I have an original CountryWide, stated income, 6.5% rate, refi (cash-out) in 2006 with Bank of NY Mellon as the investor. I'm a Realtor and hit hard times in 2009 but kept up with my mrtg pymts thru 7/2010. I was served in Oct of 2011 and just last month received an appt regarding the new agreement with the Dept of justice for princpal reduction. My first with B of A is over 700,000 and i have a second loan with Bank Atlantic for 250,000 (both non performing). My appt is tomorrow to negotiate with them and I would like to keep all of you posted on the process and anything learned. Is there anything you can all share with me? Any tactics on the interview, any debt to ratios they are looking for? Please let me know and I will share with all my experience, Thanks a Million!!!
P.D. I wanted to add that my home value is about 500,000 now in the South Florida market.