Mod on my online account doesnt match the one I signed!!

[CFWash]

Here we go again.... Just when you think it's all good!!

I have posted a few times on the forum about my BofA issues!!

I finally recieved my "approved" mod package in July 09 from the "Hope Dept" I was happy with the terms:
Current loan is fixed @ 6.5% 30 years.

New mod offered 4.5% for 5 years, to cap at 5.5% for remaining 25 year term. Dropping my payment by $286.00 per month!! New payments to start September 1st. Well after numerous changes to my online account - it went from "approved" and in the "final stages of completion" to "no workout information found for this account" ugh.. of course I called my nego and was told several stories - first I was told that my original mod was cancelled because a "better" mod was on the way... um never got that one.. she told me that the terms we gonna be 3% stepping up 1% per year until it capped at 5.5%, then she told me that my mod that I received in July came straight from my investor and that she was no longer in the loop so I should do what the paperwork tells me to!! (she did not remember the previous conversation about the 3%) I have not heard from her since, nor anyone else from BofA for that matter!!
Well I sent my first payment in to the address that was on my mod and the new payment amount (with a copy of the mod terms - just in case)
I logged onto my online account and now it shows all the "new mod information" - the added principal, the new interest rate of 4.5%, but it says that my loan is 40 years and that my payment is $311.00 less then the original mod????? I already sent the check for the higher amount... Why would the amounts be different??? Im so confused..

[Evan Bedard]

Hi CFwash,

I logged onto my online account and now it shows all the "new mod information" - the added principal, the new interest rate of 4.5%, but it says that my loan is 40 years and that my payment is $311.00 less then the original mod????? I already sent the check for the higher amount... Why would the amounts be different??? Im so confused..

I'm not sure but it looks like BofA made another mistake. But sometimes they will extend the term of the loan to make the payments extra low...

[HereinNY]

CFWash...again we have similar problems..my modification figures are different too...the princ bal than they said they would add on is correct...the escrow is higher that stated on the mod so the payment they gave me of $1899.32 is now $1942.73.. ok so there was a deficit in my escrow so they added that in..BUT they did not put any of the money from the amount added on the prinicipal into the escrow account so my escrow is LOW just as if I did not pay into it since Feb..but isnt that why they added onto my principal...for interest I owed and escrow which should show now in my escrow acct? Also there is $4600+ in suspense. I want it applied as my Oct and Nov payments..I am going to fax a letter to request that..seems like faxing to advocacy works better than phone calls.

[Garry]

I know in my case my trial payment is higher than what I came up with on the gov calculator. I took the deal rather than argue because I read there will be a final look at the papers and if any adjustments needed to be made it would be done then.

[Garry]

If the verified income evidenced by the borrower’s documentation exceeds the initial income information used by the servicer to place the borrower in the trial period by more than 25 percent, the borrower must be reevaluated based on the program eligibility and underwriting requirements. If this reevaluation determines that the borrower is still eligible, new documents must be prepared and the borrower must restart the trial period.
If the verified income evidenced by the borrower’s documentation is less than the initial income information used by the servicer to place the borrower in the trial period, or if the verified income exceeds the initial income information by 25 percent or less, and the borrower is still eligible as determined by a reevaluation of HAMP eligibility, then the trial period will not restart and the trial period payments will not change; provided, that verified income will be used to calculate the monthly mortgage payment under the Agreement. However, if the servicer determines the borrower is not eligible for the HAMP based on verified income, the servicer must notify the borrower of that determination and that any trial period payments made by the borrower will be applied to the mortgage loan in accordance with the borrower’s current loan documents.

[HereinNY]

My mod was not a trial mod..
CFWash.
Checked my account today...I am soooo confused..On the statement page it says I have a payment of -2950.89 due for sept 1. That would make sense if they applied some of the 4691.14 that is in my suspense account..however it shows my monthly payment as $1742.26 and not the 1942.73 I paid by phone this morning . Each day my account changes and changes.

[CFWash]

HereinNY,

Mine is not a trial mod either! I'm afraid to check my online account anymore for the same reasons (its always different)

My online account also shows I owe less then I paid this month! ugh!! Just wish they would get there crap together!! You would think that if they just updated the website correctly the first time, they wouldn't be so behind fixing all the problems... DUH... I wasnt aware that I could pay it over the phone! (not that I want to call there) I mailed it as per my signed mod! I guess we will see!!

[lostsoul1]

I think someone is playing around with escrow. ITs nice to get a reduction in payment then out of the blue escrow goes up 100-200+ a month? They did that crap to me.. I was paying 1900 a month for a year fixed, then went up to 2170mo.. with property values dropping it should be getting lower. I'm so tired of this house crap now =-/

[Peace4all]

I have similar situation, can someone clarify the details? This is with BoA and not CW.

My mod is approved (no trial payments). Online account shows the same number that was listed in the docs. However they are charging me less (like $300). I checked loan activity and the $300 is coming from something called 'Replacement reserve'. The balance on this reserve is $600, and it looks like I get the discount for 2 more months.

I'm curious where this comes from? I did not have anything like 'replacement reserve' before the mod. Moreover my escrows are listed seperate and it looks like they are not confusing with escrow.

During mod processing, they said they will add one month payment to the principal. I'm wondering if they are crediting the interest for the additional amount added to the loan.

Seems like lot of you had gone through the same confusion. If this sounds similar can you clarify what happened?

I see similar situation for HereinNY. Can you clarify?

Thanks in advance.

[HereinNY]

Sorry I do not know what replacement reserve is. I am still waiting for my escrow to be updated with my mod so I can stop checking my account. Good that the online account shows something that is in your favor instead of you owing more...good luck with your mod...hope it all works out good for you.

[Peace4all]

Hi HereinNY, Thanks for your comments and wishes. I hope your escrow gets sorted out soon. I know its a pain to keep checking your account and its even more painful to find out nothing had changed. Keep me posted if you find out more. Thanks again.

For me, among other things-
I have been charged twice this month. Since I was already enrolled in auto pay, I called in and asked if the auto pay will work after modification, they said 'No' and they said I have to send my payment. So I did. Guess what now- the auto pay also worked and so im charged twice. I waited more than an hour and still did not get to talk to anyone for getting a refund.

My first mortgage is properly applied (the extra payment I mailed in is sitting in the Suspense account). But my second mortgage they did not apply and both payments are sitting in the suspense account. Its confusing why the first mortgage is applied and not the second one.

Its a mess and I am going to have hard time reaching them/explaining them/and making them understand. hmmm...

Ofcourse I feel im nothing compared to all the people still fighting. Its a tough fight and I hope everyone gets a mod.

[ItsJustMe]

Uh. We, too, have a no trial HOPE mod. I've been stalking my account waiting for it to update. I was really starting to think nothing else could go wrong.....let's hope everything updates as it should!

[Peace4all]

Today I found the answer for the mysterious $300 discount in the payment. Our's was 2/1 buy down loan (prepaid interest). They just applied the remainig prepaid interest money.

They were not supposed to charge my September payment (since it was added to the principal as part of modification) but they charged. During more than a month of follow up for refund, I found that nobody had any clue. And 2 weeks ago, someone said its soon on its way. Today I called, and they said 'Well, we are waiting for you send the bank statement proof that you paid'. Wow...no body told me and I wonder how smart they are to wait for something without requesting or telling me when i call.

[minknmelissa]

I was wondering what they do with that money in suspense account to because according to my mod i haven't paid for six months when its actually two months the other four is in a suspense account and I also wanted to know what is reserved escrow and is everyone charged this I am charged 52 a month fo reserve escrow and them it says i am behind on escrow how can i be behind if I always pay 52 extra incase I get behind makes no sense. I think they are messing with the escrow accounts to.

[HereinNY]

minknmellisa
They took the money that was in my suspense account and applied it to three months payments. It was great but I suggest you fax a letter to the advocacy dept and request that the money be applied to your monthly payments. I did that. I did not have to pay my Sept, Oct and Nov payments.