Bank of America Activates 125,000 Home Affordable Trial Modifications

[Housebroken13]

Bank of America Activates 125,000 Home Affordable Trial Modifications - Yahoo! Finance

CALABASAS, Calif., Oct. 29 /PRNewswire/ -- Bank of America announced today it has surpassed its previously stated target of helping at least 125,000 financially distressed homeowners begin trial modifications through the federal government's Home Affordable Modification Program (HAMP) by November 1.

"Bank of America associates are working to keep as many customers in their homes as possible, and we have established clear momentum in providing trial modifications under HAMP," said Jack Schakett, credit loss mitigation strategies executive of Bank of America Home Loans. "We are helping our customers complete trial modifications successfully, convert to permanently modified loans under the program and get back on the path to successful, sustainable homeownership."

[nativelasvegan]

I do not believe him. This is their own press release. Show us the proof. Anyone know the date of the next senate committee hearing? Do you think the email for this executive is Jack.Schakett@bankofamerica.com ?? I have a loan that he might be interested in since he is in charge of the "credit loss mitigation strategies."

Quote from their own news release: "Since beginning its HAMP outreach efforts, the bank's homeownership retention division has contacted nearly 600,000 potentially eligible homeowners to ascertain their interest in HAMP and has extended more than 200,000 offers of trial modifications under the program."

One paragraph alone is very misleading. (1) The 600,000 contacts they are referring to probably includes the number of "contacts" from taking our calls. (2) Extended more than 200,000 offers of trial mods..." This probably includes the unscrupulous verbal offers too.

[survivor]

Doesn't this just make you so mad?? note the word "Trial"! why doesn't the government follow up on these numbers. who are these people. and why don't they follow up and see they never complete the modifications? Its one big circus, the banks are the ringmasters, the government is the paying audience, and the homeowners are the main attraction. right up there with the Bearded lady!

[nativelasvegan]

It does make me sick to read this crap. I never believe a company's own press release. I did note the word "trial". Wonder what "their" definition of that term is? As long as we can keep the singing fat lady at bay, we are okay.

[darlyj]

Hmmmm - 120,000 more people to suck dry with false promises and hope, then deny them for some BS reason. Now where is my shovel? It's getting pretty deep in here.

[survivor]

what really bothers me that the government "drinks this kool-aid". Outlaw the lobbying, and what a novel idea to have real, honest people up there, who really care about their fellow man.

[joanne]

Yeah, right! Show me the mod!!!! Oh and by the way, stop screwing me on the escrow.

[heidi79]

"convert to permanently modified loans" that's the boldest lie on this release!!!!

[jrolfedrev]

Time to write your congressman and expose their lies...........

[Housebroken13]

I honestly think this may have been a result of the letter I sent out to all the agencies on Friday both in the mail and via fax telling them that the 500,000 number released a few weeks back was not at all valid.

It's posted to the following thread:
My latst letter to Bank of America - It's a doozy!!

THE BOA legal dept. is now handling my loan I have a direct number to someone now who actually picks up the phone when I call.... Guess I caused quite a stir.....

[johngor]

I had to post a reply on this one, I guess I am one of the 125k because I got a HAMP trial mod package. Back in 2nd week in Sept. I was told I was denied for the HAMP question after faxing in all of the documents. I lost my 60k a year job in March still unemployeed, wife lost her 40k job in Oct of last year, but got a new job making 30k three months later. BoA response at that time was they feel that I will have a job making what I did before. With 15% unemployement rate in MI dont think so. Well I am welcoming the -550 trial payment but I had to send them 2007 and 2008 tax returns both showing the 100k incomes and I will get the same excuse. Eventhough our income is 3500 right now, paying 9.5% oh our home is worth 100k vs owing 155k.

[ChrisC]

Problem with the Trials, is I know people get excited getting them, but majority end up getting denied after their trial (even when fitting guidelines). But you can reapply, lenders are doing this as they may do another trial etc, which they can collect that extra money since it isn't applied, and then try to sell the home again.

What they should be doing is how it was done originally and had been done for years and years before everyone knew about it and the Gov put their dumb foot in. Structured off hardship, expenses, and net income, and lenders were much more open to negotiating/working out a payment restructure with a borrower.

[ChrisC]

edit - crap couldn't let me edit the above message, anyways:

Problem with the Trials, is I know people get excited getting them, but majority end up getting denied after their trial (even when fitting guidelines). Some end up getting a final mod but IMO its just the banks doing that to look like their actually helping under the plan, since others that fit guidelines are denied that should have never been denied. But you can reapply (even though they say you can only apply once for gov program), lenders are doing this as they may do another trial etc, which they can collect that extra money since it isn't applied, and then try to sell the home again. Its bunch of bs, then they may do a traditional modification at that point since you were "denied" for HAMP, yet now b/c your further behind and whatever else other cost may be added, they may approve a modification but ask for a % of arrearages to be paid. If that can't be pain generally your sol unfortunately, and the lender can get away with it as they made an "offer". IndyMac pulled this for example on a lady I was trying to help, got mod approved had sales date coming up, catch.. they wanted 17K. Obviously she couldn't afford that and they wouldn't accept a smaller amount, and said well not our fault you can't afford it we made the offer if that doesn't work your homes selling next week... home sold that following Tues. B/c they dragged it out and issued quickly, didn't even have time to file bankruptcy.

What they should be doing is how it was done originally and had been done for years and years before everyone knew about it and the Gov put their dumb foot in. Structured off hardship, expenses, and net income, and lenders were much more open to negotiating/working out a payment restructure with a borrower.

[johngor]

Agreed Chris I would have been more then happy to take a 5% for the life of the loan even a 6% or 7% vs 9.5% we have on our home that is worth 100 vs amount owed 150k. This saga has been going on for months now eventhough I was declined over the phone and a trial payment program showed up to my door. Still would not be over in 3 months. I am sure my investor would look at this and say fine 5% for the life of the loan they are looking at loosing a ton of money here too. If this HAMP program was showing more positive results this would be a whole diffrent story. This could go on for a year.