Roxanne K asked:


My daughter and son in law have gone through chapter 7 bankruptcy in Oregon. They had a 1st and a 2nd mortgage (which was a home equity loan). There is an auction date set for the sale of their home, but their first mortgage company is giving them the opportunity to ‘save’ the home through a loan modification before it goes to auction. My son-in-law has had recent employment and there is a slight chance they could stay in their home if the details are worked out. My question is this; can the 2nd mortgage (home equity-different lender) come back and lien the house? Or worse yet, foreclose even though the 2nd was discharged during bankruptcy? My daughter doesn’t want to bother with modifying the 1st if there’s a big chance of the reviving the 2nd. This is in the state of Oregon, but maybe the laws are the same in all states.

Thanks for the input!

Agnes

Bobbi asked:


I have tried for over a year to get my loan modify. My mortgage company says my loan is to big to use the Obamas plan. Okay, why can’t the mortgage amount be lowered to the current market value, spread out over 40 years, with a lower interest rate? Sounds to good to be true, right, but this is what they are saying can be done and I just do not know of any success stories! I have been told about NACA. Does anyone know how to get to talk to a supervisor of that company? I know this is alot, but, if anyone has any information on how to save a home PLEASE let me know!

Lloyd

David Warren asked:




There are so many loan lenders are ready to offer home mortgage modification program by different names and the Bank of America is one of such loan lenders. “Bank of America home mortgage modification program” is a special program especially designed with the state attorneys General to get affordable and sustainable mortgage payments easily. Common Procedures: Usually if you want to have information on bank of America mortgage, it is in fact very difficult process. Before you apply legally for such kind of loan modification, as a first step you have to thoroughly know the entire requirements needed by the bank. There are some important common things which you have to done properly. By doing so, you will get a chance to have your loan easily with higher possibilities.

Vital Requirements: You have to approach the loan modification or the loss mitigation department and there you can request information on your loan modification requirements. If you want to know such valuable information online, it is not possible to collect such information from online. It is better to approach the above departments and to the bank of America to find out this. Perhaps if your application is not suitable with needed requirements, then you will have to face a lot of headache to fulfill all their requirements.

Hardship Letter: Secondly, you have to present a letter of hardship which has to be enclosed with your application without fail. In your hardship letter, you have to clearly explain about all your case, why you are in need of the loan modification etc. Besides, since this is considered as your formal request with all your reasonable reasons, it has to be written in a clear manner carefully. Then you have to work out a new family budget with the lower payments in place. In doing such activity, you will get clear information about your loan modification assistance perfectly.

Presentation of family Budget: Moreover, in producing your clear cut budget, your loan lender will recognize easily about your possibility to avail loan. This is very most important that you have to be very clear in writing your hardship letter and producing your real family budget plan. Through this, you have to prove that you are ready to pay the rate and to satisfy your loan lender in all aspects. You should make lie on your information at any cost. You have to make sure that every value of the rate and sentence on your hardship letter is entirely correct. Some kind of loan lenders will tolerate you any kind of minor deceptions. But bank of America, will not be ready to accept your lie and deception at any cost and they will scrutinize keenly. If you are doing all such needed requirements and thing in a perfect manner, then automatically your application will be approved for getting loan modification without fail.

Conclusion: Consequently for “Bank of America home mortgage modification program” it is more important to you that you have to submit your application with complete detail as single package. It will make Bank of America to scrutinize all information simultaneously and they can process your application faster for approval. As a matter of fact, a bank of America loan modification is not really very difficult one to avail loan but at the same time, if you are submitting all of your records in a perfect manner without any kind of discrepancy you effort will be ended successfully.

Cory