I have read other threads on this topic, but had some additional procedural questions I had not come across and also hoped for current feedback from others who have successfully and unsuccessfully tried.
Information:
1st WF $224
2nd BOA $25K
FMV ~ $240K
Discharged 7/09, current on both 1st and 2nd, did not re-affirm either loan
If I were to sell this house there would be nothing left for the 2nd after commissions and a couple thousand in necessary repairs. If the 2nd tried to foreclose there definitely would be nothing left after including additional legal costs.
My questions are:
Am I dreaming BOA would even consider a settlement considering the above information?
If there answer to the above question is no, then I have the following questions:
How many months late before make offer? I will stop paying immediately if feel there is an opportunity to settle.
Work with local branch or national?
How much for initial offer?
Initial Offer - Via phone or letter?
Do late payment penalties accrue?
If they accept the settlement and release the lien, does the charged-off amount count as a short-sale or other derogatory item which will increase the time to qualify for a new or re-financed mortgage?
What is the typical process? Do you have to explain why you have a hardship? Do you have to provide financial info?
Information:
1st WF $224
2nd BOA $25K
FMV ~ $240K
Discharged 7/09, current on both 1st and 2nd, did not re-affirm either loan
If I were to sell this house there would be nothing left for the 2nd after commissions and a couple thousand in necessary repairs. If the 2nd tried to foreclose there definitely would be nothing left after including additional legal costs.
My questions are:
Am I dreaming BOA would even consider a settlement considering the above information?
If there answer to the above question is no, then I have the following questions:
How many months late before make offer? I will stop paying immediately if feel there is an opportunity to settle.
Work with local branch or national?
How much for initial offer?
Initial Offer - Via phone or letter?
Do late payment penalties accrue?
If they accept the settlement and release the lien, does the charged-off amount count as a short-sale or other derogatory item which will increase the time to qualify for a new or re-financed mortgage?
What is the typical process? Do you have to explain why you have a hardship? Do you have to provide financial info?