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Genny16

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  1. I had a hardship at the time, but now I am back to work, and ever since I been trying to get my loan modified and it's been over a year since I been trying, and BOA is willing to allow 3 payments to be spread over 12 months, however I would have to come up with 60k out of pocket, which I dont have, and according to a lawyer, filing bk11 wld give me payment plan for the mortgage (if the banks modifies the loan at the time of the bk) plus the rest of my credit card debts, so it wld accommodate my payments but it wld give priority to the mortgage. Now this sounds too good to be true, plus I run the risk or losing my home definitely. Yes, by reaffirming but I would do some serious research before doing this only for the sole purpose in keeping your home. If you get into a pickle in the near future (nothing is written in stone with this economy), you won't be protected by the BK as you're reaffirming/reagreeing to the mortgage debt which most lawyers advise against doing when filing BK. Then you'd be on the hook for the difference and can't file again for at least 8 years. So you'd have that debt as well as a BK under your belt..for no reason. For a BK7, you have to be caught up on your payments. BK13 you don't, you might have to just work out a payment plan to pay the back payments. Do you have any other debts? If you don't show a hardship, why are you applying for a modification? If they see you can afford the payments, a loan mod won't be issued to you. Have you spoke with your lender about a payment arrangement to make up the back payments? For instance, with Citi, they allow 8 months to make up/spread out the payments (made ontop of your morgage payments). They will come up with a downpayment first and once you pay that and agree to the payment arrangement, everything is set.
  2. I have spoken to several attorneys that have confirmed there is a way to try for a loan mod by doing a bk7, I am afraid of doing this because once in. If I still can't get a loan mod, there is no way to back out of the bk. I been denied a loan mod several times, and don't know what to do, I don't want to let go of my home, yet I can afford my payment 150% now after a hardship. Has anyone experienced doing the bk 7 for loan mod purposes, and if so was it successful, how was the process?
  3. You are correct up to a certain point, the banks should be to identify and verify who is really having a hardship, because for some that are doing this, we are all paying, I for instance lost my lob during the recession as well as my husband at the same time, and our home was going unpaid until we were able to get employment again, ever since we have been dealing with BOA for a mod yet they are not trying to work with us, now we are almost 30 payment behind and keeps on getting worse and it's wrong when we want our home and can afford it , and also went through a real hardship totally unexpected yet the bank is not willing or wanting to make an exception and help us. Now we are going through Naca to hopefully see what can be achieved that way. Even though you might be right we don't help the situation and banks have to do what they have to do to keep them afloat, yet there are stil some of us that had a real hardship and reason, yet now we need help, no one is there for us. You'll have to forgive Cinderella, she appears to work for a bank, probably BOA in fact. She has to tell herself this fairy tale just so she can make it through another day at work. I know I couldn't work there. Man, talk about a beat-down! Of course, it's also possible that she really, truly believes that the banks aren't culpable, that they didn't commit massive, systemic fraud from the top down. Either way, she is deceived. The Modus Operandi for BOA and most other large home loan lenders is this: delay, delay, delay. Delay the day of reckoning as long as possible. They have taken back so many homes that they are now some of the largest sellers on the Real Estate market. To list them all today would cause the prices to plummet, which would prevent them from selling. So they are trickling them out as slow as possible. This includes the initial foreclosure process and evictions. We walked away from our home 4/1/10 and they still haven't sold it on the courthouse steps. It sits there, dark, empty, no water, no electricity, bushes and trees slowly dying. Of course I work for the banks, no secret here. I am not disillusioned about my employer either. They are a mega US modern corporation at it's best. Bloated, saddled with politics, ineffiicient, greedy executives and eager higher level managers that would outsource my job to my "team mates" in India for one hundredth of the wage I am paid if they could find the skillset. Inefficient, bloated, and performing/producing at mediocrity entangled with massive intra bureaucracies where production is stifled with by seasoned morons adept with organizational politics. No, I am not disillusioned where I work. I also don't lie to myself about what I have seen working 60 plus hours a week in loss mitigation. The poster above demands their home for free. In another post, they think because of some incompetencies, they can be opportunistic, spin some stories about how the bad guy (in this the bank) jump on the bandwagon, and because of being the "victim", whatever that is and the loose accompanying definition they seem to have for "victim", they get a home for free! And I am the one who is disullisioned. I am all for the little guy who got laid off at the plan getting a great mod. Heck, I will work to make the numbers happen in these situations. But if you think all the people who submit requests for mods are recently laid off, out of work, feeding a family of three on meager income and barely getting by, then that is a very naive perception. To save a few bucks on an Xbox on Black Friday, some people will whip out the pepper spray on other people. Heck, for few more bucks, others last year were willing to trample a man to death at Wal-Mart. When it comes to money, people will do all sorts of things, and lying to save some money on a mortgage (paid primarily by the US taxpayer, not the bank/servicer) is no different. It is more the norm than not. I do agree with you on this. I believe some banks deliberately stall foreclosure to inflate balance sheets. A bank can keep a property on the books at the purchase price and account for the income generated on their books. Once a home is foreclosed, they have to adjust the value to market. You could imagine the Tsunami of write downs and ensuing further collapse if banks actually did move forward with foreclosure at historic rates. I don't believe they want to without cutting of their limbs and face massive writedowns. If you've read my posts, I have always adovacted a drop in real estate prices. It will hurt banks, and maybe current homeowners. But it will help millions more. Our cost of living will come down, buying a home won't entail a liar loan to be qualified. Keeping prices artificially inflated helps the banks and help current homeowners, but the many more millions that do not own.

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