After working with a negotiator directly for a month (the office of the President referred me to negotiator), I received today the "Special Forbearance Agreement". The negotiator told me that this is a best that the supervisor and investor will agree to, because if my loan is modified they think I will not be able to keep up (if modified down to my target of 2.5% my monthly payment will be down $600, but together with escrow payment it will be $300 more than my current loan payment without escrow).
In the next three months, during the "Deferred Payment Period", I will agree to pay about $600 less than my current payments.
On Dec. 1, BAC Home Loans Servicing (read BoFA) will decide in its "sole and absolute discretion, either (1) you will be required to recommence your regularly scheduled payments and to make an additional payment, on terms to be determined by BAC , on or before the first of each month commencing on Dec. 1 until all past due amounts owed to BAC have been paid in full, or (2) you will be required to reinstate your Loan in full, or (3) BAC will offer to modify your Loan or will offer you some other form of payment assistance, on terms to be determined solely by BAC and/or the investors or insurers on your Loan. In any event, late charges will not be assessed during the Deferred Payment Period."
MY QUESTION IS - do I really stand a chance in three months to permanently modify my loan, or this is just a BoFA trick to get rid of me?