SUCCESS with BofA! Final paperwork has been signed and RECORDED!

Playamayare

LoanSafe Member
Jul 14, 2011
22
0
0
It took forever and it finally worked out after numerous foreclosure dates, our attorney was finally able to land us a deal. Without the help of a professional (with integrity) we finally got a trial payment and eventually a final agreement.

For those who are still trying, keep at it. We were sure at times that we were going to lose our home, stressed beyond belief, the whole show! However, SUCCESS is here! Persevere!

Quick story: we were Countrywide, then BofA. Bad economy, job loss, slow business lead to almost 5 years of not making a payment. Suffered through numerous foreclosure dates, but our attorney was able to get those delayed and we kept submitting updated applications and paperwork in order to keep us in the 'game'. It was frustrating, stressful, etc...and felt like giving up many times. All I can say now, is keep on fighting!
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Thanks for sharing your success story with the community and we're so glad to hear your hard work and diligence has paid off!! Nearly five years of non-payment and achieving an affordable monthly payment is truly a miracle my friend :)
 

cali92262

LoanSafe Member
Mar 19, 2011
150
0
16
Congratulations on your final paperwork and being able to keep your home. I was in the same situation as you until I got my HAMP mod. Now you enjoy your home without all the stress. Congrats again and best wishes!
 

rickyvnd

LoanSafe Member
Feb 8, 2014
5
1
1
Congrats! Was that your 1st mortgage? Can someone HELP me? My wife and I bought our house in 2007. I have my 1st with another home loan for $342,570 and my 2nd is with BofA for $65,028 at 8.5%; totaling $407,598. VERY little goes towards the principle. Zillow is estimating the value of my house at $372,000. I have tried to contact BofA numerous times to try and refi the second but there is nothing they can do to help me out because payments have been on time and my wife and I still have our jobs. I have been told by people to just stop paying the 2nd and let it go to collections where we can settle for pennies on the dollar. If I do this, will BofA still come after us for the debt? Will BofA forclose? will BofA place a lien on our house? Will BofA garnish our wages?

On paper, my wife and I make enough money, we don't have much debt except for cars and mortgage BUT we had 2 kids since and could use the extra cash.

I just now stopped paying my 2nd (the 1st month we missed a payment). Is this a good move?

Someone please help!
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
rickyvnd

Welcome to the community.

Since your 2[SUP]nd[/SUP] is underwater, BOA won’t FC. I recommend you seek to eventually settle by following the guide at post #1 of the following thread. Your patience is required as this will likely be a long process.

http://www.loansafe.org/forum/debt-settlement/37996-strategy-settling-your-2nd-94.html

I recommend you obtain a current valuation; a Zillow value won't cut it. You might get a CMA (free) from a RE agent who farms your neighborhood.
 

rickyvnd

LoanSafe Member
Feb 8, 2014
5
1
1
Thank you. I will try and get a RE agent to give me a valuation. Do I just ask or should I inquire as if I was interested in selling my home? We just purchased a second home/vacation home with money that was loaned to us from a family member...will this help us or hurt us? My wife's name is also on her parents home and loan/refi (which is how we purchased the second home)....will this help us or hurt us?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Your recent purchase will have no affect on your ability to settle the 2nd mortgage, they really have no choice but to settle or sit on the account for years until you eventually have enough equity to foreclose. An agent should have no problem providing you a CMA.
 

rickyvnd

LoanSafe Member
Feb 8, 2014
5
1
1
Thank you everyone for all o your advise!!!! We stopped paying the 2nd mortgage with BofA because they still did not want to work with us even after purchasing our 2nd property. Even though I felt really bad not paying, I went through with it! I would have posted this sooner but I lost my password and this thread.
After about a year of not paying and ignoring the notices we received in the mail, we finally got the news we were NOT expecting! I thought they were going to settle for less at a lower rate but the letter COMPLETELY SHOCKED my wife and I! We were hesitant on opening the envelope because it was larger than all the other notices they sent. Once we opened it, we read the first line and just felt RELIEVED!!! It read, "We are pleased to inform you that your loan has been forgiven"!!!!!!!!!!!!!!!!!

Thank you SOOOOOO MUCH for everything!!! For all of you who are still struggling, do not give up!

There is a program that Bof A has and they set aside money to be able to forgive loans and also pay for fees come tax time, but they did not want to say anything if you are paying your 2nd mortgage. They attempted to set a meeting to go over finances in order to lower our rate but I refused!

It ALL paid off at the end!!!
 
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rickyvnd

LoanSafe Member
Feb 8, 2014
5
1
1
We also kept our house, because with the second mortgage paid off, it made it affordable. The other property is an income property!
 

bkakca

LoanSafe Member
Jul 5, 2013
189
20
18
. . . sorry. . . and there is NO lean on our house and shows as paid on my credit!!!
Congratulations on this rickyvnd !! We are in a somewhat similar situation, but have not been lucky enough to receive that golden ticket of loan forgiveness. Sent BofA a Settlement offer back in November, but have heard nothing back. They scheduled our home for trustee's sale, then cancelled it. Guessing it will be a waiting game now. Congrats again to you and yours !! :)