Upside Down

[Glenn]

---

I just did a new modification application over the phone with the help of Novadebt for Bank of America she from BOA said I qualify for multiple options Etc, but of course need to be approved first should I follow up with the individuals that Evan Bedard in my other thread suggested I do along with the modification rep, and I have a second mortgage/equity line with National City they are going to try and modify it cut my payment in half but only for 1 year that is really the issue I should have written that in the original post I obtained that loan approximately 2 years ago, the house was appraised at $250,000 not worth that now so I am upside down by around $60,000 any suggestions for what I can do for this issue?

[Evan Bedard]

Hi Glenn,

I just did a new modification application over the phone with the help of Novadebt for Bank of America she from BOA said I qualify for multiple options Etc, but of course need to be approved first should I follow up with the individuals that Evan Bedard in my other thread suggested I do along with the modification rep, and I have a second mortgage/equity line with National City they are going to try and modify it cut my payment in half but only for 1 year that is really the issue I should have written that in the original post I obtained that loan approximately 2 years ago, the house was appraised at $250,000 not worth that now so I am upside down by around $60,000 any suggestions for what I can do for this issue?

Many reps will tell yuo that you are prequalifed/preapproved for a modification and just need to make sure your qualified first. She is really just telling you that you could possibly qualify for some of their programs but you will still need to start the process from beginning to end as usual. Its really up to you, if you feel your not getting anywhere maybe you can try giving them a call. In regards to your mod with National City you may want to try and negoitate to extend that rate for possibly 5 years instead of only one..

Also in regards to getting a principle reduction that is very rare and I have only seen a couple out of hundreds of modifications. Most lenders will not even consider it an option..