Quote:
Originally Posted by 2much2pay  LHarvey,
BofA just corrected the start date of the loan. They had my loan starting on May '07 but I purchased my home in June '04. Did not refinance, loan was transferred to Countrywide from National City. When they made the transition they had keyed in wrong information. That part has been corrected. My account does say loan was intiated in '04 instead of '07. Now the other part of the issue I am concerned about is the payments that have not posted. If you look at my account, it says I have only made 22 payments. What did I do the rest of the time I was living in the home? The partial claim payment was for 12 months (got it in Oct. 08) and that should be deducted from the balance because I have to pay back HUD. I will try my best to explain this....
I bought the house in June of '04. It is now July of '09. The remaining payments left should say 15 yrs and 5 months. Would the balance still be 110? I didn't count the 4 missed payments for this year. They also have the maturity date to end in July 2027. It should be July 2024. If it ended in 2027 I would be paying an extra 3 years.
The reason the mod got denied was because of the account not being accurate. He said he was basing the numbers he came up with on what the account has. If the terms and the years left on the loan was not correct he would have to deny the offer until I got the account fixed because the payment amount should be less than what he figured. Right now I am still waiting for them to fix it. I have a negotiator assigned already but she has been told to hold on until all corrections have been made to the account. I just want to make sure that when she calls me to tell me the account has been fixed everything is correct. They are trying to work with me on the modification. I hope I didn't confuse you.. |
Unfortunately, your situation still sounds too muddled to offer any specific help.
It seems like one major problem is that you don't know whether your current principal balance is correct. The only way to figure this out is to use an amortization calculator to figure out what your balance should be based on your interest rates and payments. You can't use the calculators that are commonly found on Yahoo or Bankrate, because those are for fixed rate loans. Also, there's going to be some confusion since you have to take into account the partial claim changes as well as the missed payments.
Do you know if they are taking the missed interest payments and adding it to your principal? They might be doing this, which would cause your principal balance to go up.
If you are able to find an amortization calculator that works, then you will also be able to tell when your loan will actually be paid off (i.e. in 2024 or 2027). But again, with your partial claim and missed payments (and possible adding of missed interest payments to your principal), you will almost definitely calculate a payoff date that is later than your original maturity date.
When you say that your payments have not posted, what exactly do you mean? Are you saying that you see only 22 months of payment history? Or are you saying that when you make a payment, your balance is not changing?
If it's just that you only have 22 months of recorded payment history, but your loan balance is changing appropriately with each payment, then I don't think there is anything to worry about.
What was:
1) original principal balance
2) original monthly payments
3) the monthly payments at each change of your interest rate
4) the number of payments you actually made before the partial claim
5) the monthly payment of your partial claim
6) the date you stopped making payments
7) the total number of payments you actually made
With this information, we might be able to figure out how much your principal balance should be. It will be a rough number, because I don't know how the partial claim payments might be applied.