Request for modification w/BofA

[RamZam]

Hello Everyone....I am revisiting this site again because just like everyone else, we are facing a hardship. My husband had extensive head surgery late last year and we fell behind on everything else. Thankfully, my job is stable and money is flowing in just like before. We are all done with the expensive medical bills and all the expensive medical treatments.

I emailed Barbara Desoer like many other have. I received a call from her office and just yesterday emailed them all the documents they requested. Today, I received confirmation that my documentation was received and that is has been passed on to a Senior Collector for review. I was told to allow 30 days.

Is a Senior Collector the same as a negotiator? I am seeking a loan modification.

[Cassietw]

Hi RamZam,

Welcome to the forum!

I have not heard of a Senior Collector before. I am sure whoever has will be on here and let you know.

It looks like you are working on a mod on your own with BofA? Good luck and keep us informed and updated.

All the best!

Cassie

[Andrew]

Yes they changed the name from negotiator to collector with the BOA merger.

[RamZam]

Well I am not sure what to do....I was assigned a negotiator on 6/2/09. She made contact with me, went over my information and said she would work on seeing what she could do. At the end of June I began to follow up since I had not heard from her. I called twice every week but never got through her and she never returned my phone calls. I finally got to her on 7/15/09.....all to find out that she had not yet forwarded my loans to any invester yet. She did tell me that on one of my loans the invenster was an in house invester and that she could get that loan off her desk at the end of last week. I still have not heard from her, called her this morning and left her a message.
My dilema is this....it will almost be two months since the negotiator has had my file and has not done anything with it. Do I continue to call her or do I send another email to Barbara Doeser's email??? Am I being impatient ? When I log onto their web page....it shows no documents on file and she has all the documents she requested. I can't go through Naca because I have another property. What should I do?

[troubledtimes]

I am also working agin with a negotiator from Barbaras offica and was recently told, as you were that my invester is "in-house" I asked who and was told she couldn't tell me. Can anyone explain what "in-house means". thanks

[morainac]

Stay on your negotiator because they will not send your file to the investor. Email Barbara if you need to. Two months is too long. My negotiator did the same thing. She would tell me she sent it but never did and then would say "I never told you that". I never had to practice so much restraint in my life.

[RamZam]

well my saga continues....I left a message to my negotiator on Wed 7/22 with no return phone call from her. This morning 7/23, I left another voice mail and no return phone call from her. To top things off, I left a message today 7/23 to the gal that originally responded to my email i sent Barbara back on 6/1 and whom put me in contact with my negotiator and she didn't return my phone call either. How much longer can they continue to not call people back??? Am I being too impatient and pushy. My file was forwarded to a negotiator on 6/3 and when I finally got through her on 7/15 she said she had not forwaded my file anywhere yet but would get right to it that same day. Do I continue to leave messages? I obviously don't want to tick anyone off because I need them to help me. Do I re-email Barbara Desoer????and if so, how could this affect me?

Very frustrating!!!Please help

[knr816]

RamZam
I don't know how anyone else will respond, but I re emailed as I had the same problem. No return phone calls, wasn't getting anywhere, etc. I re emailed telling my story, how long my info had been with my OOP Negotiator, no call backs, I understood they were very busy but even a call back with status would be nice, etc. and the same day a new person called me back taking over any problems I had as a go between. I then had a new contact in OOP who did return my calls.

My MOD was recently approved so I am no longer working with OOP, but after months of waiting, and no responses, I did re email.

[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 cancelledI 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????

[Garry]

I have dealt with the Hope department, but it was for the MHA mod. I'm wondering if what they are offering you is the re-fi part of the program and they are calling it a Hope offer? I was denied for Hope and now I'm on a MHA mod trial. I never did understand the hope thing.

[RamZam]

they are calling it a modification agreement. I need to return docs signed & notarized by the 19th. I don't think it is MHA...because there is no trial period noted. Do you know if the HOpe Department is strictly with Bof A or are they a separate entity?

[Garry]

I can give you the number I have for the Hope department, it's 1-877-643-2788 I was told to call them for now on with any questions about the MHA program, maybe they can give you some answers because I'm not sure how they are connected with BofA. As far as the offer goes, it's most likely for real and it sounds like a good deal but that would really depend on your personal situation.

[so-cal-gal]

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 cancelledI 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.

[Garry]

Originally Posted by so-cal-gal

(I hope you did not get an 'AG mod'.)

I was thinking the same thing.

[RamZam]

The only conditional statement is i need to send 2 months of current pay stubs and property insurance. I will browse the documents again to make sure it is not a AG settlement loan. I've left messages to my negotiator and of course she does not call back.

[RamZam]

so i have a question....if my mod docs are an AG Settlement mod. What do I do? Do I go ahead and get it signed and notarized and send it off? Now I am really concerned. I don't know what kind of mod it is?

[Garry]

Originally Posted by RamZam

so i have a question....if my mod docs are an AG Settlement mod. What do I do? Do I go ahead and get it signed and notarized and send it off? Now I am really concerned. I don't know what kind of mod it is?

I would send it, there's a fair chance you have nothing to worry about even if it is an AG mod. No matter what, it's the only game in town and you have to play it. I read a reference again today about the Hope for homeowners program, it is supposed to be part of the MHA re-fi as far as I can see. I think thats what your getting, not the AG mod.

[RamZam]

So I finally got through my negotiator Terri. She tells me that the loan docs I received yesterday were incorrect and asked that I not sign them. She will send new docs out next week via Fed Ex. The step rate terms are correct, but the actual docs are wrong. I will still have the 2 %, 3%, 4%, and eventually 5% for the life of the loan. She told me that this mod was a mod through my investor...BONY. I guess I will wait for my newly revised docs arrive....Go Figure!

[so-cal-gal]

Originally Posted by RamZam

So I finally got through my negotiator Terri. She tells me that the loan docs I received yesterday were incorrect and asked that I not sign them. She will send new docs out next week via Fed Ex. The step rate terms are correct, but the actual docs are wrong. I will still have the 2 %, 3%, 4%, and eventually 5% for the life of the loan. She told me that this mod was a mod through my investor...BONY. I guess I will wait for my newly revised docs arrive....Go Figure!

I glad you were able to contact your negotiator. IF it HAD been an 'AG mod', I would have been questioning BofA and possibly been getting a little 'professional' advice. The 'AG mod' mess is THAT bad.

But your 'wrong docs' did not have the 'suspicious' cover letter. That in itself was a relief for me to see.

[RamZam]

It has been approximately one month since my last posting. Since then, BofA has changed my negotiator and has stepped up the help. I finally received my revised modification Fed Ex Package which offers me a step rate for five yours and at the end of the five years a 5% interest and priciple payment for the life of the loan. I am signing papers tomorrow, notarizing, and sending them back.
I was also told that the loan on my rental home is also approved for the MHA program. I am confused on this because i though rental homes did not qualify for the MHA program. I don't know the details of this but my negotiator said I should receive docs in approximately 4 weeks.

[Melanie702]

Originally Posted by RamZam

It has been approximately one month since my last posting. Since then, BofA has changed my negotiator and has stepped up the help. I finally received my revised modification Fed Ex Package which offers me a step rate for five yours and at the end of the five years a 5% interest and priciple payment for the life of the loan. I am signing papers tomorrow, notarizing, and sending them back.
I was also told that the loan on my rental home is also approved for the MHA program. I am confused on this because i though rental homes did not qualify for the MHA program. I don't know the details of this but my negotiator said I should receive docs in approximately 4 weeks.

BofA is weird! They qualified for a rental and someone on this forum that doesn't want to keep their house. Freaks! But, congratulations on your primary home, that's great news.

[ama125]

Congrats RamZam! You are right about the rental though...should only be owner occupied to qualify. Very odd and further proof they don't know what they are doing.