Posted on: 02nd Apr, 2009 08:53 pm
hi exports,
I own two homes both with BOfA. I live in one and rent(1700/m) the second one. I have two mortages on first home (333000+76000) and two with 2nd home(331000+63000) all with BofA. My monthly payment for all is 4700 +rent(1700) including taxes, hoa, insurances. my gross income 129000 annual. my both home values are substantially down. I am hardly making payment but still current. am i qualify for modification? how about the short sale?
I own two homes both with BOfA. I live in one and rent(1700/m) the second one. I have two mortages on first home (333000+76000) and two with 2nd home(331000+63000) all with BofA. My monthly payment for all is 4700 +rent(1700) including taxes, hoa, insurances. my gross income 129000 annual. my both home values are substantially down. I am hardly making payment but still current. am i qualify for modification? how about the short sale?
hi guest,
i think first you should talk with the loss mitigation department and try and work out a loan modification plan. as you are still current on payments the lender might not consider a loan modification. you should then send them a hardship letter stating the financial difficulty you are facing and also convince them that you would be able to make payments under the modified repayment plan. if it does not work, only then should you try to short sell your home as this will affect your credit more.
i think first you should talk with the loss mitigation department and try and work out a loan modification plan. as you are still current on payments the lender might not consider a loan modification. you should then send them a hardship letter stating the financial difficulty you are facing and also convince them that you would be able to make payments under the modified repayment plan. if it does not work, only then should you try to short sell your home as this will affect your credit more.