Bank of New York and Comptroller of the Currency? - Loan Modification Forum

ohhhdear · 08-13-2009, 03:55 PM

Well, I found out today that ACCORDING to BOA that my investor is Bank of New York.

They told me that Bank of New York was NOT participating in loan modifications at this time or as of Aug 13, 2009 and that this bank was NOT a federal bank.

Is that true?

I was given the complete runaround today. I haven't gotten anywhere. Started on this back last fall and continued to follow up. Took a break during June & July and trying again.

Another question: Was thinking of contacting the Comptroller of the Currency for help, filing a complaint with the Florida Atty General and another complaint with Florida Office of Financial Regulation. Is this a good idea?

Please help guide me if anyone can.
Thank you.

alikeith · 08-13-2009, 04:04 PM

Bank of NY has always been one of the easier investors to mod with. I am suprised to hear this. Yet i am not suprised. Did they also ask you for money??

ohhhdear · 08-13-2009, 04:08 PM

No, they didn't ask for money.

This is just what Bank of America told me--which I thought I was odd---because I thought Bank of New York was working out mods.

I'm so confused. Maybe that's the goal of BOA ??

alikeith · 08-13-2009, 04:10 PM

Who at BOA told you this?? Was it customer service? A negotiator??

ohhhdear · 08-13-2009, 04:10 PM

No, they didn't ask for money.

This is just what Bank of America told me--which I thought I was odd---because I thought Bank of New York WAS helping & working out mods.

I'm so confused.

Maybe that's the goal (to confuse people) of BOA. ?

ohhhdear · 08-13-2009, 04:13 PM

Quote:

Originally Posted by alikeith

Who at BOA told you this?? Was it customer service? A negotiator??

Somebody in the customer relations dept...

I haven't made it to a negotiator this time--

Last May, they did offer a forbearance which I flatly refused... I told them I wanted to keep making my payments in a timely manner..

The Fla Atty General told me to file a complaint with them--- about the runaround, because they have quite a few of these cases.

alikeith · 08-13-2009, 04:17 PM

so customer serivce it sounds like...Have you actually contacted the home retention department?

alikeith · 08-13-2009, 04:19 PM

I thought i had read someone else mention something about another program starting mid august. I wonder if this has anything to do with that?? Im not positive though.

ohhhdear · 08-13-2009, 04:28 PM

No, didn't speak with the Retention Dept today-- they wanted my income/ expenses AGAIN--- I already did this back in February.

So, planning to call them tomorrow with this info--AGAIN!!
Thanks so much for your replies.

shannonek · 08-13-2009, 05:22 PM

I too am with BONY and I have been talking to Fransen and Molinero regarding starting a modification on my first and settling the second. I told them what I read in your post and he is checking on it as we speak! If this is the case I might as well start walking away...we are at least 50% underwater....

ohhhdear · 08-13-2009, 06:07 PM

Quote:

Originally Posted by shannonek

I too am with BONY and I have been talking to Fransen and Molinero regarding starting a modification on my first and settling the second. I told them what I read in your post and he is checking on it as we speak! If this is the case I might as well start walking away...we are at least 50% underwater....

Bless your heart!

Please let me know what you find out.

I believe they must have been bluffing or something--- but I just don't know what to believe anymore,. They have told me so much stuff --one person says this and another says that............ a complete runaround..

CW California · 08-13-2009, 06:29 PM

I got the same story from BofA on BONY. However, if you go thru NACA, BONY will give you a great mod. If BofA declines the NACA they are required to submit to BONY and BONY granted me a 2% life of loan. Good Luck.

scarylarry · 08-21-2009, 04:20 PM

I JUST found out 10 minutes ago that my Investor is Bank of New York.
I have been getting the run around for 5 months just like every one else.
I was finally able to get the Investor info by faxing a request to an -805 prefix fax number. (I will share that fax number later )
What is Bank of New York generally offering for Countrywide/ Bank Of America loan customers? I just have a 1st and I am underwater about $300k on a $566k Option ARM
Are they "easy" to work with outside of NACA customers?

Thanks

CW California · 08-21-2009, 04:49 PM

Quote:

Originally Posted by scarylarry

I JUST found out 10 minutes ago that my Investor is Bank of New York.
I have been getting the run around for 5 months just like every one else.
I was finally able to get the Investor info by faxing a request to an -805 prefix fax number. (I will share that fax number later )
What is Bank of New York generally offering for Countrywide/ Bank Of America loan customers? I just have a 1st and I am underwater about $300k on a $566k Option ARM
Are they "easy" to work with outside of NACA customers?

Thanks

I had no luck larry with BofA. (investor BONY) It's weird in that one would think you would get similar luck without going thru NACA. All I can think is that since NACA presents to BONY if BofA won't approve that perhaps NACA and Bony are working it out. I also know BONY is the administrator of the TARP funds. I thought wait a minute, BONY is a huge investor on many of these bad loans but they are administrating the funds? Seems so crooked to me so I just took the path of least resistance and went with a HUD agency that would protect me.

scarylarry · 08-21-2009, 05:02 PM

CW, are you saying you went with NACA? and have received a mod yet?
thanks
scary

helpsavemyhome · 08-21-2009, 05:05 PM

I'm not sure if that is true now or not, but I have been trying to get a modification from Countrywide (now BofA) for just short of a year and when I first started calling to ask for help, I was told that since Bank of New York is not run by the government that it is nearly impossible to get a modification from them. CW kept telling me that only people with Fannie or Freddie were able to get assistance. This turned out to be untrue. NACA has even said that BONY is one of the easier investors to deal with.

Bank of America and BONY BOTH accepted bailout money, so they are hopefully going to be helping us.

CW California · 08-21-2009, 05:15 PM

Quote:

Originally Posted by scarylarry

CW, are you saying you went with NACA? and have received a mod yet?
thanks
scary

Yes Larry, NACA got me 2% fixed. I wish I knew how they did it.

Another thing I was wondering about was perhaps it's got something to do with BofA's servicing agreements with BONY? Maybe that is why BofA was no help. If you want to read my story its under "Race to the finish"

08-13-2009, 03:55 PM	#1 (permalink)
ohhhdear Senior Member Join Date: Apr 2009 Location: Florida Posts: 268 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Bank of New York and Comptroller of the Currency? Well, I found out today that ACCORDING to BOA that my investor is Bank of New York. They told me that Bank of New York was NOT participating in loan modifications at this time or as of Aug 13, 2009 and that this bank was NOT a federal bank. Is that true? I was given the complete runaround today. I haven't gotten anywhere. Started on this back last fall and continued to follow up. Took a break during June & July and trying again. Another question: Was thinking of contacting the Comptroller of the Currency for help, filing a complaint with the Florida Atty General and another complaint with Florida Office of Financial Regulation. Is this a good idea? Please help guide me if anyone can. Thank you.

08-13-2009, 04:04 PM	#2 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? Bank of NY has always been one of the easier investors to mod with. I am suprised to hear this. Yet i am not suprised. Did they also ask you for money??

08-13-2009, 04:08 PM	#3 (permalink)
ohhhdear Senior Member Join Date: Apr 2009 Location: Florida Posts: 268 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? No, they didn't ask for money. This is just what Bank of America told me--which I thought I was odd---because I thought Bank of New York was working out mods. I'm so confused. Maybe that's the goal of BOA ??

08-13-2009, 04:10 PM	#4 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? Who at BOA told you this?? Was it customer service? A negotiator??

08-13-2009, 04:10 PM	#5 (permalink)
ohhhdear Senior Member Join Date: Apr 2009 Location: Florida Posts: 268 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? No, they didn't ask for money. This is just what Bank of America told me--which I thought I was odd---because I thought Bank of New York WAS helping & working out mods. I'm so confused. Maybe that's the goal (to confuse people) of BOA. ?

08-13-2009, 04:17 PM	#7 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? so customer serivce it sounds like...Have you actually contacted the home retention department?

08-13-2009, 04:19 PM	#8 (permalink)
alikeith Senior Member Join Date: May 2008 Posts: 630 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? I thought i had read someone else mention something about another program starting mid august. I wonder if this has anything to do with that?? Im not positive though.

08-13-2009, 04:28 PM	#9 (permalink)
ohhhdear Senior Member Join Date: Apr 2009 Location: Florida Posts: 268 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? No, didn't speak with the Retention Dept today-- they wanted my income/ expenses AGAIN--- I already did this back in February. So, planning to call them tomorrow with this info--AGAIN!! Thanks so much for your replies.

08-13-2009, 05:22 PM	#10 (permalink)
shannonek Senior Member Join Date: Jan 2008 Posts: 32 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? I too am with BONY and I have been talking to Fransen and Molinero regarding starting a modification on my first and settling the second. I told them what I read in your post and he is checking on it as we speak! If this is the case I might as well start walking away...we are at least 50% underwater....

08-13-2009, 06:29 PM	#12 (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: Bank of New York and Comptroller of the Currency? I got the same story from BofA on BONY. However, if you go thru NACA, BONY will give you a great mod. If BofA declines the NACA they are required to submit to BONY and BONY granted me a 2% life of loan. Good Luck.

08-21-2009, 04:20 PM	#13 (permalink)
scarylarry Senior Member Join Date: Aug 2009 Location: Southern San Diego Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? I JUST found out 10 minutes ago that my Investor is Bank of New York. I have been getting the run around for 5 months just like every one else. I was finally able to get the Investor info by faxing a request to an -805 prefix fax number. (I will share that fax number later ) What is Bank of New York generally offering for Countrywide/ Bank Of America loan customers? I just have a 1st and I am underwater about $300k on a $566k Option ARM Are they "easy" to work with outside of NACA customers? Thanks

08-21-2009, 05:02 PM	#15 (permalink)
scarylarry Senior Member Join Date: Aug 2009 Location: Southern San Diego Posts: 54 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? CW, are you saying you went with NACA? and have received a mod yet? thanks scary

08-21-2009, 05:05 PM	#16 (permalink)
helpsavemyhome Senior Member Join Date: Dec 2008 Posts: 348 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bank of New York and Comptroller of the Currency? I'm not sure if that is true now or not, but I have been trying to get a modification from Countrywide (now BofA) for just short of a year and when I first started calling to ask for help, I was told that since Bank of New York is not run by the government that it is nearly impossible to get a modification from them. CW kept telling me that only people with Fannie or Freddie were able to get assistance. This turned out to be untrue. NACA has even said that BONY is one of the easier investors to deal with. Bank of America and BONY BOTH accepted bailout money, so they are hopefully going to be helping us.

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