I think I am Done

[elizabethlou]

Well I made my 3rd mod payment to BOA
the check came in and it is going to be returned by my bank....
Because my employer payroll company was late instead of my direct deposit usually wednesday night .. It came in Thursday... my mod payment also hit the bank on wed... What will happen now has this ever happened to anyone while on a loan mod??? The money is there now but it is too late I called my negotiator right away haven't heard back from her ...
what do I do now??? I should just start to pack up I am screwed.

[ama125]

I would also call your bank at this point to make sure you don't get charged any overdraft fees. I'd email OOP just to CYA since you are not at fault...your employer is the one to blame here. There is a grace period for getting those trial payments in despite what you may have seen or heard. I wouldn't start packing yet!

[elizabethlou]

I have the money in the account since Will they redeposit it??
Should I pay at BOA ?? or wait to talk to my negotiator?? On My documents the payments were always due on the 1st..
It figures when something happens that's not my fault they cash the check the same time. Every other month I sent the payment It would not come out of my acct until the 20th.. Will they now cancel my Mod ?? I was told prior to this happening from my negotiator that it is going for manager approval not sure what that means???

Thanks

[imlars]

Originally Posted by elizabethlou

I have the money in the account since Will they redeposit it??
Should I pay at BOA ?? or wait to talk to my negotiator?? On My documents the payments were always due on the 1st..
It figures when something happens that's not my fault they cash the check the same time. Every other month I sent the payment It would not come out of my acct until the 20th.. Will they now cancel my Mod ?? I was told prior to this happening from my negotiator that it is going for manager approval not sure what that means???

Thanks

Do you know for sure the check "bounced"? Call the bank, explain the situation, and if the check did "bounce" ask if you can make a check by phone ASAP.

[elizabethlou]

Yes I called my bank who is BOA and they said yes they will be returning it.
I could make a payment over the phone but what if they re deposit the check again
I don't know what to do?? Is there a grace period ?? on the trial mod?I was going to send check overnight on Monday??? and wait to speak to my negotiator I am not sure HELP

[ama125]

Originally Posted by elizabethlou

Yes I called my bank who is BOA and they said yes they will be returning it.
I could make a payment over the phone but what if they re deposit the check again
I don't know what to do?? Is there a grace period ?? on the trial mod?I was going to send check overnight on Monday??? and wait to speak to my negotiator I am not sure HELP

There is a grace period, see this thread: New Here; a few questions.

[MZWITHHOPE]

I thought the rule was the bank will deposit the check 3 times and if it doesn't go through they will return the check to you. Something like this happen to me about 2 years ago with my american exppress bill and when i called them they said they would deposit 3 times before they return the check. I am not sure how that will affect your mod though. B of A should be able to make notes on the account as to what happened.

[davephx]

The grace period issue is confusing in the directives. But sadly we have seen trials terminated by servicers with no grace period if missed a payment even by a day.

The empolyer blame bounced check issue is sort of being at the mercy of the servicer.

A bank CAN redeposit a bounced check up to 3 times but I do not think they do so automatically any more. They usually mail the bounced check back to the servicer and they can redeposit it up to 3 times. But if they do automatically or what they will do about the "late" trial due to bounced check is unknown.

You may want to call regular loss mit people who seem to be open on Saturdays instead of assume not being able to talk to negoitator till Monday. Do the loss mit folks know what they do with bounced checks that are good if they redeposit.

[imlars]

Originally Posted by elizabethlou

Yes I called my bank who is BOA and they said yes they will be returning it.
I could make a payment over the phone but what if they re deposit the check again
I don't know what to do?? Is there a grace period ?? on the trial mod?I was going to send check overnight on Monday??? and wait to speak to my negotiator I am not sure HELP

If they said they are sending the check back I'd call in the payment as it will get it into them faster.
Even when you overnight the check it could sit in the mail room for days before it gets entered into the system. If you don't want to call it in use Western Union Quick Collect to get it to them ASAP. They will be able verify when the lender gets the funds and provide documentation if you need it. Don't count on a grace period. I've seen people lose their chance at the perm mod because they did.

[davephx]

If the payment due to the bounced check is already late, wiring the double payment now makes no sense until she can contact the servicer and get advice.

Otherwise the servicer may redeposit the first check which will than bounce again because the funds were withdrawn for the wire. So double trouble.

She is now late but for a very good reason. Wiring funds now will not solve that problem that needs to be discussed with the servicer. The servicer will get back the bounced check. What is there procedure is the issue and can they be told of the problem and redeposit without a risk to the trial.

Also the original check is dated before the due date. Any new payment is like an admission it was paid late.

[imlars]

Originally Posted by davephx

If the payment due to the bounced check is already late, wiring the double payment now makes no sense until she can contact the servicer and get advice.

Otherwise the servicer may redeposit the first check which will than bounce again because the funds were withdrawn for the wire. So double trouble.

She is now late but for a very good reason. Wiring funds now will not solve that problem that needs to be discussed with the servicer. The servicer will get back the bounced check. What is there procedure is the issue and can they be told of the problem and redeposit without a risk to the trial.

Also the original check is dated before the due date. Any new payment is like an admission it was paid late.

Do you know how long it could take her to get to someone who will help her? Most lender Reps are less than helpful, you are going to get hung up on more than once, be bounced around from dept to dept, get voice mail and no return calls. Meanwhile she is getting later and later.
It is late, there is no way around that, but it's not her fault, it was caused by something totally beyond her control. A letter of explaination on Company letterhead could help her case. Matter of fact they could probably fax it to the lender for her too. It's the least they could do as they caused the problem.
The lender has already stated that the check would be returned. I don't know of any lender that puts checks through more than once anymore. I think that is a thing of the past. Everything is electronic now.
She needs to contact BOA, ASAP, and get a clear picture of what is going on with her payment and her checking account.
Making the payment by phone once she understands what is going on with these accounts is the quickest way to get the payment into the system at the lenders but I have a hard time trusting verbal payments. I'd rather have a receipt with a MTCN# and be able to contact Western Union to verify that the lender did recieve and accept the payment if they deny it. I have had to use these facts against National City recently.

[imlars]

Originally Posted by davephx

The grace period issue is confusing in the directives. But sadly we have seen trials terminated by servicers with no grace period if missed a payment even by a day.

The empolyer blame bounced check issue is sort of being at the mercy of the servicer.

A bank CAN redeposit a bounced check up to 3 times but I do not think they do so automatically any more. They usually mail the bounced check back to the servicer and they can redeposit it up to 3 times. But if they do automatically or what they will do about the "late" trial due to bounced check is unknown.

You may want to call regular loss mit people who seem to be open on Saturdays instead of assume not being able to talk to negoitator till Monday. Do the loss mit folks know what they do with bounced checks that are good if they redeposit.

Customer service is what is open on Saturdays. Loss Mit are the ones who hang up on you or give you voice mail and then never return your calls. If you do manage to get ahold of them they will redirect you to customer service.

[elizabethlou]

I may not have explained myself clearly..
I made my payment on the 1st to BOA ..
The check was presented on this past wednesday The funds were available on Thursday
as of today my bank is still pending if they will return it or not?? they said they have 3 business days to decide?? I went into the my local branch today and the Lady said that she will call the dept where they determine if they will pay check or not and see what she can do... The money for my mod payment was taken out of my available balance.. The bank that I am trying to get my mod with is also BOA .
I am going to see if the branch can help me not and then tell my negotiator I will western union payment monday which is the 9th?? Also this is not my first loan mod I had one back in March thru June when my loan was still with CW.. all my payments have always been on time .. this MHA payments were Aug Oct. On now this mess with November but my question is if i western union should I do it today or way to speak to
OOP negotiator and see what she says to do?? thanks everyone for your help.

[JaFlNowWhat]

1. I would put a stop payment on the original check.
2. I would ask the local branch to refund overdraft fee or alternatively, your human resource dept.
3. Since you have a BoA checking account, you can electronically sent the replacement payment, via online banking.
4. The trial mod guidelines stipulate that if a borrower has not paid all amounts due by the 30th of the last month of the mod, then they are in default. In your case you still have 20 days to get the last payment in.
5. Contact negotiator, analyst or OOP and explain.

[elizabethlou]

Thanks all of you have given me great advice...
I will Call on Monday after to see if lady at the bank can get them to pay it..
That is a good idea via online banking but I think the trial payments go to a different address & department I hope that is true that I am not in default as long as I get my payment in on Monday either western union or by pay electronic fee.
But I will call my negotiator 1st thing monday

THANK YOU ALL FOR HELPING me I would be crazy without the help of this forum

[davephx]

The 3 day desertion of the bank does sound remotely familiar

If so the problem should be solved if BOA just pays the original check especially if the money is now in the account.

[Hopefull2009]

I had a similar situation with my mortgage payment back about 6 months ago. Don't assume they re-deposit the check. I thought for sure they would but they didn't. I had to make a new payment to cover it. You're not technically late as long as you get it in before the 30th day. Call your servicer and ask how they handle returned payments. When I did this, they told me for mortgages they don't redeposit the check, but rather contact the borrower to make alternative arrangements.

[davephx]

This 30th day keeps coming up. It is very confusing but seems only to relate to the last payment but what the rule says doesn't make sense to me.

It may have something to do that after the 2nd payment you are SUPPOSE to get the final docs so the 30 days may be to be in order to get the final mod, but very unclear.

Other than this confusing provision I see no grace period for trials and in fact folks here have been denied and forfeited the trial for being just a few days late.