Bank of America loan modification.

[Hunter]

I found this forum accidentally as I was searching on the internet regarding loan modifications. I’m so happy found this site, because I found already lots of useful information here. We bought our house in S. California a little more than a year ago for $310000 with a 30 year fix loan from Bank of America, and now our house worth only $213000 and the value of it dropping like a stone every month. We have no any late payment at all fortunately, but I’m so frustrated, because I’m seating in this loan and my house value getting slowly close to half what we bought it for. I told my wife, if no any other solutions and our house value will drop under $200000 we just walk out. I would like to know if we have any chance to get our principal be readjusted to the current or close to the current value with BFA?
I would appreciate any advice.
Thank you.

[Moe Bedard]

Hi Hunter,

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

You would need to call and see what the options are on your loan..........it all depends on the investor and what they are or are not willing to do........

BofA Homeownership Retention Team
1-800-936-6362


Please keep us posted on your progress...........