BOA Helco
Date: Thu, 12/23/2010 - 07:43
I currently have 2 investment properties that are under water. They both have a first with Chase and HELOC's with BOA. I owe more on both of the first's than the property is worth and both have good interest rates (under 5%). I am approx. 8 months behind on the HELOC's but know they are in no position to forclose. I don't have the ability to make the payments on the HELOC's. I owe approx 35k on one and 80k on the other. I have a family member who is willing to assist me in "settling" these accounts, but have been unable to reach anyone at BOA who can be of any help. I have spoke with the following Depts:
Home Retention
Loss Mitigation
Subordanation Dept
Heloc Dept
Collections
Customer Service
and called the following numbers:
800-432-1000
800-669-6650
877-744-7691
800-641-5302
866-384-2124
800-285-6000
I have also been transferred around and every department I get sent to or call I also ask to speak to a supervisor, who also can give me no answers. I have been told that both accounts are in active forclsoure, but no sale date has been scheduled. I call BOA and the foreclosure attys. every other day to make sure there is no sale date. Does anyone know who, if anyone, I should contact in hopes of settling these? Should I just wait until they get charged off and deal with them? Any help would be appreciated. I have also been told that there is a good chance that by filing BK that I could have them "stripped" but don't want to go that route.
George
It is true that if you're more than 3 months delinquent on your
It is true that if you're more than 3 months delinquent on your mortgage payments, then the lender can start the foreclosure process. You should contact the loss mitigation department of your lender and inform them that you want to settle the account. They may not agree to a settlement. In that case, you may apply for a loan modification. This will help you in getting a reduced interest rate to pay off the dues. If you make payments on time as per the repayment plan, you'll be able to save your property.
Yes, wait until they charge off. It is extremely unlikely that
Yes, wait until they charge off. It is extremely unlikely that boa would pay off the first to foreclose so the ball will be in your court. I had no luck better than 60% until just after charge off.
