Why does BofA send you offers they can't back up??

[CFWash]

Im so confused I was sent a FedEx with an approval on my mod from the hope dept, talked to my negotiator and confirmed we were all good! Signed, Notarized, and FedEx'd the documents back. Was pretty happy with the terms that they offered me. (reduced my payments by 286.00 per month lowered my interest from 6.5 to 4.5 for 5 years then fixed at 5.5 for the life) 1st payment was supposed to be due September 1st.
My BofA online account went from Approved --- back to Active Processing.. Instant panic.... I called and left a message for my negotiator, and she called me back within a few hours. (quite suprised)
She told me that "she didnt want to call me with the bad news before she had good news" They withdrew my offer (still not sure how they can offer something and then renig) WTF? But she said that she was working on a better offer, still in the works... Aparently the "new" mod terms are 3% for 1 year, going up 1% each year until it stops at 5% fixed for the life! "And this time they won't withdraw it" promises promises..... Don't get me wrong these are obviously better terms then the first one, but I just need to know that this is over so I can actually sleep at night!! Has anyone else had this happen? A better offer from the same dept, after papers are signed??? Starting to thing they are messing with me..

[mgallant]

I have seen a couple people post here that they had Mods signed sealed and delivered only to have BOA/CW back out of the agreement. I would be very diligent in calling them every day until you have a valid MOD in place. Good Luck!

[itscatnip]

same here..

naca gave me a great deal 3..75 for the life of my loan from a 10.3 adj rate. after papers were signed and online acct updated, BOFA decided against my wishes to put me into another pending mod, even assigned a negotiator.

i knew they werent going to do better and i didnt want their mod so after calling barb's office, going back and forth with a rep they finally canceled the mod I didnt apply for.

[AzGryffindor]

CFWash: Did you have any change in income from the time they took your initial information to when you sent in the information for your trial period (paycheck stubs)? Are you sure that the income information they had matched what your current income was?

Also, the guidelines are constantly being updated. Perhaps they had incorrect information on the modification they were seeking on their end and received clarification through either the HAMP program or your lender.

[Rumor]

CFWalsh,

How long after sending in your mod did your status change? We sent ours back last week and I called today to verify all was rec'd and Hope Dept. told me all was fine and transferred me to customer service to check on how long it takes the website to be updated and the monster in customer service basically tells me, make a payment or else...I told her about our modification. She said that it is not guaranteed and that it only means we qualify but not approved and we have to wait for final approval. I told her that it states no conditions and that it's approved. She got loud and nasty and I hung up and called Hope Dept. back, who told me that she had no clue what she was talking about and that it was approved. She said there are other ones out there that have lots of conditions but ours was fully approved. She said to send certified funds for about 90 days, as long as it takes for statements and website to get updated. Were you also told to send in certified funds? I'm really worried though. I seriously hope they don't go back on their word..even though it's not surprising coming from them.

[Rumor]

CFWalsh,

How long did it take for your status to change after sending in docs? I'm asking because we have the same type modification and the monster in customer service told me today that our modifcation requires final approval and it's not guaranteed at all. She basically tells me make a payment today or else...I call HOPE dept. back, who tells me that customer service doesn't even have access to modifications and that she was confusing it with the 3 month trial modification and not to pay attention. She then told me to make sure I send in certified funds for at least 90 days, about how long it takes the website to get updated and get corrected statements. Have they also told you to send in certified funds. I hate dealing with this. I was naive enough to think that hopefully, I wouldn't have to call them anymore after sending in the documents. Ha!

[HereinNY]

Same here..I have been assured by David L that he would make sure the mod was ok (signed and sent back) but there was a unacceptable NACA mod that came after and I told everyone I dont want it. I want the one I got from the HOPE dept. I am doubting now that I read your posts..mine said approved and now says "active processing" S#&%*

[Rumor]

Sorry, I posted twice earlier. It didn't look like the 1st post went thru and then I rewrote another one. HereinNY, When did your account go from approved to active processing? I think I might have read somewhere that you wrote that but I haven't been on as much as I used to. What the heck is wrong with them? IF you give someone an approval, how could they possibly go back and take it off the table. How are they legally able to do that? It's mind blowing how incompetent some of the people there are.

[CFWash]

It was within a few days that my online account status went to approved after I got my documents. It remained that way for about 4 days and it changed back to active processing........The words I want to use are not appropriate for this forum... (Im sure im not alone in that) Should be against the law, the papers that I signed were legal documents, and I paid $10.00 to have them notarized. Just to do it all over again... Personally if the mod is not finalized then DONT SEND IT TO YOUR CUSTOMERS.... DUH!! Cant believe these people are complete IDIOTS!!!
Sorry guys, needed to vent...

[HereinNY]

rumor
my story is exactly the same as CFWash, even the dates are the same...I am so disgusted.

[HereinNY]

Ok this is the latest. I called advocacy dept twice this week as well as David L. I told all of them that I do not want the NACA mod which only saves me $79 a month. I want the Mod that I sent back from HOPE dept saving me $250 a month.
I called once more today and a very nice Shiela explained that the reason that my account was changed to processing is because when there is a second mod that is better than the one you sign they put you into the second one..even though you signed and sent in the first one..in my case the second one is NOT better and she said my account was Heavily noted that I do not want the NACA mod so I should be getting the one I want. She tried to get my negotiator, Leanna Meyer on the phone but could not.

[so-cal-gal]

Oh, brother are you guys ever in the same boat with me on BofA issuing mods they try to back out of.

My case was made worse by them. After they had verified my returned package was 'complete' AND that status was in the computer, they did NOTHING with the mod.

They stranded the mod while they sold the original note to Litton (read that as probably a private investor).

TAKE NOTE: This is CONTRARY to BASIC CONTRACT LAW. You do NOT need BofA's signature of the final page of the mod to assert that you had an agreement. THEY originated the package. THAT was THEIR chance to get what THEY wanted. ONCE OFFERED and ACCEPTED, BofA is on the hook for the agreement. You just have to have completely followed the instructions in the mod package (as is demonstrated as being satisfied in my case by the notes in their computer system).

Offers of the type here are more similar to the contract law in play when a landlord agrees to rent an apartment after verifying the application. Once the landlord or agent presents the agreement for a tenant to sign, it is valid even without the landlord's signature. The only way it can be shown to be invalid is to prove the application to rent had serious deceptions or was fraudulent. If I, as the landlord, try to claim the agreement does not exist simply because I never signed it, I'd get laughed out of court!!! An agreement existed. My signature as landlord on the rental agreement, and in our MOD cases, BofA's agent's signature on the final page of the mod is NOT the point where an agreement has been struck.

Once an OFFER is made, the other party (the borrower) has the CHOICE of accepting the offer. Once we accept and comply, basic contract law does NOT allow the offering party to retract that offer.

BofA may TRY to tell you otherwise but either get it bubbled up to an advocacy guy by the name of 'David L', or get an attorney, OR DO BOTH.

BofA will end up with a law suit over this sooner or later.

I have my own case and attorney, plus I know what other attorneys have also stated abaout would happen if BofA tried this very stunt that is cited here, trying to get out of agreements that Borrower's have accepted.

I've seen at least one post where the attorney actually told the client-forum member that BofA would end up paying the attorney his fees.

Basic contract law of an offer being made and the other party accepting, regardless of signature of offeror is alive and well on main street USA.

The contract or purchase agreement is written up and the merchant is eager to get the CUSTOMER's SIGNATURE. Many of those agreements do not even have a line for the seller to sign. They want your agreement and the consideration ($$) that goes with it.

BofA is trying to skirt basic contract law.

Also, how many of us made other finacial decisions based on having struck that agreement for a mod with BofA? If you made ANY decision based on that offered mod, you have an additional means of fighting them. (I initially received this as free advice but I've retained the lawyer now.) I would tend to believe each of us would have done at least SOMETHING different if the mod had never been offered. Only those who are being devious about prolonging the day they move out would not have counted on that agreement in SOME way. See an attorney.

BofA either has some bad apples making decisions, thinking they can intentionally ditch a mod when it has been agreed to, or they have some very under-skilled employees in positions they need to be removed from.

A bit of free legal advise:
1. Start getting the names of each person you talk to with BofA.

2. When they tell you something on the phone, write up what was said and who said it. Zerox it and send a copy to BofA. This will document each verbal conversation. Do it even if you have not hit a snag. Have all conversations documented this way. Keep your copy with all your BofA correspondence. It can help if you need to fight the dirty (I'm not going to put that noun here, but it does start with the letter 'B') scoundrels.

It might also make BofA take action to stop some very dubius business behavior. If BofA starts receiving enough letters documenting each phone conversation and can see that people are doing it because they do not TRUST BofA, it might get through the corporate thick hide.

I've been told BofA is getting by with it because each of us is like a little mosquito on the hide of an elephant or rhino. Well, we need to become more like africanized honeybees and give the BofA beast a real stinging.

See an attorney. They should evaluate your case free of charge. Pick a real estate attorney. I went thru the local legal referral service and got a very experienced and respected attorney. If you do not hire an attorney, they may still be able to tell you steps you can take yourself. If your case has some defect that prevents you from asserting that a contract already exists, you need to know NOW.

[cobra]

All;

this is a really good topic and one I wish I did not have to post to!
I am in the same boat I fear. Sent my mod docs back on June 5th. Mod was to take effect 7-1. All seemed well until I could not get the website updated or information as to why it was not updated. On more than one occassion starting 7-8 I called to insure mod was good and all was well. Told it was and not to worry. THEN.....on 7-21 for no known reason the workout info disappeared from the workout page. I freaked and started calling and was told my mod was in "Legal" for some reason.
I still can't find out why. Then yesterday I spent 3 hours working on this issue and finally got someone in Advocacy willing to look into the issue. She told me they are slow in processing the modifications but all is well. THEN....the workout page showed that I had a mod "in active processing"!!!!! I called again about this. The answer I got was that since the mod was taking longer to get updated they inserted the active processing clause in keep the account from going to the FC department.
I am living in a time warp! all I want is to have this over so I to can sleep at night!!
But...it never seems to go away.

More as I learn more.

Cobra

[so-cal-gal]

Originally Posted by cobra

All;

this is a really good topic and one I wish I did not have to post to!
I am in the same boat I fear. Sent my mod docs back on June 5th. Mod was to take effect 7-1. All seemed well until I could not get the website updated or information as to why it was not updated. On more than one occassion starting 7-8 I called to insure mod was good and all was well. Told it was and not to worry. THEN.....on 7-21 for no known reason the workout info disappeared from the workout page. I freaked and started calling and was told my mod was in "Legal" for some reason.
I still can't find out why. Then yesterday I spent 3 hours working on this issue and finally got someone in Advocacy willing to look into the issue. She told me they are slow in processing the modifications but all is well. THEN....the workout page showed that I had a mod "in active processing"!!!!! I called again about this. The answer I got was that since the mod was taking longer to get updated they inserted the active processing clause in keep the account from going to the FC department.
I am living in a time warp! all I want is to have this over so I to can sleep at night!!
But...it never seems to go away.

More as I learn more.

Cobra

Cobra and everybody on this thread, start documenting every phone call. Write down the date, time, every person that you talk to, get the name. Write up the exact conversation content. Copy it and mail one copy to BofA. Those are the instructions I have been given by a lawyer since BofA is not putting anything in writing other that the mod package itself.

Good luck and pray that all of us get our mod.

[CW California]

I am going to think good thoughts for all of you, (including me too!) that this all gets resolved. What is so frickin hard about getting the computer updated right?

[so-cal-gal]

Part of the problem is the personnel don't (or did not a couple of months ago) understand what the statuses MEAN.

MY CASE: When the system had been updated, showing the MOD 'Completed', some of the BofA personnel believed the whole mod processing had 'Completed' and I was even told by phone the mod was completed. Only those who looked at the date they STARTED processing, versus that date that was showing 'Completed', realized they should look closer. It turns out it was the date they had completed verification of the package I sent back as having everything in order, and that all requirements had been satisfied.

They STILL thought the processing was continuing. If mine was not an INTENTIONAL attempt to strand the mod, then it was their own personnel not understanding the status information in their own darned system. Someone did not do the further steps because they though the work was all done. I'll bet that is part of why they take so long to make changes. They don't know what they are doing/have no idea of what statuses mean.

Interestingly, the notice of transfer of the note, in the boiler-plate, indicates that the transfer shall not affect any terms or conditions of the mortgage instruments. Hmmmm. I argue that the mod was and IS a mortgage instrument. In this case the transfer DID affect those terms and conditions, keeping the final internal update from occuring, especially with the apparent inept handling by BofA/CW personnel during this crutial time period (again, unless the actions were intentional). The lawyer uses slightly different language, but that part of the boiler-plate is cited.

[HereinNY]

Update:
Sent mod back, rec'd call from NACA stating mod was never received by BOA, Spoke with about 6 different departments at BOA (and of course my negotiator is on vacation) and finally told by someone in advocacy that my docs were received by Julia in shipping and receiving on July 18th..I am so disgusted with this whole thing..
Also I have one other problem. My docs dont state that my first payment had to be certified check but when I call they tell me to do this...If I pay using my own check I can send it in time to get there for the 1st but we are retired and our checks go in on the 1st so I would like to send a certified check overnight to get there on Sept 2nd...does this seem like a problem?

[so-cal-gal]

I'm not a lawyer, so my opinion may not count for much. I would not think 1 day would be that significant. Are you on any 'trial' period though?

Our original notes always have a grace period of either 10 or 15 days. So, I would question whether BofA could make any stink about 1 day for the 'mod' payments. I'd hate to see that a mod takes away that legal grace period.

Come to think of it, IF I can get Litton to TAKE any of the mod payments, I had planned on paying each of them after I deposit make my monthly deposits on the 1st thru 3rd of the month.