Loan Modification Forum - LoanSafe.org - View Single Post

RamZam · 09-08-2009, 08:29 PM

I've been working on getting my three loans modified with Bof A directly. After numerous unreturned calls....the B of A website posting on 8/31 that my mod requests on all 3 loans had been cancelled

I received to my surprise a Fed Ex package from them. This package pertained to my primary home as I also have a rental I am trying to modify. It is loan mod papers

I'm not sure what to think of it since at the end of the intro/recap letter is says it is from the Hope Dept

I was working directly with a B of A senior collector and am rather confused on what the Hope Dept is. This mod documentation comes directly from B of A. They are offering me a Step Rate Loan modification beginning at 2% the first year, then 3%, 4%, 5% all interest only and at the fifth year payments will be at an interest rate of 5 % interest an principle for the life of the loan. I currently have a 5.25% interest only. I must note they are adding $33K to my principal balance in the modification. It states that once my interest only period expires, my principle will increase....they reffered to it as payment shock. This rather scared me, but it is nothing different when my existing loan changes to P&I.

My question is this, has anyone dealt with the Hope Department? Is this legit? And am I receiving a good mod? It beats me paying the $33K in arrears which I don't currently have. Any advice????

09-08-2009, 08:29 PM	#9 (permalink)
RamZam Senior Member Join Date: Apr 2008 Location: California Posts: 33 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Request for modification w/BofA I've been working on getting my three loans modified with Bof A directly. After numerous unreturned calls....the B of A website posting on 8/31 that my mod requests on all 3 loans had been cancelledI received to my surprise a Fed Ex package from them. This package pertained to my primary home as I also have a rental I am trying to modify. It is loan mod papers I'm not sure what to think of it since at the end of the intro/recap letter is says it is from the Hope Dept I was working directly with a B of A senior collector and am rather confused on what the Hope Dept is. This mod documentation comes directly from B of A. They are offering me a Step Rate Loan modification beginning at 2% the first year, then 3%, 4%, 5% all interest only and at the fifth year payments will be at an interest rate of 5 % interest an principle for the life of the loan. I currently have a 5.25% interest only. I must note they are adding $33K to my principal balance in the modification. It states that once my interest only period expires, my principle will increase....they reffered to it as payment shock. This rather scared me, but it is nothing different when my existing loan changes to P&I. My question is this, has anyone dealt with the Hope Department? Is this legit? And am I receiving a good mod? It beats me paying the $33K in arrears which I don't currently have. Any advice????