Q:I am in the almost exact situation. 80/20, First franklin/BAC, both purchase loans, 130,000 underwater. Stopped paying both in July.BAC (the20%) is being very aggressive with phone calls, and I just recieved a certified letter from them notifying me of pending NOD, forced property inspection,and foreclosure procedings. I’m wondering, does the 20% loan really have any leverage in this situation?
Some mortgage companies will work with you while you try to sell on so-called pre-foreclosure sale. Some companies offer mortgage short sale. You can sell the property for less than what you owe. Many owners have to do now in this market.
Some offer a Deed-In-lieu of foreclosure You transfer your interest in the property over to the lender to avoid forclosure. This saves you from having to go thru selling the home process. Some offer repayment plan but you have to have the income to repay.Some will do modification to modify the rate and term and if you are deliquent they can add that in.
I thoght with the one action rule, they couldnt try to collect. I plan on sending my attorney an email asking about this one action rule. I dont think they have one in Arizona.Im in the same boat as my Heloc’s are with teh same lender (B of A) as the first mortgages that have foreclosed. I’ll keep you updated if I get any collection efforts.
Countrywide Home Loans offers financing up to 100%. As property prices continue to rise, next the borrower always 100% home loan financing stage of the need for mortgage insurance. A loan by the division of Countrywide Home Mortgage is offered 80 to 20. The buyer is two loans, the first 80% of the purchase price and the second at 20% of households. The borrower pays the closing costs. 80-20 mortgage allows people without payment or without their savings to buy touch buy a house.
Countrywide/Bank of America 80/20 Loan Relate post:
Benefits of an 80/20 Loan-80/20 loan calculator
The Obama Mortgage Plan 2010
Successful Deed in lieu of foreclosure with Countrywide
Minimum Credit Score For FHA Loans
Successful Bank of America Loan Modification with Principal
Successful Permanent Loan Modification with BOFA
Successful Deed in lieu of foreclosure – Bank of America
Countrywide Loan Retention Program
Any Luck With Bank Of America Loan Modification
[...] Deed in lieu of foreclosure with Countrywide Countrywide/Bank of America 80/20 Loan Countrywide/BofA Settling HELOCs and 2nds Bank of America Loan Modification Program Balloon [...]