Bank of America Loan Modification

Bank of America is one of the largest mortgage servicing companies in the United States. If you have a Countrywide Home Loan, now you will be dealing with B of A since they bought Countrywide last year. They also by far have the most loan modification requests currently in process due to this economic crisis. But many homeowners simply do not know, or are confused on how the process works for a loan modification through Bank of America.

Bank of America may have some strict requirements to obtain a loan modification, but it is definitely possible to achieve as I have seen over and over again. If you are simply able to afford your home and just not your loan, you may be eligible for assistance.

If you qualify, a loan modification may allow you to catch up on late payments to become current, help lower monthly interest rate, or even possibly change the original terms of the loan completely. Also if you are one of many with a subprime or an option arm mortgage it may be easier for you to get out of the loan into a better fixed rate loan. Most lenders will help you get out of these loans as soon as possible because of all the predatory lending that was involved in the original loan application.

Remember not all the time modifications will result in a lower monthly payment. Depending on how delinquent you are on your mortgage, BofA may offer to waive the past due months and allow you to catch up and become current on your loan. They may also offer what is called a forbearance agreement which is also typically for homeowners who have fallen behind on their payments.

This agreement is usually only for a short amount of time (3-6) months. What this will do is allow the borrower to have "no" payment for these few months or even a significantly lowered payment during this period of time. After the agreement is completed the borrower will become current and continue on his regular mortgage payments. If you feel this is perfect in your situation make sure you request this from Bank of America when applying for the loan modification.

It is also important to be aware that Bank of America is one of the major participating lenders in Obama's new loan modification programs. The new programs main goal is to help reduce the homeowners monthly payment in order for the payment to not exceed 31% of the borrower's gross monthly income. This new payment of 31% will include other mortgage expenses as well such as principle, interest, mortgage insurance, property taxes, and HOA dues. But in order to qualify for these programs you are required to meet these guidelines:

  • The property must be your primary residence
  • Your loan amount can not exceed a balance more than $729,750
  • You must have got the loan prior to January 1,2009
  • Your current monthly payment must be over 31% of your gross monthly income

But even if you do qualify under these guidelines you must realize that there are still other factors involved as well. You must also prove to the lender that you can and will be able to pay the new modified monthly payment. To do this you will be required to prepare and submit all of your financial information including; your most recent paystubs, bank statements, tax returns, etc.

When you first initially contact your lender for assistance you should have an idea of what kind of loan and payment you can afford that will fit your monthly budget. Also when first applying for a loan modification make sure you understand the process as much as possible and are ready to negoitate your loan with confidence. Always be polite and kind, but firm at the same time. Remember they are the ones helping you get into an affordable mortgage and are not required to do so.

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  • Marcia

    To whom may concerne

    I tried to get help from Bank of America to do a loan modification on my adjustable rate. and I got no help .They did not give me any hope..
    They seem do not be interested and helping people to keep their home.

    I.m really sad and hopeless.

  • Dana

    I tried 4 times to get a modification. We are at a 39% ratio on the front end and 54% on the back end. We had a hardship when my husband was out of work for 4 months. Then when he did find a job it was for a much lower pay than before. Bank of America still refuses to help us and says we dont qualifiy because our total bills are $250 above our income. I am so confused about why they say we dont qualify when according to the workout sheets we do.

  • Robert

    I think that Evan should stop working for CountryWide or Bofa at one point and help people to understand what it means “Predatory lending violations”. I am one of the victims of Predatory loans program mess. I was calling these companies since last November and after fighting four months they informed me that I do not qualify for any program (lower interest rate, hope, obama program, you named!). They did severals forensic “financial hardship” and they figured that we don’t feet on any of their program.

    I went to an external attorney and six months later Bofa realize that I qualified for the same program that they denied on January, but they are not forgiven anything here. Basically, I got behind payments because they told me that I don’t qualified, but suddenly I do.

    They basically wants me to move into another predatory lending situation but this time just for five years, after that Interest rates are going to fluctuate (AGAIN!!!).

    They are not willing to accept their mistakes (severals proved predatory lending violations) because is not “fear” to their stakeholders, but if I am an stakeholder, I will not put my money in a bank that is asking government to bailout.

    I though they was the most bright financial people, running systems such us RACI, ITIL, SIXSIGMA to avoid “any” mistake, but I was totally wrong. This is the sad part is that everything that you have learned went to trash with this type of companies and we are paying for that twice.

  • Mark Smith

    Bank of America is the worst lender to work with when it come to doing a loan modification. They have no respect for their clients in hardship. It almost seems that somehow they are ignoring their clients and letting their clients mount up so many late fees, attorney feees, all the “I got you fees” that you can think of. They expect their good paying customers with a hardship to spend all their savings to pay for their mortgages before they even look at you. Something is up with Bank of America. And some type of expert or politician needs to look this up. Bank of America consumers need HELP! Because they are sure not getting it from B of A.

  • Helpful hints

    Go to to see if your investor is with Fannie Mae or Freddie Mac. Now, if it is with either of those investors then yes the 31% ratio would work. However, if it is a FHA, VA or Private investor then there is a small window to have your loan modified. With all bills, net income and expenses it needs to have a + or – residual of $200. Try going back over the bills and see what you can do to fit into that category. Hope this helps.

  • Dan

    I have been trying to get a loan modification from Bank of America since April and it is now the end of September and I have been bumped around from several different customer service agents. I have taken several pay cuts at my current job and just today, after 6 months of phone calls, letters and email to BofA, I received a letter saying that I don’t qualify. WOW My mortgage is way over 31% of my income, and I meet all other criteria. Bank of America doesn’t care about giving anyone a loan modification. Looks like the bank is going to get my house… thanks BofA

  • Astrid

    Welcome to the club! According to the worksheets I answered yes to all, no where does it state that if you are over in your income you do not qualify. Well heck…If I were living at 31% of my income I would not need a loan modification would I? It was my understanding that the whole purpose of getting a “Make Home Affordable” modification it was to do just that.

    When I qualified for my Ginnie Mae loan in 2007 my $1,631 mortgage was 31% of my income THEN. Now 31% of my income should be $744 and this is working 2 full-time jobs Monday-Friday and 2 different part-time jobs on Sat & Sun. with all that working I only net $2,400 and change; So, I am definitely struggling to keep up the mortgage payment and it sure the heck is not because I am not trying. Hell…I have 4 different jobs and most complain they can not find 1. I am a single mother fighting to survive and save what I busted my backside to earn.

    I myself have made 4 seperate attempts to seek help from Bank of America and they always have some song and dance why they can not help me. I just fell behind 1 month for the first time since I lost my main income. Trust me I dipped into every last saved dime I had including mutual funds and all that were meant for retirement; as we all know in the next 25 years you can forget the SS retirement check that won’t be there for us. Just think about it these smucks won’t help with the mortgage , just think about your pension. You know the banks could give a rats a_ _ where you live. Our FHA mortgages has a mortgage ins. that must be paid it is incorporated into the monthly payments. That just proves they are covered in case I default on the mortgage; so I go to the street with my kids, they keep my house and sell it for far less then what i wa suppose to pay, and some one else gets my house for about $90,000 -$120K less than what I got it for and they wiil be paying about $600 a month.

    Cheers! That is what you get for doing things the right way. Maybe, I should not have worked so hard and earned a degree. Maybe, Welfare about $800 a month in food stamps so I could be eating lobster dinner at home and paying $200 a month in section 8 housing, sleep in all day . What is wrong with that picture?

  • ml

    I’m applied for a loan modification and wanted to talk to someone about the loan modification program, but I couldn’t get through talking to my loan negotiator. He left me a message to call him back but I couldn’t get to him. 10 out of 10 times, I got to the CSR. Today, I got a letter from BAC for intent of accelerate. I’m so upset right now.

  • Ann

    Bank of America told me that my hardship was voluntary – I had to custody of my four year old granddaughter so that she wouldn’t go into foster care. They said I should have let her go into the foster care system so that I could make my loan payment.

  • Jim

    We submitted our request for a modification to Bank of America (BOA)in June, 2, 2009. We faxed tax forms, paycheck stubs, hardship letter, 1st and 2nd mortgage details, bank statements and called BOA multiple times and was passed around from department to department with no one providing any information of any value. Their interactive automated voice system would keep dropping me in the wrong department and one person with BOA said he would walk me through the system, which we did and it ended up in the wrong department again. I finally received a letter from BOA September 5, 2009 saying they recently received my request and required more information. Funny thing, they were asking for the same stuff I sent in June. So I re-faxed and mailed them the same info again, plus the dates, names and times I had called looking for a status on our request.
    I received another call from BOA asking about our monthly payment and said it would be there before the end of the month and when I asked them about the status of my request they said it had been cancelled because we did not provide them with a form (he could not tell me what form, but he also said that they had just changed their process for modifications) and we would have to start all over again.
    Frustrated is an understatement!!!

  • Celina

    I have been trying to get help from Bank of America for 8 months I am also working with
    an attorney base firm to help.. We bought in contra costa county when homes were outragously high.. and the Agents were making high commissions and selling these homes to people that really couldn’t afford them.. I don’t live in Hollywood I live in a small city.. The homes were being sold for $600,000 and higher.. People are loosing there home left and right.. The only way a person can save there home is through a principal reduction,, fair Market value. B of A only wants to put a bandage on the problem temporarily. They offered to give me a fixed rate for a few years and then
    my payment will shoot up to $4,000 per month.. this will put us way over the 31% of our income.. They were given bail out money to help and keep people in their homes. Instead they are helping themselves.. We must pull together and pull out our savings and checking dollars.. Maybe that way they will help ..

  • neekas21

    Today I received a call from BofA. I having been trying to get a loan modification since April 2009. I started with Taylor, Bean & Whitaker and in August had to start with BofA all over again when they took over my loan. This has been the year from hell. Lost my job in January my partner got sick in February and we couldn’t get any help from Taylor, Bean cause we were not behind. Finally in June we missed a payment and started more paper work with Taylor, Bean. Sent a payment in mid July and called Taylor, Bean only to find out they had sold our note to BofA. Find out by phone that Taylor, Bean had been closed down by a phone from some agency wanting to know if we wanted to re-fi with them since Taylor, Beam was out of business. The best BofA said they do is to cut my interest rate from 7% to 5% payment goes from 1900 to 1700. Hello, did I not request the making home affordable program. I am told that is the best they can do since I have an FHA. This just doesn’t sound right. I think they can do better.

  • Lisa

    We applied for a loan modification with BofA in November of 2008 it is now November 2009 and we have received no word on our modificaton?

  • Amber

    We missed 2 months of mortgage payments (Dec 08, Jan 09) when I lost my job last year. In January we called to see if we could modify our loan or get on a repayment plan. The man on from B of A told me we needed to be 90 days behind before we would qualify for a modification. Like a couple of idiots, my husband and I believed this crook. So of course when we missed our third payment (Feb 09) we were told we didn’t qualify for a modification. In June 09 we spoke with our VA rep who assured us he was working with B of A to get us on a repayment plan. We finnaly heard back fro

  • Amber

    ….from B of A last month (Oct 09) when they told us we were denyed the repayment plan. So for the past 9 months we have been making our minimum monthly payment along with $134 a month in late fees and are getting no where! I talked to B of A again last night to qualify for a modification again…of course we didn’t qualify and she advised me that we would need to be 6 months behind before we will qualify! I don’t think so! I have no clue what to do from here…we have sent in our letter of hardship 5 times, applied for modifcations several time and a repayment plan and still nothing!

  • Gabrielle

    We just started talking to B of A about refinancing our home. The first mortgage is a Freddie-Mac loan that was bought from Countrywide when they tanked. Husband lost his job at the end of August when the company closed with no warning. He found another job in 3 weeks but at 23,000 less a year. We have been struggling to make our payments, but have managed not to be far. They charged us a $400 (non-refundable)application fee and sent a 40 page packet to fill out and fax back. They said that they can lower our rate from 6.75% to 5.37% and add in $5,000 worth of closing costs. This puts our payment at $1,014.00 instead of $1218.85. I asked if HAMP loan would be better considering our housing with taxes is about 47% of our gross income and we were told that we had to be at least 2months late on our payments and a HAMP was only temporary! I am getting more nervous about doing this. I don’t trust them!

  • Anonymous

    Don’t trust B Of A, they denied assisting us when my husband had a job, denied us after he lost his job. They give us the run around. I feel like I’m goldielocks looking for the words to tell them that are “just right”. We been told we make too much, too little, and last resort we were going to have roomates, even with that income, B of A denied us. Bottom line, I don’t think they are willing to help, especially since our home is in a demographic nicer area. I’m pretty sure they just want the house. What a shame. I feel like us americans who did everything right to qualify are the ones having to fight the hardest for assistance and we still aren’t getting the help we need.

  • Anonymous

    wow I am curious, who are the other people who are not “us americans who die everything right”/

  • Robert Whelan

    I’ve been dealing with Bank of America for over a year and a half. My loan was previously owned by Countrywide who did a mod for me that was highly unfair, they added my past due amount and fees to my principal, basically making the amount I owe on my home the same as it was when I purchased it 5 years ago. Then the extended the length to 40 years, and put me in a step rate loan starting at 4.75% and then returning back to a rate of 6.75% over a 3 year period. I went to Bank of America when they purchased my loan from Countrywide and was put into a 6 month HomeSaver Forbearance until 2/1/2009. I was supposed to hear something from them in the 3rd month November 2009, of the agreement, but it came and went with no updates. I’ve made all payments on time in the agreement thus far. i also got a Notice of intent to Accelerate while in the agreement upon which I sent numerous complaints out tot he BBB, the OCC, and my state senator, I finally after 1 month got a phone call and a letter from Bank of America stating this notice was sent in error and it was being canceled. I called yesterday to make my 4th Forbearance payment and I found out I’ve now been assigned a new loan negotiator (now on my 3rd. they said they had my income information but had zero information about my expenses which I submitted to them at least 3 times over the last year. I provided all the information to them in a timely manner and they said it would take 3 weeks till they got word back on the investor. I’m just spinning in circles at this point, and have come tot he conclusion that the bank has no clue what they are doing. Now I’m looking for a good lawyer to hire.

  • Ned

    I am no different than anyone else, submitted the same modification papers 3 times, every time i hear different story from BoFA, 1st time i got a call from the analyst who said i have great news for you, i worked out a mod deal and your payment will go down by $ 1250 a month, i will be sending you the paper work by mail to sign, ohh by the way since we are very busy your paper work could take up to 60 days to come, but don’t worry, just wait. ok i waited 45 days and nothing came then i called the bank, the rep told me that i missed the dead line to return my paper work by 20 days ( are you kidding me) what dead line, i never got your paper work, will our system shows that it was delivered to your address, ok can you give me the tracking #, no i don’t have it but it shows that it was delivered to your address, to make the story short i had to start all over again…2nd time i got denied because my income is insufficient, our system shows that you make $2000 month ( are you serious) I’ve been living in my house for 2 years and paying $ 4700 a month, how could i afford that if i make only $2000 month, will this is the number that you provided us, ok let’s start all over again, i sent that same paper work again and still waiting, i also reached out to one of the loan modification assistance companies about 3 weeks ago, which they are dragging the process 2, till today i haven’t received anything yet, but i just got the intent of accelerate from the bank. Once this is done, no matter how it gets one, i want to forget about a bank called BofA, they are the worst liars and cannot be trusted what so ever, not even with one penny.

  • Stephen H

    I lost my Job in June of 08. Started going through my savings gained employment 3 months later. My refinance to help with surgery for a family member from ’07 was an arm (Mortgage broker told stupid me that the home value will increase so I was fine) Fell behind in payment for 2 month (I’m now making 1/3 of what I ws before) BAO sent a loan modification trial period. They advised that if I keep making the monthly payments I would be fine. that was 6 months ago. The trial period was supposed to be only 3 months. Now I notice when I call in to inquire the agents make the statement that ” This May BE Denied” I’ve been told that this is how they drag customers out and then foreclosed. Depending on the agent you get you get a dfferent response. I’m I seeing on Good Morning America that a family went through the same (by description) experience that I’m going through and got screwed! I’ve never asked for a handout. I work hard. Obey the law and contribute to the community. I am at a frustration level right now where I feel as if I should just give up. It’s really hard especially when I have niegbours who have also lost their jobs and were able to find lowere income jobs and their banks Wells Fargo etc went ahead and extended to them a lower interest rate. Why Why did I have to get stuck with BOA?.

    “You cant place your trust in earthling man”

  • lori

    we have been trying to get a modification from bofa and i even email barbara desor whom is the head don’t know it all. it gets escallated the passed then passed then denied then were sorry we had your info wrong. it has been since 8/2008 when 3 months into the the refi they gave us we couldnt handle we had not even been in the loan for a full year before. now they say i have to have made 12 payments yet it was ok to refi me on the first when it was only 8 months. month after month we got approved then denied we are not even aloud to make partial like va claims someone figure it out.

  • Anonymous

    mean, most of this is ridiculous. So everyone just wants to stall and keep their credit in good standing while not paying for their homes? This is just resulting from selfishness and greed because people wanted to live beyond their means. No, a QWR might temporarily stall foreclosure and even credit reporting, but as long as everything is in order , the lending companies have a right to report you late and foreclose. If you cannot afford the home you are in, get out. It is a material asset, not a God given right to own a home. Stop making excuses, everyone. Look at it this way, if you haven’t made a mortgage payment in several months, don’t whine about foreclosure, you just got several months of free rent.Most landlords in most states have the right to evict at 10 days late. I think that people think they are entitled to so much these days, they don’t see the forest for the trees. These are ridiculous tactics to stay in homes you can’t afford, rent a house or buy a cheaper one. Hard times call for hard measures. And no one is entitled to a loan modification. You borrowed the money with these terms, now pay it back. And fair market value shouldn’t even be an issue. If you borrow money from a friend and buy a purse, for example, and two years later you tell your friend that you don’t want to pay them all of the money that you borrowed back because the purse isn’t worth what it was when you bought it, that would be insane. And unacceptable. So why is it acceptable to assume that you are entitled to modifications and principal balance reductions?

  • Anonymous

    maybe, just maybe, if you can’t afford your mortgage anymore, you are now living beyond your means and need to move out. take some responsibility for your situation.

  • Bill

    Hello all
    I just wanted to say that this is no different than asking for handouts. BofA does not have to give anyone at all a modification of their mortgage. Modifications are actually designed for when your hardship is over and you can afford to make your mortgage payments again. They may put your past due balance back into your principal and bring your loan current. The Obama Plan (Making Home Affordable) is a program that only certain investors are agreeing to participate in( and every mortgage has an investor, whether it be Fannie Mae, Freddie Mac, or another bank, possibly your lender, and they make all final decisions) Also the Obama plan is only a temporary fix in the case of the modification portion. It will be 5 years fixed down to a possible 2%, but then will go back up until you reach your original note rate, possibly capped in the agreement. But the government has put rather stringent terms on proving it. If you don’t qualify for welfare, you probably don’t qualify. A trial is just that, a trial. You are most likely not going to get your home for less than you borrowed originally, or at any less than your original terms, because that is what you signed for. If you wanted a cheaper house, you should have bought a cheaper house. Also, be sure to get rid of your high end cars and credit cards before asking for a loan mod, they do take into consideration what you are staying current on and buying, as this shows where your priorities are. In closing, suck it up and keep your end of the contract. Sorry if you had hardships or lost your jobs, move to a place you can afford.

  • Care

    I got laid off from my job Feb. 09. Hours had rapidly been reduced since October 2008. Mother diagnosed with breast cancer/chron’s disease April 09. I became her soul care provider/transportation, etc. I also am married with two small children. I have worked since I was 15 years old. I have worked the past 12 years in my career that I received a degree in. I am not a lay around loaf who is expecting handouts. Applied for loan mod for our second mortgage with Wells Fargo January 2009. Approved instantly no questions asked with some great terms. Applied June 2009 w/ BofA (our first mortgage which is the bulk of our loan). Waited and called. Waited and called somemore. Was told to reapply and send in updated financials October 2009. Was told we were pre appoved and definitely fit the bill for their loan modification programs. Waited and called. Waited and called again. Was told the loan mod terms would be to us by Jan. 15 via Fedex. That was Dec. 17th. Received denial notice on Jan. 12th. It was a devasting blow. It goes to show that not all pre-approvals are really “approved.”
    I hate to see other people judge other people who may not be standing in their shoes. Like the previous blogs above. How hateful. When you have a family and economic and medical hardships happen that are beyond your control you do what you can to keep yourselves together and get by. Cut back. Turn the heat down and add extra blankets to the beds, sofa, etc. Living beyond our means we were not and we certainly are not now. It is not like we are planning a vacation to disneyland or something. Please choose your words carefully when judging others. Right now we are anticipating falling behind on our payments. We have not been late as of yet. My husband does extra side work on the weekends to get us by on top of his 60+ hours he works at his full time job. All this while I stay home with the kids. Cutting coupons and calling creditors, utility service providers, etc. to see what programs we qualify for. I have heard nothing but horrible things about BofA and their lack of customer support during these hardtimes amongst my friends. I thought we were all doing something wrong. After reading the blogs I see it is not just us. They are messing with several peoples lives and security. Wells Fargo was awesome and I was under the misconception that BofA would be just as easy. Sadly I was wrong. Good luck to all of you. Please blog again if you get anywhere with BofA.

  • stay

    yes, a pre approval means that you might not meet the terms, just like if you are pre approved for a credit card, just a pre screening, doesn’t mean you qualify. the circumstances are very unfortunate, but the mortgage companies are not here to tailor their already approved contracts to all of us for our hardships. the fact that they are even considering us is a courtesy, not a given. your second mortgage holder will always modify quickly and easily. same if bofa holds it, because your second is a mortgage that falls below your first, which means that they cannot do alot of anything if you walk away from it. the second lien holder usually gets a settlement when the first forecloses, usually about $1000.00. so they are extremely happy if you keep paying it. this comes from 16 and 1/2 years in the mortgage industry working in senior liens

  • Oregonian

    Tonight is the 4th time faxing my loan modification documents to BofA. We have faxed 12/09/2009, 12/29/2009, 01/20/2010 & 01/28/2010. They gave us two different fax numbers to send documents to and claim they never recieved them. We have proof of documents sent. I am hopeful things will work out for us, we have considerable equity in our home, our businesses tanked and people owe our businesses a lot of money we will never see. So, we have two options, hopefully BofA will work with us or we sell our home, take our loss (retirement was invested in the home) and start over again. At 50 years of age, to loose our retirement money is heart breaking, but, this is where it is and I pray we call can recover from this mess, homeowners and banks as well. We are in it together and we will recover. We are a strong America, we need new jobs in America. Buy American from your fruits and veggies to your towels, laundry soap and lawnmowers. Quit sending our money out of America, Invest in America and American families. The quicker we put America to work, the better off we will all be.

  • kimmy

    I know this is crazy, but it really happened. Here goes… we went through a mod which was finalized 6/09. The payment actually increased by five dollars with all the late fees and penalty charges added on to the loan. We knew it would be impossible to keep our home with that payment. A few payments were made until we couldn’t make them any more. Emotionally, we let go of our home and were imagining where we might move to next.
    We had spoken to B of A collectors when they called, with us just saying we can’t afford the payment and knew we would loose the house. I remember one gal was quite helpful and she clearly felt bad about our recession caused (bad) situation.

    We were interviewed over the phone at about the 2nd missed house payment. We went through the money in, money out. Bottom line was we were told we didn’t qualify for a new modification. We hadn’t planned on doing another mod anyway. The first one had been long, tedious and hadn’t turned out so good. We were ready to just move on. Then about 3 weeks ago there was a fed ex pkg. on our front porch from B of A. We were thanked for working with them and for supplying our financial information. We had been set up on 3 month modification, which brought our house payment down almost 200 dollars. We still will have a tough time paying that payment if thats where our monthly payment ends up. But with this good JuJu (luck?) that came our way we are hopeful that maybe we can stay in our home. It’s wonderful to have some hope again. I have no idea how this happened or why. It’s been a long road financially the past couple years so however this happened, we are both just really thankful.

  • Terry

    Bank of America has no desire to help. Here is why.
    The Gov. has agreed to pay banks90 -95% of owed balances on bad loans. This means Bank of A gets most of their money back, Plus get your house to resale ( more money ) for 60% of whats owed and stick you with a judgement for the rest.
    Hire a law firm that handles this stuff. While in littigation you wont have to make a house payment.
    Better yet, buy another house w/ better rates and cheaper price. Then file Bankrupsey and BOA can have their piece of crap back.

  • Renee

    I have all the same situations as all of the above and I was in a mass layoff and been out of work for a year. I need to talk to anyone anyone who can help me get this mod taken care of with cw/bac. I tried for mod so so many times ended up at even the office of the chairman and they still dont care. They just appreciate someone who pushes everything aside just to pay their mtg and pay on time to keep their credit ok. This is my first home and this is not americas dream…its a nightmare. These mtg companies should be required to also pay for pain and suffering. I need anyone to help me get through this…step by step…I dont want to have to pay someone to help me. This has been going on for years and I am at the end of it. I cant understand why lenders dont want to help consumers…when all they will do is walk away or foreclose and they will lose more than anything.

  • Renee

    Just an added note….they should require 3rd party companies to modify for lenders since they will just try to pull one over on you.

  • anabel

    Bank of America has absolutely no interest in helping people out with their situations! That bank does not care about anyone or anything other than making money! My boyfriend was denied first because he wasn’t behind on payments then he was denied because he does not make enough money. These people will do and say anything as long as they don’t have to move a muscle. People are losing their houses out here and the banks want to make up any excuse they can to not help. No one is looking for a hand out. All people want is a little help to get by. But the banks won’t even do that! Bank of the RICH America not of regular hard working americans!

  • Ray

    yes I was listing to the Dave ramsey Show he said he have not heard of anyone that got a home Modification from BOA I have Been trying since April 2009 and as of this day have not heard anything from them yet some of my co-worker have told me that there Bank gave them a modifiacation right away so pleases if anyone from BOA or the OBAMA Adm are reading the blogs above pleases let us now what is really going on because i see now its is not just ME something is very WRONG HERE!

  • Jamie

    I am going through much the same situation as so many people posting here. I wanted to share my story in hopes of letting some know you aren’t alone and letting others know not all of us buy homes we cannot afford.

    My story begins like this, I am 24 years old and a single mother of one. I purchased my home for $61,000 when Bank of America had approved me for $130,000. I knew that I couldn’t afford $130,000 of house so I went with something at less than HALF of what I was approved for. Responsible adult tactic #1.

    Last spring I received a call from the original underwriter of my loan saying “Hey Jamie, we have some lower interest rates available, would you like to refinance?” Oh hey sure why not?! I am always trying to find ways to free up extra money each month for a bigger emergency savings fund since I’m a single mom. Responsible adult tactic #2.

    The Refi rep told me “Make April and May’s payment but not June because your refi will be done then and you’ll skip June and pick back up in July.” OK, so I did just that but July 1 rolled around and I hadn’t heard anything about the refi. My mortgage is 2 payments behind and I’m concerned. I called the bank and was told my refi didn’t go through but I should do a modification. OK, let’s go for it.

    July, August, and September came and went with no word from the bank but I was told it would take 3-4 months to complete. I called back in October to find out the modification had never been started!! But they could of course start it for me that day. My mortgage is 5 months behind now but I shouldn’t make any payments because the modification will get rid of everything I’m behind according to the Making Home Affordable rep I talked to that day.

    November, December, and January came and went. I called back on January 24 and was told again my modification had never been started!! My mortgage is now 8 months behind but of course they can start the modification now and I’ll get instant approval or denial. I was denied. Now I can pay 1/2 of what I’m behind and work out a repayment plan for the rest. I tell the woman, I get my tax refund in a couple weeks let me just pay the past due in full when I get that refund. OK, that’d be great homeowner, we’ll talk to you in a couple weeks.

    Called back 2 weeks ago and was told my loan was past the point of no return now and the only option I had would be to pay in full $4100. Huh?!?! The rep said I couldn’t pay now because they’d have to order reinstatement figures and I should call back in 4 business days and they’d be ready. OK, will do.

    Got a call from the VA on the morning of the 4th day, Jamie…what is wrong with your mortgage??? Your house is scheduled for Sheriff’s Sale on April 6th. Excuse me?!?! I haven’t even gotten a letter from BoA or a phone call saying “Hey, you’re behind” let alone “Hey, we’re selling your house in 30 days.”

    I explained the whole rigamarole to the VA person and that I had been denied for a modification. He referred me back to the bank to resubmit for possible approval because it didn’t make sense why I would be denied. So I called…I got a collections rep who couldn’t have been nastier to me from the first word out of her mouth than if I had actually come to her home before work and took a huge poo in her Wheaties right in front of her.

    So she told me that if I didn’t have $5500 to pay in lump sum and I quote “You can kiss your house goodbye.” That actually came out of her mouth! She said collection activity will continue even though I’m in modification so my house will sell on April 6 if the modification hasn’t been approved by then. She said it takes 5-7 months just to review my 10 pieces of paper I sent to them to be able to make a decision on whether I’ll be approved.

    I’m totally flabbergasted now. I called the VA and explained everything. The VA was amazed at how the rep talked to me and what they said. So they told me to call back and get more info. So I did. I got a second rep that was just as “lovely” as the first and she said that if I didn’t have $10,000 in lump sum then my house was gone. She said “It takes 5-7 months for a loan modification and collection activities do not stop. You owe $10,000 and your house is scheduled to sell on April 6. So what do you think is going to happen first?” Yep, she actually said that verbatim.

    I asked her why $10,000…am I paying $5,000 per call that I make to them or what?! She said it’s attorney’s fees. Attorney’s fees for WHAT!?!? So needless to say the VA has helped me out a lot by reaching out to their own people at BoA and I’m waiting and praying for the mod to be approved. The VA called me back and told me to talk to the assigned attorney to find out how much the attorney’s fees were that had been accrued to this point so that if the mod is approved I know how much money I need to have because I’ll have to pay those fees and the rest that I’m behind will be put back into the mortgage.

    I called the attorney that the Bank told me they were using. The Bank even gave me their contact info and everything. The attorney has no record of me, my foreclosure, or my scheduled sale date of April 6, 2010 and they told me their fees never reach $5000, it’d be crazy if they hit $2,500. I’ve never received any paperwork from an attorney or the bank saying I’m in foreclosure despite numerous (more than 7) requests for this paperwork.

    For all of you Pro Bank of America people, I don’t know if you’re collection reps with the Bank or what your vested interest is but trust me…they screwed me. I’m not asking for handouts and no one in their right mind can say a $61,000 house on $35,000 a year income is too much house that I shouldn’t have bought in the first place. I don’t work for Bank of America so I don’t know what Standard Operating Procedure is. All I know is what the Bank told me to do, which I did…

    My only mistake in this was trusting MY HOME to BoA.

  • Don

    HERE IS A LITTLE DIFFERENT SCENERIO! Wow, I se everyone is in trouble with BOA. My situation is a little different. I am behind in my mortgage and after 4 faxes and mailings of the info to BOA I FINALLY got my approval for a loan mod. Time to celebrate right? NO!! I had to send the forms back signed and notorized by the 28th, I sent them back on the 22nd which was sent overnight by fedex with tracking number. It was signed for on the 23rd by their rep and I have a print off of the signed sheet. I called them on the 24th (hope BOA program) and they said I am all set just make the payment due, which I did and they cashed. Then while looking online at my account I see that the loan mod was cancelled due to owner not sending in the forms?? So I call and they say they didnt get them to the 14th of the next month???? They said I have to start over probably! Well my 90 day is up and I just got a letter from their attny saying they will foreclose on the 1st!!!! I don’t know what to do? Should I get an attny? This seems really crooked.

  • wright4ulg

    If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!

    BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits.</P

    Have you seen the little piggies
    Crawling in the dirt
    And for all the little piggies
    Life is getting worse
    Always having dirt to play around in.

    Have you seen the bigger piggies
    In their starched white shirts
    You will find the bigger piggies
    Stirring up the dirt
    Always have clean shirts to play around in.

    In their ties with all their backing
    They don't care what goes on around
    In their eyes there's something lacking
    What they need's a damn good whacking.

    Everywhere there's lots of piggies
    Living piggy lives
    You can see them out for dinner
    With their piggy wives
    Clutching forks and knives to eat their bacon.

    Wright vs. Bank of America Lawsuit at:

    When I filed my lawsuit against Bank of America, myself and United Law Group thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.

    Please stand with me and United Law Group and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.

    Divided we might have fell America, but united we must stand!

    Please send your email directly to Bank of America and include the following:

    1. Your name
    2. Your complaint concerning your experience with Bank of America.
    3. Please end your email “I support John Wright vs. BofA Lawsuit!”
    4. Please send a copy of your email to
    5. Please send your email to both BofA link below and the CEO email

    BofA Linked Email:

    CEO Brian Moynihan:

  • John Wright

    On 04/23/10 Patricia from Bank of America called me. She said she could not speak to me because I am in litigation with BofA. Apparently, she is a CEO and really high up there. You should call her and ask her about your modifications and say “I support the John Wright Vs. Bank of America Lawsuit.” The number she called from was: 818-713-2886.

    The Yahoo address above stopped working for the article on my story. You may use this link to read about it:

    Lawsuit Posted or:

    My email:

  • kimmy


    This is so expected of BofA, check it out.

    We made our third (of three,,,yeah, right) trial period payments
    march 26th. It was due April 1st. Three weeks later, in the mail came
    a letter in the mail stating that our payment wasn’t made because BofA
    was unable to locate our bank account given to them by us while we paid by phone.
    Fearfful that our chance for modification was now in jepordy we called the phone #
    that was on the letter. Oh silly them! How funny,,,,somebody put our loan number
    where our bank account number should have gone. Not so funny to us.

    I called to see if our modification was screwed up now, but their system was down all afternoon
    up until they closed. I am really frusrated. Last I was told before this happened was the account showed
    all info requested of us was satisfied, File was complete and with the underwriters for final approval,
    On the phone (while troubleshooting the lost account saga) now, we were told there is a notation that
    more information is being requested, again, First we’d heard of it.

    I am so over this. I give up. They win. You know I could go live in a beautiful place with a grand view and save $1ooo.ooa month easy. I love this house and the thought of moving causes such a pit in my stomach. But maybe this is it. It is what it is. And today I am tired. Really tired.

  • snna

    Great! Start making your whole house payment again, then!

  • goldenbronze

    Jamie, from reading what you wrote I first of all must say that I believe that Bank of America gave you the run around, but you don’t seem to be taking any responsibility in your part of the problem. You said you are not living above your means yet you were able to go 8 months without making one mortgage payment but when BOA asked you for a lump sum you told them you needed to “wait till your tax refund came” to be able to pay it in full….. What happened to all that money you didn’t have to pay for 8 months? Just because they told you that you didn’t have to pay your mortgage doesn’t mean you should have spent most of it. The really responsible thing that you should have done was to put majority of that money, that you would have been paying on your mortgage, into a savings account that was “off limits” till your modification was approved and completed. Either you truly are living above your means or you are splurging more than you should and aren’t putting enough money into savings each month.

  • kimmy

    This isn’t about what was traditionally thought when discussions of somebodys forclosure entered the conversation. What this is about is a new day in a different time that we have never seen before. .
    Listen, never in 30 years of homeownership (age 19) did I ever dream losing my home could be possible. Never used credit except for our home and one car which is paid off june 1st of this year. Some years ago I may have felt similar as the folks here that are judgemental, black and white with no if and or buts about it do.
    How nice it must be to have life packeged up so tidy with a perfect bow on top. It’s the kind of life I’ve always wanted and I conducted my adult life keeping the goal in mind. (Curious to know how these same folks felt when banks took their help from “us”?)

    However circumstances of my life have changed. Not my undoing but a domino affect of current economic standings. I (we) supported banks when they needed propping up. Not all of us agreed, nor was our opinion even considered. But the banks took the money and stayed in business partly (if not all) because of “the people”. Some of those same people post here and now they need some “propping up”. Times are difficult but I for one am not asking for anything more than what the banks took. Temporary partnership with them until life becomes steady again. Whats good for the goose should be good for the gander. Banks should not have accapted help if they cold not offer help back. I’m just saying.

  • goldenbronze

    There unfortunately are so many people who know nothing about handling their finances and that having a hefty savings is so very important. I too am hoping to get a modification because I am unemployed, and have been given the run around by BOA for the last 5 months. They played the same games with me that they have played with most people on here, stringing me along, giving me hope I would get a modification, only to deny me after 4 months, only because I have never been late on my mortgage. I then had to contact VA and they have started the process all over again trying to get me a modification…… I am and have always been a single mother, and have been in my house for 6 years. I owned another house for 10 years previously before I bought this house. My yearly income went from $58k when I bought my house down to $27k 3 years ago, and $58k is the most that I ever made in one year. Now I have an income of $0 per year, and I have a $1,037 per month mortgage, utilities, cell phone, credit card, food, car insurance, co pays, etc. and no child support, and nobody to help pay for anything. Yet I have still managed to pay my mortgage on time each month in full, on top of all my other monthly bills. The reason is that I “Saved” for 10 years straight a portion of my income each and every month, prior to my income being cut in half, and I lived below my means. I did not give myself an option to put savings up, I treated it as a “Bill” due to me same as my mortgage and other payments, that includes 25%-50% of any tax refunds. My pay to me came off the top, no ifs ands or buts about it. I also kept a close eye on my credit which is in the 800s, that allowed me to get and keep a decent fixed interest rate, which also effects the financial bottom line. So I live on my savings now, and can continue to doso for at least a couple more years. But I do have a threshold of savings amount that I won’t go under if I don’t eventually receive a modification or get a decent paying job, which at that point I will determine if I want to keep my house, but it will be MY choice, not them making me leave my house.

    I see a lot of two income families who can’t hold on to their mortgage, after only missing a couple of paychecks, and I can’t help but think that a lack of financial planning is a big part of the problem, I don’t know what it feels like to have a spouse bringing in a second income, I don’t know what it’s like to have a second person help pay any of my bills. Maybe that has made me less lax when it comes to my finances than someone who does have a spouse to fall back on. If I hadn’t been such a save aholic I would be losing my house too at this point, I am now living above my means since I have no income but have $$$$ in the bank to tide me over till times get better. BOA are jerks, but if we do all we can to cover ourselves then they won’t be able to walk all over us. It comes down to the mighty dollar, pay yourself first each month, when you write out your bills each month take a percentage off the top and write a check to yourself and deposit it into an interest bearing account, and try and not touch it. So when hard times hit you won’t be left so vulernable and will have more choices.

  • goldenbronze

    Anonymous, you can’t automatically assume that just because somebody is having problems with their mortgage that they bought more house than they could afford, maybe they took a pay cut, got laid off, their rate adjusted higher, taxes went up, etc. after buying the house, doesn’t mean it was that way when they bought the house. Far as people just wanting to stay in a house they can not afford I’m sure many people would just leave their homes if there were not such harsh consequences for doing so. You cannot compare a person walking away from a place they are renting to a person walking away from a home they are buying, the penalties and ramifications and stigmas are far greater for a buyer. A lot of people are staying in their homes because they don’t want to have their credit trashed for the next 7-10 years, and the bank possibly coming after them for the difference of the $$ owed on the mortgage, or to have to pay steep taxes on the loss the mortgage company wrote off on their mortgage. People can’t sell because they owe more than the house is worth and lenders won’t approve a buyer for that, and they cannot refinance for the same reason. So the only two choices left are try and work with the lender, or walk away. And if they walk away they may have trouble finding a rental because of the ding on their credit from walking away from their house, and they definitely won’t be approved to buy a cheaper house for several years, so don’t even know why you mentioned that. A lot of people are simply trapped, and it’s far better and more responsible for them to at least try and work with the lender first than to just walk away.

    Anonymous says:
    January 6, 2010 at 1:51 pm
    mean, most of this is ridiculous. So everyone just wants to stall and keep their credit in good standing while not paying for their homes? This is just resulting from selfishness and greed because people wanted to live beyond their means. No, a QWR might temporarily stall foreclosure and even credit reporting, but as long as everything is in order , the lending companies have a right to report you late and foreclose. If you cannot afford the home you are in, get out. It is a material asset, not a God given right to own a home. Stop making excuses, everyone. Look at it this way, if you haven’t made a mortgage payment in several months, don’t whine about foreclosure, you just got several months of free rent.Most landlords in most states have the right to evict at 10 days late. I think that people think they are entitled to so much these days, they don’t see the forest for the trees. These are ridiculous tactics to stay in homes you can’t afford, rent a house or buy a cheaper one. Hard times call for hard measures. And no one is entitled to a loan modification. You borrowed the money with these terms, now pay it back. And fair market value shouldn’t even be an issue. If you borrow money from a friend and buy a purse, for example, and two years later you tell your friend that you don’t want to pay them all of the money that you borrowed back because the purse isn’t worth what it was when you bought it, that would be insane. And unacceptable. So why is it acceptable to assume that you are entitled to modifications and principal balance reductions?

  • squeealsly

    I can see both sides. But those who are passing judgement on those who are in bad situations, need to step back, because I can almost guarantee you that you, who think you are ‘living in your means’ and ‘doing the right thing’ would do the same thing someone in a bad situation is doing. Don’t speak until you are walking in another’s shoes. Modification isn’t a ‘good thing’ so quit making it sound like it is, and that those modifying are getting something for “free” – only thing they get , maybe is to stay in their house – they will never recoup equity, credit is damaged, and the stress if beyond what you can imagine. So sure – maybe some mad mistakes – have you ever??? for anything? because if you have, you are a hypocrite. Until you know what people are actually going through..cancer, death, job loss, sickness – leave the hostile comments on your own doorstep. You never know when your time could come. I bet you would just move right out forego any help from the mortgage company right? not.

  • anonymous


    Okay, these things that happened to these people , these hardships, whatever the circumstance, are called hardships for a reason. We have all had our share and they probably aren’t over yet. The thing is, everyone is expecting these banks to bend over and take it, because of what, they took TARP money? Well guess what, BofA paid that back in 2009 with a 6% interest rate, therefore that point is invalid. Yes, hardships happen, and people are in trouble with their homes, that is not the fault of the lenders, be accountable for your own life. There are renting hardship programs for people with bad credit, etc, but so many people would rather throw bunches of money at attorneys that “guarantee” a loan mod when they absolutely can’t guarantee anything. Banks are not scared of these attorneys, they perform thousands of responses to these QWR’s per day, how many people do you think are going to come out on top? The bottom line here is still the legal, binding contract you signed, if you did not understand it , next time you should bring along a legal professional. These terms were okay at the time, the house was worth it at the time, so pay for what you signed, if you can’t , get out. If and when the market goes up, I really don’t forsee alot of people calling the banks, stating that they aren’t paying enough for their mortgage, asking to pay fair market value for it then. The name of the game is investing, people, (aka risk) , if you didn’t know that, then I suggest you do some research before your next big investment.

  • John Wright

    You guys should check out my new blog. It is called and it is for anyone who has felt abused by BofA

  • cdv

    2. AIG (NY): $40 billion
    3. JPMorgan Chase (NY): $25 billion
    4. Bank of America/Merrill Lynch (NC): $25 billion
    5. Wells Fargo (CA): $25 billion
    6. General Motors (MI): $14 billion
    7. Goldman Sachs (NY): $10 billion
    8. Morgan Stanley (NY): $10 billion
    9. PNC Financial Services (PA): $7.58 billion
    10. U.S. Bancorp (MN): $6.6 billion

  • http://BankofAmericaSucks!!!!!!! shaila

    I tried 2 times for modification.They ask to lower the bills instead of help.It seems stop eating and keep giving mortgage or leave home.

  • goldenbronze


    Your comments simply sound cold, you obviously aren’t one of the people experiencing a hardship with your mortgage so why are you even on this board discussing it? Did you just come on here to find people to keep while they are down? Far as people making sure they read the agreement they sign, I personally read mine, but I was also making $58k per year, and bought well within my means, they actually told me I qualified for $40k more than I bought. Would I sign that same agreement today, being that I am now unemployed and living off savings? No………. Don’t know what planet you are living on but look around you, open your eyes, times have changed drastically in real estate over the past 6 years. And I am sure very few people who sign onto mortgages, with 20-40 year terms, stay in the exact same financial situation the whole term of their loan, so when changes happen in life sometimes different terms in a long term mortgage need to happen too. When Bank of America gave out their mortgages they were in a better financial situation than they were in when they needed bailout money, so they acted accordingly and did what they had to do to get back on track financially. Consumers should have that same option. Thank God I have money in the bank and am not in danger anytime soon of being foreclosed on, have never missed a payment and have a credit score over 800, but that’s only because I saved up $$$$ in the bank prior to becoming unemployed. I can see both sides of the issue, and far as me wanting a modification I sure do, I worked my bu## off for this house as a single parent, and put a lot of effort into keeping A1 credit. I will do what I need to do to hold onto it till I become employed again, and try to keep my credit intact in the meantime as well………. Unless you have suffered a hardship and took the option to walk away from your mortgage then far as I am concerned you have little credibility on the topic. It’s real easy to sit back and past judgment, and tell someone else what they should be doing when your yourself have never had to take those same steps.

  • anonymous


    As far as hardships go,I think all of us experience them, I am here because I am so sick of everyone trying to get a handout, especially when they aren’t even needed. Of course circumstances change, that means that you either have to adapt, or get out of the house…I am also a single parent, with 4 children of my own and 3 neices and nephews that I am now the guardian of because my sister in law has passed away. I do believe that some predatory lending victims are entitled to modifications, even though they knew what they could afford, they shouldn’t have gotten into the loan types they are in, but as far as just wanting a modification because circumstances change, no way. So what, that’s life. You can’t change a contract everytime life changes, if you could, there would be no point in contracts. There are so many people using the system right now to get these modifications, with strategic default and things like that, that don’t realize that this will ruin your credit, and it should. And as far as things like children having to move out of their home, etc, so what? They aren’t portable? I am pretty sure they will survive, it’s not like they are living in a third world country, maybe an apartment….who cares? They are pretty durable. And consumers do have an option (just like the banks) to get back on track financially. It’s called two or three jobs.

  • Norskejente

    The people with mortgage problems are not the only cause of this mess. Banks, assessors, appraisers, credit card companies and Real Estate agents are also responsible for this mess. Why were they giving credit to people who obviously couldn’t afford to repay the loans. I am not one of these people as my mortgage is done in 4 yrs and I have little debt. But I am helping my sister with her financies and yes her and her husband are to blame for much of it but why did countrywide give them a second mortgage when in reality they were not eligable. Credit card companies giving them a line of credit that shouldn’t have been given and so forth. In most cases these back will regain their money and if in the end they have lost some they are to blame for their own lack of insight to the monster they helped create. BTW, I have a small amount on a credit card and have excellent credit, never been late and they jacked up my interest rate from 6.99 to 14.99%. So what’s with that??? Paid it off and canceled the card. They lose! Some of these banks and credit card companies are basically legalised loan sharks and they ought to be put out of business if they refuse to put ethics in their lending practices. The state of our economy was is essence created by greed….. from everyone!

  • Carlos Jungo

    Please Anonymous!!! Just keep your mouth closed if you have no encouraging words and have no idea what people are going through. I lost my job and had a heart attack and now unable to find a job. So that’s why I am trying to get a modification.

  • kimmy

    My contract on my mortgage reads if you cant pay we take it away. I said “take it”… it isnt worth keeping anyway. Way more money owed than it’s worth, I can’t afford the payment anymore after I lost half my job and Hubby has changed his at lower pay after months of
    unemployment. Take it because that is whats in the contract. So take it Bank of America. That was the deal It’s all yours. “well, wait” BoA said. We may be able to help you stay in your home. Fill out this papwework. I did and off we went into this world of modification.
    Now where is it exactly that I was trying to change a contract? Or look for a hand out? The way I remember it is the banks were offering me a possible concession when I told them I could no longer keep my end of the bargain up. The ball is in their court. They have all the power, hold all the marbles and are dealing all the cards. I am not doing anything the banks dont want me to do. Come on…. you know we hold no authority over the banks to change our contracts. Nor can we force any hand outs they wont give. If Im still in my home its because the bank is playing with me, not because of anything I did or expect to get off them. They want to play, then I will play. When they dont, then I move. Simple. I know what the deal was when we bought our home. But they want to play…so whats wrong with that. Be angry with them not us. We know the banks are not doing anything for me because I expect it!!!!


  • Squeaaler

    LOL I think it’s pointless to argue with ANONYMOUS – my question is – what is IT doing , trolling “I need help with a modification” for if they are so perfect in their life and have no issues? Why on earth would you go searching websites like this and then take the time to argue with people? Actually makes me laugh cuz seriously – what a boring life – and with so many kids to take care of – where does the time come from to sit down and search all these people who are trying to get help and dog them out? They have no idea what people are going through and where in the heck does ANON get the idea that modified people are getting handouts????? The BANKS are getting them. After my mod – my mortgage went from $286k to $310k – how do you figure I got a handout??? LOL – you end up paying attorney fees, foreclosure fees, late fees – fees fees fees. so what – I got to keep my daughter in her home and she can go to the same school and I can live down the street from my aging parents and take care of them. SO WHAT – I pay less each month but will pay more in the end – so how do you figure we get handouts? doesnt even make sense – why don’t you do your research before opening your mouth. You don’t even make any sense…i would just ignore them from now on guys – we all know what it’s about and it’s people like that who are the problem and not the solution.

  • Daniel

    I give up, I spent ten years paying off a lot put a well, septic, foundation, lumber pack, and payed the framing out of pocket. Over 250k. Our other house was under contract so I obtained a construction loan to finish the house. I worked for the rocky mountain news for 12 hrs and the wife for the Evergreen park and recreation center for 14 years. Then the unthinkable happened the economy crashed, our buyers backed out, I and my wife lost our jobs due to cuts. Our FICA was close to 800 and we valued our credit. I quickly obtained another job making a third of what I used to and the wife started before and after school care for a local elementary school. We had six months of reservers and some vacant land we invested in. Ascertaining our situation we listed our house under construction. Knowing we had to act quickly to wright our deter eating situation. After all we had 250k out of our pocket in it ( equity) a week after listing the property our lender called and asked if the house was on the market. I explained our situation, they didn’t care and stated in the application for the construction loan we stated we intended to live in the house, and putting the house on the market was a breach of contract. So they called the loan due 375k and sent us a 30 day notice to pay in full. The house was only 75% finished and we still had 100k on our construction loan. On a house without a C.O. We had a broker find out about our situation and contacted us. He told us to finish the outside and he could get us an end loan so we maxed out the credit cards to get the outside finished. He got us an end loan on the house without a picture only a verbal appraisal by someone that never even saw the house. Our other house was underwater by 150k and despite never being lat on anything with perfect credit our credit card intreats went from 3% to 30% credit card payments went from $700 a month to $2,800. A month no won would work with us. Sold my vacant land 17 acres subdivided into 6 lots in evergreen co, valued an 500k on ebay for 35 k. Inorder to maintain our credit and bought a fedEx rt for 30 k to get back to a 75k a year income. But the high intreats rates and their lack of karing was not sustainable and my bila were in exes of 12 k a month. Our new loan on our unfinished house is 8.25 30 yr intreats only we spent 35k in intrest on our construction loan and rolled 25k of closing cost for our desperate new loan. Wee indeed up walking away from our old house quit paying on all the bills and moved into the new unfinished house without a co. We live in the basement and have one bathroom working. Our credit is destroyed and all we own is a unfitted house no flooring, cabinets, railings decks nothing. With a $3000. A month payment. I have a 12 and 15 yr old kids and the hazards of the house makes me . We have no family to fall back on our kids have never had grand parents and I’m felling like a failure. They don’t understand why they can’t have friends over to spend the night, and why all we have is a microwave for a kitchen we do our dishes in the bathroom sink. Our broker sold the loan to countrywide, and bank of America bought countrywide three months later. Ironikley BofA was the credit card that jacked my 40k credit card from 3% to 30% for no reason and refused to lower the intreats rat regardless of my perfect credit at the time. 18 months ago when making a phone payment the customer service rep told me we qualified for a loan mod and not to make a payment, we would receive a packet in the mail. Fill it out and return it. They skipped a month and lowered our payment from $3000. A month to $1,800. A month. On a trial payment wile processing our loan. But the trial payment on counts as a partial payment. We were on the trial program for 14 months and then we received a letter stating we qualified for a permanent loan mod and to continue making our trial payment until we receive our packet for the modification. That was 5 months ago. We have Ben on their program for 18 months now and our over 30k behind on the mortgage because of the partial monthly payment. The customer service reps can’t tell you anything but to keep checking back every month. I give up, we lost everything wee worked for over the past 20 years and all we have is a unfinished house that the bank owns. I can’t even file bankruptcy because of the equity in the house. I think I’m just going to stop paying the payments an see how long we can live their before we get evicted. Might as well save our money not give it to anymore greedy lenders.

  • Gene Poschman

    B of A is servicing loans for Wells Fargo, and Wells Fargo will not authorize loan modifications. Just how is one suppose to proceed. It looks like either one bank is covering for another, or one bank is hiding behind another.

  • Michael

    After 13 months I was finally able to get my variable jumbo loan modified with Bank Of America. Contacting the executive offices really helped get it finished. I was able to get a great rate for 5 years and then one percent higher for year 6 and for the rest of the loan. I am very pleased and found them to be helpful once I reached the right person.

  • FJ

    The people blaming things on the homeowners are bank trolls spreading propaganda. Still, the BOA loan modification process is still a nightmare. I thought they would have things streamlined by now. I was wrong.

  • Mitzi

    How do you contact the executive offices?

  • Danny

    I have a Bank of America home loan and called today about getting a Modification. Bank of America sounds to me like they have no intention of modifying any mortgages. I qualify for modification by the guidelines, but they offered to take the payments that I have missed and attach a lien to my house for that amount, then let me continue making my normal payments (which I can’t afford right now). Am I missing something here? That’s going to fix the problem how?? We, the tax payers, bailed out Bank of America and every other large bank in existence and this is the way we are treated? I’m going to give them about a month to get this worked out and then I’m filing for Bankruptcy. They are not getting my house without a fight! I know they want it because I have about $100,000 equity in it, but they are not getting it. I have always said that I could never file for bankruptcy but it may be my last resort. My business took a beating in 2010 and the economy is not my fault. If the banks can get bailed out with OUR money, then the government should MAKE them help us!

  • Vince

    I to share the same story. I fell into the trap of beleiving that “BOA cares”.
    My OT was cut and my wife was laid off. I called BOA, stated my concerns, and they signed me up for the mod trial period. 30 days later, I received a fed ex with a list of items needed. I provided all the items needed, signed and sealed, and fed-exed it back. I began my trial payments. For 3 months I made my trial payments on time, as they said if I were late that would effect my loan approval. So I made sure I made them ON TIME, NO IFS ANDS OR BUTS. While under review I get letters from my credit card, dropping my total balance (not that I used it anyways) stating that because my credit report showed a modification trial plan, it red flagged as I was in financial dispare. Little did I know that while while under review, paying the agreed trial payments my credit score was dropping due to under paying, in which looked like I was at the ned of my rope. So after 3 months I was denied. OK. Then I get a call 1 week later from BOA, stating that my file was reopened and to send in the paperwork again. I did. I began making more trial payments. I kept calling and calling and calling, but that dam lady never picked up her phone or returned my calls!!!!! So, after 3 more months I get an “intention to forclose” notice. I call immedietly. The BOA rep tells me, that even though I am in review, the collection of the blance owed went into colections. So either pay $4000 or the process will proceed. My wife starts to bug out. So we dig deep and pay it. 2 days later I get another denial letter. I call BOA and tell them to go F* them selves. I am now in the process of short selling. So far so good. We found a buyer/offer within 2 weeks, BPO was done, a negotiator assigned and we shall see. The funny part is, right before I decided to short sell, I received yet another mod package in the mail!…lol… I ripped it up and threw it out.

    So in a nutshell, 6 months, fedex’ing, faxing, signing, sealing, I got nothing accept a big F U from BOA. No more do I care about banks. I was nieve to think, “wow banks care, polititions care, …etc…” NOPE. Right now I am doing the right thing. Just letting go because I cant afford it any more. There are people that do some devilish things when facing foreclosure, but none of that is worth it because when that day comes, when you go before the judge (court) and have to explain the condition of the property, what can you really say????? I on the other hand found a buyer, and will try to negoiate out of it.

  • Vince

    As for Danny (above)….
    Dont think that 100k belongs to you. If you owe a mortgage, its the banks equity, not yours. Too many people are tricked into beleiving that equity in a home is theirs. In fact, its not. Until you have a $0 balance, paid in full, mortgage, nothing is yours. Lets not forget about the property taxes. You can own your home scott free! But lets see what happens when they raise your property tax to a level you can no longer afford. The sheriff will be there with a pad lock and window boards. Nothing is ever yours except your health, your family,…etc…

  • Brian Higman

    Oh the testimony I could write. BOA has blocked me from doing any kinda short sale, and clearly would like to see me default(thats it in a nutshell!)
    As for another relative, she has a loan that has her deceased husbands name still on it, they wont switch or take it off because He has not expressed being taken off, in any of the conversations they have had with him.
    She asked, “so you have been speaking with him?” They said “Yes!” She said when you talk to him next time, tell him his family misses him and loves him very much!
    He passed away 2 years ago.
    BoA ….You’re going to have to account for everything someday, ya might think about doing it sooner than later!

  • robert

    My wife and myself have been dealing with ” B OF A ‘., for almost 8months. we too have re-faxed paperwork , replied to mossing paperwork and the only contact I get from ‘ B OF A’, is what i initiate.
    I have kept a log of names and contact numbers.It;s funny how you call one day and are told one thing and if you call the next it’s a different story..It really gets frustrating at times.. our loan mod was sent to quality control on feb 18th 2011. hopefully, it’s approved if not we ,will look into other means.we purchased this house to become a home for our family and we will fight to keep it. it’s easy to walk away..we have thought of that. but , we didn’t walk into the house. A work related injury has put me on temp total disability. I really hope that all these comments have different meanings and results for everyone.I hear good and bad.I choose to hope for the good..

  • kelly

    Hi! my name’s Kelly Hyatt with Bank of america. I get paid a handsome salary to work as a “negotiator” with the loan mod program, which isn’t really a program because we deny ALL loan mods. It’s just a face we put on for the government to make them think we care about homeowners. We are adept at finding various underwriting excuses to deny your loan mod, and we often send out multiple fedex packages at once so you get 4 or 5 within a few days. It’s funny because people get confused when they see 4 or 5 different addresses on each package, they are never the same return address. Then every time you fill out one and send it in, the process starts all over again and we shift around the people involved in your loan. That way when you call in to check on status, we can tell you “oh, he’s not assigned to you anymore. Let me give you your new contact person.” Then we can also dream up some more documentation we need for you to send in and say we never received it. I love my job! Where else can i work banker’s hours and enjoy my weekends? I know my job is safe too, because you guys were gracious enough to lend us $25 billion! Besides- we’re too big to fail! You need us

  • Kerry

    I too was denied a home loan modification as I am not yet behind, however trying to avoid that I applied.
    I moved into my home 2008, lost my job 7 months later,
    could not find work for a year, took SS early and now
    with Medicare facing me next year and the added expense
    do not know how I will make it, forget trying to avoid
    a disaster, a disaster is where they want you to be.

  • Vince

    Exactly. You tried to be pro-active, but yet they turned you down. They will not do anything unless bells & whistles go off on their end. After having the house on the market and not paying the mortgage, the bank decided to give me a call regarding my loan mod. application…..
    1 year later!!!!! after the last denial….
    They can all go pound sand!

  • JP

    Bank of America have denied us twice, we will keep on fighting. They are now offering $3000.00 as moving expenses. Outside sources are reluctant to work with when the learn that the loan is with BOA. What a shame.I guess everyone who works in the Loan modification dept at BOA are in great standing in regards to their homes and knows no one who have been affected by this housing crisis. BOA is HEARTLESS!.

  • JB

    I fought like heck and we just got our loan modification offer last week! They decreased our payment by over $600 a month BUT it’s a shady deal. The temporary loan modification did not include any of the new terms~ interest rate, loan extension, etc. I called my rep and was told in “banking terms” that basically our difference in the monthly loan amount would get added to the principle. In an ever-decreasing house market which is completely out of our control that is a deal with the devil! We have decided not to take it and sell this house. At the end of the day~ personal freedom is most important. Not being at the mercy of the bank.

  • vince

    yes. @JB….
    It is a shady deal. The temp mod. is just to shut you up and designed to keep stealing your hard earned money. I to went through a temp mod. only to be denied twice, just as JP’s comment above yours. I was left w/ a $4000 rears and of course a threatening letter to FORECLOSE….oh no!!!!…lol… I laugh now, but like most I was shyting bricks. So I dug deep and paid the 4k, exhausting my savings account, which I believe they wanted to bleed every last dime out of me. As of now I am on my 3rd short sale package. Yes! the 3rd. 2 other buyers withdrew after a while. One of the buyers wanted me to pay his closing costs, I laughed and hung up. I was going for a DIL, but another buyer came up. If that doesn’t work I will try a DIL again. SO all in all, BOA would rather me short sale and or DIL vs just modifying my loan. So with that, my advice to you is to stop paying and save every-dime you have!!!!! start living life!

  • Joel Nunez

    After being given the trial period and after being paid the three trial payments, bank of america sent my final note to the litigation department where it remained hijacked. We called and they hung up on us after telling us that they spoke to no one unless he were a lawyer. The fact is we had a lawyer in a previous attent to modify but it failed, so the relation attorney-client was terminated (a had a letter to prove it) That was before bank of america sent us another trial by mail to our home with better terms (the one we paid) We sent the letter of termination and also a note from our lawyer to the litigation dept. for them to release the note. Still they said it was not enough. I don’t know what to do. I just thought about paying the same lawyer to speak to them so they’d release my note. However, even doing that I don’t have high hopes. Thanks Bandits of America for helping destroy the american dream.

  • Ryan

    <a href="#comment-
    Helpful hints,

    What B/S!! if your helping us then F’in help us!! its because of banks like BOA with these rediculous schemadics to optain a loan mod is how they wrote these garbage loans that screwed us to start with and all at the top of the food chain at the banks and made tons of money the first time around. And here we go again as the banks like BOA make tons of money, the difference here is we’re losing our homes because we don’t qualify for anything as BOA says! I don’t get it, this is suppose to be America how can this be? And how is it legal!? And all the legal issue’s brought against these banks and they pay out billions and millions in fines and they continue these practices!! That alone should tell you how much and how many people the screwed!! Here in NYC 1 in 10 is in foreclosure or in the process of foreclosure that exceeds the populations of Buffalo, Rochester, and Syracuse combined!! Yet were still being taken advantage of. Unemployment is sky high, health insurance is so expensive and the banks like BOA contue these practices!! You try and finagle money from someone and you go to jail, banks like BOA finagle money from us and they are rewarded with more money in forms of FINES and FEE’s!! What B/S!
    Helpful hints,

    683″>Helpful hints,

    Joel Nunez,

    Helpful hints:
    Go to to see if your investor is with Fannie Mae or Freddie Mac. Now, if it is with either of those investors then yes the 31% ratio would work. However, if it is a FHA, VA or Private investor then there is a small window to have your loan modified. With all bills, net income and expenses it needs to have a + or – residual of $200. Try going back over the bills and see what you can do to fit into that category. Hope this helps.

  • Amy

    I was laid off from my full time job of 4 years and immediatley contacted BOA to apply for a loan modification. They informed us that we needed to be behind on our payments before they could start the process. So, we did not make any payments for 3 months. Then we submitted the paperwork for the modification. After several weeks of not being able to get through to them on the phone, they told us that they never received our paperwork. This “song and dance” was performed every other month. The same story of ” we never received your paperwork” then we got smart and started emailing it. They would claim they never received the email until we would get online and tell them to check again because our inbox said it sent it, and then they would immediatley change their tune and say they did indeed receive it. They did this to us for months! Everytime, we caught them in the lie. We started receiving the “foreclosure warnings” in the mail, so we called and they told us not to worry, that that was just “protocol”. Well, now me and my husband are both having to work out of state to pay for this house that BOA refuses to help us with, and they went and changed the locks and sent us a letter saying we did not qualify for the loan modification. So, basically they lied to us. They told us not to pay our mortgage and then they attempt to foreclose on us when we were doing what they told us to do in the first place. The jobs we have out of state are contracted and when they expire we have every intent to be back in our house. The way they “handled” our case is malpractice. Why and how they are still allowed to be in business is beyond me. We are currently speaking with a lawyer and I will repost with the outcome. Best of luck to anyone else out there in the same situation.

  • Randy

    After 20 months of trying to get approval and all of the same problems others have written about Jan 4 2013 we were told were are approved for a trial modification and if we make the three trial payments on time our trial will be made permed ant. We made the first payment Feb 1 2013 and Mar 1 2013 our last trial payment is due Apr 1 2013 and we will make that payment. Next it will be a Godsend if BOA honors the agreement however We are concerned they will pull something new. Our fingers are crossed and we are being optimistic. mainly because we have Kathrine Porters office watching the bank with us ( Prof Kathrine Porter was appointed by the AG’s office to monitor the DOJ program) the other reason we are feeling positive is the approval came from th “Office of the President” not sure if this means anything but we will not give up.

  • Randy

    Also I want to say that one of the reasons we feel we got the modification
    On is the help we got from Michael N. at Loansafe and the REST REPORT. Michael went to bat for us and worked very hard to get the modification….Thanks Michael and Loansafe!

  • Evan Bedard

    I’m so glad to hear Michael and his team were successfully able to achieve a loan modification for you and your family!

  • Evan Bedard

    Hello Fellow Homeowners,

    Please join our FREE forum here on LoanSafe as we have well over 100,000 homeowners and professionals alike. We will do all we can to help you achieve your goal and finally achieve a loan modification from BofA!!

  • Tina

    This is EXACTLY what I am going through right now! Over the past year, I have missed 3 months in a row, paid 2 months in a row, missed one month and now missed two months in a row. Denied for the fourth time by Bank of America Loan Modification Program due to not receiving our documents in a timely manner! They keep giving me new customer reps, new fax numbers – anything to make me run in circles. Is there anything we can do!?!?!?! I don’t have anywhere to go and I don’t know what I am going to do!


  • Joe

    I am currently unemployed and tried to get a modification through bank of america or as I like to refer to them B of A-holes and got denied. This has been a bullshit process and they find nitpicky things to find a way to deny people. My wifes pay stub has her companies name in small print and apparently b of a tried to say that it wasn’t a legitimate document and before we could get them supporting docs (even though the name on the pay stub is also the name on her W-2) they denied the modification. It is so funny that a company that won’t show its documents of offshore accounts and who knows how many shady fucking deals, will deny people without hope from getting help because they don’t know how to read a fucking document or were looking for an excuse to deny it anyway. I wonder how much $$$ they get from the government that is supposed to help citizens and really is helping the fat cats get richer.

  • Donna Acito

    Same problem.
    They are liars, thieves & crooks in suits. Legally protected piranhas! LOAN MODIFICATION, what a joke!