09-10-2009, 01:34 PM
I'm going to Use a Couple Company Names on this Thread, and I Hope ADMIN. will allow the Names, the Info. I'm going to Provide is for the Better, and I Hope what I just went through will Help Others! This is a Bit Long, but if You are having Mortgage Difficulties, it's Well worth the Read! As many of You that have been on Here know, My Injury is just Shy of 5 Years Now, and I had to File Bankruptcy, (Chapter 13 at the Time, the Laws have Changed a bit Since) during this Battle to Save My Home. We fought Hard, and were out of Bankruptcy in 4 1/2 Years instead of the Pre-Arranged 5, and when We Received Our Papers that We were Out, I Contacted My Home Mortgage Co., which at the Time was Country Wide. My Loan was not One of the Variable Rate Ones, but When I Purchased, Rates were High, and My Rate was 8.75 with them. I had to catch Up on My Escrow Account, which was approx. $2500.00 in the Rears, and they told Me to Mail them that, and then Resume My Normal Monthly Payments and they would Contact Me if anything Changed. I Continued to Pay, for a Year, and then Bank of America took Over Country Wide, so I started Paying them just as I was Paying Prior. After 2 Months with Bank of America, I was Shocked to Receive in the Mail a "Notice of Intent to Foreclose" Letter, showing that I Owed over $16,000.00 in Back Monies, and I also Owed the Escrow Account Money I had Paid Country Wide! I Called Bank of America, and was put in Contact with the Home Retention Dept., and the Gentleman there was Very Easy to Talk with, and Suggested that We look at the Account, for a Possible Retention of the Home, and to Check the Charges Country Wide had Left on the Books with Me. Now Please Follow Me on this, because this is the Important Part: I was Told to Send in 2 Months Bank Statements, Income Info., and a Utility Bill, to Prove I was Staying at the Address We were Working on, and He would Start the Process. With My Bankruptcy Fresh, and My Credit Score in the Dumpster, I was Sure that they were going to Deny Me, and I would Either have to give Up the Home, or go Back into Bankruptcy, to Protect it Again. What Really Scared Me is that I have a Good bit of Equity, and I thought they would Probably Take My Home because they could make a Profit from it, rather than Work with Me to Keep it. The Process is a bit Frustrating, and You have to Call and Double Check that they Received the Forms Sent, I Spent a lot of Time Answering Questions to a Computer, but I did All that they Asked, and Continued to Make Payments while All of this was going on. The Process took Approx. 3 Months, but I got a Call Yesterday, and when I got Off the Phone with the Mortgage Negotiator, I have to Admit that I sat on the Couch and Cried for at Least a Half-Hour, I was so Happy!! Bank of America Reduced My Rate from 8.75 Fixed to 4.785 Fixed, put any Back Interest Owed due to the Bankruptcy on the End of the Loan, Straightened up My Escrow Account, and the Up Front Money Needed for Closing is Less than $400.00, Because I had kept Making Payments during the Process!! And My Monthly Payment was Lowered, and After the Signing, I don't have to make a Mortgage Payment until Dec. 1st!!! So Please, if You are having Difficulties, Contact Your Mortgage Co., and See if they have a Program like Bank of America Does, it could just Save Your Home!! I have a Nice Home with just a bit over Half-an Acre in the Country, and had We Lost Our Home, with having to Battle this Pain and w/c, it Probably would have been the Straw that Broke the Camels Back!! We Bought this Home New, Love it, and Ellen has it Decorated Beautifully, and the Equity is My Ace in the Hole should w/c start Playing Worse Games than they are Now!! I Hope this Helps, if even One of You can Save Your Home from Reading this Book I've just Written, it will be Well Worth the Time!!!