HI Everyone. I wanted to write about my successful modification with bank of america to give others hope because I came here when I was struggling and afraid. I just received my modification today after a 14 month struggle, and boy was it a struggle, as alot of you know. This forum saved me with the suggestion to email Barbara Desoer.
To make a long story short, when the real estate market collapsed, I fell behind on my mortgage for a bunch of reasons financial and personal which I'll skip here. I had a jumbo 7 1/2 interest only loan with the first at 950k and a second at 200k from Countrywide initially. I live in southern california. I tried to request a loan modification myself and got run around after run around. Feeling overwhelmed I hired a lawyer to handle the loan mod. For six months as my house when into foreclosure and I started receiving auction notices, all he said was that Bank of America was reviewing the file. Each auction date was stressful in ways that only many of you know, and I felt like my insides were turning outside, and I am normally a calm person. Each time my lawyer said this was normal for them to postpone last minute. I continued to feel my lawyer was not on top of things. Then as a third auction day loomed, again it was three days before the auction and bank of america hadn't postponed. I was losing it, and the lawyer said all was well and they would postpone. Two days before and no postponement. I finally felt in my gut the lawyer was absolutely full of it, and started calling B of A relentlessly. To make a long story short, the day before my auction I got a manager who told me the lawyer had not sent in the necessary paperwork, had not responded to b of a, but it was too late, they weren't going to postpone.
I then went on this forum and saw the suggestion to email Barbara Desoer. Did I really believe that emailing Barbara Desoer, head of b of a was going to do anything, no I didn't, but I was desperate. I sent her the most honest, heartfelt email I could and then I prayed. I woke up at 6 am the day of the sale, and was prepared to file bk to stop the sale, but I knew that would most likely prevent me from getting a loan mod and I would then eventually lose the house. The sale was at noon. I called all morning and at 10 am, I found out that the auction was postponed by Barbara Desoer. She read the email. It felt like a miracle and it was.
After she postponed the sale, she and her office sent my file to OOP. I was then assigned a negotiator, Jeanette, in 24 hours, which my lawyer couldn't accomplish in 8 months. From then on, it has been much smoother. Jeanette was available and terrific when I called. It still took another 6 months of paperwork and sale dates being postponed, and there was still that anxiety, but I felt like I was in good hands and someone was on top of it. Today I got my modification and it does feel like a miracle. Here are the terms for those who are interested.
Old loan 1st 30 years 950k at 7 1/2 interest only payment $5900 or $7000 with taxes
2nd 200k payment $715
New Loan 1st at 3% for first 3 years - 4% fourth year and 5% fifth year onward. My new payment is $4800 and includes taxes and its a 40 year loan
2nd - $225 payment.
I can breathe again and sleep well at night. If anyone wants to know what numbers I submitted I will let you know.
This feels like a MIRACLE and that there is light at the end of this dark and scary tunnel. The only reason I am taking time to tell this story is to give you hope, because thats what others gave me when I read this forum, scared out of my wits late at night. Stay strong and believe. I never stopped believing or fighting and you can too.