Anyone with BofA (not cw) get help trough NACA?

[Suntot]

First, I want to thank every one that has posted on other threads regarding getting a loan mod with BofA. Here is my story:

Wife and I bought our first house in AZ in 2007 for around $200,000. We have just 1 conventiona loan, at a fixed rate of 5.625%. At the time, we thought it was good deal. Shortly after, it all started crumbling down. Now, we are $70,000 underwater.

We love the house, and want to keep it, but it's been very hard to keep up. Last year our daughter was born, so obviously, we incurred some expenses. Then, 2 months later, our AC unit broke and that cost a pretty penny, really pushing our debt up.

After looking online I found this forum and saw the email addresses for some of BofA's execs and decided to send a hardship letter. To my surprise, they answered the next business day. Here is what they offered me:

For 3 years interest @ 3.25%
For 2 years interest @ 4.75
Then it goes to the regular @ 5.625 (which is what we have now)
The loan would be extended to 40 yrs, which means you end up paying more in the long run.

Anyways it sounded very good, given our circumstances.

As we were getting ready to receive the documents, my wife lost her job. Now, we are told that we don't qualify for the mod. They gave us a forbearance for 3 months, hoping that we can make more income. This I am not sure of. I am working 6 days a week to keep. I'm trying to sell on Ebay, tried to do ChaCha, even went to storage auctions to try to make some extra money. So far, nothing is really giving a substantial income.

Sooo, my question: what will BofA probably do if I can't come with extra income??? Just let me foreclose or tell me to do a short sale? Will they work with me for a lower payment?? I really don't want to loose this house.

Please give me your input. Thanks in advance!

[Moe Bedard]

Hi Suntot,


Welcome to the forum and thank you for joining.............


It would seem that BofA is giving an opportunity to try to work something out with income over the next three months by offering the forbearance to keep you in the home at this time............
whether or not to accept it is a decision that only you can make based on your financial situation.........

[Suntot]

I've seen through this forum that a lot of people have been helped by NACA, mostly people with loans from Country Wide.

My question is: anyone else?

I have a loan with Bank of America, and I am wondering if any one here has been helped trough NACA.

Also, do you think the same retention team handles both CW and BofA? Who should I contact at BofA regarding speeding the process through NACA? So far I am just waiting.

THANKS!