It's Been a While

The last time I blogged was in 2008 about the loan modification.

So here's an update.

I did get my loan modification approved after emailing a B of A executive. My 1st loan received a lower interest rate for 5 years, then a fixed rate for the remaining 35 years. Also, my loan got extended from a 30 to a 40 year loan. My 2nd loan got no modification.

I thought I was happy with the results until I started finding out that others who used my same hardship letter were getting principal reductions. What I should have asked was the modification with the 2nd loan HELOC being reduced or forgiven. Seriously, there are still short sales and foreclosures in my neighborhood and it has been 18 months since I started this process. I don't know if the market will turn around before my rate jumps up. What will B of A do to save homeowners in the SF Bay Area?