Quote:
Originally Posted by RamZam  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???? |
I must say that the set of docs that may be similar to yours DOES NOT reference the 'HOPE' Department. But it still sounds a lot like the 'AG mod program'. (I hope you did not get an 'AG mod'.)
Is there a cover letter with this thing that is, say, 3 pages long?
Is the final page of the 'letter' part a "Important Terms" page?
Toward the bottom of any such page, is there a statement that is in bold about the mod being conditional on them verifiying income? (With the AG mods they made no realistic attempt to verify anything. They even canceled for reasons that were not even listed in EITHER the cover letter or the CONTRACT.)
Look for any such 'conditional contract' crap. Since you have already supplied them with documantation, there should not be any of those 'conditions'.
Do check it out.
It sounds like the actual offer matches with the
CW CA AG Settlement Agreement Modification package. If you go online and search for that agreement, you will see that the settlement agreement even references 'HOPE' program. Do a search for "
CW CA AG Settlement". The only
CW CA AG Settlement modification contracts that have been honored seem to be those where a suit was filed to force implementation.