Bank of America $104k HELOC to $12k buydown! - Loan Modification Forum

freedspirit · 11-03-2009, 06:43 PM

$104,000 Home Equity (2nd)
Negotiated down to $12,000!

This was primary residence bought in 2002 that became rental.
1st is $167k... market value about $155-160k.
Current primary residence has foreclosure notice plus hardship cited serious illness that would make HELOC payoff impossible if deal not taken now.
Negotiations started January 2009 - just closed October 2009!

heidi79 · 11-03-2009, 07:45 PM

congrats, you did the smart thing!!!!!!!!!!

ama125 · 11-03-2009, 07:53 PM

Awesome! Good for you!

Social Apocalypse · 11-04-2009, 06:57 AM

So glad to see that BofA is starting to take care of their investors. I WOULD LOVE to tell my investors that my CitiMortgage loan that they own was offered a good payoff before stripping it in Chapter 13... I bet they would be interested to know that they said no thanks...

hope67 · 11-05-2009, 01:34 PM

Quote:

Originally Posted by TB98629

I WOULD LOVE to tell my investors that my CitiMortgage loan that they own was offered a good payoff before stripping it in Chapter 13..

What did you need to do/provide to get the judge to strip the 2nd lien?

So the 2nd lien was reclassified as an unsecured debt?

kdtran08 · 11-16-2009, 03:22 PM

Quote:

Originally Posted by hope67

What did you need to do/provide to get the judge to strip the 2nd lien?

So the 2nd lien was reclassified as an unsecured debt?

What number did one call to do settlement? I called retention department at 1800-669-6607 multiple times but just got transferred to different departments with no answer!

brokemama · 11-16-2009, 03:26 PM

Congrats, Freedspirit! Please share with us how you did it and who you dealt with. There are many of us who have HELOCs with BofA and are just getting the runaround. I called retention, got transferred to short sale dept. (although I am not interested in doing a short sale), back to loss mitigation and so forth. Thanks a lot.

11-03-2009, 06:43 PM	#1 (permalink)
freedspirit Member Join Date: Oct 2009 Posts: 22 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Bank of America $104k HELOC to $12k buydown! $104,000 Home Equity (2nd) Negotiated down to $12,000! This was primary residence bought in 2002 that became rental. 1st is $167k... market value about $155-160k. Current primary residence has foreclosure notice plus hardship cited serious illness that would make HELOC payoff impossible if deal not taken now. Negotiations started January 2009 - just closed October 2009!

11-03-2009, 07:45 PM	#2 (permalink)
heidi79 Senior Member Join Date: Jan 2009 Location: Miami, Florida Posts: 250 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America $104k HELOC to $12k buydown! congrats, you did the smart thing!!!!!!!!!!

11-03-2009, 07:53 PM	#3 (permalink)
ama125 Senior Member Join Date: Jun 2009 Location: Reading, PA Posts: 1,488 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America $104k HELOC to $12k buydown! Awesome! Good for you! __________________ http://lbdf.lilypie.com/VX6am5.png PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS \| Petition2Congress \|

11-04-2009, 06:57 AM	#4 (permalink)
Social Apocalypse Senior Member Join Date: Mar 2009 Location: Washington State Posts: 269 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America $104k HELOC to $12k buydown! So glad to see that BofA is starting to take care of their investors. I WOULD LOVE to tell my investors that my CitiMortgage loan that they own was offered a good payoff before stripping it in Chapter 13... I bet they would be interested to know that they said no thanks... __________________ (formerly TB98629) *Moe Bedard is going to save this country!* URGENT! PLEASE TAKE A MOMENT AND SIGN OUR PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS: CLICK HERE Representing Washington State, and Never Giving Up Follow Me On Twitter @SocialApocalyps

11-16-2009, 03:26 PM	#7 (permalink)
brokemama Senior Member Join Date: Nov 2008 Posts: 203 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America $104k HELOC to $12k buydown! Congrats, Freedspirit! Please share with us how you did it and who you dealt with. There are many of us who have HELOCs with BofA and are just getting the runaround. I called retention, got transferred to short sale dept. (although I am not interested in doing a short sale), back to loss mitigation and so forth. Thanks a lot.

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