Question about settlement with bofa

The following discussion may help you: -

Bank of America Settlement

Your notes on your home will be okay. Those terms can't be touched unless you get into some sort of modification. Bank account I would change just in case the right of offset occurs.

I am in a similar situation, I have 3 credit cards and 1 line of credit with BOFA, totaling about $15,000 of debt between the 4 accounts. I also have my checking and savings accounts with BOFA. I too have come to the point where I am too financially stressed to continue paying on these cards with their crazy interest rates that they keep hiking. I really have no other choice than to stop paying them for a while and try to settle out with them later, in doing this I am going to close out my bank accounts with them so that they don't have access to go into them and take money for payments without my consent. I don't know if they can or not, but I have been advised by quite a few people that I should definitely close my accounts with them before I stop paying them.

I am currently 2 payments behind on one of my BOFA cards and I have received a letter on their behalf from FIA card services providing a phone number for me to call to work out payment plans if I am experiencing financial difficulty. I just don't know if I should jump on that right away or continue to wait.

So based on what others have told me, yes, I think you should move your checking account to another bank, and I don't think that this should affect your mortgages at all.

Maggie, please if you don't mind please keep us informed on how it goes,seeing you are already 2 months behind i would assume they will offer you something before long,thanks.*

* Personal information deleted as per TOS

I also have 2 accounts with BofA and I am almost 3 months behind on one and one behind on the other. When I talked to them a couple of weeks ago I was wanting to settle on one and do a hardship on the other and they would not settle just one but wanted to settle both for 25,ooo I only owe 30,000. What is you opinion as to what to do?

i would close the checking acct you hAVE with bofa.trust me they will get into your acct.happen to me a couple of times.i had a credit card with a balance of 15,000.00.they called me and wanted 2 settle for 2,000.00.which was really good!!!!!
messed up and didn't take the offer cause of my debt settlement company.make sure you get everything in writting,before you make any final decisions......

Yes, I certainly will keep updated on how things go, hopefully my experience could help others. I hate this whole ugly mess and not being able to pay my bills, I just want to get through this!

PS- I have a thread started about my whole ordeal if you want to follow along, it's "Small business owner unable to pay creditors anymore". I plan to keep everything updated throughout the process there. :)

I have heard that with bofa you need to wait until the account is at least 150 days past due - but before charge off in order to get the best settlement. I have heard of many people getting 20 or 30% settlements in the recent past.

A friend of mine actually settled with BOFA for roughly 35% or what he owed. But that is of course after the 150 day mark so i dont know what to suggest otherwise. The way the economy is going they may choose to settle now, but most companies have no reason to do that. They assumme they can run up the interest charges until it charges off and then they will try and collect from you or make a deal.

I have a 5k credit card w/BofA and have been placed on their hardship program. The program reduces the apr, stops all late and ol fees, reports the account in current status until the balance gets paid off. I don't know if you want to go that route, but I think they take some info to see if you even qualify. They don't pull your credit, but gather up info about your finances/expenses. I found that it never hurts to talk to the company to see what they can do for you!