BOA Demanding Me to be Late before Help

[davejet]

This is very long but to sum it up is:
1) Emailed Ms Barbara Desoer requesting Loan Mod
2) Assigned VIP Negotiator Mr Wedanarchchi
3) VIP Negotiatior told me the only way I could a Loan Mod accoding to his checklist is by being late 90 days.

********************************
I emailed Ms Barbara Desoer and Ms Cindy Repreva from the office set me with up the VIP Loan Negotiator Mr Wedanarchchi, I first contacted him over a month ago.

I provided the information requested by him.
I also reviewed with Mr Wedanarchchi the fact that I paid my property taxes and insurances of $1068.88, the Amount is NOT Escrowed.

When I followed up on this approximately the 10 Aug 09, Mr Wedanarchchi said my ratio was 26% but again the $1068.88 was not included so Mr Wedanarchchi said he would follow up with his supervisor about this.

He said the ratio that was Bank of America was shooting for was 31%

I reitterated that my ratio was 39.39% when you include the entire amount of taxes, insurance, and interest
I also explained starting in Jun 2010 the ratio would be 51.44 when principal is added to the loan.
This ratio is based on gross income versus housing payment. This does take into account the amount I pay for child support. According to Mr Wedanarchchi it is the only ratio that matters to the Managers that decide Loan Mod.

I explained I have used my savings and borrowed money to stay current

On 10 Aug 09, Mr Wedanarchchi promised he would call me back the next day. No call back and I tried to call him and email him to no avail. I finally contacted Ms Cindy Repreva and was promised a call from his supervisor for several days.

I never received a call from either Mr Wedanarchi or a supervisor.
Finally I after several calls to Mr Wedanarchchi, I was able to contact him today 25 Aug 09. He also said the reason he had not contacted me for two weeks is because he had nothing positive to tell me.

Mr Wedanarchchi again stated my ratio was 26% and the fact that I was current made me ineligble.
Mr Wedanarchchi had displaced our last phone conversation about the additional $1068.88 in taxes and insurance that is NOT escrowed that made my ratio 39% and I used all of my savings to remain current and that in Jun 2010 when a $1000 principal is added my ratio will be 51.44%
Mr Wedanarchchi said he would contact his supervisor today concerning this and get back to me today.
Since then I have contacted him twice and both times his supervisor has been unavailable.

The very frustrating thing was that I do go back over everything about my loan, insurance and taxes and the fact that it is not escrowed all from scratch.

Well I finally got a hold of Mr. Wedanarchchi and he said " it doesnt matter if your ratio is 90% we can not help you according to the checklist unless your late 90 days. So he said I had to stop making payments in order to get a modification.

Now I have decided to stop making payments the next late on 15 Sept 07. Wish I didnt have to be late!!!

***My Florida property taxes, NOT ESCROWED, are due in the amount of over $7000 in OCT.
My Question is???????
Do I pay the property taxes that are due in OCT or should I call BOA and tell them they need to pay them and escrow them?????
That way if they foreclose I am not out the money.

BTW: My loan is $443,000 and most appraisals even the tax appraisal is at $332,000.

Any suggestions are welcome and appreciated

[davejet]

Just a little info from the Bank OF America Website on my Loan

Processing Date Workout Type Document Type 07/09/2009 General TAX RETURN/FORM 07/09/2009 General FAX COVER SHEET 07/09/2009 General LETTER OF EXPLANATION 07/09/2009 General PAY STUB 08/23/2009 General FAX COVER SHEET 08/23/2009 General LETTER OF EXPLANATION The above list is real-time and reflects the documents processed to date for this account. We may have received additional documents recently sent to us that have not been processed and therefore do not appear in the list. Please do not call us to check the status of a document not showing in the list as our representatives will not be able to provide any additional information than what is shown here. Thank you for your patience. Current Workout Status Loan Modification View the Details Hide the Details Workout Status Details: Your Loan Modification has been canceled from workout servicing. We regret to inform you that the loan did not qualify for a Workout Assistance program. Please be advised that normal collections activities will resume on your loan. Please continue to explore alternative options to bring your account current. If there is any change in your financial situation, please call for reconsideration. Thank you. Information as of: 08/28/2009 Workout Stage: Canceled Phase/Sub-Phase: Borrower Did Not Qualify

[CW California]

Originally Posted by davejet

This is very long but to sum it up is:
1) Emailed Ms Barbara Desoer requesting Loan Mod
2) Assigned VIP Negotiator Mr Wedanarchchi
3) VIP Negotiatior told me the only way I could a Loan Mod accoding to his checklist is by being late 90 days.

********************************
I emailed Ms Barbara Desoer and Ms Cindy Repreva from the office set me with up the VIP Loan Negotiator Mr Wedanarchchi, I first contacted him over a month ago.

I provided the information requested by him.
I also reviewed with Mr Wedanarchchi the fact that I paid my property taxes and insurances of $1068.88, the Amount is NOT Escrowed.

When I followed up on this approximately the 10 Aug 09, Mr Wedanarchchi said my ratio was 26% but again the $1068.88 was not included so Mr Wedanarchchi said he would follow up with his supervisor about this.

He said the ratio that was Bank of America was shooting for was 31%

I reitterated that my ratio was 39.39% when you include the entire amount of taxes, insurance, and interest
I also explained starting in Jun 2010 the ratio would be 51.44 when principal is added to the loan.
This ratio is based on gross income versus housing payment. This does take into account the amount I pay for child support. According to Mr Wedanarchchi it is the only ratio that matters to the Managers that decide Loan Mod.

I explained I have used my savings and borrowed money to stay current

On 10 Aug 09, Mr Wedanarchchi promised he would call me back the next day. No call back and I tried to call him and email him to no avail. I finally contacted Ms Cindy Repreva and was promised a call from his supervisor for several days.

I never received a call from either Mr Wedanarchi or a supervisor.
Finally I after several calls to Mr Wedanarchchi, I was able to contact him today 25 Aug 09. He also said the reason he had not contacted me for two weeks is because he had nothing positive to tell me.

Mr Wedanarchchi again stated my ratio was 26% and the fact that I was current made me ineligble.
Mr Wedanarchchi had displaced our last phone conversation about the additional $1068.88 in taxes and insurance that is NOT escrowed that made my ratio 39% and I used all of my savings to remain current and that in Jun 2010 when a $1000 principal is added my ratio will be 51.44%
Mr Wedanarchchi said he would contact his supervisor today concerning this and get back to me today.
Since then I have contacted him twice and both times his supervisor has been unavailable.

The very frustrating thing was that I do go back over everything about my loan, insurance and taxes and the fact that it is not escrowed all from scratch.

Well I finally got a hold of Mr. Wedanarchchi and he said " it doesnt matter if your ratio is 90% we can not help you according to the checklist unless your late 90 days. So he said I had to stop making payments in order to get a modification.

Now I have decided to stop making payments the next late on 15 Sept 07. Wish I didnt have to be late!!!

***My Florida property taxes, NOT ESCROWED, are due in the amount of over $7000 in OCT.
My Question is???????
Do I pay the property taxes that are due in OCT or should I call BOA and tell them they need to pay them and escrow them?????
That way if they foreclose I am not out the money.

BTW: My loan is $443,000 and most appraisals even the tax appraisal is at $332,000.

Any suggestions are welcome and appreciated

You know I went thru the same BS with BofA! I gave up and went with NACA. While they are overwhelmed, at least you have some protections. A lot depends on who your investor on your loan is. Any ideas? Mine is Bank of New York and NACA got me 2% fixed and I was NEVER delinquent. It's worth a try. Most of the bad credit you get from a modification is to do with the forced late pays. I can't give you advise but I can tell you that what I would do is let the taxes go delinquent so they are forced into setting up an impound account for you. Then I would make sure I paid the additional amount due monthly for the impound while I work with NACA. Mysteriously, BofA will either send out the MHA package or they will accept the NACA suggestion. Perhaps you will qualify for the MHA once the impounds are added in. BofA will do anything not to qualify you for MHA but once the HUD agencies, like NACA, get involved you have a better chance.

[ama125]

This was from a CNN article:

Call for help

Have a complaint about your bank and Making Home Affordable?

1-888-995-HOPE

When will an agent pass on the complaint to higher-ups?
If you have been told to skip payments to qualify
If you have been told to pay a fee to qualify
If your lender is "improperly applying the program's guidelines"
If a member of Congress or their office makes a complaint on your behalf

Source: U.S. Department of Treasury



I have no idea what "checklist" they are referring to, but it is very clear in the guidelines for the MHA/HAMP that you do not have to be late on payments. They are telling you that they will do nothing for you since you are current (never mind the arguments over percentages). I would try calling this HOPE number and reporting it to them. Make sure to tell them about this "checklist". I can only assume this is some protocol established by BofA to prioritize the workload but clearly violates the guidelines.

[so-cal-gal]

Right-on ama125!

[licouple]

Call back and ask for a different negotiator. I am still current and they are reviweing for a modification through MHA now. At first they did not have a process in place for prople that were current so they put me on a special forebarance.

[Hard Times]

davejet.......Incredible! You join all the rest of us with the similar run-around, deception, and "make new rules as they play" mentality of these banks. I hope someone cracks the whip to their backs!

My loan is tru Wamu/Chase, and owned by BofA.....and I was also told at one time that I should stop making payments so my mod request would get priority. Once I did, then they rejected me because my bank account went above there 3x monthly amount (because the statement reflected 1 missed payment, and one which had not cleared). Watch out for this trick......if you stop making payments, be sure to pay credit cards or other bills to keep that balance "normal".

I think you are wise in not paying the $7k property taxes.

good luck.

[davejet]

I made the call and well:
Great Idea but my Loan is neither Fannie Mae or Freddie Mac
So this pardon the pun but with Hope there is NO Hope!!

So far I emailed Ms Barbara.J.Desoer again asking for help.
Not sure if I should stop the payments or not it seems my only choice!!
I have used all my savings to stay current, now to stay current I have to stop neccessites.

I guess when your loan is to big mine is 443,000 they really dont want to help, its too bad the house value is 325 and still falling. I would like to keep it but I need help.
Thanks for all the input so far

Originally Posted by ama125

This was from a CNN article:

Call for help

Have a complaint about your bank and Making Home Affordable?

1-888-995-HOPE

When will an agent pass on the complaint to higher-ups?
If you have been told to skip payments to qualify
If you have been told to pay a fee to qualify
If your lender is "improperly applying the program's guidelines"
If a member of Congress or their office makes a complaint on your behalf

Source: U.S. Department of Treasury



I have no idea what "checklist" they are referring to, but it is very clear in the guidelines for the MHA/HAMP that you do not have to be late on payments. They are telling you that they will do nothing for you since you are current (never mind the arguments over percentages). I would try calling this HOPE number and reporting it to them. Make sure to tell them about this "checklist". I can only assume this is some protocol established by BofA to prioritize the workload but clearly violates the guidelines.

[so-cal-gal]

Originally Posted by davejet

I made the call and well:
Great Idea but my Loan is neither Fannie Mae or Freddie Mac
So this pardon the pun but with Hope there is NO Hope!!

So far I emailed Ms Barbara.J.Desoer again asking for help.
Not sure if I should stop the payments or not it seems my only choice!!
I have used all my savings to stay current, now to stay current I have to stop neccessites.

I guess when your loan is to big mine is 443,000 they really dont want to help, its too bad the house value is 325 and still falling. I would like to keep it but I need help.
Thanks for all the input so far

You were TOLD WRONG.

Your loan does not have to be Freddie or Fannie to have the HOPE MHA MODIFICATION program apply.

That is ONLY the REFINANCE of your loan, NOT THE MODIFICATION that has that restriction!

I'm going thru HOPE to try with an INVESTOR-owned note serviced by LITTON. Of course, no REFI is available but the MOD is being applied for (actually, I have a strange case where HOPE is telling Litton, pick your poison, honor an existing CONTRACT or create a better one). We shall see if Litton refuses.

Call HOPE again try 1-800-308-2227 if the 1-888-995-HOPE number does not get you to people who will help. Make sure they know you want the MHA modification program.

Then make sure to inform them that you are being TOLD you have to be late.

[davejet]

Decided to email BOA again and got another call they are going to assign a different negotiator.

[CW California]

Originally Posted by davejet

Decided to email BOA again and got another call they are going to assign a different negotiator.

Dave
I meant to tell you that the loan NACA got restructured for me at 2% was for 390,000 and the investor is Bank of New York. If you are not a Freddie or Fannie look thru your paperwork. There may be some mention of the investor.

[Riley18]

I emailed Barbara's office on Monday and got a call from her office on Thursday. She told me that my loan is in Loss Mitigation which is apparently where they do the modifications for everyone. She told me there are three categories of loans awaiting a review for modification. There are the high priority loans which are closest to foreclosure, the just a little late loans which are next in importance, and then the current loans in need of modification. Since my loan is in the third pile, I will wait forever before they get to mine. That is what I think she meant anyway. I asked for a forbearance payment plan and she said she would sent it out to me. In past conversations she implied it was not really a good idea, but I have come to realize that they can have this house if they will not modify. Life is too short to keep paying 47% of my gross income for a house. I don't even want to figure out how much it costs out of my net income since health insurance just increased more than $100 per month.

[ohhhdear]

Originally Posted by CW California

You know I went thru the same BS with BofA! I gave up and went with NACA. While they are overwhelmed, at least you have some protections. A lot depends on who your investor on your loan is. Any ideas? Mine is Bank of New York and NACA got me 2% fixed and I was NEVER delinquent..........

CW California--- Since you were never late--- did you still have to do one of those "trial payments"?

I'm not late either-- and wondering if we still have to the trial period?

BONY is my investor, too.

Thanks for any help.

[CW California]

Originally Posted by ohhhdear

CW California--- Since you were never late--- did you still have to do one of those "trial payments"?

I'm not late either-- and wondering if we still have to the trial period?

BONY is my investor, too.

Thanks for any help.

No trial period. Naca submitted 2% fixed for life of loan and BONY accepted. NACA and Bony work well together. I'm not sure why but it doesn't seem like BofA will give a modification if you are current and your investor is BONY. But if you are submitted by NACA then they do. I made my payments right up to receiving the documents. The documents included one months interest for the next month and they started the payments the following month.

[evo13]

hi everyone, I am 75 days late. my loan is with chase. I already got a intent letter. It asked me to call the loss mitigation dept. for a chance to mod or repayment plan. Trouble is I have been working on a mod since May 09. Faxed paperwk several times, and am told it is in underwriting. I think chase just wants my money. Don't care that I really can't pay. Payment is 2761. mortgage amt is 329000. House is worth 261000. I have a arm that will adj in April of 2011. My payment is 51% of my net which is 4500. I have been paying the car loan, cc and utilities and food. They want 6682 by 10/09 to bring me out of default. LOL I am between a rock and a hard place. Any ideas as to what I can do? Have never been in this situation before. im scared.

[ama125]

Originally Posted by evo13

hi everyone, I am 75 days late. my loan is with chase. I already got a intent letter. It asked me to call the loss mitigation dept. for a chance to mod or repayment plan. Trouble is I have been working on a mod since May 09. Faxed paperwk several times, and am told it is in underwriting. I think chase just wants my money. Don't care that I really can't pay. Payment is 2761. mortgage amt is 329000. House is worth 261000. I have a arm that will adj in April of 2011. My payment is 51% of my net which is 4500. I have been paying the car loan, cc and utilities and food. They want 6682 by 10/09 to bring me out of default. LOL I am between a rock and a hard place. Any ideas as to what I can do? Have never been in this situation before. im scared.

Is Chase the servicer of your loan or are they the investor? It's hard to give you advice without knowing this much. If Chase is the servicer, you can try doing what many here have that have BofA as servicer, email the president of the home loans division. Odds are, all these servicers are having the same difficulties in faxes being lost or sub-contracting the work out to third parties (essentially, the left hand and right hand don't know what the other is doing). I've been trying for a mod since April, and it was not until emailing the president's office that I actually spoke to someone other than customer service. You can also try going with NACA.

[Hard Times]

Evo.....hi again---we have spoken on other threads. You and I are in the same boat....we both have Wamu/Chase. My mortgage is owned by BofA....not sure about yours. I am now late 2 payments, and my package is also in the black hole of "Underwriting". My position is that I will not make any more payments, even if they send me a letter as they did you. It is simple----they just want to get as much money from us as they can before they force us out. I have played their game for a year, and a counselor had told me back in Jan that I should stop making payments, but I did not listen.....I thought "it was the right thing to do" to struggle to make payments and maybe they would also "do what was right" by issuing a modification. So, the games are over with me......its either a mod, or they get the house. (And now I am very concerned even if I do get a mod......that the banks will be issuing tons of REJECTION noticies to people on the trial mod. So, in a way, it appears that these trial mods are just another way to squeeze a bit more cash from the homeowners before they are told to leave).

So, what are you going to do......keep your $7k, or pay these greedy scoundrels?

[kura52]

Originally Posted by CW California

No trial period. Naca submitted 2% fixed for life of loan and BONY accepted. NACA and Bony work well together. I'm not sure why but it doesn't seem like BofA will give a modification if you are current and your investor is BONY. But if you are submitted by NACA then they do. I made my payments right up to receiving the documents. The documents included one months interest for the next month and they started the payments the following month.

CW California,

Can I ask what the length of your loan mod is now? Is it 30 years?
I have been following your posts and am pretty encouraged by them as my situation is quite similar to yours. I am current on my loan and have been trying for a mod directly with BOA since March 09. Today is actually the end of my 60 day "wait for a fed ex package or call from negotiator" period. I may e mail OOP or I may just decide to go thru NACA and start over.

[kura52]

Originally Posted by CW California

No trial period. Naca submitted 2% fixed for life of loan and BONY accepted. NACA and Bony work well together. I'm not sure why but it doesn't seem like BofA will give a modification if you are current and your investor is BONY. But if you are submitted by NACA then they do. I made my payments right up to receiving the documents. The documents included one months interest for the next month and they started the payments the following month.

CW California,
one more question....

do you know if your finished product/loan mod is considered a HAMP or HARP?

[CW California]

Originally Posted by kura52

CW California,

Can I ask what the length of your loan mod is now? Is it 30 years?
I have been following your posts and am pretty encouraged by them as my situation is quite similar to yours. I am current on my loan and have been trying for a mod directly with BOA since March 09. Today is actually the end of my 60 day "wait for a fed ex package or call from negotiator" period. I may e mail OOP or I may just decide to go thru NACA and start over.

Kura
What they did was modify my current loan which has 26 years remaining to 2% fixed for the life of the loan. I did not get the Harp or Hamp. That would be the "Obama" Making Home Affordable plan. When you go thru NACA they will submit you for a restructure based on your affordable payment, usually by lowering the interest rate. Lately the exceptions are if you have a fannie or a freddie backed loan they will probably get the bank to generate a MHA (HAMP) package to you or if you have an FHA they are doing temporary fixes until they can get decent mods. The investor on my mortgage is Bank of New York which I believe is considered a private investor. If you want to read my whole grueling story do a search for "Race to the Finish". It has actually now been one year since I originally contacted a bogus company to help me with a mod. lol Who is your investor?