Upsidedown Mortgage With Bank Of America - Please Help!
We have an upside down mortgage with Bank of America, a first and second mortgage through Bank of America, both are interest only mortgages.
Presently my mortgage is underwater approximately $45k!
I don't have the money for a refinance.
I would love to stay in my home and find a permanent solution to my problem.
We are willing to do whatever it takes, work 3 jobs if we have to! Just to keep a roof over my kids head.
Unfortunately Bank of America Loss Mitigation Dept doesn't care!
I have been trying to speak with the right person for 45 days! 3-4 nights a week, I am on the phone 2 hours at a time, with no hope!
Every supervisor I speak with just wants to send me to "short sale" or transfer to "deed in lieu department".
Did Obama bail Boa out? I think he should have let all banks fail and should have helped us!
Bank of America Mortgage Loan Modification Answer:
by B of A Mortgage Loan Modification Expert - Dan North
I got it on the current situation.
I am assuming that you have some sort of financial hardship, behind on payments or having a hard time coming up with the payments if you are speaking with the Bank of America loss mitigation department.
Without enough information to say what your options are there are two possible scenarios that may solve your problem.
Consolidate Both Mortgages With A Refi Under HARP
This will only be possible if you have stayed current on your mortgage payments and your credit score is mid 600's. This also depends on how upsidedown your mortgage is. $45k upside down on a $450k loan is fine but not $45k on a $125k loan.
I have a real good man you can talk with for help on HARP and refinance options. just send me a note asking for refi help on my contact page
. He will be able help you if there is anything that can possibly be done on a refinance.
Bank Of America Loss Mitigation Department Can Be Handled If There Is Financial Hardship
There are several options here but this only works if there is financial hardship and you do have monthly income.
- Do it yourself: Doing it yourself does not mean you have to do it alone. Get some help. There are several inexpensive kits available that help tremendously on walking you through the process. I recommend this DIY Loan Modification Kit.
- No-Upfront Fee Loan Modification: This does cost but you do not pay until you have a modification in place so there is no charge unless there is a result. I have a company I work with for California, Oregon and Washington No-Upfront Fee Loan Modification. They get good results and are a high integrity firm. I like them a lot.
- Free Bank of America Loan Modification with Credit Repair Service: Now this guy is incredible on handling Bank of America loan modifications. If it can be done he will get it done and sometimes even if it can not be done he gets it done anyway. He is also amazingly fast. He only handles Bank of America loan modifications free of charge for his credit repair clients. Until I set up a contact form for him send me a note saying you want free Bank of America Loan Modification.
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