B of A Loan Mod Approved(over phone) ..waiting paperwork

[ajakster]

Hi All,
As the norm is.. Thanks to this great forum and website.I've been passive seeing and reading views from members.Now its my time to contribute....

Contacted the BofA loss mitigation over phone end of July and gave him all the expenses and the salary drop.He took down all the info and said to wait for a letter.

Go the letter and had instructions to send few docs to an address in getzville.
I sent it via fedex and also Faxed it.

Also sent an Email to the Execs same time..

BofA recived the docs on Aug 24th.I called every day after that to check for any status updates.

Got a call on Aug 31st from a lady in Los Angles area(Los Mitigation).Missed that call and called her back next day and left VM.

She called me and discussed the options and told I am approved for a Federal home modification program.So for 5 years the PITI will be 31% of my gross.then 1% increase every year till 5.25% cap.

this brings my PITI from $3000 to $1500 for next 5 years.I am happy with it as I think this is a workable plan and I hope to have a better situation in 60 months.

she told she will call me end of next week and check on the status.. the loan mod docs should be coming to my address in 2 weeks time.So will update you as and when I get some progress.....

Point to be noted( from my viewpoint)
1.Send in all required docs the first time.Send it via fax as well
2.Follow up with Exec emails.
3.Follow up every day with them over phone on the status.They have no other job than to answer our question.... even though the question is going to be same.
4.If you believe in what you do.. Just Get it.. Don't stop.. for any obstacles....

Now go out there and get yours!!

[Evan Bedard]

Hi ajakstar welcome and congratulations on your modificaiton!

[Garry]

Originally Posted by ajakster

Hi All,
As the norm is.. Thanks to this great forum and website.I've been passive seeing and reading views from members.Now its my time to contribute....

Contacted the BofA loss mitigation over phone end of July and gave him all the expenses and the salary drop.He took down all the info and said to wait for a letter.

Go the letter and had instructions to send few docs to an address in getzville.
I sent it via fedex and also Faxed it.

Also sent an Email to the Execs same time..

BofA received the docs on Aug 24th.I called every day after that to check for any status updates.

Got a call on Aug 31st from a lady in Los Angles area(Los Mitigation).Missed that call and called her back next day and left VM.

She called me and discussed the options and told I am approved for a Federal home modification program.So for 5 years the PITI will be 31% of my gross.then 1% increase every year till 5.25% cap.

this brings my PITI from $3000 to $1500 for next 5 years.I am happy with it as I think this is a workable plan and I hope to have a better situation in 60 months.

she told she will call me end of next week and check on the status.. the loan mod docs should be coming to my address in 2 weeks time.So will update you as and when I get some progress.....

Point to be noted( from my viewpoint)
1.Send in all required docs the first time.Send it via fax as well
2.Follow up with Exec emails.
3.Follow up every day with them over phone on the status.They have no other job than to answer our question.... even though the question is going to be same.
4.If you believe in what you do.. Just Get it.. Don't stop.. for any obstacles....

Now go out there and get yours!!

I like the tactics you used! Fed-Ex and fax, smart move. Congratulations!

[Frustrated069]

Ajakster,

Congrats! Thank you for your story and your tactics. I'm going to alot of frustrations with mod and story like yours keep the hope alive.

[bcg1968]

Hi ajakster,
Congratz!!

[mojamz]

Originally Posted by ajakster

Hi All,
As the norm is.. Thanks to this great forum and website.I've been passive seeing and reading views from members.Now its my time to contribute....

Contacted the BofA loss mitigation over phone end of July and gave him all the expenses and the salary drop.He took down all the info and said to wait for a letter.

Go the letter and had instructions to send few docs to an address in getzville.
I sent it via fedex and also Faxed it.

Also sent an Email to the Execs same time..

BofA recived the docs on Aug 24th.I called every day after that to check for any status updates.

Got a call on Aug 31st from a lady in Los Angles area(Los Mitigation).Missed that call and called her back next day and left VM.

She called me and discussed the options and told I am approved for a Federal home modification program.So for 5 years the PITI will be 31% of my gross.then 1% increase every year till 5.25% cap.

this brings my PITI from $3000 to $1500 for next 5 years.I am happy with it as I think this is a workable plan and I hope to have a better situation in 60 months.

she told she will call me end of next week and check on the status.. the loan mod docs should be coming to my address in 2 weeks time.So will update you as and when I get some progress.....

Point to be noted( from my viewpoint)
1.Send in all required docs the first time.Send it via fax as well
2.Follow up with Exec emails.
3.Follow up every day with them over phone on the status.They have no other job than to answer our question.... even though the question is going to be same.
4.If you believe in what you do.. Just Get it.. Don't stop.. for any obstacles....

Now go out there and get yours!!

Good Luck and Congrats! Just remember a lot can be said over the phone.Until then... Hold your breath until you get your doc's. Is this the MHA modification? This is what it sounds like. If so, it will be for the trial mod which is not final. You will be one step closer. Hope all works out for you!

[ajakster]

Thanks mojamz..

I have to follow this up as well.I got her phone contact number and I will be in touch with her soon to see the status of the docs...

she didnt mention any trial period.. she said straight forward 5 years..reason could be that mine is serviced and owned by B of A. She also said thats how the feds wanted to do as well .. dont know the program which this falls... some jargon named one..

its their portfolio loan so they decide whats best instead of waiting to hear from any investors...

I will be circumspect on this anyway till its all said and done...

[hope67]

Originally Posted by ajakster

Thanks mojamz..

I have to follow this up as well.I got her phone contact number and I will be in touch with her soon to see the status of the docs...

she didnt mention any trial period.. she said straight forward 5 years..reason could be that mine is serviced and owned by B of A. She also said thats how the feds wanted to do as well .. dont know the program which this falls... some jargon named one..

its their portfolio loan so they decide whats best instead of waiting to hear from any investors...

I will be circumspect on this anyway till its all said and done...

ajakster, Congrats!!

If your modification is HAMP, 3 months trial is in the guidelines. So it's possible she was referring to the trial modification docs/agreement.