Help....BoA/CW...need advise

[jorswift]

Hello,
I have a loan for 123K with CW now BoA. I do not live in the home since I lost my job and had to relocate the family to a new location do to new position. Any how, my wife lost her job and we are expecting our 3rd child any day now. Since my wife lost her job, I can not stay current on our mortgage and we are now 3 months behind. We have had the property for sale now for over a year. We had a potiential buyer, but they backed out after the 3 months time limit. Now I have no one interested in the home. What can I do? Just walk away? I do not know what to do. I am current on my cars, C.C., student loans, etc., but since the mortgage takes up over 65% of my take home income. I have been trying to contact a couple people with BoA, but always get a message. I leave a message and an email with them, but get no response. Please Help. Thank you.

[Evan Bedard]

Hi jorswift,

Hello,
I have a loan for 123K with CW now BoA. I do not live in the home since I lost my job and had to relocate the family to a new location do to new position. Any how, my wife lost her job and we are expecting our 3rd child any day now. Since my wife lost her job, I can not stay current on our mortgage and we are now 3 months behind. We have had the property for sale now for over a year. We had a potiential buyer, but they backed out after the 3 months time limit. Now I have no one interested in the home. What can I do? Just walk away? I do not know what to do. I am current on my cars, C.C., student loans, etc., but since the mortgage takes up over 65% of my take home income. I have been trying to contact a couple people with BoA, but always get a message. I leave a message and an email with them, but get no response. Please Help. Thank you.

If you are no longer living in the property I suggest you continue trying to short sale the home especially if its taking 65% of your income. What amount do you currently have the propterty listed for?

[jorswift]

I owe about 121K or so. I was asking 100k and got an offer of 92K I believe. I think I am going to switch realtors. I might take the asking price down as well.

[jorswift]

How does any one get ahold of any body at BoA? I have been trying to call my negotiator for a some time now and email him. I leave messages, but never get a call back. I also have been trying to get into contact with Steven Nelson with BoA. Anyone know what his role is? It seems I can email and leave all the messages I want an no one calls back. How did you all do it, or who did you talk to? What numbers or emails did you use? Thanks.

[jorswift]

Well, I have finally got in touch with Steven Nelson from BoA. He was very nice and helpful. He said he is giving my file to a VIP Negotiator and we can explore my options on the home. I am currently 3 months behind and dont know what to do. We do not live near the property so, maintaining it and up keep is a no. I am just considering signing it back to the bank or a deed in lieu. We have had the property up for sale for over a year with no interest, but one buyer who walked. The home appraised at 125K when we bought it 2 years ago, BoA says the updated file and appraisal said it was valued at the same 125K. there is no way I can sell the home at that price. We have had it down to 100k ad 95k with no interest. Please help with some advice. I would think BoA would be willing to help more with a deed in leiu than a full blown foreclosure. What is the impact with both? Thank you.