Never even been officially denied mod from BofA. - Loan Modification Forum

Riley18 · 08-08-2009, 09:32 AM

I am so happy I found this site because I have been beating my head against a brick wall with BofA since November of last year. I sent them a hardship letter first, and then called them frequently. I faxed pay stubs and called some more. I have even had our state senator contact them. All I got out of that was a quick one minute phone call telling me I did not qualify for a mod. I know I do because our mortgage with taxes and insurance is now 48% of our gross monthly income.

My question now is what did I do wrong to not even get a rejection in writing?
I think their plan is to just string me along until I have to stop paying the mortgage. The last rep I spoke to kept saying that the reason they cannot help me is because I am not behind in my payments. I am eager for my August 17th phone appointment with NACA, but am fearful of placing too much hope in the outcome.

I will keep reading posts here because it really helps to know what the banks are doing to everyone, and that I am not alone in this situation. Best of luck to everyone here.

alikeith · 08-08-2009, 09:49 AM

I hate to advise this to someone, but you almost have to get behind for them to even pay attention to you. The people who are behind seem to have priority. I know that's not right, but its the way it is. If you are showing that you can make those payments, even with it being 48% of y our gross, they dont see you are having a hardship. You almost should just hget behind a month, then write another hardship, explaining how you have used all your resources to try and keep up on the mortgage and cant do it anymore. Thats my advice.

Riley18 · 08-08-2009, 09:59 AM

I know you are right, but I hate to put myself at their mercy. I will have to stop paying them soon because I really am at the end of my financial rope. They do not want anyone to qualify for the refinance under Obama's plan. They intend to control the mod terms.
Thanks for your help.

luvmyhorse · 08-08-2009, 10:17 AM

I DON'T ADVISE GETTING BEHIND, JUST TO GET A MOD... if you can pay somehow keep paying.

Once you get behind, your credit deteriorated rapidly. Once your credit goes bad the credit card companies have the right to jack up your interest to 29% that could triple your monthly payments!

Be careful of advise to purposely pay late! They are starting to look at modifying loans for currant customers. Hang on until that happens and keep applying...

alikeith · 08-08-2009, 10:23 AM

I will say that right now, only the people whom are behind are taking priority. it could be several months until the current customers start getting help. It sounds like he/she may not be able to make it that long.

luvmyhorse · 08-08-2009, 10:30 AM

i have seen many people on this site who were not behind get mods.... where are you getting your info?

I haven't done it yet, but I called BOA and they told me you do not need to be behind to qualify... I believe this is relatively new though, I think just this last month or so they started to modify currant loans.

alikeith · 08-08-2009, 10:36 AM

I never said you have to be behind. I was just saying if you are behind, you are more of a priority then someone who is current. that is the facts. I actually was told this from my communication with the Office Of the President. People who are behind and are at risk of foreclosure are the priority right now.

There have been several people though on this board whom have said that there was nothing that could be done for them because they weren't behind. i have seen this. This isn't the way MHA works though, per the guidelines. You dont have to be behind. If you are though, they look at you first. They have so many people applying right now. They are overwhelmed.

luvmyhorse · 08-08-2009, 10:46 AM

Timing is the most important thing. If you were told that 2 months ago it probably is irrelevant now. It is what you were told this week that is going to apply. The rules are changes DAILY, AND WEEKLY. I just would not advise someone to stop paying their mortgage (this will destroy their credit,) unless they are 90 % sure this will acheive a modification. What if it doesn't? Their credit will be destroyed and this MAY HURT THEIR CHANCES FOR A MOD... BOA is using secret formulas, and we don't know what they are. Maybe they want people with good credit because the risk is less to them...

Be careful!

alikeith · 08-08-2009, 10:54 AM

Yeah i was told this about 3 days ago actually.

All i was saying is that seems to be what it takes to get anyones attention around there.

alikeith · 08-08-2009, 10:59 AM

I actually have the Vice President of Home Retention helping me.....

luvmyhorse · 08-08-2009, 11:03 AM

Last week I was told you DO NOT have to be behind in payments. I guess there is a lot of inconsistancy of information.

minknmelissa · 08-08-2009, 11:36 AM

I never recieved anything official either but was told i was denied three times and everytime is a diff reason

massage · 08-08-2009, 12:00 PM

FYI I wasnt late my paper work submitted june 18 recieved mod july 18th through naca. I had a reduction in income self employed. my mod is 39% of take home. BOA wouldnt look at me because i wasnt late.

sweet75 · 08-09-2009, 10:08 AM

We contacted the OOP and have never been behind. At first they told us that we had to be behind to get a mod, then she called back and said forget what she said and to expect our paperwork within 3 weeks. We got the paperwork a week after that for the MHA program. (this was a week ago) So, you don't have to be behind. If you can continue making payments I would do that because you DO NOT have to be behind. It just depends on who you are talking to.

sweet75 · 08-09-2009, 10:10 AM

Oh, and we are doing this on our own.

BacExtradinaire · 08-09-2009, 10:59 AM

Information available about the MHA program and other various programs change frequently and the Home Retention Department at Countrywide/Bank of America is trying to keep up. The MHA program consists of a way to refi your loan if you are current and a way to modify your account under the MHA guidelines. If you have not tried speak to a loan consultant at BAC Home Loans, then you need to do that first! If not, your answer for a loan mod will be a NO.

luvmyhorse · 08-09-2009, 07:36 PM

Does anyone know if they will accept the offer of a job as income, or do you have to be at the job for a certain period of time?

ama125 · 08-10-2009, 06:32 AM

Quote:

Originally Posted by luvmyhorse

Does anyone know if they will accept the offer of a job as income, or do you have to be at the job for a certain period of time?

If you are accepting the job, then yes, but you will have to verify the income. That being said, they will accept income stated over the phone at the time you are applying for the MHA (hamp) loan mod. You can even be offered the 3 month (4 months if you are current on payments) trial plan based on your stated income but during the trial plan you will have to submit pay stubs or other written proof of the income you told them.

luvmyhorse · 08-10-2009, 06:54 AM

Awesome! How do you know this?

pyeatpr · 08-10-2009, 07:09 AM

I recieved a Mod through NACA and was current during the entire process.

ama125 · 08-10-2009, 02:01 PM

Quote:

Originally Posted by luvmyhorse

Awesome! How do you know this?

You can read about it here: https://www.efanniemae.com/sf/guides.../2009/0905.pdf

and about other income related questions (plus much more) here: https://www.efanniemae.com/sf/guides...f/hampfaqs.pdf

Riley18 · 08-10-2009, 06:59 PM

Quote:

Originally Posted by BacExtradinaire

Information available about the MHA program and other various programs change frequently and the Home Retention Department at Countrywide/Bank of America is trying to keep up. The MHA program consists of a way to refi your loan if you are current and a way to modify your account under the MHA guidelines. If you have not tried speak to a loan consultant at BAC Home Loans, then you need to do that first! If not, your answer for a loan mod will be a NO.

That is what I have been trying to do, but even though I have been speaking to one person at the bank since July 1st I have not gotten further than talk. Today he told me they still haven't "figured out" how to apply the 125% loan to value part of the MHA. He said he would call as soon as they knew what to do. I emailed Barbara D. today and will also email David Leighton. My concern is that the bank is just stringing me along and I do not even have a chance of being considered for a mod. Oh, I also have an appointment with NACA for Monday, August 17th.
I would not have known to do any of those things without this site.
Thanks

08-08-2009, 09:32 AM	#1 (permalink)
Riley18 Senior Member Join Date: Aug 2009 Location: Florida Posts: 187 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Never even been officially denied mod from BofA. I am so happy I found this site because I have been beating my head against a brick wall with BofA since November of last year. I sent them a hardship letter first, and then called them frequently. I faxed pay stubs and called some more. I have even had our state senator contact them. All I got out of that was a quick one minute phone call telling me I did not qualify for a mod. I know I do because our mortgage with taxes and insurance is now 48% of our gross monthly income. My question now is what did I do wrong to not even get a rejection in writing? I think their plan is to just string me along until I have to stop paying the mortgage. The last rep I spoke to kept saying that the reason they cannot help me is because I am not behind in my payments. I am eager for my August 17th phone appointment with NACA, but am fearful of placing too much hope in the outcome. I will keep reading posts here because it really helps to know what the banks are doing to everyone, and that I am not alone in this situation. Best of luck to everyone here.

08-08-2009, 09:49 AM	#2 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. I hate to advise this to someone, but you almost have to get behind for them to even pay attention to you. The people who are behind seem to have priority. I know that's not right, but its the way it is. If you are showing that you can make those payments, even with it being 48% of y our gross, they dont see you are having a hardship. You almost should just hget behind a month, then write another hardship, explaining how you have used all your resources to try and keep up on the mortgage and cant do it anymore. Thats my advice.

08-08-2009, 09:59 AM	#3 (permalink)
Riley18 Senior Member Join Date: Aug 2009 Location: Florida Posts: 187 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. I know you are right, but I hate to put myself at their mercy. I will have to stop paying them soon because I really am at the end of my financial rope. They do not want anyone to qualify for the refinance under Obama's plan. They intend to control the mod terms. Thanks for your help.

08-08-2009, 10:17 AM	#4 (permalink)
luvmyhorse Senior Member Join Date: Jul 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. I DON'T ADVISE GETTING BEHIND, JUST TO GET A MOD... if you can pay somehow keep paying. Once you get behind, your credit deteriorated rapidly. Once your credit goes bad the credit card companies have the right to jack up your interest to 29% that could triple your monthly payments! Be careful of advise to purposely pay late! They are starting to look at modifying loans for currant customers. Hang on until that happens and keep applying...

08-08-2009, 10:23 AM	#5 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. I will say that right now, only the people whom are behind are taking priority. it could be several months until the current customers start getting help. It sounds like he/she may not be able to make it that long.

08-08-2009, 10:30 AM	#6 (permalink)
luvmyhorse Senior Member Join Date: Jul 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. i have seen many people on this site who were not behind get mods.... where are you getting your info? I haven't done it yet, but I called BOA and they told me you do not need to be behind to qualify... I believe this is relatively new though, I think just this last month or so they started to modify currant loans.

08-08-2009, 10:36 AM	#7 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. I never said you have to be behind. I was just saying if you are behind, you are more of a priority then someone who is current. that is the facts. I actually was told this from my communication with the Office Of the President. People who are behind and are at risk of foreclosure are the priority right now. There have been several people though on this board whom have said that there was nothing that could be done for them because they weren't behind. i have seen this. This isn't the way MHA works though, per the guidelines. You dont have to be behind. If you are though, they look at you first. They have so many people applying right now. They are overwhelmed.

08-08-2009, 10:46 AM	#8 (permalink)
luvmyhorse Senior Member Join Date: Jul 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. Timing is the most important thing. If you were told that 2 months ago it probably is irrelevant now. It is what you were told this week that is going to apply. The rules are changes DAILY, AND WEEKLY. I just would not advise someone to stop paying their mortgage (this will destroy their credit,) unless they are 90 % sure this will acheive a modification. What if it doesn't? Their credit will be destroyed and this MAY HURT THEIR CHANCES FOR A MOD... BOA is using secret formulas, and we don't know what they are. Maybe they want people with good credit because the risk is less to them... Be careful!

08-08-2009, 10:54 AM	#9 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. Yeah i was told this about 3 days ago actually. All i was saying is that seems to be what it takes to get anyones attention around there.

08-08-2009, 10:59 AM	#10 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. I actually have the Vice President of Home Retention helping me.....

08-08-2009, 11:03 AM	#11 (permalink)
luvmyhorse Senior Member Join Date: Jul 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. Last week I was told you DO NOT have to be behind in payments. I guess there is a lot of inconsistancy of information.

08-08-2009, 11:36 AM	#12 (permalink)
minknmelissa Senior Member Join Date: Jul 2009 Posts: 277 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. I never recieved anything official either but was told i was denied three times and everytime is a diff reason

08-08-2009, 12:00 PM	#13 (permalink)
massage Senior Member Join Date: May 2009 Location: eastpointe michigan Posts: 40 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. FYI I wasnt late my paper work submitted june 18 recieved mod july 18th through naca. I had a reduction in income self employed. my mod is 39% of take home. BOA wouldnt look at me because i wasnt late.

08-09-2009, 10:08 AM	#14 (permalink)
sweet75 Member Join Date: Jul 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. We contacted the OOP and have never been behind. At first they told us that we had to be behind to get a mod, then she called back and said forget what she said and to expect our paperwork within 3 weeks. We got the paperwork a week after that for the MHA program. (this was a week ago) So, you don't have to be behind. If you can continue making payments I would do that because you DO NOT have to be behind. It just depends on who you are talking to.

08-09-2009, 10:10 AM	#15 (permalink)
sweet75 Member Join Date: Jul 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. Oh, and we are doing this on our own.

08-09-2009, 10:59 AM	#16 (permalink)
BacExtradinaire Junior Member Join Date: Aug 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. Information available about the MHA program and other various programs change frequently and the Home Retention Department at Countrywide/Bank of America is trying to keep up. The MHA program consists of a way to refi your loan if you are current and a way to modify your account under the MHA guidelines. If you have not tried speak to a loan consultant at BAC Home Loans, then you need to do that first! If not, your answer for a loan mod will be a NO.

08-09-2009, 07:36 PM	#17 (permalink)
luvmyhorse Senior Member Join Date: Jul 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. Does anyone know if they will accept the offer of a job as income, or do you have to be at the job for a certain period of time?

08-10-2009, 06:54 AM	#19 (permalink)
luvmyhorse Senior Member Join Date: Jul 2009 Posts: 58 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. Awesome! How do you know this?

08-10-2009, 07:09 AM	#20 (permalink)
pyeatpr Senior Member Join Date: Mar 2009 Posts: 90 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Never even been officially denied mod from BofA. I recieved a Mod through NACA and was current during the entire process.

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