Suspended Payments and Credit Bureaus - Modification

[pyeatpr]

I am wondering if anyone has run into this issue; when I sent in my full June’s payment, it was received by Bank of America on 6/8/09 and posted as a suspended payment because I was in the modification process. On Saturday this week, I was notified by Experian through triple advantage credit monitor service that BOA reported me 30+ days late for June 09 which promptly dropped my score by 60 points.

Is it legal for BOA to report me late the credit bureau‘s when they hold a full payment in suspense. I now have a modification approved and I sent in the documents back to BOA today so hopefully I can get this straightened out soon.

[Ledeen]

Im not an attorney but my understanding is that under the government modification plan guidelines, when they actually offer you the trial 90 day loan modification period, and you make your payments of the new lower amount - IF you were late at the beginning of the process then they are to report you as "late" during the trial period. however, if you were CURRENT or ON TIME when going into the Trial 90 day period and you continue to make your new lower payments on time, they are to report you as "current"....
I found this on the white house web site under the guidlines section for lenders participating.

Sounds like they are not obeying the rules, and you need to create a stink over this and get them to fix it.

You can also report them to the OCC (OCC: Consumer Complaints and Assistance)

I once had Bank of America refund all my overdraft charges about 60 days AFTER I filed a complaint with the OCC. So someone actually does read them!

I would try that first.

Good Luck

Ledeen