Need urgent advice US bank (Downey)

[samcorjones]

I hired a company to do my loan modification for me and have been denied twice due to the BPO coming in really high and our income. I spoke with the lender and they told me it was more the BPO than the income. I am a Realtor and know the comps. They are valuing my home at $1.4 million and there isn't a single comp to back that up. Homes are selling for around $900K in my neighborhood. The lender said that my only option was to short sale or bring my past due balance current. They said that they would take less of a loss if they took it back as an REO. My loan is with Downey (which is now US Bank). I'm also in a neg am loan. They just filed an NOD and I am really afraid that they are going to move forward with foreclosure. I don't qualify for the Obama plan because my balance is $888K. I cannot afford the monthly payments nor can I afford to bring the past due balance current. What can I do? Does anyone have any phone numbers for the higher ups at US Bank? They won't even take me out of the neg am loan. I am in desparate need of help.

[Evan Bedard]

Hi samcorjones welcome and thank you for joining the forum.

I hired a company to do my loan modification for me and have been denied twice due to the BPO coming in really high and our income. I spoke with the lender and they told me it was more the BPO than the income. I am a Realtor and know the comps. They are valuing my home at $1.4 million and there isn't a single comp to back that up. Homes are selling for around $900K in my neighborhood. The lender said that my only option was to short sale or bring my past due balance current. They said that they would take less of a loss if they took it back as an REO. My loan is with Downey (which is now US Bank). I'm also in a neg am loan. They just filed an NOD and I am really afraid that they are going to move forward with foreclosure. I don't qualify for the Obama plan because my balance is $888K. I cannot afford the monthly payments nor can I afford to bring the past due balance current. What can I do? Does anyone have any phone numbers for the higher ups at US Bank? They won't even take me out of the neg am loan. I am in desparate need of help.

How does your debt to income ratio look? If the homes in your area are selling for 900k its really strange they say your BPO came back at $1.4million. Make sure not to deal with collections or customer service because they won't get you a modification. Give their loss mitigation dept a call:

U.S. Bank Home Mortgage
(800) 365-7900