Really getting the run around from BOA...

**Pleaseguide** · 03-29-2012, 01:09 PM

I need some help and direction where to go next with our home. My wife and I purchased our lovely townhome at the peak of the market in 2006 in Florida none the less. We financed as an 80/20 both with First Franklin at the time, it has shuffled servicing a couple times and in the past year landed at B of A. We owe approximately 250k due to the fact both mortgages are balloons, our 6 years of timely payments have yet to touch the principle. The property is now worth about 115k. Yikes!

About 3 years ago we fell on hard times and accepted a loan modification, which was very temporary a 3 year fix. Our rates have since become adjustable again, and have plenty of room to grow. We are at 6.85% on the first and I believe the cap is around 14.99% they also deferred a balance of 65k as a non interest balloon. They payments are barely manageable. As in if we don’t have any unexpected bills we can scrape by, but if something unforeseen arises or we simply choose to enjoy ourselves a bit we need to reach into savings. My concern is the subsequent adjustments will put us under on our budget and at some point we will need to perform maintenance, buy clothes, have medical bills, putting us further under. We have sharpened the craft of living frugally but the debt will become unsustainable. Furthermore I have had to take a position paying well under what I have made in the past.
We have not missed any payments, B of A is unwilling to discuss a loan modification, they said we make too much money for HAMP; this is not because we are rolling in it, but because of the second and liabilities HAMP does not account for. We are so confused and scared about what to do. My thought is to stop paying to finally get their attention and see what happens. We have also thought about trying a short sale, but what to do first.
If we are able to get a permanent mod on the first I would consider just stopping payment on the second, and attempting to settle it up with them. Does anyone know if b of a could still foreclose if we default on just the second.

I really wish I knew where to start.

**Evan Bedard** · 03-29-2012, 01:53 PM

My thought is to stop paying to finally get their attention and see what happens. We have also thought about trying a short sale, but what to do first.
If we are able to get a permanent mod on the first I would consider just stopping payment on the second, and attempting to settle it up with them. Does anyone know if b of a could still foreclose if we default on just the second.

Welcome and thanks for joining the community.

Unfortunately, servicers tend to look at your current financial situation instead of what it is going to be in the near future, especially when it comes to HAMP as the program has strict guidelines.. Is your monthly payment on your 1st mortgage more than 31% of your gross monthly income?

To qualify for a modification under HAMP, you must:

-Be the owner-occupant of a one- to four-unit home.
-Have an unpaid principal balance that is equal to or less than:
o 1 Unit: $729,750
o 2 Units: $934,200
o 3 Units: $1,129,250
o 4 Units: $1,403,400
-Have a first lien mortgage that was originated on or before January 1, 2009.
-Have a monthly mortgage payment (including taxes, insurance, and home owners association dues) greater than 31% of your monthly gross (pre-tax) income.
-Have a mortgage payment that is not affordable due to a financial hardship that can be documented.

If you do not meet these guidelines it is important you tell them you want to go for a regular in-house modification so you do not waste months of your time. For an in-house modification the requirements above will not apply as almost any type of mortgage or loan amount can qualify, even if your payment is below 31% of your gross monthly income.

As far as your 2nd mortgager goes since there is no equity in the loan your 2nd is not going to initiate foreclosure as they would get nothing from the proceeds of the sale..

**Pleaseguide** · 03-29-2012, 02:16 PM

Thanks Evan. Unfortunately we were turned down immediately for the HAMP. We are under the 31% on the first. We would qualify if they included the second but such is life. I have tried to speak with them a few times now, I am keeping notes but it has been nearly impossible to get to the correct department. Can anyone give me some insight how to get a hold of the in house modification department. My last call was like a revolving door in satans lair. I talked to HAMP department, who said we would not qualify and they transferred us to another department, who asked if we had spoke to HAMP yet and promptly transfered us back. Who in turn transfered the call back to the same number. I sat on the line for nearly two hours trying to get the right person.

It is frustrating to say the least.

**Evan Bedard** · 03-30-2012, 10:11 AM

I definitely feel your frustration, most homeowners will have to jump through many hoops and endure several denials before finally being approved for permanent assistance.. Here contact the executive's office and let them know you would like to apply for an in-house modification. They will help you get your account assigned to a rep and should get your case in review in a very timely matter..

BofA executive team
1-704-386-5687

**Pleaseguide** · 03-30-2012, 12:08 PM

Thanks. After really thinking things over we have decided we are going to miss our first payment ever. We have contacted a realtor to list the property for sale. This month we ran into a couple unusal expenses that really puts us in a position to either dip into what little savings we have left or miss a payment, the problem is this will be a long term problem and our savings might be better suited to retain a lawyer. Delaying this issue will only exacerbate the situation. We will not be able to double up next month either so the wheels are starting to slip. The future will only bring more difficulty as the payment will continue to go up and it seems our value is still going down.

I have also contacted a decent foreclosure defense attorney in hopes they can get a better handle on trying to work out a modification that makes long term sense for my family. If B of A is unwiliing to work out a short sale or modification we will be letting the property go and looking at BK down the road. I would hope that there is some good in B of A and they will recognize we have been excellent customers in the past and could continue to be good customers with their deciding to offer us some form of relief.

**CalOkie** · 03-30-2012, 12:26 PM

@Pleaseguide - If you think that you would be at all qualified under the Attorney General National Mortgage Settlement you may want to continue your payments. I'd recommend some analysis as to how the settlement might apply to you and if it perhaps make sense to stay current until you know the answer.

**Pleaseguide** · 03-30-2012, 12:33 PM

Calokie- Can you tell me a little bit more about this program. I thought the settlement would only apply to those who were in default already?

**CalOkie** · 03-30-2012, 02:27 PM

Unfortunately there is not alot of info out there. Find out if your loan will qualify for the settlement by calling your servicer. All they will tell you right now is if you qualify or not (if you can get that far). For me, if they refi my first my payment will still be lower than a walk away home with PMI.

Just food for thought.....

**Pleaseguide** · 05-11-2012, 11:01 AM

Have been trying to discuss an in house loan modification with BOA for well over a month now. Almost every time I have spoke with someone they attempted to prequalify us for HAMP (we have had three one hour long conversations where they took a verbal prequal and turned us down), every time they have advised that we would not qualify due to our first not exceeding 31% of our gross monthly and advised we have to speak with in house modification deptartment. The last conversation we had with a "supervisor" they took our financials verbally and again advised we could not do HAMP and they will have the in house modifcation team contact us, it took a week for them to call us back and the person who contacted us today advised they would be our single point of contact and she wants us to apply for HAMP??? I can use a calculator and know for a fact our ratio on the first is just below the 31% required for HAMP. The problem is our second and other liabilites are preventing us from paying. Now our representitive says we need to submit a HAMP application and wait 45 days for them to tell us we will not qualify before they will even take a look at other options such as in house modifications. She told me however we can short sell or do a deid in lieu if we do not want to try HAMP.

I do not get it. Should I send them a HAMP package knowing very well it is not a program we qualify for. I certainly do not have much to hide from them, but at the same time revealing all my financials in a hopeless situation seems to be a win for BOA not me. Really starting to see the underbelly of the pig now.

Thanks all who can share some insight, starting to feel that saving my home is hopeless.

**doodlebug** · 05-11-2012, 11:54 AM

If you are apply for any loan modification from Bk of America, look out for a LONG, frustrating bumpy road. We got behind two payments on a property that was previously our primary home for 16 years. We moved out & it took two months to rent the place. Wecalled BKoAm and ask for payment arrangements on the two payments ,telling them specifically that this was now non-owner occupied. They would not talk to us unless we did a full loan modification documentation, even though I stressed that this was now a rental and we knew we would not qualify. That was in DECEMBER! It is now May and they finally got it straight that we do not qualify for home savers because it is not longer our primary.. We receive FEDEX packs daily, asking for the SAME info that we already faxed them. This happens over and over again. To make matters worse, they are doing "drive bys" two and three times a month on the property, charging us $15 to $350 each time, and calling this "inspections". We have had four CSR's in five months. None of them could tell us what we were qualifying for. We could never reach a live person. Each time we called we got a recording. It would go for a days before someone would call, then it still would not be a live person, it would be a recording telling us to call such and such a number. When we did....more voice mail. We contacted "HOPE.org" to get help. They did a three-way call and we still got voice mail. We finally filed a complaint with BBB. We got a call the next day. BkoAm offered to do payment arrangements (what we asked for five months ago). The arraignments they offered: Make one of the late payments, for "good faith" and the other late payment , PLUS all late fees, will be divided into 5 months and added on to our regular payment, and oh yes that payment will be due in oneweek! I tried to explain to them that our renters only pay once a month, and if I could make two payments in one month, I would not have contacted them in the first place. After five months and miles of paperwork, this is what they offer. They were even going to continue to charge late charges for the next five months until we complained. Never again with BkoAm. Never ever again. My husband & I are about to lose our minds. We still do not have this resolved AND we just got two more FEXEX pkgs again asking for the same documents. My advice, BKoAm is like quicksand. Once you start applying for loan modification, you will go thru hell with no end in sight. I really think they do this so that they can get you to give up, and they can foreclose. They do not want to help you. They want your property.

**Evan Bedard** · 05-11-2012, 12:06 PM

he last conversation we had with a "supervisor" they took our financials verbally and again advised we could not do HAMP and they will have the in house modifcation team contact us, it took a week for them to call us back and the person who contacted us today advised they would be our single point of contact and she wants us to apply for HAMP??? I can use a calculator and know for a fact our ratio on the first is just below the 31% required for HAMP. The problem is our second and other liabilites are preventing us from paying. Now our representitive says we need to submit a HAMP application and wait 45 days for them to tell us we will not qualify before they will even take a look at other options such as in house modifications. She told me however we can short sell or do a deid in lieu if we do not want to try HAMP.

I do not get it. Should I send them a HAMP package knowing very well it is not a program we qualify for. I certainly do not have much to hide from them, but at the same time revealing all my financials in a hopeless situation seems to be a win for BOA not me. Really starting to see the underbelly of the pig now.

You do NOT want to waste anymore time reapplying for HAMP if your 1st mortgage payment is below 31% of your gross monthly income. If you want to go for an in-house modification you need to send in the entire package including all of your financials and include in the hardship letter along with a side note that you are looking to apply for an in-house modification and not HAMP..

**Pleaseguide** · 05-11-2012, 12:43 PM

Thanks Evan...I will be preparing the package and will be sure to include that in there. I cannot stress how poor their service is, we have just begun the process and I am already seeing blatant lies, misinformation and a constant run around. I cannot believe BOA got to be as sizable as they are today with the level of service they deliver. I will never consider conducting any business with them in the future.

**DeeWhyS** · 05-12-2012, 01:36 AM

I lived the american dream in 2005 and bought a house for me and my kids. Bought the house in september and laid-off in January of 2006. Not so bad. I got a a few jobs and was able to hold on til the rate was about to adjust to 13% in 2008. I was in between jobs when I tried to refi in 2008 and had to add my daughter to the loan as I was not employed for more than six months at the time of the refi. All was well as we refinanced with Countrywide at a 6.875 interest rate and then of course BOA took over. New job still intact til Jan, 2011; laid off. I depleted my 401K and still had trouble making payments. Started the modification process and that's when the nightmare began. I have been receiving unemployment since Feb. 2011 and it took BOA 6 months to send me the forms. The FIRST time I sent in the documentation requested, it took them 6 months to tell me I didn't qualify for HAMP. Then one day in August of 2011 a loss mitigation person from NCCI shows up at my door to ask if I had received any fed-ex paperwork from BOA. I advised the nice man that I had never received anything from them but advertisements for insurance from BOA. The man said look, you want to keep your house, fill out this paperwork and I will be back tomorrow to pick it up. The paperwork was yet another HAMP app. Next day he comes in shows his id and examines the documents and is on his way. Since I had already verified with BOA that they sent the gentleman to do this, I trusted that the paperwork would be delivered properly. I called and called BoA to no end and no one knows where this paperwork is. Since I always copy the documents, I was able to send them the copy. Miraculously, they found the paperwork after the second copy was submitted. In september I receive thru the mail a notice from BOA introducing an account manager for my application. I call and leave messages and no answer. By December, I had more than 4 different account managers. One of them decided to answer his phone and was the most unprofessional person I have ever talked to. I called his supervisor and demanded someone else to handle my case. Through all of this, no one can tell me what my status is. At this point I am now 6 pmts behind and losing hair. I finally, get notice that I have yet another new account manager. She states that my application is going to the underwriters and should have response shortly. During this time I had a daughter that was moving back in to help me make payments. Since that was mentioned in my application, they asked for proof of my daughters employment, pay stubs and a letter of monetary commitment (rent). A month later, a fed-ex letter states I am denied again. I call the account manager and asked why I am not qualifying and what was needed to qualify. I was told that my hardship was due to not having a job and the only way I could reapply was for me to get a job. I asked a family member to loan me 5000.00 to at least pay most of the past due amount of 8675.00. I called the manager again to find out if that would help and she could make no promises but it should prolong a foreclosure she said. I paid and yesterday I recvd the dreaded letter in the mail about being referred for foreclosure.

When I say I am at my wits end, its an understatement. I have tried to get counseling from a SC hud specialist and can never speak with one. I tried to call my account manager and left voice mail to call back on Monday. I have a job now and want to hear the excuse BOA will have for turning me down now. I have always been a fighter but BOA is really putting the beat down on me. Any advice would be deeply appreciated.

**TomEason** · 05-12-2012, 03:44 PM

Originally Posted by CalOkie

Unfortunately there is not alot of info out there. Find out if your loan will qualify for the settlement by calling your servicer. All they will tell you right now is if you qualify or not (if you can get that far). For me, if they refi my first my payment will still be lower than a walk away home with PMI.

Just food for thought.....

CalOkie

Thanks for your post.

Unfortunately I must tell you that you are both mistaken and uninformed. To qualify for the AG National Settlement, a borrower cannot be current on their mortgage.

And the consent judgment documents for each of the five majors involved are available for download. Each agreement is quite large (over 300 pages).

Those can be viewed and downloaded from the official site.

Federal Government & Attorneys General reach landmark settlement with major banks | NationalMortgageSettlement

**Cat Damiano** · 05-13-2012, 08:41 AM

Hi DeeWhyS,

Welcome to the forum and thank you for joining.........

South Carolina is one of the states awarded funds through the Treasury Depts. Hardest Hit Program. You may want to try going through that agency to see if they can help you with BofA. They have programs to help bring the loan current if you are able to now make the payments.

Here is the information;

http://www.treasury.gov/initiatives/...%20%282%29.pdf

SC Mortgage Help - SC Housing Corp.

**DeeWhyS** · 05-14-2012, 08:38 AM

Cat Damiano:

Thank you so much for your information. I am working on that right now. Still trying this morning contact BOA . Will definitely keep you posted.

**Cat Damiano** · 05-14-2012, 08:40 AM

No Problem, I do hope they are able to work something out with you. Good Luck!!

**DeeWhyS** · 05-14-2012, 11:04 AM

Called and spoke with account customer relationship manager. I advised that I would start working on May, 29th. Was told that I would need a pay stub so I could not reapply till then. Asked about letter stating a REFERRAL of foreclosure and why I am locked out of my account if I am just being referred. Was advised that once you are referred, you are in foreclosure but she can't see a letter in her system that states there's a sale date. I asked about a time frame, she states "hard to say". Well I advised her that "it will probably happen soon as you told me that if I pay part of my balance which I did, I probably wouldn't see foreclosure for a while as long as I pay the balance down. She replied, "yes there has been an acceleration of foreclosures lately." I was then told that if I could raise the balance before the sale I could have a reinstatement letter sent out and resume my regular payments. The catch is, there is going to be attorney fees for the referral and guess what?...She doesn't know what they are.

When I called her after receiving the decline for the HAMP, she states, "I don't see the letter in the system yet. You might still be being considered for other options, call back in 2 weeks" Why does this sound like a stall?

**Cat Damiano** · 05-14-2012, 11:11 AM

You can try contacting the executive team at BofA directly instead of trying to get the information from your rep. They should be able to answer the questions that you have.

They can be reached here;

1-704-386-5687

**DeeWhyS** · 05-14-2012, 11:16 AM

I'm on it. Thank you so much.

**DeeWhyS** · 05-14-2012, 12:29 PM

Just got through. The line is very busy but with some persistence, you will get on line with someone. I was immediately giving the fees that would have to be paid with a reinstatement and a name and number to call directly to a mortgage specialist. If it were not for you guys here I would not have been able to get this far. My question to him was why are you able to be so forthcoming with this information and not the customer relationship manager? His response was that they may not have this information available to them. OK, then why are they handling such a delicate procedure? Homeowners need full disclosure of the their loans. I didn't know that the time of the foreclosure sale depends on who the INVESTOR is of my loan and what kind of deal I have with my mortgage. Heck I thought I was dealing with bank of america. Who the heck is the investor and why is this the first time I am hearing of this? I must be the dumbiest homeowner out there!

**illstay** · 05-15-2012, 06:09 AM

Originally Posted by DeeWhyS

Who the heck is the investor and why is this the first time I am hearing of this? I must be the dumbiest homeowner out there!

Trust me, you are not. The only reason I knew it was because I had called BOA time after time asking for a modification starting arouond 2009 and they kept telling me they couldn't help me. When I finally landed a CRM who went into it with me about the servicer versus the investor thing. Before he did that, I had no earthly idea that they were not one and and the same. There is a link on here somewhere that you can click to find out who your investor is. I'm not sure where it is, but maybe someone can chime in with the answer.

**DeeWhyS** · 05-15-2012, 06:51 AM

illstay, Thank you. I will hunt it down. Also, thanks for reminding me that I am a student in this financial shark tank and I have to keep my wits about me and learn the nature of the shark. Lol!

**Cat Damiano** · 05-15-2012, 08:40 AM

DeeWhyS,

Each loan has a servicer, the entity that you send the payments to that services your loan, in your case BofA, and an investor, the entity that buys loans that are pooled and sold as mortgage backed securities. In some cases the lender that services your loan will also be the investor on the loan if it is in the pool of loans they have retained. Most large banks retain a small percentage of loans for their portfolio.

You can see if MERS lists your investor by searching your property here;

https://www.mers-servicerid.org/sis/

**DeeWhyS** · 05-17-2012, 01:10 PM

Thanks Cat. I have checked the MERS site and found that BOA is listed as the investor. Is this site up to date? I called and requested that my CRM fax over a statement of how much is owed with all charges. I haven't heard anything in two days and I am calling the exec office again. Spoke to yet another mortgage advocate and was told that the notes state that I asked about a short sale and they are getting the documentation ready for it. I have NEVER requested or asked about a short sale. I have been asking for reinstatement. This is the kind of stuff that makes people have heart failure. Does anybody know who I can complain to? Isn't there supposed to be a third party that is monitoring the progress of this program? I was reading over the court document from the Attorney Generals office but haven't finished it yet. I've got a lot of reading to do.

P.S. Call did confirm that BOA is the investor.

**TomEason** · 05-17-2012, 03:02 PM

DeeWhyS

Let me try to understand your first question. You're asking Cat if the MERS site is up to date? Are you implying Cat is affiliated with MERS?

**DeeWhyS** · 05-17-2012, 04:04 PM

By no means Tom! I saw some information there under their litigation digest and it was from last year. I am not aware of how often they update the site, so I just asked the question.

**Pleaseguide** · 05-31-2012, 10:16 AM

Originally Posted by Evan Bedard

You do NOT want to waste anymore time reapplying for HAMP if your 1st mortgage payment is below 31% of your gross monthly income. If you want to go for an in-house modification you need to send in the entire package including all of your financials and include in the hardship letter along with a side note that you are looking to apply for an in-house modification and not HAMP..

So we followed your instructions and about 3 weeks ago sent in a hardship package. Sent a hardship letter, advised we wanted to apply for an in house modification as we have been advised by BOA representatives that we would not qualify for HAMP. I did not hear anything back from the CRM, a couple of days ago I get a Fed Ex package with return shipping paid to apply for the HAMP modification. I am seriously thinking BOA is just messing with me. I am at my wits end. I am starting to think we just want to try for a short sale, I am very doubtful that we would get a sensible modification anyways. We are over 100k upside down and even with our current modification deferring about 65k to a balloon on our first the payments are too high for comfort.

My question is should I just skip the process of sending in yet another package and just aim for a short sale or can they work both of them simultaneously.

I am really fed up with BOA, I have been trying for months to get the modification process started to no avail.