Not sure how to proceed

[iulloa]

Facts about my Loan:

Servicer: Countrywide/BofA
Originator of loan: Southern Star Financial (Went bankrupt)
Loan Amount $206,000
Current payment $1850.00/mo
FHA Conventional loan 7.75% interest
House located in Central Florida

I purchased my home in 2004/2005 (went from preconstruction loan and rolled over into an FHA conventional once house was built). Nov. 2007 we refinanced and cashed out a little bit to pay some bills. I truly believe it was a predatory loan as the bank that refinanced closed it's doors the day we signed our refi paperwork. Our payment is different then the HUD, the $$ we were supposed to recieve originally is NOT what we recieved after closing and the supposed 3 day recision period became almost 4 weeks before we recieved the money from the title company! Title company was not getting funds from this bank that no longer existed!
We started making payments that we couldn't afford but we figured out, struggling, but we figured it out. This payment is not over 60 to 65% of our income and we have 3 children.
Fast Forward to 2009 - January, our home was broken into, ramsacked, we lost alot of stuff, including some money we had set aside for our mortgage. We fell behind on the mortgage for 2 months. (Jan/Feb).
We then contacted Countrywide/BofA and requested help, they reviewed our financials and said we didn't make enough money to qualify for help. We waited until the MHAP came through and then reapplied through that and was told that our loan originator was not Fannie mae or Freddie mac and therefore didn't qualify.
Now listen to this...we continue to plead with the bank and now they tell us they can't provide us with further information on our loan as the Social security number they have on file does NOT match what we are providing to them.??? Strange.. We call over a dozen times and now they just flat out deny speaking with us because WE can't verify our own information.
We got scared, we have 3 kids to worry about. We proceed to make payments. We make March, April and May. We decide after these 3 payments that we are just drowning and it's not worth it. Our home is upside down about 70k, our payment is too high and it's causing problems in the homefront, etc. We decide to walk away.

With all that I've told you, do we legally have a leg to stand on to try and get our loan modified? I am scared of going to just any attorney and refuse to go to a loan mod company. I tried that and I submitted all my paperwork to them, the day that FEDEX was supposed to pick up the $2500 up front payment for them, I found out that they were being investigated by the attorney general! (yes I lucked out!).

I've considered bankruptcy, just walking away, shortsale, etc. but everyone I talk to, realtors included tell me that because of the bank that holds my loan, i'm pretty much out of luck and i'm just better off forgetting all of this and putting it behind me because BofA does NOT work with anyone.

I need advise, I need help. While I say i'm ready to walk away and I haven't made payments since June, a part of me feels like something could be done.

[iulloa]

Wow, 97 people have read the post and not a single response! Is my situation so convoluted that no one knows how to respond? I guess everyone feels as confused about my situation as I do!!! I welcome anyone's ideas and advise because as i've mentioned...I don't know if it's even worth fighting for at this point, given the bank that i've had the misfortune of being sold to!

[Marshall Rosenbach Esq.]

I would first write a letter to the servicing department and attach a copy of your social security card. Tell them they are not letting you get information on your own loan and to correct their system.

Then ask for another loan modification and be persistent. I charge $2900. I am not sure what others charge. If you cannot afford that expense, I'd go back to Countrywide and try again. Sometimes several attempts result in a modification when the first attempt was rejected.

[nativelasvegan]

I would send a letter to Barbara Desoer, certified mail, return receipt requested, and title it as a formal request for a modification of loan, pursuant to the Government Making Home Affordable Plan.

Be sure to include your loan number on all paperwork.
*I would also include copies of your social security cards
*a hardship affidavit-click here for a form https://www.efanniemae.com/sf/formsd...trans/1021.pdf

*copies of last three months bank statements
*copies of your W-2s
*copies of your last two paychecks
*IRS Form 4506, signed - click here for the form http://www.irs.gov/pub/irs-pdf/f4506.pdf

State in your letter that you have included this information and should they require any additional information, to contact you. Provide your contact telephone numbers.

This is not a guarantee, but it doesn't hurt to start here.
Good luck!



Send to:
Barbara Desoesr
400 Countrywide Way
Simi Valley, CA 93065

[iulloa]

Hi and thank you for the responses. I actually sent an email to BofA through a thread that Moe had posted via the BofA forum and I recieved a call back today! I'm preparing my documentation which is basically what both Mr. Rosenbach and Nativelasvegan recommended that I do and I'm sending it all in. I'm sending it to two different places. The one you recommended, the office of the president and to the one that was just given to me as well. Thanks for the responses and I hope something good comes out of this. I thought I had come to terms with walking away from my home as i'm totally disgusted with BofA, however, now that I have some glimmer of hope, I'm excited and praying for the best outcome!