BOA/CWide modification in!!!

[techguy74]

They are proposing a rate reduction for both the 1st and 2nd mortgage. The proposal states that they will add the late/missed payments to the back of the loan. It also states that the first payment would be due September 1, 2009.

The payments have been reduced in total by one thousand dollars a month. The new payment includes taxes and insurance where it previously did not.

So the question that I ask, has anyone ever accepted the first offer from the lender? In negotiating I never accept the first offer, but I am between a rock and a hard place, because the wife wants to keep the house. . .

[AngelinaCatHub]

They are proposing a rate reduction for both the 1st and 2nd mortgage. The proposal states that they will add the late/missed payments to the back of the loan. It also states that the first payment would be due September 1, 2009.

The payments have been reduced in total by one thousand dollars a month. The new payment includes taxes and insurance where it previously did not.

So the question that I ask, has anyone ever accepted the first offer from the lender? In negotiating I never accept the first offer, but I am between a rock and a hard place, because the wife wants to keep the house. . .

YES! There is a new plan in. I'm not sure how Public it is yet, but I have heard those who are about to be forclosed will have an opportunity to (1) have three missed payemenst forgiven, (2) Have a rewrite to 4%, and (3) get a three month extention before the first payment.

I have a friend who is doing this country wide. He is training to be an agent to perform this. I know nothing more except what he told me, but if you PM me, I shall give you info on getting with him. He is still training but, he is not the type of person who lies. 'Hub

[techguy74]

YES! There is a new plan in. I'm not sure how Public it is yet, but I have heard those who are about to be forclosed will have an opportunity to (1) have three missed payemenst forgiven, (2) Have a rewrite to 4%, and (3) get a three month extention before the first payment.

I have a friend who is doing this country wide. He is training to be an agent to perform this. I know nothing more except what he told me, but if you PM me, I shall give you info on getting with him. He is still training but, he is not the type of person who lies. 'Hub

I have to speak with the negotiator whom is working with BOA, but the new APR would be 2%. Now it does not outline if the new rate is for the life of the loan or if it a teaser rate for a few years. I also don't believe that they are removing any late payments, not that I would want to. If they were to forgive some payments, I am sure that the IRS would be waiting for me to file a 1099 for the forgiven amount.

I must say that this has been one horrible process. Not only did I have to contact the CEO of BofA, but I also contacted another popular agency to assist. That agency is negotiating on my behalf and they are asking if I want to accept or reject that offer.

My fear is, if I reject the offer and make a counter, would BofA/CWide, say forget it and give us back the house?

[gowiththeflo]

so will countrywide forgive my second (they also have the first) even if my income shows I can just make the payments? Should I stop paying it?