BofA messed up again

[stephslr]

Hello All:

We have a 30 year fixed, first mortgage only, with BofA used to be Countrywide. We have a 6.5% interest rate, with a total of $2150 owed each month for everything. We are now a month behind on payments, based on bills we will likely not be able to pay next month as well. We have our credit cards in consolidation and the plan will be cancelled if we do not pay those.

After months of bugging them and calling, I was told by BofA 2 weeks ago that we prequalified for the Obama Plan. The reason why we finally qualified was simply after multiple months nearly begging for help, we found out BofA had my husbands income doubled in their software. I was told to wait up to 45 days while our file goes to underwriting and get the workout done. I called today to check on the status.

The file has NEVER been sent to underwriting, the guy on the phone didn't know why but said he would fix it. So, another 2 weeks has been wasted. If done properly, we would have been nearing our 3 month trial period end. Instead we don't even have a loan mod.

So, we are walking away. BofA won't look at an offer for short sale until 90 days on the market (we are about 40-50K underwater).

My issue is that with all the research I have done, I have yet to see what the actual monetary consequences are for foreclosure. Has anyone actually gone through foreclosure with BofA? Do you know someone who has? We don't even enjoy coming home to a house that requires nearly 50% of our take home each month, causing my husband and I to work 120 hours a week between the two of us. We have been doing this for nearly a year. We just hope there will not be major charges that we will be responsible for. We are exhausted and done.

[Slim Shavings]

I know its tough. BUt you might want to stick around just a few weeks more. Moe seems to have somthing cooking with our help.

I can tell you that if I walk they will have to find me and beat me to another dime form me. I've gone Galt and no longer bow to FICO.

[BobandArlyn]

Originally Posted by stephslr

Hello All:

So, we are walking away. BofA won't look at an offer for short sale until 90 days on the market (we are about 40-50K underwater).

Stefslr, as Slim said, don't give up yet! Stick around--seriously, what do you have to lose? Remember, BoA is on this forum now.....maybe they will get their act together and you will get the help you and other BofAers. Let's see what happens.

At the very least, the knowlege you will get from this site will be invaluable. A few laughs along the way which is genuinely needed.

[SillyWorld]

Originally Posted by BobandArlyn

Stefslr, as Slim said, don't give up yet! Stick around--seriously, what do you have to lose? Remember, BoA is on this forum now.....maybe they will get their act together and you will get the help you and other BofAers. Let's see what happens.

At the very least, the knowlege you will get from this site will be invaluable. A few laughs along the way which is genuinely needed.

Yes they are just sneak reading for now, maybe someday they will hop in and make a post

[pdsfoley]

Theyve been reading a longggggggggg time....This I know as FACT!

[aubie37]

Former CW Bank employee here and I think they worked with customer's better before this "acquisition".

[stephslr]

I guess I don't understand why we would just keep waiting around any longer. What is there to wait for? We owe $5000 in property taxes at the end of this year, don't have a dime saved up because we can't even make the house payment. We could absolutely care less about our FICO score, and have a place we could move to for around $900 a month instead of the $2150 we should pay for our house.

I am so sick and tired of the stupidity and lack of professionalism at BofA. When I talked to the guy last night about why our loan had not been sent for modificiation two weeks ago, he had the nerve to ask me what happened??? Then he got angry with me and asked me to not take a tone with him.

Anyone have actual experience with BofA foreclosure?

[nativelasvegan]

stephslr - you say you are only a month delinquent. I too will be a month delinquent come 10/1. The reason you will wait is because you have qualified for the President's Making Home Affordable Plan. I too will owe $5,000 in taxes at the end of the year and do not have the money to pay them. My credit cards are maxed due to the fact that I have been using them to pay the mortgage. All of us here are in the similar situation and are fighting to force the banks to do what the President wants them to do. You are paying in excess of $2,000 a month for your mortgage. What would your payment be if the mortgage was MODIFIED to a payment of 31% of your net income? Is it close to what you can rent?
Please hang around. No need to move out yet. Sure you can consider short sale or a deed in lieu. I however will not consider either one of them. I am not going to stop fighting until I receive my loan modification. Optimistic, probably. There are power in numbers and with this organization, we will be a forced to be recognized.
Since you are willing to walk away now.... what have you got to lose by hanging around a bit longer?

[stephslr]

Our payment with the 31% should be about $1500 per month. My husband works two jobs, and is home one night a week. If he works less, we can't afford to eat, pay utilities, or put gas in the cars. We have maxed the credit cards as well. We have the opportunity to move to a new place here in Austin, for around $900 a month. This would save us $600 a month based on what we should get with the loan mod. Plus, we don't have to pay anything until February. My husband could work less and we can actually have a close to normal life. We should be ending a loan mod 3 month trial period, not having some operator at BofA asking us why wasn't the loan mod sent to underwritng 2 weeks ago. How should I know, I have done my job by sacrificing everything we can to try and save a house we cannot afford.

[nativelasvegan]

stephslr- I can certainly understand. It is a personal decision. $900 vs. $1500 is a big difference. You cannot price on having your husband home. I have read many stories here. Families are falling apart, stress is taking over etc.
If the bank would have modified my terms in March or April when I made application, I would be finished with the trial period and making the modified payments. Does not surprise me -- BAC is not willing to help too many people.
I too am close to the Austin area. If there is anything I can do to help you, please let me know.

[stephslr]

Nativelasvegan:

We too are from Las Vegas, moved to Austin 2 years ago for a better school system, because the housing market was more stable here than in Henderson, and for jobs. My husband was laid off a year ago, 6 months after we bought our house. We built our house in a new community in Cedar Park, thinking that we would automatically make a little money on it each year as the builder increases prices. The builder is now selling our model for about 20K less than we paid for it, plus they are offering incentives. We can't really even afford the $1700 for our loan payment let alone the $450 we need to set aside for property taxes (not in our loan) and HOA. What are you going to do about your taxes at the end of the year? If we get the loan mod for around $1500, my husband still has to work both jobs and could maybe have two nights off a week (working 70 instead of 80 hours). That doesn't really help. Would we be better off to have him quit one of the jobs, and try to get a loan mod based on more reasonable work hours?

[nativelasvegan]

Wow. Tough one. Since a loan mod is not a "sure thing", it would be scary if he quit and the mod did not happen. I do not like to be negative, but all the facts need to be considered. Pro - if your income was lower, the mod would be based on the 31%. Con - if you do not have income to pay for bills, you will suffer. These are sure tough times. I like to get things out of my head. Seems to lower my stress level. I take out paper and write "pro" on one side "con" on the other and start my list. See which side I should take.
I took moved to this area for better public schools. I looked in the Cedar Park area when we first arrived. Loved it. It sure is a pretty place.
Never been happier to get out of Vegas. I was born there (native) and spend decades there. It was a good place for me to grow up in the 70s. Not so much for my son to grow up there now. I couldn't let my son play alone out in the front yard due to the high crime. I am sure you know all about that.
My loan is owned by fannie mae. I sure have done a lot of research on this issue. If there is anything I can do to help you, please know I am here.