Bank quicker to foreclose when it's FHA?

[mom2three09]

Ok, we filed Chpt 7 in July 09... did NOT reaffirm mrtg with BofA. Now it's close to my dh's seasonal lay off (construction) & were thinking of not paying our mrtg during his time of lay-off in hope's of getting a loan modification. Our interest rate is 7.25% so a modification to lower the interest rate would be ideal. My question is tho... will BofA move quicker to foreclose on us since they are going to get their $$ regardless (we have a FHA backed loan) ?? Anyone have any experience with this? We aren't ready to let our home go... we eventually want to sell it and buy something else as soon as we're able to. So letting it foreclose is not really an option for us.

Anyone know??

TIA!

[willsurvive]

I wouldn't count on a loan modification. I have BofA and they have been very difficult to work with. But then again, my husband is unemployed so what can I expect? I think if you plan on not paying you need to have the attitude that you could lose the home and be okay with that. If not, you need to pay or come up with a plan.

I visit www.loansafe.org and they have stories of how loan modifications are going (or not going, lol).