We have been going through emotional hell over our house loan with Bank of America Home Loans. We have literally been "at each other's throat!" It has been a time of hell and suffering. I now know how all of those sad people who lost their homes feel. We were at a crisis point. We have not paid a payment in ten mopnths as we await the outcome of the loan modification process. No Notice of Default or Notice of Sale appeared on the door. But we did not know if they were even still considering a loan modification for us. We worked with our legal team on bankruptcy contingencies. Nopthing worked. They advised us to keep the house and start making payments. We got the dual bad news that the house has dropped in value to $474,000 (down from $850,000 at the height of the housing bubble.) We also heard about a court ruling in New York City saying that loan servicers must reimburse investors for losses as a result of loan modifications. It appeared that the loan modifications were dead.
This morning a call came from Bank of America Home Loan Counseling. I might have let it go to voice mail. Instead I answered the phone. I talked with a very nice and professional man named Ernie. He gave me the good news that we were not going to be foreclosed. He told me that the loan modifcation was still in process and would take a little more time. I WAS SO RELIEVED!!!!! This is our home for 6 years and I did not want to lose it.
After I concluded the call, I placed a call to my loan modification spoecialist, Adolfo Sequeira, Jr, of California Mortgage Associates. I told him that he had done an incredible job and how much we appreciated him. I wrote a good report on him for www.yelp.com.
This has been an awful crisis and we have not been the only ones suffering. In fact we are one of the very lucky ones because we still have an income and some hope for the future.
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