need an attorney

It is better to contact your lender and negotiate with him for a loan modification yourself. In case, if you are unable to do it, you can contact an attorney who is an expert in negotiating with the lenders in this regard. However, as you do not have a property due to the destruction caused by Ike, you won't be able to qualify for a modification. I hope you did have a hazard insurance for your property. You must have received the claims from it. You can try to pay off the loan with the money that you received from the insurance company.

hello nozhynges .....do you have credit score a factor when applying for loan modification...if yes then Of course it will Mortgage modification is the same as refinancing. All the requirements of credit worthiness are considered....by the ways whts bank say ??? if u like to share with us

No, unfortunately I did not have flood insurance, the wind insurance denied to pay for it...it's Bank of America, and they want to modified the loan but at the regular price of the lot and the home (they have not asked me if there is a home or not)...would they sell to me if I paid for the value of the lot? why won't they modified the loan

As there is no property, there are high chances that the lender will not be ready to get your loan terms modified. To know whether or not they would be ready to sell you the lot, you will have to contact your lender.

hang on here...YOU own the property, not your lender. all the lender has is a lien on the property. they would become the owner if a foreclosure action was undertaken and completed.

in your case, i don't know if i'd be bothered with worrying about my loan, in all honesty. you've lost your home to the storm, and the land can't be worth anything remotely close to the balance of your mortgage debt, so what compels you to continue? i know i would ordinarily recommend someone continue to pay a mortgage as best as possible in most circumstances. however, given your massive loss of that house, i have to say i don't see any real sense in continuing, especially in light of the lack of insurance.

I paid 180k for the home and 3 lots, the house was a 1950's bungalow (beach front) , the land has maintained a price of 500K disregarding the economic downturn, but the Bank is so disconnected that I deal with the Insurance dept and the info is not relayed to the modification dept.. I am looking for ways to keep the lot at the appraised price and not force the Bank to foreclose on it.

you are dealing with the insurance department, but maybe you need to make two phone calls so that the modification department hears directly from you and you can then relay whatever information they've not received yet due to their lack of communication.

yours is not the ordinary case, as i'm sure you are aware. you speak of them "selling back" the land to you, but the only way they can possibly sell it to you is if they own it. the only way they'll own it is if they foreclose, and that doesn't seem to be what has transpired as yet, no matter what.

you own the property now - nothing has to be done to give you ownership. there is a lien on the property and the lender wants you to pay it.

has there been any reason given concerning their hesitation to provide you with a modification? i don't see any specifics in your posts. honestly - you need to deal directly with that department.