Ready to go for it .... Please advise....

[miked2023]

I am now almost 90 days late (CW/BofA) and am finally ready (after paying down some debts) to get going on a loan mod proposal. Few questions....

Whom should I make first contact with? Loss mitigation? Is this step one or have you guys figured out something better? I want to prose a 5% settlement on the 2nd and a step ladder loan on the first.

Should I mention in my proposal that the house needs a lot of work that will make it harder for them to sell even current market value? We're willing to do the work if we can stay and have it worked into our budget - just not sure if this complicates the issue for them or it's an advantage for us.

I think that's it for now - I've got my financials and budgets, together and we have a true hardship that has since stabilized albeit at a much lower income.

cheers.

[Evan Bedard]

Hi miked 2023,

I am now almost 90 days late (CW/BofA) and am finally ready (after paying down some debts) to get going on a loan mod proposal. Few questions....

Whom should I make first contact with? Loss mitigation? Is this step one or have you guys figured out something better? I want to prose a 5% settlement on the 2nd and a step ladder loan on the first.

Should I mention in my proposal that the house needs a lot of work that will make it harder for them to sell even current market value? We're willing to do the work if we can stay and have it worked into our budget - just not sure if this complicates the issue for them or it's an advantage for us.

I think that's it for now - I've got my financials and budgets, together and we have a true hardship that has since stabilized albeit at a much lower income.

cheers.

Im going to copy this thread in our CW/BofA section as well so you can speak with others in your situation as well.

Try emailing Barbara Dosoer she has helped many here on the forum get their process started in as timely and professional matter:

Barbara J. Desoer
President Home Loans and Insurance
Bank of America
100 North Tryon St.
Charlotte, NC 28255
barbara.j.desoer@bankofamerica.com

[Evan Bedard]

Hi miked 2023,

I am now almost 90 days late (CW/BofA) and am finally ready (after paying down some debts) to get going on a loan mod proposal. Few questions....

Whom should I make first contact with? Loss mitigation? Is this step one or have you guys figured out something better? I want to prose a 5% settlement on the 2nd and a step ladder loan on the first.

Should I mention in my proposal that the house needs a lot of work that will make it harder for them to sell even current market value? We're willing to do the work if we can stay and have it worked into our budget - just not sure if this complicates the issue for them or it's an advantage for us.

I think that's it for now - I've got my financials and budgets, together and we have a true hardship that has since stabilized albeit at a much lower income.

cheers.

Im going to copy this thread in our CW/BofA section as well so you can speak with others in your situation as well.

Try emailing Barbara Dosoer she has helped many here on the forum get their process started in as timely and professional matter:

Barbara J. Desoer
President Home Loans and Insurance
Bank of America
100 North Tryon St.
Charlotte, NC 28255
barbara.j.desoer@bankofamerica.com