstherL]

Have you sent an email to the Barbara Dosoer office of the president?

[UndertheGun]

I have not sent an email yet, but felt that was my best next move. I am not sure whether the email should be along the lines of my above post, or if there are certain points, not included in the post, that are critical to include in an email to her.

Since my situation is one where I need the next 90 days to produce the supporting documents for sufficient income, I am not sure how to approach the email.

[pdsfoley]

Send an email to Office of the President....Tell your hardship. They should be able to at least get you started. If not try NACA...They have helped a lot of us by getting a restructure of your loan. Its a long road......hang in there. But start calling ASAP! Good luck with your fight....check in here....there is TONS of help!!!

[BadBobMo]

First hurdle is to get BofA to agree to "stop the Foreclosure Proceedings!

I have contracts from individuals to purchase several lots

Use this as leverage and ask them if you sent over a copy of the contracts showing the approx. closing date if the would set you up on an forbearance plan, while you worked with them on a permanent in-house fix.
"Hint once they know you have some money coming your way they will usally want it"!! Maybe?
P.S. Copy and Edit a post showing loans terms balance 2nd loan, ect., and you will alot more help!

[UndertheGun]

The email has been sent to the OOP as of this morning, so now we wait and see. This is going to be one bumpy ride, isn't it?

[sahm2two]

The email has been sent to the OOP as of this morning, so now we wait and see. This is going to be one bumpy ride, isn't it?

You may be lucky! I wish when I started this whole mess I found this site and I contacted OOP. BUT, by the time OOP was contacted was end of July and I had started my trial payments 10/1. So....my fingers are crossed for you!

[UndertheGun]

Filled out all the online paperwork at NACA and supposedly have a phone call scheduled for Wednesday morning, November 25. Interesting way to start the Thanksgiving Holiday.

Does anyone know if NACA has a limit on loan amount?

[pdsfoley]

YES..........its gonna be a LONGGGGGGGG BUMPY ride!! but hang in there!!!

[Sunbeam]

Good luck to you. You have some good advice here already. Read some of the success stories posted on this site to give you some hope. You need it. You also need to not just send the emails, but call and call and call. Loss Mitigation, imminent default, whatever it takes. And don't forget to document everything, every phone call, who you spoke to, when, what was said. This has to be your new part-time/fulltime job; saving your home. Please keep us posted on your journey. It is taking many of us months and months to get through the process and the support offered here is a lifesaver. You are not alone. Welcome.
>>

[UndertheGun]

Just a quick update giving a timeline since my email to OOP.

Nov 9, 2009 - Email to OOP

Nov 10, 2998 - Submission to NACA with phone conference scheduled for Nov. 25.

Nov 11, 2009 - Message from Ms. Garcia of OOP stating she would call again on Nov. 16.

Nov 16, 2009 - Received call from Ms. Garcia, said my situation was being assigned to negotiator, she would call back on Nov 23 and negotiator may be assigned by then. Requested that i send 2008 Tax Returns. I emailed to her same day.

Nov 23, 2009 - Message from Ms. Garcia stating account signed over to negotiator, Ms. Matthews. Ms Garcia stated Ms. Matthews had already left VM for me(turns out it was on my home phone)

I will follow up with Ms. Matthews today and post any progress. Tomorrow morning is phone conference with NACA. Any advice on what to expect would be greatly appreciated.

Thanks again to everyone for all the suggestions, experiences, and hope that this forum provides.

[UndertheGun]

I received a call from the negotiator earlier today and have been offered a special forbearance for 3 months requiring monthly payments of 50% of the regular payment. The paperwork is to be mailed to me no later than December 1 with the first payment date on December 15. The negotiator stated that my account would be reviewed upon completion of this 3 month period to determine if my P & L shows the required income to move towards a modification.

I think this may be a good first step, but would appreciate any feedback from folks who are further along in their "journey".

Thanks again to Moe for providing this forum and to all the posters who have shared their experiences to provide assistance for the rest of us. There certainly is strength in numbers!

I'll post updates as I have them.

[UndertheGun]

Quick update:

12/01-Received forbearance agreement via FedEx. Agreement dated 11/24 with expiration 5 days after date of agreement. Spoke with negotiator, who instructed me to sign and FedEx back and there would be "no problem". I have a feeling this is not the last I hear of the expiration date issue!

12/02-Signed paperwork and FedEx'd back to BA.

Left message with negotiator that paperwork had been sent back. Will call tomorrow to check on status.

[UndertheGun]

A quick update:

Completed Special forbearance successfully in February. Sent in requested financials in early February and had not heard anything by the first of March. Made additional forbearance payment in March.

March 29 - Received FedEx letter from BofA stating I had been approved for the trial mod through HAMP and a payment was due by April 1. The payment amount is approximately $1200 less than my normal payment, but about $600 higher than I was anticipating. I called my negotiator and left messages on 29th and 30th.

March 31 - Received large FedEx package with trial mod paperwork and requiring a payment be made before May 1, June 1, and July 1. Same payment amount as in the March 29 letter.

April 1(ironic, huh) - Spoke with negotiator and went over numbers on my financials. It was evident to both of us that the prior negotiator used the net profits of my company as my personal net income when it should've been my gross income. Negotiator suggested I make the payments on the trial as laid out, and address the descrepancy during the permanent mod review. That is ultimately what I've decided to do. I have been very pleased with this negotiator/counselor and she even reminded me to write the loan number on every page, scan everything into my computer, and be prepared for numerous additional requests for the paperwork. She also told me upfront that I should expect to end up making 5,6,7 or more trial payments as every HAMP mod she was involved in was taking much longer than the three months to get approved for a permanent mod.

April 8 - Sent first payment.

April 15 - Sent in paperwork for permanent. Now we wait.

I appreciate all of the valuable information I have obtained on this site and the kind words and encouragement. There is still a long and uncertain road ahead of me in this process, but there is no chance I would've made it this far without the assistance and encouragement I found on this site.

Thanks to Moe and Evan and all of the posters who give of their time to assist others.

I'll update further as this thing proceeds.

[UndertheGun]

Well, after 8 trial payments it now appears that my "file has been declined" due to refusal to send in required documents. From April until now, I had been told over and over "I was missing documents" and time and again through perseverence was able to walk the person on the other end of the line through the maze of correspondence until it was determined that they did in fact have all the documents. On October 20, I received a FedEx package once again asking for the same documents. I called and was assured that BAC had all the necessary documents. Twice more I called and was assured the same and that my file was "in front of the underwriters". Unfortunately, I did not notice that an additional document was being requested: A Utility Bill.

That's right. It has now been verified by a representative at BAC that they did indeed have all the documents they ever requested EXCEPT for that last request for the utility bill. My MHA modification has been denied on that basis and I am now under "2nd Review" to see if there might be an In House solution.

Moral of the story is: Don't get overconfident in your abilities and continue to resend in the documents upon request. It is a mantra repeated throughout this site, however I did not heed very sage advice.

Thanks again to all on this board who have provided invaluable info, support, and encouragement.

We shall see what the next steps bring.