Hunter Elisabeth asked:
I am working with NACA to possibly reduce my 1st mortgage through GMAC & my 2nd is with B of A. She said once they (NACA) negotiate with GMAC, then *maybe* they can move on to Bank Of America. However, instead of waiting for what could be months, she said that I can probably just call them myself & ask about either reducing the amount or lengthening the pay off term. Supposedly Bank Of America works so well with NACA that she was pretty confident I could do it alone. I was wondering if anyone has any experience with Bank Of America doing this for them or someone they know?
DEWAYNE
I am working with NACA to possibly reduce my 1st mortgage through GMAC & my 2nd is with B of A. She said once they (NACA) negotiate with GMAC, then *maybe* they can move on to Bank Of America. However, instead of waiting for what could be months, she said that I can probably just call them myself & ask about either reducing the amount or lengthening the pay off term. Supposedly Bank Of America works so well with NACA that she was pretty confident I could do it alone. I was wondering if anyone has any experience with Bank Of America doing this for them or someone they know?
DEWAYNE
ZACHERY
Lengthening the term or reducing the interest I can see I know of no banks that reduce the amount due.
JACKIE
Any bank/lender would be willing to negotiate a modification of a mortgage loan instead of going through a foreclosure and taking back a dead asset that.
So I agree with the person you are working with. It might require for you to complete a little paper work on your part to back up your case as to why you want the modification to your mortgage loan. That is what most people find difficult, the paper work.
Don’t get over whealmed by it all. If there are things you don’t understand by all means call and ask your lender. They are most willing to help.
I hope this has been of some use to you, good luck.
“FIGHT ON”