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cavcavanaugh · Joined: 02 Jun 2010 Posts: 1 1.47 Dollars($)

I have been working with Bank of America for several months for a Loan Modification. First the lost my request so I started the process again. I finally got the packet filed it out and returned it. They never receivied it. I am about 6 months behind in my mortgage. I have tried to talk to the person assigned to my case. They do not return calls and I cant get directly to them. Here is the problem I lost my job in florida, I was lucky enough to find a new one but it is in another state and the pay is about $15,000.00 less than I was making in florida. If I can get the loan modification it will put the mortgage where I could rent the house. I even have a person who wants to rent the house. If I understand correctly I cant get a loan modificaiton if I am not living in the house. My family is still in the house but will be moving to join me in New England in a couple of weeks. The house is worth about $180,000.00 I owe about $266,000.00 on it. 31% of my income would put the payment at about $1,500.00 as apposed to the $2,000.00 it is now. As part of a refinance I was required to have mortgage insurance on the house. I am thinking my only option is a deed in lieu of forclosure. Is that correct? or do you have any suggestions?

adonis · Posted: Thu Jun 03, 2010 12:16 am Post subject:

Welcome cavcavanaugh,

It is true that if you do not stay in the property, then you won't be able to get a loan modification. A deed in lieu of foreclosure will be a good option for you to get rid of the property. The main benefit of deed in lieu of foreclosure is that you won't be liable for the deficient balance resulting from the sale of the property. However, this will affect your credit score badly. It'll get reduced by 250 points.

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