LOAN MODIFICATION

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• 0

  chris

  25 Dec 2012

  Just went though the loan modification. After sent 20 set of paperwork. We were told we had the modification we paid rwo payment and then got the call that our payment was one day late. So we are again locked out of our account. They stated they were going to repo the home at this point come get it.

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  Michele

  31 Dec 2012

  Me too! My monthly pymt was raised. I'm trying do another loan mod n was told to NOT make pymts. I was denied three times now n they said its because of my credit?! I'm contacting a lawyer!

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  Laura

  9 Jan 2013

  Over a year ago I applied for a loan modification because my husband had lost his job and we got a few payments behind.  Making housing affordable program.  I would try to make payments and they would not accept them because it was not the whole total due.  The payment was sent back.  I tried for a year to contact them.  I had no luck getting anyone to contact me after it was denied.  I was told not to worry about foreclosure because as long as my file was on his (Mark Norris) desk they would not foreclose.  I contacted a foreclosure rescue company because with 5 kids I did not want to get a notice to be out in 30 days and have no where to go.  The company found an investor and they contacted Bank of America.  I then get a letter from BOA stating that they need more information for the loan modification.  This seemed weird to me because they had already denied it.  I had to be out of the house according to the contract with the rescue company by Dec. 1st.  I received an email from the rescue company after I was out of the house that I need to contact BOA.  I contacted Mark Norris and he said the modification was approved.  I told him I was out of the house now.  I had signed a one year lease to rent a house and I had hired a company to do the short sale. He told me I should not have left the house.   He then denied my modification and signed off for my file to be sent to short sale.  The rescue company stated that they would make sure everything was ok with the house and take care of it.  My concern was leaving the house empty.  Last weekend I noticed a side gate open at the house.  I went and checked it out.  The hot water heater was missing and the ceilings were all destroyed.  Someone had taken the copper piping through the ceilings in 4 rooms.  It is a horrible mess.  Please help me.  I have been treated horrible through this whole process.  I feel that I was wrongly done by the mortgage company.  It has been a year and a half and I should have been approved the modification a year ago.  I should still have my house and there would be no damage to the house.

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• 0

  B of A loan mod - success, finally

  2 Feb 2013

  Sac, CA - one of the hardest hit economies.... My company went under and I was lucky enough to find another job, but lost 1/3 of my pay. Kept up with mortgage and then my husband lost his job, we were down 50% of our income, but we still managed to make the payements on time. All told, between us we lost 5 jobs due to the economy and have permanently lost 1/3 of our income. We applied for MHAP in March 2010.  I sent EVERYTHING they asked for. I am accustomed to reading the fine print & providing documentation because of my work. I won't go into all the details because it's unbelievable and hard to follow, but I will say I experienced all the things listed here; conflicting information from low level customer service reps, lost paperwork, promises of an answer only to find out there was none, asked for a sup repeatedly and was told "no", wasn't allowed contact info for anyone working on my app, phone ringing off the hook with collection calls every single day, told to call numbers that were not in service and depts that just directed me back to the last, people coming to our home to take photos for foreclosure, our property listed on a foreclosure website, legal demands from B of A, etc. etc.  I spent several evenings a week after work on the phone with B of A for months, calling in as I was told to do. I submitted docs over and over, followed up diligently. I kept a notebook with date / time/ name of rep of every call I made.  I cannot describe the amount of stress it was for me and our family, but I did it because my family was counting on me.  I was in tears from frustration all the time, emotionally & mentally exhausted, & I am sure the experience took years off my life.
  
  After our initial application in March 2010, we waited over 90 days and then I started calling in.  I kept getting no answers, but was hopeful.  We borrowed $ to keep up, but by December we were 2 months behind and got a "Notice of Intent to Accelerate loan". I called HOPE line to ask for their help.  In a joint call, we were told our file was finally reviewed and the recommendation was to approve for a payment almost 1/2 of our initial payment & they would "escalate" the paperwork to us. The first trial payment was due in 2 days. I made the new trial payment over the phone. It all seemed legit.  A B of A rep wouldn't take the payment unless it was, right? OMG!  I was so so happy, so releived !!!!!!!!! Of course we were told to call back every few days until the paperwork came.  
  
  Instead of the "trial offer," a DENIAL letter came saying we weren't behind. A mistake! I called in, gave names, dates with HOPE as a witness - our case was "escalated."  We waited for the error to be corrected, but were DENIED again, this time because of credit item that was wrong. Another mistake!  I immediately sent official documentation that the debt was satisfied.  Made more calls.... appealed ... appealed.... appealed. DENIED again, no reason given, but I knew we fit the criteria!!!
  
  By now it was Spring of the next year.  I researched online and took the following action is sheer desperation & a promise to myself it was time to give up if this didn't work.  The house isn't worth my sanity.  It was like the Twilight Zone!
  
  filed a complaint with HOPE line - they were going to escalate the complaint & contact B of A through their own special channels (nothing came of this even though they promised resolution - they never did anything)
  
  Filed an online complaint with OCC (Office of Comptroller of the Currency - they sent a copy to B of A for them to resolve with us. No one ever contacted me about the complaint, but they tell you to write them again if the bank doesn't resolve within like 30 days)
     
  E-mailed the president of B of A with a plea for help (as was recommended on the only website I found where any advice was given - incredibly, I got a call from B of A Office of the CEO the next day.)  
  
  Finally, things got moving. They told me we were denied because we didn't have enough income - something we had never been told before, but my husband had just found work so we had to start over the application from scratch.  
  
  This time, we did have a point of contact and we were finally APPROVED for a trial payment through the Fannie Mae program, not MHAP! In the fall, after 4 trial payments, we finally got the new terms & loan is considered current - a reduced interest rate with lower payments for 5 years (about 20% less) to go up by $100 after 5 years and loan of 30 years. We have paid on time for 15 years and we're still under water by 20K.  I can pay online again instead of calling in to a rep who treated me like a criminal debtor.  
  
  I'm writing here because it's my hope that this information might help someone who is going through the same thing or considering it.  At the time we finally got approved, I read that laws were passed by the OCC requiring that homeowners had to be given a single point of contact and foreclosure can't continue during application process. I hear it's an easier process now.  God Bless anyone trying to deal with B of A and good luck.
  I don't know if the e-mail address is any good anymore, but here it is:
  brian.t.moynihan@bankofamerica.com

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• 0

  annyvanny

  9 Mar 2013

  I finally got a loan mod from BOA after 2 years and if I had it to do over again, I WOULDN'T do it. I did not miss any payments but my house was under water by 50 K and my interest rate was 7%. Went through everything that thousands of other people have gone through.: paperwork constantly lost - refiled it 8 times (finally just made copies and changed dates each time I resubmitted), got shuffled around to different departments only to end up where I started, got letters giving me names of "new" account managers every few weeks, was constantly told that the paperwork was under review, being processed, was lost again, needed more info,was denied, was approved, was under consideration, etc.
  
  Finally went online and filed  complaints with the FTC, The Treasury Dept, and about 3 or 4 other agencies I found that I knew wouldn't be able to help but filed complaints with anyway. Lo and behold, after filing these complaints several of these agencies contacted BOA and I got a letter from BOA's CEO office and was given a direct name and number to contact EACH time I wanted info. Within 2 weeks, I received a letter from BOA telling me I was approved and that they would be sending an "authorized agent" to notarize the final documents. The guy came and here's what the final papers were:
  
  (1) Interest rate lowered to 5.5%. (2) BOA took 27 K off the front end of the  mortgage but it has  to be repaid at the end of 30 years (yep...they added years to my mortgage after I had already been in the house for years) or when I sell, whichever comes first .(3) had to sign another "note" for the 27 K.
  
  I still live in a house that's under water, the payment was only lowered by $150 a month and I have to repay 27 K  if I sell the house - which, of course, I can't sell because it's not worth what I owe on it and I now actually owe more because the mortgage has been extended to 30 years once again. And the best part of all?....I paid the "trial" payments for 2 years before the loan was modified and BOA has reported me to the credit bureau EVERY MONTH as being "late" with my payment, effectively ruining my credit!! They have said repeatedly they would "correct" this, but haven't and probably won't.
  
  So...from my perspective, BOA isn't doing anybody a favor with these modifications since they will be making more money in the long run on these new loans. In my case, since I don't plan to move, and I probably won't be alive 30 years from now, I can at least say (for now) that I'm saving a small amount of money each month. Caveat Emptor: These new papers state that the payments "may" go back up, depending on taxes, insurance, etc..... Final thought - not worth it!

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