BofA Loan Mod Approved, credit whacked, next steps?

[Alpha_Forward]

Hi There, I just finally received a permanent mod from Bank of America. I started the process in june of 09, Started trial payments in December of 09, I never made a late payment. I payed the trial amounts when they were due every month, for 10 months. I was current when I started the Mod process and have never been more than 28 days late paying BOA. Basically this was all a preemptive effort to save my credit score, which when I started this process was in the High 700's nearly 800.

Now, after I have finished all the work, made all the phone calls and done everything, exactly when/how asked by BOA, my credit score has dropped to 647. I was told that this was because all the months I was making trial payments were recorded on my credit as partial payments, even tho, they were the exact amount that BOA asked me to pay, and they were on time, and I was current when I started.

I have read a few places that BOA will revise my credit once the Mod was finalized, I contacted my negotiator and several others from BOA regarding this, and no one has ever replied. If anyone else has any info on how to go about this, or if you've had any success doing this, Please let me know.

Any advice would be helpful, My apologies if this is 205, but I couldn't find my exact circumstances searching.

thanks, -AF

[Evan Bedard]

I have read a few places that BOA will revise my credit once the Mod was finalized, I contacted my negotiator and several others from BOA regarding this, and no one has ever replied. If anyone else has any info on how to go about this, or if you've had any success doing this, Please let me know.

Welcome and thank you for joining the forum.

First off, I just want to say congrats on the modification!! Not everyone is fortunate enough to achieve a permanent mod under HAMP.

As far as the credit reporting goes you are correct, if you were never late entering the trial period it is possible they will fix your credit rating and remove the partial payments. This will take getting the right person on the phone with enough authority to make that call. I would send off an email to the contacts below and let them know you were current entering the trial period, achieved a permanent mod under HAMP, and would like your credit fixed.

Barbara J. Desoer
President Home Loans and Insurance
Bank of America
100 North Tryon St.
Charlotte, NC 28255
barbara.j.desoer@bankofamerica.com

866-607-3235

http://www.loansafe.org/forum/countr...-contacts.html

Patricia Barbosa - 818-713-2886
Assistant Vice President Office of President at Bank of America

BofA CEO email:
brian.t.moynihan@bankofamerica.com

[selphie]

Congrats on your mod. Evan is right, apparently its a rare thing to receive one.
Hope your credit issue gets resolved.

[lisasxr]

Alpha - contact as per Evan's notations. Be specific in the months you are requesting to be fixed.
I have to request the reporting be fixed every month. Once your request has been made it takes about 30 days for the reports to be updated. If the report is not updated within 30 days, file a dispute with each of the credit bureaus. DO not do this online - you don't get to fully explain your situation. DO THIS IN WRITING AND MAIL VIA CMRRR. You won't get any lines re-instated, but you may be able to get new lines.

[Alpha_Forward]

Tha ms for the advice, I just wrote a very long reply and my browser crashed, it was really lovely tho trust me!!

I was about to just give up and get on with my life, but thanks to your replys I think I'll continue the struggle with BOA to get this sorted out.

I'll update when i have some more info.

Thanks again, I hope this helps someone else as well.

[Alpha_Forward]

Oh, FYI. My mod was declined for HAMP, but was put thru via a BOA in house mod. Pretty standard terms from what I've been reading.

Thanks again,
-AF

[Alpha_Forward]

FYI to all...

Wow, Followed your advice and emailed Barb's office with a nice letter, 5 hours later I get a call from Nicole from the OOP. She informed me that yes I am correct and she is going to put a rush on my account to have my credit report corrected electronically with the credit agency, for december 09 to September 2010! (my trial period) She said the credit agency will be notified in 3 days, and that I should receive a letter from BOA confirming the change with the credit agency in 7-10 days. If the agency does not update my credit in the next 7-10 days this letter should serve as proof of the revision for the credit reporting agencies. damn, glad to hear from her.

(Keep in mind anyone reading this for intel: I was current when I started my trial mod, and was current throughout.)

I was also told earlier in the day, by the Home retention dept, that 30 days after the loan mod is officially accepted, that BOA automatically sends a report correction to the credit agencies, removing all of the "partial payments" from my trial period. She said the agencies would not show the change for 6-8 weeks.

None of the people I spoke to today gave me any confidence that they knew what they were talking about until I heard from Nicole, the only person to actually call me!! She sounded like she new what she was talking about, already had all of my info in front of her, and was gonna make some shiat happen!!

Lets hope this actually works.

Seems not only is the OoP the only place you can get things done, but its also the fastest.

Thought this would be useful to someone.

Good Luck, -AF

[lisasxr]

Glad to hear it is moving in the right direction. I've worked hard to have BAC follow the HAMP guidelines. Don't let this fall through the cracks. Stay on top of the timeline and keep communicating.

[luvmyhorse]

Congratulations on getting your home mod. Good luck with your credit.


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[Angel8448]

I have a cajillion lates mon my CR: some with only partial payments and a greater majority with non payment. I would like to have some intervention on my CR, because no one looking at my CR @ this juncture would loan me a pencil. I must purchase a car. I have no means of getting a part time job w/o one. Do you think that after a permanent mod, they might do something? What's so sad id that I've been in my home since 1975. Yes, that's right, and because of refi's on my home w/ pull out of monies, I now owe over $125,000 on a home that cost me $24,500. If this isn't a shame, I don't know what is. They ought to give me the house. I don't know if I'll even be living in 30 years.

[mpaterso]

FYI to all...

Wow, Followed your advice and emailed Barb's office with a nice letter, 5 hours later I get a call from Nicole from the OOP. She informed me that yes I am correct and she is going to put a rush on my account to have my credit report corrected electronically with the credit agency, for december 09 to September 2010! (my trial period) She said the credit agency will be notified in 3 days, and that I should receive a letter from BOA confirming the change with the credit agency in 7-10 days. If the agency does not update my credit in the next 7-10 days this letter should serve as proof of the revision for the credit reporting agencies. damn, glad to hear from her.

(Keep in mind anyone reading this for intel: I was current when I started my trial mod, and was current throughout.)

I was also told earlier in the day, by the Home retention dept, that 30 days after the loan mod is officially accepted, that BOA automatically sends a report correction to the credit agencies, removing all of the "partial payments" from my trial period. She said the agencies would not show the change for 6-8 weeks.

None of the people I spoke to today gave me any confidence that they knew what they were talking about until I heard from Nicole, the only person to actually call me!! She sounded like she new what she was talking about, already had all of my info in front of her, and was gonna make some shiat happen!!

Lets hope this actually works.

Seems not only is the OoP the only place you can get things done, but its also the fastest.

Thought this would be useful to someone.

Good Luck, -AF

Alpha_forward, if you are still out there, how are you doing and how did your credit score develop over time? I'm about to start an in house mod myself. Thanks for any advice -