Posted on: 24th Mar, 2010 11:30 pm
I recently had my house foreclosed. The property is in Arizona and the foreclosed house was my primary residency. I got original primary ($160,000) and secondary mortgage ($43,000) through Countrywide. In order to reduce the interest rate from my 2nd mortgage, I had applied for line of credit from Bank of America for $50,000 to pay off $43,000 from my original 2nd mortgage loan through Countrywide. BoA later took over Countrywide.
I received a letter from BoA asking me to pay back $51,795.31. In the letter, it says that they will make an offer to me to match $3,000 for every $1,000 I pay. So, if I submit a payment for $12,948.83 then my account will be considered settled in full.
What actions should I take?
I received a letter from BoA asking me to pay back $51,795.31. In the letter, it says that they will make an offer to me to match $3,000 for every $1,000 I pay. So, if I submit a payment for $12,948.83 then my account will be considered settled in full.
What actions should I take?
hi guest,
though your property has been foreclosed upon by the lender, you are still liable to pay off the second mortgage. as the lender is offering you a payment plan, i would suggest you to accept it if you can afford to pay. in case, you're facing severe hardship, then you can negotiate further with your lender.
thanks
though your property has been foreclosed upon by the lender, you are still liable to pay off the second mortgage. as the lender is offering you a payment plan, i would suggest you to accept it if you can afford to pay. in case, you're facing severe hardship, then you can negotiate further with your lender.
thanks