Offered a Modification Based on Incorrect Income

[JHA12000]

We finally received a modification from Countrywide/ BOA but it was for the wrong amount. This was the 5th time we had applied and each time, we were denied due to some clerical error on their part because the fact that we are self employed seems to cause some type of confusion for them. This time, they actually approved us but the estimated trial payments were for only $160 less a month when 31% of our income is actually much less than the estimated payment. Since we are self employed and own two small businesses (my husband and I are the only employees), they requested we send in a quarterly profit and loss statement for each business. We also sent in a letter detailing the attached documents.
When they received the information they disregarded one profit and loss statement and entered the quarterly income from the second profit and loss statement as our monthly income. They also went through the deposits into our personal checking account and counted it as additional income even though we clearly stated that we did not have additional income and that any deposits should be counted as transfers between the accounts. Anyhow, we received this modification and after much research it was determined the information was incorrect. We had them escalate the problem, so that it could be corrected 5 times. To date, we have yet to receive a response or a correction. We did however, receive the modification package. After two full days on the phone with BOA, they advised to send in the information requested and to begin the trial period because at some given point they will have to address the error that they made. It seems the reason they weren't able to correct it was because MHA can only be offered once and the system will not allow a second approval for the corrections to be made. Anyway, we made our initial trial period payment today and we are hoping for the best. For some reason, they can't seem to fix the mistake they made but we will wait and see if in fact this will be corrected or if we are stuck with the estimated trial payment amount.

[Evan Bedard]

Hi jha12000,

It seems the reason they weren't able to correct it was because MHA can only be offered once and the system will not allow a second approval for the corrections to be made. Anyway, we made our initial trial period payment today and we are hoping for the best. For some reason, they can't seem to fix the mistake they made but we will wait and see if in fact this will be corrected or if we are stuck with the estimated trial payment amount.

I have actually seen quite a few homeowners who have recieved a trial package more than once. If you cannot afford the offer I would wait to sign until they correct the mistakes. Next time you call in request to speak with a manager/supervisor to help you fix the mistake. Many times normal reps do not really know what they are talking about..

[survivor]

My Trial Payments had included my husbands unemployment, which was due to run out. I called my negotiator immediately, and within a week, had the numbers re done according to my income. new package is on the way. I think it really depends on your negotiator, how well they respond to emails or phone calls, gives you an idea they are on top of their files. If you aren't getting results, send an email to someone above and cc to your negotiator, they usually gets some action. Good Luck.

[Evan Bedard]

Thank you survivor! Keep us posted on your results as well!

[JHA12000]

I have spoken to several supervisors who said that the account was locked and they couldn't correct the information. To date, we don't have a negotiator it was put through the fast track. When I spoke to someone else yesterday they told me the process of correcting it could take 14 business days. I already sent in the information because I figured once there it will be assigned and then I can figure who is handling the file and contact them. I don't know if it will make much of a difference but I will keep trying. Keeping up with their mistakes is a full time job. I will keep you updated.

[Evan Bedard]

True jha12000 these lenders do seem to make way more mistakes then we would like to see. You must stay all over them to make sure your file goes through correctly. I would make sure to follow up at least once or twice a week..

[JHA12000]

I contacted the Office of the President via the email you guys have listed on the forum. I received a call back within 24 hours. I was given the option of either starting all over again or completing the trial period and then having them corrected. I chose neither. I explained I wanted them to fix their mistake. The rep. I spoke to told me I should expect to hear back from the negotiator or the supervisor in charge by tomorrow. He told me that if I do not hear back, I should call him back again tomorrow. I am now waiting for a phone call, let's see what they will try to push on me when I receive the call. All I want is for them to fix the numbers they misinterpreted and not have us start the whole process again. It sounds simple but seems to be impossible in the eyes of BOA. I will keep you posted as to what the outcome is.