Banks are becoming much more willing to negotiate with borrowers. You asked this question quite some time ago. Has anything further developed? If I can help in any way, please advise.

I think banks are a lot better with loan modifications these days and with all the Obama plans in place. Unfortunately it takes patience. My cleints that have successfully had their loan mod's, have had to make numerous calls to make sure their files don't get lost in the shuffle. So I would continue to call the bank's loan modification center. If you're not getting answers, try getting a manager...keep calling, be a pest.... But if they'd haven't filed the NOD even, you still have time!!

Before you talk about short sales, talk to your accountant so that you understand the tax implications. Be sure to talk to a reliable source with experience, that can help you determine if you actually can prove a hardship that the bank would even approve a short sale situation. Best of luck!

Tommy... I work with a national company that has great success with Loan Modification and Short Sales. Getting the runaround from the lender is common and frustrating. Some negotiators seem to get the job done and others seem to just flounder. We have direct contact with all lenders and can get quickly to your best options. For a free consultation please go to http://www.BuyIn72Hours.com and enter your information. I will contact you shortly. Thanks Bob

No you are not asking for too much because that's what you can afford right now, Call me with any questions or concerns about you Loan Modification

Frank Hernandez
Regional Account Manager
909 254-3299
jhernandez@loanmitigationdept.com

I would call everyday until I received the answer to your question. If you have decided that you do not wish to stay if they do not lower your payment, then you should consider a short sale. That is much better for you than a foreclosure on your credit.

Sounds fishy to me, are you sure they have not filed a notice of default yet?

To be honnest, given the information your giving, I am not sure how you can get a modification down to $1050 on a balance of $262,500 with taxes, insurance and flood insurance. You are suggesting that you don't want to stay unless you get that payment, so it sounds like you have resigned your self to let it go and let them foreclose which will affect your credit for about 5 years. Is the property not worth the loan balance?

IF so, have you talked to the bank about the value?

I wish you the best.