Confused about status of mortgage

[pandacb]

thank you, Justbroke. We are getting our heads in the business place. So easy to get off track, working out in the garden we planted 8 years ago when the kids were still at home...you know exactly what I mean and you are still absolutely right...business is the mandate.

Freeatlast98...I wish with all my heart you had not paid for a service you could have easily done yourself. All that website did was download the forms the government provides for free. All of the info is at makinghomeaffordable.gov for you to act on your own behalf. Paying somebody else to do so is not in your best interest (in my humble opinion) and slows the process at the same time.

[freeatlast98]

Well unlike many in my area, I actually have small equity in my home. I owe 376K and zillow says it's worth 430K, however there is a house across the street that is selling for 289K and has been on the market a couple of months. For modification purposes I'm hoping the bank will say it's worth less.
I don't qualify for the traditional HAMP program however, I've been told BofA sometimes does in-house modifications. I just hope BofA will allow me to modify. If not I don't know if I can keep my home and that scares the heck out of me.

[freeatlast98]

Panda, I'm sorry I posted the previous reply before I read your most recent posting. I just paid the service after I went on their website and downloaded the free package however,
after speaking to one of their reps I paid $425. I really couldn't afford even that but I thought it was worth a shot. They rep for "free hamp report" helped me get all the other documents together such as my "profit and loss" statement for the lender along with all the calculations on the modification.
I submitted the forms from the "making home affordable" website before, however, because I wasn't late BofA would not even work with me and I doubt they even looked at the forms. Well, now I'm late, lets see what they'll do to help.
Today is a beautiful day in Southern California and I think I'll take me out and try not to think or worry about this.
Bottom Line I just want to keep my home. I have been through so much since my divorce both money wise and emotionally , I just want to find so peace somewhere.
I just need a break to get my life together again.
Some days I just feel so beat up.
Wish me luck..

[pandacb]

I do wish you only the best of everything. I just don't want somebody to take advantage of you - and these companies do - you read about it all the time. $425 to get started and then a few hundred more as time goes by and before you know it, they have a pile of cash and you have nothing.

The value of your property may be less than zillow reports - I know ours is because we had a formal appraisal, and zillow was off by a whopping $125k. I have consulted several attorneys to get help with our mod (we've been working on it for almost a year now) and they all tell me it is not financially beneficial to the homeowner because the key is perserverence - no legal standing, so nothing special a lawyer can do for you.

You can apply for an inhouse mod on your own. Do you have the contact information for the various bank of america offices? or does somebody else hold your loan? All of the BofA #s are on a loansafe.org "sticky" if you want to look there.

[freeatlast98]

Hi again, Thank you for all the great advice. It have helped me a great deal.
The people at Free Hamp Report were very helpful and the $425. paid is only for the help with the documents. According to their web site they aren't a modification company. My paper work was completed and will be submitted to BofA on Monday. Take a look at their web site and let me know what you think. I was also cautious however, after speaking with them I was assured the $425. would be their only fees. After they submit the completed documents, I'll have to take over from there. They only help initially and don't do anything else so..it's pretty much like doing it yourself however, you have the benefit of having them look over your paperwork prior to submission.
Anyway, I'm keeping my fingers crossed that BofA will offer me a modification.

[keptdigging]

Being responsible for the foreclosure fees and the deficiency is what happens IF YOU REAFFIRM. Seriously, how can you be considering reaffirming a mortgage that you need modified? Reaffirming something that you can't afford?