BOA - Loan Mod Agreement

cookiemom

LoanSafe Member
Back in 2010 I was approved for a Loan Modification through BOA serving Countrywide. At the time, I had a 1st and a 2nd (debt was discharged in Chapter 7 in 2007) I have continued to pay on 1st but not 2nd. My question is based on the below text, I am trying to determine if an affidavit for the 2nd was within that loan modification. Only the loan number of the 1st is referenced but how could the not include the second since they were servicing both accounts. A full copy of the agreement was not sent to me, but what I have reads as such:

"This Loan Modification Agreement made on October 2010 between borrow and BAC amends and supplements (1) the Mortgage, Deed of Trust or Deed to Secure Dept (The Security Instrument), dated the 30th of October and in the amount of $xxx and (2) the Note bearing the same date as, and secured by, the Security Instrument, which covers the real and personal property described in the Security Instrument and defined therein as tin the Property located at XXXX"

Are they referencing the second in the bolded text?
 

Jzone

LoanSafe Member
Back in 2010 I was approved for a Loan Modification through BOA serving Countrywide. At the time, I had a 1st and a 2nd (debt was discharged in Chapter 7 in 2007) I have continued to pay on 1st but not 2nd. My question is based on the below text, I am trying to determine if an affidavit for the 2nd was within that loan modification. Only the loan number of the 1st is referenced but how could the not include the second since they were servicing both accounts. A full copy of the agreement was not sent to me, but what I have reads as such:

"This Loan Modification Agreement made on October 2010 between borrow and BAC amends and supplements (1) the Mortgage, Deed of Trust or Deed to Secure Dept (The Security Instrument), dated the 30th of October and in the amount of $xxx and (2) the Note bearing the same date as, and secured by, the Security Instrument, which covers the real and personal property described in the Security Instrument and defined therein as tin the Property located at XXXX"

Are they referencing the second in the bolded text?
You were approved for a loan modification AFTER bankruptcy? You say bankruptcy in 2007, but loan modified in 2010.

Loan modifications after bankruptcy generally act as a sort of "reaffirmation" of the debt. However, since you have continued to pay on the first but not the second, I would think that only the first is included in this modification.

Do the dollar amounts in the modification add up to the first and second balances?
 

cookiemom

LoanSafe Member
You were approved for a loan modification AFTER bankruptcy? You say bankruptcy in 2007, but loan modified in 2010.

Loan modifications after bankruptcy generally act as a sort of "reaffirmation" of the debt. However, since you have continued to pay on the first but not the second, I would think that only the first is included in this modification.

Do the dollar amounts in the modification add up to the first and second balances?
I did not include my first mortgage in the Chapter 7 because I intended to keep and pay on that. The mod totals does only capture the total of the first, it just that language is very confusing since BOA had both "loans". Just looking for some leverage opportunities. The second has been moved from servicer to servicer, and now at Specialized loan whom is stating original note is $42k and interest owed is $58k.

1st mortgage original $168k, with mod and fees increased to $187k. So, if I were to pay in full the above it would be over market value even in today's demand. I have continuously sent a letter to release lien to each servicer, but they have never countered with an offer. I definitely have been offering extremely low, so I am going to start again with Specialized loans, it is just getting annoying dealing with this for 15 years. I am going to increase my offer to settle to 10% of the original note...

Has anyone had an offer accepted and refinanced to combined the two cost together? If I do that, I could increase my offer I guess and maybe score a lower interest rate (currently at 4.25%)
 
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