Ca anyone give me advice in dealing with bank of america on a home modification, can i negotioate their offer?

our house is worth 230000.00 we owe 280000.00. we are way behind, shuold we just give up the home or try to modify?Ca anyone give me advice in dealing with bank of america on a home modification, can i negotioate their offer?
First thing to keep in mind...they hire young, inexperianced people.





The odds of you lowering your principle are close to hell freezing over. It is not like interest, it is cold hard cash you had in your pocket. You are asking to keep it without earning it, free money. It isn't going to happen, so don't bother asking.





Concentrate on lowing the interest and increasing the term, they can do this without a loss of capital. You will have an easier time.





Another tip, learned from much frustration, is to keep your package together at all times. The banks tend to loose things in shuffling, or over look them, or whatever. Anyway, it is REALLY common for them to ask you to resend a document. It helps to send that document as page 1, but include all of the other ones too. This trick reallly helped me shorten the amount of time it takes to get this done.





Additionally, once you talk to someone who seems to know their a@@ from a hole in the ground get their name, and direct number. Kiss that a@@, becaue if they like you they will tend to help you. They are mostly young people, very susceptable to flattery. ';Oh it is so great to find someone who really knows how to get this done. I am so tired of talking to confused people. I am so glad to finally get ahold of you.'; blah blah blah. Sometimes you have to swallow your pride.Ca anyone give me advice in dealing with bank of america on a home modification, can i negotioate their offer?
As a BofA employee, (mortgage consultant, not loan mod) I can tell you some of the info you just received is bad. The bank just moved 280 loan officers to modification to help with the onslaught of applications. What they're doing is you start with a reduced interest rate for 3 months while the mod is pending, then if you make your payments on time an underwriter will determine the extent of the loan mod that you qualify for. There are lots of new programs and options to help lower the payment, but reducing the principal isnt something I've seen happen. Keep trying to reach loan mod, be polite, and be patient. We're here to help.
Hi, they are going to ask for your financials and that where it gets tricky. My friends work at BofA and she tells me you have to use a 3rd party although they wont tell you that on the phone. I completed many with BofA for my clients and making their payments drop from 1,400 to 700.00. I can answer more of your question if you email me or call. I'll break it down for ya.... Modify your home and keep it! Yes you can negotioate but you might need a letter from a higher authority to help you......you dont want to be put back right into the back of the line for review
They are gonna' be hard to deal with at first but when they see you can't make your payments they will try and work something out with you.


Put it on the market and try and sell it asap with a short sale agreement from boa. Short sale means they will take less than owed and keep a foreclosure off your credit
I'm sorry I have only heard horror stories about BOA and loan modifications. You could try calling 888-995 HOPE to see if they can advise you.