I'll try to make this simple!!
I had a loan modification with Wilshire/NACA almost a year and half ago. NACA is a GREAT company but you need to be patient and wait for the lender to respond which could take months!! I went from 6.75% ARM to 4.41% permanent for 28 years then a few months later my loan was sold to BOFA.
I made my payments for a year then applied for another modification using NACA. After 8 LONG months BOFA accepted NACA's proposal last week and my new interest rate is 2.5% for 27 years.
BUT I still have two HUGE issues, I'm in NY and my house is worth 211,000. I am almost 225,000 underwater between my first loan 370,000/second(50,000). My second loan is currently with a credit union/attorney which I hired an attorney to settle the amount\lien but they have not responded to any of the letters sent to them.
I was thinking on doing a chapter 13 to remove the 2nd loan/lien since I have no other bills BUT I am still looking at other options.
I'm also still looking for a good principal reduction program in NY so I can remove 160,000 of the primary.
Please DO NOT GIVE UP! I Know the process is long but there's a light at the end of the tunnel.