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loan modification

Profile picture for TEREMOK
I have negative amortization loan since 2007 to obtain as minimum monthly payment as possible for a period of time, I wanted to refi it a year later, but by the time the market prices went down and - voila - now my debt is 670,000 and market value of my house is approx.560,000 (actually my house is in a VERY GOOD condition - completely remodeled, and if I would sell it now I think it would cost a much higher price - but who cares , they go by the area market value). Briefly, since april 2009 I am trying to modify my loan with BofA (former Countrywide loan), and I am doing it through the lawyer. My case is at BofA, and the lawyer assistants keep calling the BofA officer every week, they say that we qualify, but nothing happens!! In few months my mortgage payment will significantly jump up to the scary number of 6,000 instead of 2,900 I am paying now. My question is : what would you suggest to do in order to speed up the process?
 (additional info - we've been living in this house since october 2003, NEVER being late with our mortgage payments, but since 2007 we  went through different kinds of problems and inexpected expences - spent thousands to repair collapsed fence, thousands - to my husband heavy duty truck repair (engin); in 2008 one of my daughters lost job as a graphic designer, recently-thousands spent for oud doggy medical treatments (lymphoma), etc.etc...). Thank you in advance
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November 10 - Sun Valley
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Answers (3)

Profile picture for Trump Junior
Are you sure your lawyer is really contacting someone on the other end of the phone? If not, maybe you should switch lawyers (get the case file from him, though).  It will feel liberating and you might get somewhere.  I fired my lawyer.  It felt good.  Good luck with this.
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November 10
Profile picture for LoanModSpecialist
Real Estate Agent
Contributions: 382
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Since September 2009

There is not much you can do, as if you start calling the bank then that could cause problems with the attorney. you should go in and meet with the attorney or get them on the phone and discuss your modification as you should have more info then what you have told us by now.
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November 10
Profile picture for Derek.Reyes
Mortgage Lender

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Contributions: 130
The only thing you can do is wait until your lender gets to your case.  Just keep having your lawyer call them every week and make sure your lawyer keeps getting updated documents from you like pay stubs, bank statements since most banks want to see updated income documents at anytime.  Good Luck
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November 10
 

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