BOA anxious to negotiate

[bkpain]

Well I just got off the phone with BOA, I missed my first payment with them 2 weeks ago on my HELOC. He was very nice and told me how "concerned" he was and I am such a "valuable client". He offered to modify my 2nd by cutting my interest and payment in half this would be for 12 or 24 months the choice is mine yada, yada. Now mind you I am only 2 weeks late. If they are this happy to negotiate now what are they going to offer later when I'm really late. I'm hoping for 10-15% and a lien release

[DeadManCrawling]

Sounds promising. Most here would say it's not quite that easy, overall, but maybe you are a sign of things to come as slumbering banks wake up and behave reasonably.

Nah, probably just a fantasy.

Good luck, though, hope it turns out exactly as you want it.

[momisery]

Yeah, they are trying to get you to sign up for and ARM basically thinking they will get it from you in 2 years when maybe the economy will create some jobs. Will your house be worth what you owe in 2 years is more what I would be looking at instead of an adjustment in payment. That was my concern. Even if I could afford to pay my payment would the value be there in 2 years if I needed to sell my home to pay medical bills? Or would I be upside down forever and faced with medical debt and then pushed int a BK anyhow? No one knows the future, so I guess it all depends upon your viewpoint and your own situation.

[bkpain]

Momisery that's exactly what BOA said actuallly. My hubby and are are joint on it but Im not on the first or the deed because he owned the home before we met. I am including the HELOC in the BK and we're hoping that they will negotiate with the hubby after I'm settled. Our home is worth about the balance of the first $95k but the HELOC is $149k at the height of the housing bubble the realtor said it was worth about $380k. We actually talked about selling it and the bubble busting but thought we had more time and put $30k in renovations with the plan of listing for $425k. I'm just surprised about the call 2 weeks after the due date.

[catleg]

Yup it's called "extend and pretend".

All of the "too big to exist" banks are doing this.