Question about loan mod trial

[nhgal]

We were just approved for a HAMP trial. Out situation is we have never been late on a mortgage payment but we had a reduction in income, and we have been just getting by so i knew our time was limited when we applied for a loan mod. I feel like the whole thing is too good to be true and im worried. They dont have all the details yet but monday she said everything will be in the system and she will have more info and the paperwork for me. Basically i applied through the OOP 2/13/12 i faxed all the documents within a couple of days and they requested a few other papers. About 2 weeks ago they had all they needed and i got the call today about the loan mod. Original loan $2650 a month reduced to 2000.00 now she said trial mod will start may 1st and that will go on for 3 months and then they will start the final modification after the 3rd payment and that will be complete within 30-60days all the while im suppose to continue to make the mod payments. I asked her if there would be a chance we would be denied HAMP after the trial and she said NO only if we were late making the payments etc. Does this all seem legit? This is a bank of america loan...
Thanks!!

[Evan Bedard]

Original loan $2650 a month reduced to 2000.00 now she said trial mod will start may 1st and that will go on for 3 months and then they will start the final modification after the 3rd payment and that will be complete within 30-60days all the while im suppose to continue to make the mod payments. I asked her if there would be a chance we would be denied HAMP after the trial and she said NO only if we were late making the payments etc. Does this all seem legit? This is a bank of america loan...

That is great news you were approved in such a short amount of time and you were smart applying through OOP instead of regular old customer service.. This definitely does seem legit, however they cannot guarantee you will be approved for a permanent mod after the trial period is complete. The chances though are good though since servicers have been doing a much better job reviewing borrowers accounts prior to offering the trial period instead of doing the full review after the trial period is complete..

[alikeith]

Your lucky you got an approval so fast. Im on 5 monthes now of faxing and refaxing same papers over and over. Last night i got a message from BofA saying i need to make sure to get my paperwork in.. WTF! I am so done with it. Last time i talked to my new account manager, she said she was going to merge all my paperwork from the differnt fax numbers. Guess that didnt happen. I need to call her again.

[Evan Bedard]

That is just ridiculous alikeith, every time you run into a problem like this I would skip your account manager and contact the executive's office to help get things in order..

[nhgal]

I owe as far as i have gotten to this website!! Thanks so much Evan!! I guess they cant promise a perm mod but im hoping if i make those payments on time hell a little early everything should be ok! (unless i will the mega millions) then screw it i dont care because i will buy a mansion!! LOL! Alikeith did you apply through OOP? that is most def the reason i got as far as i have!

[Evan Bedard]

Lol thanks so much for the kind words and I'm so happy the forum has helped you get this far! Just make sure you get all payments in on time at the correct amount and please keep us updated on your progress!

[alikeith]

Evan i was thinking of doing tht actually. I am just so burnt out on it. They can take my condo as far as im concerned. Theres a lien on it for past HOA dues too so have fun! Is there a new contact now at BofA for the executive team. I know it used to be barbara d.

[Evan Bedard]

I totally feel where you are coming from, you have been at this for such a long time anyone, no matter who they are would be burnt out.. Yes there is a new number to the executive team besides just Barbara's email, here it is:

BofA executive team
1-704-386-5687

[alikeith]

I totally feel where you are coming from, you have been at this for such a long time anyone, no matter who they are would be burnt out.. Yes there is a new number to the executive team besides just Barbara's email, here it is:

BofA executive team
1-704-386-5687

What about emailing brian.t.moynihan@bankofamerica.com?

[nhgal]

Thats who i emailed... i got a return call the next day from a manager who is assigned to my case. I would def email as many people as you can alikeith.

[Evan Bedard]

Yes I agree, it would be a good idea to email him as well.

[nhgal]

Evan im thinking one of my questions to my negotiator should be "have they done a full review on me" that way i should have a good idea that im not going to go into shock at the end of this in case they tell me we didnt get a final mod?

[alikeith]

Just got a call this morning from someone from the CEO's office names Sharon. Havent had time to call her yet tho. Keep ya posted.

[nhgal]

Good Luck!! im hoping for some good news for you!

[Evan Bedard]

Evan im thinking one of my questions to my negotiator should be "have they done a full review on me" that way i should have a good idea that im not going to go into shock at the end of this in case they tell me we didnt get a final mod?

Since HAMP guidelines were updated servicers have been doing a much better job fully reviewing borrowers entire financial situation before allowing one to enter the trial period.. Just make sure you make all trial payments on time and remember it could be 3-5 trial payments before a final decision is made..

[nhgal]

I am still waiting for my HAMP trial paperwork but my customer relations manager im working with said that they have put more info in the system and the paperwork takes a couple of weeks, she said there is nothing to sign with a trial mod only with a perm mod. So the info i have is a new payment of 2000.94 from 2650.00 and my term will go back to 30 year currently at 26 and an interest rate of 4.375 down from 5%... she said thats a principal reduction of about 80K Old loan amount 324 new one 244! She said there wasnt any info about a balloon payment in the system yet and we wont know until the paperwork comes in. Is a reduction like that normal???

[Evan Bedard]

You should still be receiving paperwork in regards to the HAMP trial period, it is not valid until you receive the documents. Never begin or send in a payment for the trial period until it is final. What they are actually doing is deferring some of the principal balance to make your monthly payments lower, but this amount is not forgiven and it will be due as a balloon payment when the loan matures..

[nhgal]

Ok, because she said my making the 1st payment is me agreeing to the terms and loan trial. Hopefully those papers get to me asap! my 1st payment is due May 1st.

[Evan Bedard]

Ok, because she said my making the 1st payment is me agreeing to the terms and loan trial. Hopefully those papers get to me asap! my 1st payment is due May 1st.

I'm sure she is right about you being approved for the trial period, but she is inaccurate when she says that making the first payment will validate the agreement.. Did she say an agreement will be sent to you after? Next time you talk to your account manager ask her if she can provide you with the trial period agreement asap before the first payment is due..

[nhgal]

Thanks for the info! I did speak with her today and she gave me the terms, the dates, May 1st, June 1st, July 1st, and gave me the new loan amount. She said that she hasnt rec'd the paperwork from HAMP yet and they said it could take 2-3 weeks and i would prob get it sooner because it will be sent fedex to me. My only concern is what if i dont get it by May 1st.

[Evan Bedard]

Thanks for the info! I did speak with her today and she gave me the terms, the dates, May 1st, June 1st, July 1st, and gave me the new loan amount. She said that she hasnt rec'd the paperwork from HAMP yet and they said it could take 2-3 weeks and i would prob get it sooner because it will be sent fedex to me. My only concern is what if i dont get it by May 1st.

It definitely sounds promising and she may be completely accurate.. Personally, if the agreement does not arrive shortly and it is getting close to May 1st I would contact the executive's office to verify through them you have truly been approved to begin your trial payments on May 1st..

[nhgal]

I have an update! We made our 1st trial payment and i signed and sent back all the papers. So now im getting ready to make our 2nd trial payment and yesterday i rec'd something in the mail from BOA it looks like a notice of some sort. It just says i owe for april and may and its saying to make those 2 payments?? and it has information on how to avoid foreclosure etc and info on loan mods???? Why am i getting this??? I have to call my account manager tomorrow and see what this is all about but i talked to her last week and everything is still ok. The letter is dated May 9th and i already had made my 1st trial payment and it was taken out of my account prior to the 9th of May.

[Cat Damiano]

nhgal,



You most likely received a late notice since trial payments are reduced payments, and which because it comes from a different department may happen during this process. The notice process will continue while you are going through the modification. Due to the fact that you were not in default going into the trial payment, they should adjust your credit report accordingly once completed. You should contact your RM to clarify tomorrow. Please keep all updates and questions here in your original thread so that we are able to refer to your progress in one place. Keep us posted on what you hear from the RM.

[nhgal]

Update! I made all 4 of my trial payments and now im waiting on my perm mod docs. They told me that it could be anywhere from 30-45 days or even possibly 60 days and to continue making the trial mod payment amount. They said its noted in the system that i completed the trial modification payments. (I paid all of them a few days early just to be safe.) Do they request anymore documents? or is that it? They had me give them a ton of paperwork before i was even approved for the trial loan payments...

[Evan Bedard]

Update! I made all 4 of my trial payments and now im waiting on my perm mod docs. They told me that it could be anywhere from 30-45 days or even possibly 60 days and to continue making the trial mod payment amount. They said its noted in the system that i completed the trial modification payments. (I paid all of them a few days early just to be safe.) Do they request anymore documents? or is that it? They had me give them a ton of paperwork before i was even approved for the trial loan payments...

That is awesome news you just completed the trial period! No, they are not going to request any more information from you before a final decision is made.

Good luck!!

[nhgal]

So im still waiting for my perm documents! My last trial payment was Aug 1st i have since made Sept and Octobers payments. Should i be concerned that i still havent got the documents? I spoke to my customer relations manager at BOA and she said they are just backed up and i should get the paperwork soon and she has escalated the file.

[Cat Damiano]

So im still waiting for my perm documents! My last trial payment was Aug 1st i have since made Sept and Octobers payments. Should i be concerned that i still havent got the documents? I spoke to my customer relations manager at BOA and she said they are just backed up and i should get the paperwork soon and she has escalated the file.

You can also check on whether or not the file was escalated by contacting the executive team directly as well here;

BofA executive team
1-704-386-5687

[nhgal]

Thanks!! Should i be concerned at this point or is this how long on average it takes to get perm docs? Im going to be getting ready to make novembers payment and that would be the 3 payment made since completing the trial payments. I made all my payments early too so i dont know what the hold up is other than what they told me and that is that they are backed up.

[poormanindc]

So im still waiting for my perm documents! My last trial payment was Aug 1st i have since made Sept and Octobers payments. Should i be concerned that i still havent got the documents? I spoke to my customer relations manager at BOA and she said they are just backed up and i should get the paperwork soon and she has escalated the file.

Myself and few others on the board got our permanent docs about 2 weeks following the final trial payment. Made my final trial payment on aug 29th for sept 1st and had the permanent docs mailed to me by sept 18th. had to be notarized and sent back within the week. I did make a payment for october even though it stated my first payment was to be made on nov 1st. My crm said it was always best to make a payment versus to miss a month and give the bank a reason to decline me permanently. Got a statement the other day that the principal balance was decreased by the amount i made for the october payment. hope all it works out for you.

[nhgal]

Thanks for the info. I just called the executive offices and called my crm. Executive offices basically said it has been escalated and my crm will have more info. I called her and she said that everything has been escalated and it just takes time as they are backed up. She told me that with the particular loan i have and the type of program FHA HAMP that sometimes it takes longer and that the investor i have takes usually the longest to put the docs together. She said just keep making payments and hopefully the paperwork will go out soon and she will follow up with me in a week..

[Cat Damiano]

Thanks for the info. I just called the executive offices and called my crm. Executive offices basically said it has been escalated and my crm will have more info. I called her and she said that everything has been escalated and it just takes time as they are backed up. She told me that with the particular loan i have and the type of program FHA HAMP that sometimes it takes longer and that the investor i have takes usually the longest to put the docs together. She said just keep making payments and hopefully the paperwork will go out soon and she will follow up with me in a week..

Your loan is an FHA loan, a government backed loan, and unless your loan has to be bought out of the pool, BofA is the one having to put together the docs. Are they telling you that they are waiting on Ginnie Mae? If your CRM tells you that Ginnie Mae is your investor, you can let her know that Ginnie Mae does not modify loans. The loss mitigation/loan modification process is managed by the Servicer according to the guidelines of the loan-insuring or loan-guaranteeing agency, in your case FHA. Ginnie Mae guarantees investors of Ginnie Mae securities the timely payment of principal and interest. Ginnie Mae does not insure or guarantee individual loans. Ginnie Mae is not an investor. Ginnie Mae does not buy or sell home mortgages, nor is it the investor or owner of the securities it guarantees.

Unfortunately, some Servicers are incorrectly advising borrowers that Ginnie Mae must approve all loss mitigation and loan modification activities. All loan modifications must comply with the program requirements of the agency that insures or guarantees the loan and must be executed by the loan servicer.

If you do not get the docs in a week or a plausible answer as to why they are not drawn yet, then if it were me, I would file a complaint with FHA. Please keep us posted when you hear and we can go from there.

[nhgal]

I called the executive office again today (they are sick of me) lol.. Anyway i explained the situation again and said that BOA is suppose to draft the documents, the girl i spoke to said that i must have confused what the CRM said or the CRM was mistaken but she told me that BOA has a company called Liberty?? i think draw up the modification documents for my particular loan and that the are currently back logged with an estimated update time of the end of October and at that point i should get my perm mod documents. Does this sound ok? I also called the CRM and said you told me that the investor was drawing up the documents and Ginnie doesnt do that and she said she was sorry she didnt mean Ginnie she meant the outside company that processes the documents?

[nhgal]

I looked my notes and the company that processes the modifications for BOA is the "Legacy Group" i googled them and they seem legit.

[Cat Damiano]

I looked my notes and the company that processes the modifications for BOA is the "Legacy Group" i googled them and they seem legit.

Yes, some of the lenders including Chase, do have outside companies put together the modification docs like a processing center and mail them out to the homeowners. If they are saying that in this case you should receive them by the end of the month, give it the two weeks and if not file complaints to HUD. I do love how when one calls them out on Ginnie Mae not having to approve modifications nor sending docs they back pedal

[nhgal]

I FINALLY got my docs!! BUT...... It says that i have to have my documents back by nov 4th and my 1st payment is due Jan 1,2013????? My trial was may,june,july,aug. I continued to make trial payments for sept and october and im getting ready to make nov payment. I have a call in to my CM and she is looking into when im actually suppose to make the payments. My payment went from trial amount of 2000.93 to 2043.00 so i dont want to make another trial payment if im suppose to make the actual payment but im confused on why i wouldnt be paying until jan?? It does state this: A permenant modification should typically go into effect the first or second month after the customer successfully completes the trial period. However, we needed additional time to process your permanent modification, as a result we are taking the following steps:
We will make your permanant mod effective as of the date it should have become effective. This is known as the modification effective date Aug 1, 2012.

All of the payments you made after aug 1, 2012 until the time we converted your trial period to a per mod will be applied as payments under your new mod loan terms.

During the additional time we needed to process your load mod you did not make all of your mortgage payments in full (im assuming the are talking about my original loan payment before trial?) this created a shortage that we paid to the owner of your loan. Then it basically says that there is a deferred amount of 6K.

**SO my questions are has anyone ever seen this before? also, i dont feel comfortable not making a payment until january??? even if they tell me not to, its still a little odd.

Also, i have no idea how to fill these papers out, it states that someone will contact me and will meet with me to do the papers and notarize at no cost. Have others done that? I dont feel like waiting until someone calls me? I can bring these to the bank for notary but im uncertain on what to fill out other wise.

[nhgal]

I spoke to my CM and she said yes that if it says my 1st modified payment is due Jan 1, 2013 then thats the day. She said normally i would pay dec 1 but since they were behind getting out the documents they have to give me an additional month because i have to have my signed notarized docs back by nov 4th and they process them. So im a little nervous not paying for nov, and dec. My trial was may,june,july,aug, then i still didnt have the docs so i paid sept and oct. Now i have the docs and i dont pay?? Does this seem ok?

[Cat Damiano]

I spoke to my CM and she said yes that if it says my 1st modified payment is due Jan 1, 2013 then thats the day. She said normally i would pay dec 1 but since they were behind getting out the documents they have to give me an additional month because i have to have my signed notarized docs back by nov 4th and they process them. So im a little nervous not paying for nov, and dec. My trial was may,june,july,aug, then i still didnt have the docs so i paid sept and oct. Now i have the docs and i dont pay?? Does this seem ok?

The documents will have already included these amounts in the figures, believe me, it isn't a freebie. Congratulations on receiving the permanent modification, that is really great news!!

[nhgal]

I owe everything to you guys and this website!!! i would have never made it this far! What would you do about me not having to make nov and dec payments? I went to BOA today to have the papers notarized and the vice president at the branch said as long as it states 1st payment due Jan 1,2013 then im safe. My CM said that if i did make the payments for nov, and dec it would just come off the principal balance and might confuse things as the figures have all been figured out on the jan 1st payment date.

[Cat Damiano]

I owe everything to you guys and this website!!! i would have never made it this far! What would you do about me not having to make nov and dec payments? I went to BOA today to have the papers notarized and the vice president at the branch said as long as it states 1st payment due Jan 1,2013 then im safe. My CM said that if i did make the payments for nov, and dec it would just come off the principal balance and might confuse things as the figures have all been figured out on the jan 1st payment date.

I posted the answer to that question, those payments would already be calculated in your agreement which is why your next payment isn't due until Jan. 1st. This happens on many occasions so it isn't an uncommon occurrence.

[xpRobin]

Trial Period: That's where we are hung up. We completed three payments, and now Bank of America told us to keep making the payments until we receive a yes or no on the modification request. We are told it could take several months. My husband wants to cease making payments, since that was the demand they made to us in writing: three payments. Why make more? Is it a big mistake not to?