grrrr B of A cancelled my sale and gave me a mod without asking?

[abouttowalkaway]

Can't get rid of our house. My first trustee's sale was supposed to be back in August ... then it was moved to Sept and now Oct.

I got a call from BofA (Countrywide) and the guy said they have cancelled our sale and approved our modification. BUT WE NEVER APPLIED FOR ONE? They dropped our rate to 2% and have forgiven us all our $27,000 in past due payments. The home is still upside down by $150,000 so we really don't care.

I told the guy this and asked him to put our sale back.

A week later, a lady called with the same message ... mod approved and I also asked her to put us back our sale back.

Anyone else have a problem getting rid of their home???

[SillyWorld]

Oh so now the Bankers are giving mods to people that don't want one, so they can say they are giving them out and people don't want them, but yet the Peeps that need one and want one cannot get one, because they are always denied...

Go figure,,These guys are BAD BAD BAD

[Irish Gal]

Originally Posted by abouttowalkaway

Can't get rid of our house. My first trustee's sale was supposed to be back in August ... then it was moved to Sept and now Oct.

I got a call from BofA (Countrywide) and the guy said they have cancelled our sale and approved our modification. BUT WE NEVER APPLIED FOR ONE? They dropped our rate to 2% and have forgiven us all our $27,000 in past due payments. The home is still upside down by $150,000 so we really don't care.

I told the guy this and asked him to put our sale back.

A week later, a lady called with the same message ... mod approved and I also asked her to put us back our sale back.

Anyone else have a problem getting rid of their home???

I don't mean to make light of your situation, but that's just toooooo fuuunnnyyy!!! You must be sitting on a gold mine for them, otherwise they wouldn't be harassing you to keep the money pit. You can always just walk, and forget the short sale plan. That is, after you seek legal advice to ensure the best route to take. Keep us posted. I'd love to hear how they keep playing "No, it's yours," "Nope, yours" with you! See how long it takes for them to quit the shenanigans! Hey, maybe they'll waive the $150k too.

[ama125]

OMG! That is just crazy! Maybe you've discovered the secret formula for getting a loan mod with principal reduction...try to leave! Here I am trying to stay and have been turned down twice already. Maybe I should threaten to short sale or walk away and suddenly I'll have a mod. All jokes aside, I cannot believe how stupid they are! What a waste of time and energy if they are modifying loans for people that do not want them and never asked for them! I hope you are able to straighten things out! I've never heard of it before, but it would be a kicker for someone like you to sue them for canceling your sale date and keeping you prisoner in your home! Imagine how the press would handle that one!

[nativelasvegan]

I remember a post where I asked Moe why banks were not doing the modifications. I was thinking that the bank would rather have a performing asset (doing a mod so the borrower makes payments = investor gets payment) than a non performing asset (no mod, no money coming in=no money to investor). That is wrong. The asset (your house) stays on the banks books until it is sold as a short sale, thereby reducing the bank's portfolio balance. House worth $200,000. On bank's books as a $200,000 asset. Sold at short sale for $100,000. On bank's books as a $100,000 asset. I could be wrong here but if it is a foreclosure, it stays on their books as a performing asset? So it would appear that the bank doesn't care if a house is foreclosed. Versus short sale where their "bottom line" is less. abouttowalkaway's story would appear that the bank is trying to modify the loan instead the sale. Why is that?

[Kimbly]

Originally Posted by abouttowalkaway

Can't get rid of our house. My first trustee's sale was supposed to be back in August ... then it was moved to Sept and now Oct.

I got a call from BofA (Countrywide) and the guy said they have cancelled our sale and approved our modification. BUT WE NEVER APPLIED FOR ONE? They dropped our rate to 2% and have forgiven us all our $27,000 in past due payments. The home is still upside down by $150,000 so we really don't care.

This is too much. If I were living it, I wouldn't be amused but I have to say that it is a bit funny. How do they know you can afford the mod if you never applied?! They turn people down because of too little income but you they just approve??? Weird.

I really hope they don't pull that with us; although I guess it's just longer we get to live in the house for free.

Do you have a second mortgage with another company? I can't help but wonder how patient our second will stay during this process. They are calling multiple times a day but BoA (first) has only called once.


What do they say when you ask them to put it back on the auction block?

Hang in there!!!

[SillyWorld]

Originally Posted by nativelasvegan

I remember a post where I asked Moe why banks were not doing the modifications. I was thinking that the bank would rather have a performing asset (doing a mod so the borrower makes payments = investor gets payment) than a non performing asset (no mod, no money coming in=no money to investor). That is wrong. The asset (your house) stays on the banks books until it is sold as a short sale, thereby reducing the bank's portfolio balance. House worth $200,000. On bank's books as a $200,000 asset. Sold at short sale for $100,000. On bank's books as a $100,000 asset. I could be wrong here but if it is a foreclosure, it stays on their books as a performing asset? So it would appear that the bank doesn't care if a house is foreclosed. Versus short sale where their "bottom line" is less. abouttowalkaway's story would appear that the bank is trying to modify the loan instead the sale. Why is that?

Yoiu need to remmeber the banks can sell home for $100.00 on the books shows LOSS of - 199,999.00 and then UNCLE SAM returns difference as a loss

[Sparkss]

Maybe I missed it abouttowalkaway, but what state are you located in ?

[BadBobMo]

That is the best story I heard in 2 years. I would ask for the $150,000 write down.
If everyone that was underwater starting giving back there homes they would Sh_t and fall back in it.
Made my day!!

[Melanie702]

I'm sorry, but this just makes me mad! How dare they. There are some of us on here who are desperate to get a MOD and can't get one, but they give one to you when you don't even want one and haven't even applied for one? But they don't want to give it to those of us who are practically begging, sending in our updates every two weeks, faxing and faxing, calling everyday, sending emails to every Tom, Dick and Harry, and they give you a MOD? Nothing against you at all, please don't take it as being rude. I'm just saying--WOW! I think we SHOULD all tell them we want to short sell. F-R-E-A-K-S! That blew my mind right there.

[darlyj]

RUUUUUUUN! If the bank wants you to keep it that badly, run screaming for the hills. There has to be big reason that they are fighting you to KEEP it. If they don't want it, then you can probably bet that you sure as H**l don't want it.

[Irish Gal]

Basically, it probably just boils down to, the investor will make more $$$$ long-term with a mod in this case vs. any other option they have. So, they're pushing it. It's always about $$$$$$ to the banks. Bottom line. And, there seems to be a psychology to negotiating w/ the banks. The more a bank is aware one wants a mod, the less motivated to offer the best deal to the homeowner. But, once a bank knows a homeowner is looking at it also as a business decision i.e. willing to walk if have to, the more the bank seems motivated to offer mods that are advantageous to homeowner also, not just banks. Hard to assess as these lenders are so dysfuncational and seem to be getting worse and not better, as time goes on.

[ultimate4799]

Hey abouttowalkaway, After reading your thread, I'm worried now.. Got NTS sometime Sep 17th or so and it showed my sale date is Oct 8th. I officially moved out of my home last week and waiting for $$Fkeys deal.. I checked website of my trustee just now and was very surprised since my sale date is now showing Nov 12th... I hope it is just a typo since I can't keep up paying utilities, hoa, etc for a home I no longer live...

[abouttowalkaway]

I'm in AZ

*** The only thing that I may be doing different than others ... I try and take the calls from the banks instead of ignoring them or sending them a do not call letter ... I always tell them I am so sorry and I appreciate them calling ... so maybe some person that decided my fate liked me and stuck me into the modification pile instead of the foreclosure pile???

I actually walked away and stopped paying back on Dec 31st (after closing on my new house).

I have never notified Countrywide that I have left ... I keep my yard up, pay the HOA etc. So, I am anxious for this to be gone, gone, gone.

I had $300K on a first and another $75K on a purchase money second ... so no recourse. Similar distressed homes in Chandler, AZ are selling for between $200K to $225K

My second already charged off a few months ago ... I had sent them AZ non-recourse info to put in my file hoping they would acknowledge it and not sell my 2nd to collections ... which I am sure they still will.

[abouttowalkaway]

Originally Posted by ultimate4799

Hey abouttowalkaway, After reading your thread, I'm worried now.. Got NTS sometime Sep 17th or so and it showed my sale date is Oct 8th. I officially moved out of my home last week and waiting for $$Fkeys deal.. I checked website of my trustee just now and was very surprised since my sale date is now showing Nov 12th... I hope it is just a typo since I can't keep up paying utilities, hoa, etc for a home I no longer live...

It's not a typo ... and you might even get bumped again ... I heard auction dates especially here in AZ are all getting bumped.

[abouttowalkaway]

Hmmmm another thought ... They stopped calling me for months while Countrywide was transitioning to B of A. Could it be they are doing things specifically for the old Countrywide files ... they are worried these may have not been handled carefully or been givin any help etc.

Also, just wanted to clarify ... we were not trying to short sale ... they had cancelled our trustee's sale/auction.

[ama125]

The whole thing is just bizarre. There are so many people trying to gets mods and trying to postpone their sale dates, and then you, who is looking to do neither, gets both without even trying! What is their logic? Location must have something to do with it.

[caldwellb02]

Actually it makes me sad. How upside down this world has become. Good Lord.

[Under_H20]

Have you sent them written communication saying that you don't want a MOD?

[abouttowalkaway]

Finally, got a call from the foreclosure department trying to collect ... my home is back on the auction block!!! Auction date listed on recontrust ... 10/13/2009 2:00:00 PM.

[ama125]

Originally Posted by abouttowalkaway

Finally, got a call from the foreclosure department trying to collect ... my home is back on the auction block!!! Auction date listed on recontrust ... 10/13/2009 2:00:00 PM.

So I guess congrats are in order? It just sounds funny to me congratulating someone on getting their auction date back as so many are trying to get rid of theirs! I do hope that everything works out the way YOU want it to!
Best wishes!

[daglo]

Originally Posted by abouttowalkaway

Can't get rid of our house. My first trustee's sale was supposed to be back in August ... then it was moved to Sept and now Oct.

I got a call from BofA (Countrywide) and the guy said they have cancelled our sale and approved our modification. BUT WE NEVER APPLIED FOR ONE? They dropped our rate to 2% and have forgiven us all our $27,000 in past due payments. The home is still upside down by $150,000 so we really don't care.

I told the guy this and asked him to put our sale back.

A week later, a lady called with the same message ... mod approved and I also asked her to put us back our sale back.

Anyone else have a problem getting rid of their home???

My daughter has been BEGGING for a mod since April, and they will not give her one, even though she can afford her home, but needs a break on the payments due to her income loss. Go figure?!?!?!

[FormerBofAVictim]

This is too weird.

I now live in Arizona. The house which I was trying to short sale, and B of A refused to do the short sale, is located in California.

Anyway, I went to CA for the weekend and sitting outside my front door of the house (did I mention that B of A cancelled my short sale) is a Fedex envelope. The big envelope.

I opened the envelope and there are all these papers (dated September 2009) with an offer to modify my loan, talking about 3 month trial payments and listing all kinds of sensitive information.

This was just sitting outside my house!

I never requested the modification as I have been trying to do a deed-in-lieu (denied in March) and a short sale (denied October).

As a matter of fact, the negotiator for my short sale called me up a week before she denied the short sale, and asked me why I had submitted modification paperwork. She said upper management didn't know what to do about my short sale because they were confused by my modification request.

I never made a modification request and I told her that.

B of A cancelled my short sale last week.

B of A holds both my primary and my Heloc. ( I discussed my situation in a different thread from Wednesday I think)

I think B of A is very messed up. Why would they approve a modification for me, which I never requested - but cancel a short sale which has been pending since May?

[abouttowalkaway]

they bumped my auction date again .... for the 4th time.
fortunately it is only 8 days later ... 10/21/2009 2:00:00 PM.

[October]

i just knew i'd find ppl in the same situation....We bought a house in 05 bank was countrywide, now B of A. Bought another house in '08 bank is chase. Income took a hit in Oct 08 and we requested short sale papers from the other house ( B of A) instead we recieved a "modification trial payment offer" for 500.00 less then the house payment. We did request that we wanted to short sale. I cant give precise dates on all correspondance we have recieved. I do know the house went up for auction on July 26th. this was apparently at the transfer to B of A. So it was postponed. It has now been a year we have made no payments and this house is preventing us from modifying our current mortgage!