Is there any chance that we can get a loan principal mod with BofA?
In Nov. of 2007 we purchased a short sale home in Granada Hills, CA for $650.000. BofA Countrywide being the lender. Which was seemed OK at that time. But... Now in the past 18 months we've watched the value of are home drop $275,000. We are currently in the middle of a loan mod with BofA which is in it's 14th month. We are using a loan mod attorney who doesn't seem to be negotiating all that well for us. We have been through some tough financial set backs these past 2 years, With a union strike that lasted nearly 5 months and an injury that laid me up for 6 months. Then my wife lost her job. However, I have been back to work for 6 months now. But can't possibly afford a $3300. a month mortgage without Property Tax and Insurance included. The loan mod has been dragging on. Our home is in dire need of repairs.
We are on the edge of making a good come back and we really don't want to blow it. We REALLY need some solid good advice on how to proceed at this point.
Any help at all will be welcomed.
Thank You, Steven
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