Profile picture for tsb1970

I did not get any quotes on my loan request (ZR-PYZWQYQ). Can someone help me figure out why?

We bought in 2005 and have a 1st mortgage for $280,359 at 6.875% and a 2nd mortgage for $70,+95 at 8.5% 

The homes in our neighborhood have recently sold as low as $165,000 throwing our debt to loan value under to the point that we can not get any assistance on refinancing or lowering our rate. Bank of America bought our loan from Country Wide Home Loans and basically tells us they won't help unless we miss multiple payments. This is not only unethical, but risky. We need to lower the rates and the monthly payments. 

What is the best option for people in our situation? 

 
  • January 01 2010 - Woodbridge
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (3)

Hi,

 I too have a Countrywide home loan that was shifter to Bank of America. Less that 6 month ago they were sending letters and offering to reduce the interest rate and fix the loan to a Interest Only. They however were not willing to lower the principal amount owed. Bank of America is tough!

I have help many people in the Lake Risge Woodbridge area struggling with these issues. There is no cost for me to sit down and take a look at what your dealing with and help you figure out your options. There are always options.

Refinancing is out of the question, your home is upside down in value.

Take a deep breathe and give me a call if you haven't found someone to help you yet.

  • January 09 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for tsb1970
Thanks Scott. How do we do that? They told us we have to miss payments. Isn't that risky? We have to skunk our credit to get any help? That is so unfair!  If we miss the payments and apply to get modified, can they deny us based on our income?
  • January 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I don't want to be the bearer of bad news, but dealing directly with bof a.
If your value truly is taking your combined loan to value to 213%, modifying with them is your only option.
  • January 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.