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I have been trying to get a loan mod with CW/BAC for over three years. I had a legitimate hardship which had nothing at all to do with the economy. My mother-in-law was diagnosed with cancer, I had to move and sell my business. Before I moved I thought I would be a good stewart and call CW to let them know I was about to run into financial difficulties, I called the “loss mitigation” department, they told me to call the refinance department. Well, they could not help because I could not qualify for a refi (tell me something I didn’t already know!) During the first year I was on time and never missed a payment, CW - now BOA said they could not do anything for me, and to my disbelief one of the BOA reps told me (and I read as well on various blogs) to just not make a payment. After my move, my wife and I decided to claim bankruptcy. So I figured my credit was already shot, why not try to stop paying to see if they would work with me. After a lot of lengthy phone calls, I actually got approved for a loan mod under the MHA program, it was denied due to us not living in the home (well documented in my hardship letter and stated over and over again to all reps I spoke to). This took probably about 6-8months to sort out, plus time waiting for the bankruptcy to clear (I was calling about once every 2 weeks). Before the actual denial, my mother-in-law lost her battle to cancer, and we had begun planning on moving back to our home, hoping this loan mod was going to work out. I waited about 3-4 weeks and never received the package with the new “trial” payments. When I called they stated they send the documents to the home, well we did not live there, as we stated over and over! So the MHA got denied due to us not making the trial payments..ug! They also told me at that point the house was under foreclosure with no sale date, but if I move back to the home they could probably assist me with temporarily suspending the foreclosure. At that point, we decide to pull our kids from school early and move back to our home so we would not lose it to foreclosure. We moved back to our home on Oct. 28 2010. Called wonderful BAC and they stated I was approved for the “NHRP – Attorney general Package” should be there by Nov. 15 2010. I did my due diligence and found this was a really good program designed for the old “countywide” folks and had the possibility of reducing my principle. I was very encouraged at this point and finally felt I was getting somewhere and we would be able to stay in our home. So I called every week and they stated it should be there, 5 month later, 3 escalations, and a second denial coming from a supervisor submitting my documentation under the MHA program instead of the AG program, NOTHING. Well, 26 payments have gone by, yes two years and two months we have not made a payment, and now that we have the capability they would not accept any payments from us due to the home being in foreclosure. I was really feeling hopeless so I did some Google searching and found a BAC customer outreach event in Atlanta, GA (the customer service reps had no idea about this when I called to inquire). I decide I had enough and drove 10 hours to the “BAC customer outreach event” thinking they could surly get my paperwork and I would get somewhere. I had all paperwork necessary and made sure they were submitting under the Attorney general package not the MHA. I got approved for a trail mod, well if you want to call it that. My original loan is an interest only loan @ 9% (It was a bad loan I realize now I should have never been approved for). They are offering a trail payment about $300.00 less than the payment I was making, not much help, and not the 31% of my income they are supposed to go by. They also stated they tacked on all payments/fee’s etc I missed to the note(which upsets me more because now I paying fee’s due to their slowness and errors). >>
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A side note, my wife was fortunate enough to inherit a large sum of money when her mom passed (she had lost her dad three years earlier). So my thought was, let’s ask if I drop $50,000.00 on the note where would that get us and would the investor be more willing to work with us. The BAC reps at the event told me to make the trial payments and during that time pay the $50,000.00 so at the end of the trial period the loan would re-amortize with the reduced principle amount. I ask for that in writing but they told me they could not do that, surprise huh! After reading this blog, I am thinking that would be a big waste of money. Now I am contemplating whether or not to even enter the trial period. >>
Do anyone have any thoughts on this one? >>
At this point I am ready to tell my wife and kids it’s time to move and use the $50,000 to put down on a new house in a few years, but it pulls the heart strings as they have lost so much in less than two years, oh yeah, my cat and dog were both put down during this time period and we moved over four times in three years in two states. I see how it has affected my wife and kids (and me) and wish I could tell them something better than, guys were moving again. And yes, my story is like a bad country song!! Wish I could play it backwards and get everything back.>>
FYI - While at the meeting they told me they only ”scan” the hardship letter. They do not actually read it, I was very open and honest in the letter stating everything I had been thru and all I was doing to try and get them to work with me, what a waste of time! So discouraged!>>
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I know I am not the only one, but man BOA is soooooo frustrating. So just a poll, how much time do you think you have invested into trying to get a loan mod? How many times did you get transferred just to be hung up on! I am well over 100 hours with approx. 57 phone calls (no exaggeration), and probably been hung up at least 1 out of 3 of those calls. Does anyone at all have a permanent mod?