Crossing my fingers on BofA Loan Mod in Mission Viejo

[v2tplan]

• BofA 5/1 ARM @6.25% on $772k loan for $965k purchase in 2006 (resets in 01/2012) **Last comp in are area sold for $690K**
• Chase Home Equity Loan @7.4% on $115k balance
• M&T Bank 10/1 ARM on $417k loan for second/rental property
• Key Bank Boat Loan for $48k

I have been reading and researching on this site for about a month. I have to say the site has been extremely helpful in figuring out the loan modification process. We experienced some hardship due to a fluctuation in both of my and husband's income since the beginning of the year and just excessive revolving debt from trying to maintain paying everything including the mortgage. We are negative on the rental and trying to short sale the boat, because it won't sell through conventional means due to obvious current market conditions. I am listing all our major obligations above just to give a sense of all the payments we have to keep up!!!

We missed one BofA mortgage payment and I was promptly forwarded to Loss Mitigation. I spoke to a rep on the phone and he said based on my numbers I was not prequalified, but he would put my application through anyway. He also gave me the number of CCCS in Atlanta to speak to a Housing Counselor. He said it could take 60 to 90 days. I received a letter on Monday asking for the usual list of things (hardship letter, paystubs, proof of paid property tax and insurance). I faxed them in the very next day, but could not get this sinking feeling out of my mind that this was going to drag on.

I decided to email the office of Barbara J. Desoer yesterday 8/6 and got a call promptly this morning at 9:30am PST! Needless to say I am floored and ecstatic at the lightening fast response. I was a little dazed so I totally forgot the name of the woman on the other end, but she reassured me that someone from the Executive Loss Mitigation Team would contact me within 24 hours!!! All I can say is this definitely beats going through the regular channels and getting transferred around from department to department. On top of that I do not fall within the Obama guidelines, because I have a jumbo loan but was hoping they would still consider me if I submitted a hardship letter. I am so nervous because I am praying they will convert us to a lower fixed rate so we can keep the house...It seems like everyone has had some success one way or the other with BofA and I am hoping we will experience the same.

As for the second which is a home equity loan, does anyone have any success with trying to get any break or mod with Chase? I called Chase and all they were telling me was that if I was not delinquent there was nothing they could do. Is this correct??? Has anyone been able to get a successful settlement with them?

I am trying to see if I can get a loan mod with M&T Bank as well, but understand I may not be as successful since this is a rental property. Anyway, wish me luck!!! I will post progress as soon as I hear back from the LM team...

[Evan Bedard]

Hi v2tplan welcome and thank you for joining the forum.

As for the second which is a home equity loan, does anyone have any success with trying to get any break or mod with Chase? I called Chase and all they were telling me was that if I was not delinquent there was nothing they could do. Is this correct??? Has anyone been able to get a successful settlement with them?

I am trying to see if I can get a loan mod with M&T Bank as well, but understand I may not be as successful since this is a rental property. Anyway, wish me luck!!! I will post progress as soon as I hear back from the LM team...

Good idea contacting Barbara she is helping many here get thier process started in a timely and professional matter.

Chase is being a little more difficult when it comes to modifications but it is definetely possible. The first thing pretty much any lender will tell you is that you don't qualify since you are not behind, but over and over again homeowners are proving this statement wrong and achieving modifications while current. Trying to settle the loan for maybe 5-10% of what is owed is an excellent plan and worth a shot.

As far as m & T bank it will be very difficult to modify since it is an investment but it is possible.

Good luck and keep us posted!