Loans, Debt & Credit - View Single Post - Bank of America loan mod -SUCCESS!!

Astro · 06-15-2009, 04:45 PM

I'm new to the forum, but I have been lurking here for a few weeks paying particular attention to this thread. I am glad LHarvey had success, and I really appreciate all the knowledge that he and ***, and others have shared here which hashelped me in my loan modification request with B of A. I am in a very similar situation to LHarvey, I am current in my payments, but I am hoping to avoid a problem in the near future to some financial setbacks I am facing, namely a significant reduction in income.

I just sent my loan mod request to B of A, and I have a few questions:

1. They told me to expect a response within 30 days. Should I wait for this response before I email my hardship letter to some of the executives previously mentioned in this thread? If the response is positive, I will not need to contact the executives. Or should I cc the executives now to ensure that someone will pay more attention to my request?

2. They did not request any information regarding my assets or money in bank accounts. Do they look into savings accounts and CDs, or is the process based solely upon your income situation?

3. After all that I have read, I think I am an excellent candidate for a modification; if B of A does not offer me a modification, what are my next steps? Is there a formal appeal process?

Thank you.

06-15-2009, 04:45 PM	#129 (permalink)
Astro Member Join Date: Jun 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of America loan mod -SUCCESS!! I'm new to the forum, but I have been lurking here for a few weeks paying particular attention to this thread. I am glad LHarvey had success, and I really appreciate all the knowledge that he and ***, and others have shared here which hashelped me in my loan modification request with B of A. I am in a very similar situation to LHarvey, I am current in my payments, but I am hoping to avoid a problem in the near future to some financial setbacks I am facing, namely a significant reduction in income. I just sent my loan mod request to B of A, and I have a few questions: 1. They told me to expect a response within 30 days. Should I wait for this response before I email my hardship letter to some of the executives previously mentioned in this thread? If the response is positive, I will not need to contact the executives. Or should I cc the executives now to ensure that someone will pay more attention to my request? 2. They did not request any information regarding my assets or money in bank accounts. Do they look into savings accounts and CDs, or is the process based solely upon your income situation? 3. After all that I have read, I think I am an excellent candidate for a modification; if B of A does not offer me a modification, what are my next steps? Is there a formal appeal process? Thank you.