Profile picture for TEREMOK

loan modification

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
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 10 2009 - Sun Valley
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 10 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.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 10 2009
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
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
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.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 10 2009
 
Related Questions
Would this Loan Modification project last forever ?
Profile picture for Christine Hynes
Latest answer by Christine Hynes
November 19 2009 | 5 answers
loan modification
Profile picture for Trump Junior
Latest answer by Trump Junior
November 10 2009 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 8757 Amboy Ave, Sun Valley, CA Home For Sale
    8757 Amboy Ave, Sun Valley, CA 91352

     For Sale: $499,000

    • Beds: 3
    • Sqft: 2350
    • Baths: 3.0
    • Lot: 7630
  2. 11091 Mcbroom St, Sunland, CA Home For Sale
    11091 Mcbroom St, Sunland, CA 91040

     For Sale: $629,000

    • Beds: 3
    • Sqft: 1816
    • Baths: 2.0
    • Lot: 21183
  3. 9879 Telfair Ave, Pacoima, CA Home For Sale
    9879 Telfair Ave, Pacoima, CA 91331

     For Sale: $549,995

    • Beds: 4
    • Sqft: 2422
    • Baths: 4.0
    • Lot: 9583