As suggested, I contacted Bank of America's credit card department, which is the same bank that holds our mortgage to see if we could reach a settlement on our business credit cards. They took down all our financial information to see what we could work out. One thing that I thought was cool was the representative looked to see if we could adjust our payments any further on our personal credit cards. These cards were all previously placed on a balance liquidation program, but any additional help we may be able to get is worth a try. However, he really couldn't help with our business cards either.
He had to transfer us to the business credit card division, which happened to be closed by the time I had called. So, no answer today on whether we will be able to settle on those cards and see if removing those debts from our debt to income calculations will bring us down to an acceptable amount to get approved for the loan mod.
One other interesting note is the credit card rep knew about our attempt to obtain a loan modification already. This may help or hinder us. Will they say, "Ok, lets give these folks a hand" or " These guys most really be desperate. lets sock it to them." We'll just have to wait and see what unfolds. Tomorrow is another day.
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