Hi there. I am new here & need some help

[Gene500]

Hi,
I am trying to do Loan Modification on my house for approx 5 month now.
Currently I am 2 month behind on my payment.
Yesterday I received 2 letters from BOFA
1st letter stated that if I will not pay 3 month +late fees for all 3 month they will be asking for the full loan amount by 11/2/2009

2nd letter said that my loan has been sold to BOC starting November

I called and spoke with my negotiator and was told that I need to be 4 month behind on my mortgage payment to quality for perm loan mod.

I have no idea what to do now...

Is that true that I need to be 4 month behind in mortgage to get deal from Mitigation department?

I am confused...

Please help!

[darlyj]

The first letter sounds like what is called an "Intent to Accelerate." Basically this is just what it sounds like and is pretty standard. I cannot tell you what to expect from Chase because unfortunately they seem to treat everyone differently with no rhyme or reason. I would guess that your information is entered into a computer system (whose parameters are thus far a COMPLETE mystery) and it spits out information on your particular situation.

We gave up on dealing with Chase and went to NACA as a last resort before we pack up and walk away. We were told by Chase to default before they could offer a mod of any kind so we did. Then their reps told us in both August and September that we were pre-approved for a trial mod and they would send the paperwork. I still haven't seen a FedEx truck in my neighborhood for months.

Our experience has been that this whole thing is a game of chicken with Chase. It's not right, but it is what it is. You almost have to be ready to walk away before they figure out that you are in fact serious, and they need to deal with you. Keep in mind that just because they offer you a trial mod, even if you get paperwork, DOES NOT mean that it will become permanent...a large majority do not. You probably won't get the same story on your status if you talk to two different people within the same department either, so you have to take whatever you are told with a grain of salt and suspicion. It is an uphill and confusing battle, but you have come to the right place for information and support. Good luck to you!

Oh, and you might try copying your original post and pasting it in the Chase thread....might get some more traffic and help.