Refusing Mod they say I can't apply again - Loan Modification Forum

THANKS2U · 08-09-2009, 12:12 AM

Hello All

I keep seeing versions of this statement / "If you refuse the mod / do not sign and accept this current mod offer from us at Bank of America, then we at Bank Of America will NOT ACCEPT any other counter offers from you and will refuse any resubmitted mods from the borrower, etc

Basically, Bank of America is telling the borrowers they service that the Borrower is NOT ALLOWED to apply for a mod again

Is that legal or is that true or false ???????/

Now, when any borrowers are offered Bad mods, Terrible mods, Mods higher than current payments, Mods that do not make any mathematical sense and or and & all other versions of SWINDLING loan mods from Bank of America and the borrowers refuse that 1 mod or any subsequent bad loan mods which Bank of America may or may not send to the borrower, DOES THAT MEAN THE BORROWER IS NOT ALLOWED TO RESUBMIT / APPLY AGAIN FOR ANOTHER MOD AND OR RENEGOTIATE BY THEMSELVES OR THROUGH N A C A, ETC

What is the LEGAL TRUTH ???

SillyWorld · 08-09-2009, 12:45 AM

There is no truth,,, The Banks set there own Rules, we the people have no choice, unless it is brought to the Public's eyes

Melanie702 · 08-09-2009, 01:01 AM

How in the world can any of this stuff NOT be illegal? I cannot understand how no one has been prosecuted. If it were you or me, we'd be in the slammer a long time ago. It's all totally ILLEGAL how they work.

CW California · 08-09-2009, 08:52 AM

Outside of their agreements with the the Obama plan, the banks are not required by law to offer anyone a modification. Of course the Obama plan has numerous loop holes which protect the bankers. The politicians are not just in bed with the bankers, they're spooning them. Vote every single politician out.

AzGryffindor · 08-09-2009, 09:19 AM

The only truth to their statement lies in the HAMP.

But, refusing the mod doesn't negate you attempting to get a better deal. It's only if you FAIL the trial period/full mod that you will not be able to obtain another HAMP.

For example, you receive a HAMP package from your lender, you turn in all the required paperwork and documents, but fail to make any of the 3 payments prior to their due dates. That is considered failing the HAMP.

CW California · 08-09-2009, 09:24 AM

And if you are not qualified for HAMP they do not have to do squat.

08-09-2009, 12:12 AM	#1 (permalink)
THANKS2U Senior Member Join Date: Jul 2009 Posts: 192 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Refusing Mod they say I can't apply again Hello All I keep seeing versions of this statement / "If you refuse the mod / do not sign and accept this current mod offer from us at Bank of America, then we at Bank Of America will NOT ACCEPT any other counter offers from you and will refuse any resubmitted mods from the borrower, etc Basically, Bank of America is telling the borrowers they service that the Borrower is NOT ALLOWED to apply for a mod again Is that legal or is that true or false ???????/ Now, when any borrowers are offered Bad mods, Terrible mods, Mods higher than current payments, Mods that do not make any mathematical sense and or and & all other versions of SWINDLING loan mods from Bank of America and the borrowers refuse that 1 mod or any subsequent bad loan mods which Bank of America may or may not send to the borrower, DOES THAT MEAN THE BORROWER IS NOT ALLOWED TO RESUBMIT / APPLY AGAIN FOR ANOTHER MOD AND OR RENEGOTIATE BY THEMSELVES OR THROUGH N A C A, ETC What is the LEGAL TRUTH ???

08-09-2009, 12:45 AM	#2 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Refusing Mod they say I can't apply again There is no truth,,, The Banks set there own Rules, we the people have no choice, unless it is brought to the Public's eyes __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

08-09-2009, 01:01 AM	#3 (permalink)
Melanie702 Senior Member Join Date: Mar 2009 Location: Las Vegas, Nevada Posts: 535 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Refusing Mod they say I can't apply again How in the world can any of this stuff NOT be illegal? I cannot understand how no one has been prosecuted. If it were you or me, we'd be in the slammer a long time ago. It's all totally ILLEGAL how they work.

08-09-2009, 08:52 AM	#4 (permalink)
CW California Senior Member Join Date: Feb 2009 Location: SoCal Posts: 1,127 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Refusing Mod they say I can't apply again Outside of their agreements with the the Obama plan, the banks are not required by law to offer anyone a modification. Of course the Obama plan has numerous loop holes which protect the bankers. The politicians are not just in bed with the bankers, they're spooning them. Vote every single politician out.

08-09-2009, 09:19 AM	#5 (permalink)
AzGryffindor Senior Member Join Date: Jun 2009 Posts: 231 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Refusing Mod they say I can't apply again The only truth to their statement lies in the HAMP. But, refusing the mod doesn't negate you attempting to get a better deal. It's only if you FAIL the trial period/full mod that you will not be able to obtain another HAMP. For example, you receive a HAMP package from your lender, you turn in all the required paperwork and documents, but fail to make any of the 3 payments prior to their due dates. That is considered failing the HAMP.

08-09-2009, 09:24 AM	#6 (permalink)
CW California Senior Member Join Date: Feb 2009 Location: SoCal Posts: 1,127 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Refusing Mod they say I can't apply again And if you are not qualified for HAMP they do not have to do squat.

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