Looking for a Phone Number- Bank of America
Date: Tue, 08/17/2010 - 10:29
I live in CA, a non-recourse state, and have a Bank of America 2nd and two credit cards with them (one for the wife and one for me), terms as follows:
2nd mortgage- purchase money on primary residence- $69K balance, 8.25% rate, 15/30 am/due.
My C/C: $23K balance, 12% rate, $0 available
Wife's C/C: $16K balance, 13% rate, $5K available
What I want to do is roll all three balances into a single $108K, 10-year fully amortized Note at 7%, and (hopefully) open a new C/C account with a $5K limit. If I did so, it would drop my "back-end" ratio from 46% to 37%, which is still high, but it's enough... Without going into gruesome detail, my wife and I have reduced income (from $185K/year, to $161K/year) and I was in a car accident that cost us another $40K in legal fees and associated bills. We are current on all payments, but I just don't see a raise in either of our future, and we're "stuck"-
The house is worth $260K, but we owe $366K on the first loan (also purchase money) and the $69K second. Our income is enough that we don't qualify for HAFA. I can't continue to pay as agreed and EVER reduce the debt, and my credit will likely recover faster than the value of my house. I am reluctantly coming to the conclusion that if my creditors won't negotiate with me, I should strategically default or go BK.
I think my proposal is a "winner" for Bank of America. It incents me to continue to pay on the 2nd loan, which I could walk from without going BK, and they get a performing loan at roughly 400 bp over 10-year UST... AND- they are in a better position if my financial position were to worsen. At least they are unsecured. As it stands right now, more than 1/2 what I owe them is uncollectible the minute I stop writing checks.
Anyway- can anyone give me a phone number? I have called 1/2 dozen numbers there and when I talk about negotiating terms or applying for a personal loan, no one seems to know what to do with that.
The only phone numbers I have for BOA are for the home modificat
The only phone numbers I have for BOA are for the home modification program or should I say the home NONmodification program. They discontinue the numbers and create new ones all the time so I don't have anything for your situation would just say good luck getting any help out of BOA. They are either incredibly inept, incredibly corrupt or both. I vote for the both.
I spent another couple hours trying to talk with them today. Es
I spent another couple hours trying to talk with them today. Essentially, they are saying that since the 2nd loan is investor-backed, but not by Fannie or Freddie, they won't touch it. Also, they don't apparently consider 45% back-end D/I to be high enough to qualify for a refi (it's just too high to qualify for a loan). And since my front-end D/I is 28%, they don't think I qualify for HAMP/HAFA modifications...
I dunno. I've spent enough time on the phone, gotten the runaround enough, and I've received zero help. Basically, Bank of America is not on the hook for my second (investor-backed), they are just a servicer... They feel they have no duty to inform the investor (who has probably written off the whole security, if they are even in business) that whatever cash flow they were expecting from the underlying credit is going to evaporate. Also, the last erp I spoke with basically accused me of negotiating in bad faith "you are just trying to take advantage of the bad market to get a better rate"... Well, no sh!t Sherlock... I am looking for you to share the pain, you greedy bastards.
So- new question: If I start to raise a stink at the highest levels with BofA (letter to Office of the President), will my credit card accounts get flagged in a way that will inhibit the card services staff from settling or negotiating with me?
I don't know what to tell you. The big banks are completely irr
I don't know what to tell you. The big banks are completely irrational. I would try to find a phone number for the loan modification department.
check out the govt website
http://makinghomeaffordable.gov/modification_eligibility.html
and see what programs you qualify for. Then call back the BOA modification department armed with your knowledge.
i did a mortgage mod with Bof A recently, you are 100% right abo
i did a mortgage mod with Bof A recently, you are 100% right about them the bigest problem we found was that they have offices in many different states and basically "one hand doesnt know what the other is doing" at one point i did contact the office of the president, they were pretty helpful but in your case i dont know how it would affect your credit cards...good luck
I wouldn't worry, if I were you, about your credit cards. BOA d
I wouldn't worry, if I were you, about your credit cards. BOA doesn't have its act together enough to do what you are worried they might do. I continue to be amazed at their ongoing PLANNED (imo) stupidity.
I don't know the answer to your questions but I can tell you hav
I don't know the answer to your questions but I can tell you have put a lot of thought into it and I wish you well.
Just a thought though....I would take the gamble that your cc's won't be flagged because I have settled 3 of 4 cards (one B of A) and I agree that one department never seems to know what the other is doing.
Kaylee
BOA/FIA Senior Accounts #
Quote:
Originally Posted by Anonymous Here's my situation- I live in CA, a non-recourse state, and have a Bank of America 2nd and two credit cards with them (one for the wife and one for me), terms as follows: 2nd mortgage- purchase money on primary residence- $69K balance, 8.25% rate, 15/30 am/due. My C/C: $23K balance, 12% rate, $0 available Wife's C/C: $16K balance, 13% rate, $5K available What I want to do is roll all three balances into a single $108K, 10-year fully amortized Note at 7%, and (hopefully) open a new C/C account with a $5K limit. If I did so, it would drop my "back-end" ratio from 46% to 37%, which is still high, but it's enough... Without going into gruesome detail, my wife and I have reduced income (from $185K/year, to $161K/year) and I was in a car accident that cost us another $40K in legal fees and associated bills. We are current on all payments, but I just don't see a raise in either of our future, and we're "stuck"- The house is worth $260K, but we owe $366K on the first loan (also purchase money) and the $69K second. Our income is enough that we don't qualify for HAFA. I can't continue to pay as agreed and EVER reduce the debt, and my credit will likely recover faster than the value of my house. I am reluctantly coming to the conclusion that if my creditors won't negotiate with me, I should strategically default or go BK. I think my proposal is a "winner" for Bank of America. It incents me to continue to pay on the 2nd loan, which I could walk from without going BK, and they get a performing loan at roughly 400 bp over 10-year UST... AND- they are in a better position if my financial position were to worsen. At least they are unsecured. As it stands right now, more than 1/2 what I owe them is uncollectible the minute I stop writing checks. Anyway- can anyone give me a phone number? I have called 1/2 dozen numbers there and when I talk about negotiating terms or applying for a personal loan, no one seems to know what to do with that. |
Here is the number for their Senior Accounts which helped me a lot. Before someone here (Ben? shazzers? King Jabba?) posted it....I kept getting different stories every time I called. However, when I called Senior Accounts...they really helped me...real nice and many here have had a lot of success working with them....
#1-866-429-1099
Please keep this number going......I settled with BOA/FIA for 25-27% on several cards!
call 866-833-6398 they can get it settled for 20-30 cents on the
call 866-833-6398 they can get it settled for 20-30 cents on the dollar.