Successful BOFA 2nd Loan Settlement

BOA 2nd loan settlement success

Both are my loans are with BOA and my 2nd loan was permanently modified before my first. I had to make my trial payments on my 1st loan but no trial on the 2nd was done right away.

I am undergoing a 3 month trial for mha program for my first loan with CW ( now BofA). I can afford the new payment but the second is killing. My first loan is 360,000 and my house is worth 200,000 now. I’d like to settle my 2nd loan because my sister will loan me some money soon to come up with a lump sum. How do I start? I called BofA but got a run around with a no answer. Any suggestion welcome.

You may want to explore the lien stripping option if your loan mod does not work. if you can’t get the loan modification then it might be time to look to walk away. I know it’s not what you want to hear but I look at from a financial perspective.

It is a very difficult one and you need o separate your emotional ties and step back to view the picture from a financial perspective.

People that were upside down used to be able to buy another home at half the price and just walk away from their first home. that practice is no longer accepted because the banks caught on to what people were doing.

This is a real tough one. if you look at Obamas HAMP program that is suppose to save millions of people from losing their homes, only 325,000 applications for loan mods were approved. this gives you an idea how fast the banks are moving on loan mods. I was on a trial mod plan for 4 months. after the months when they go to approve you for a formal modification, it can take months and you need to show a surplus every month to qualify.

Other suggestion for BOFA 2nd Loan Settlement

If the 2nd is a 100% unsecured loan, then you can strip it thru Chapter 13 BK! Of course, you should not sell your home for a 2nd that is totally underwater. I have a 2nd with BOA, at this point, I’m not making any payments, I’m waiting for a modification for the 1st, if BOA will not offer a good modification for the 2nd such as reducing the principal, I will still not make any payments. If they will try to foreclose, then I will file Chap 13 to stop the foreclosure and strip the 2nd lien.

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