bofa mod

[veghalen]

Hello I called bofa a while ago on a mod and they said I didn't qualify. Then a few weeks later I filled out an online form and a month later, I got a letter stating I was ready to begin my 3 month trial modification. I did send the payment in and then I got some papers in the mail with a checksheet a hardship form ect. Should I think I'm O.K. or are they going to tell me I've been declined and then I will be behind? I am worried because I get unemployment. I did find a tool at this website Tool Helps Unemployed Get Loan Mods Help Our Home Blog in the dialogue there is a link that lets you plug your info in and it tells you how long you will get your unemployment compensation. However my state just picked up the extra 13 weeks and it doesn't add that in the calculation. For those on unemployment I encourage you to try the calculator You put in your weekly benefit, your maximum initial award and what the start date was and it gives you your info.

[Evan Bedard]

Hi veghalen welcome and thank you for joining.

Hello I called bofa a while ago on a mod and they said I didn't qualify. Then a few weeks later I filled out an online form and a month later, I got a letter stating I was ready to begin my 3 month trial modification. I did send the payment in and then I got some papers in the mail with a checksheet a hardship form ect. Should I think I'm O.K. or are they going to tell me I've been declined and then I will be behind?

No one is guaranteed a permanent modification after the three month trial period so there is always a possibility you will be denied. Make the three payments as agreed upon and make sure you send them all the requested documents. If you read around other threads you will find many homeowners going on their 7th and 8th payments in this program.

[johngor]

Same thing happen to us! called in july to request for a mod they took all of our financials faxed in wifes pay stubs, letter stating i am on unemployment and a hardship letter. Followed up in July to mid Aug. and got sick and tired of all of the run around. In the beginning of September I called them up and those turds denied me. I asked why they had a feeling I will make as much as I did before I was employed real soon. I am tiring to find of a job and dealing with these vermin was making me loose focus on looking for work and enjoying life. Was at the point if I cant afford my home i cant afford it, they will have my toxic asset loosing over 70k

Oct 26 fed ex man shows up with one letter telling me I was approved for a trial payment

Nov. a thick package showed up with the trail agreement to sign and send I sent mine in a week ago and had a bare of a time finding proof for there 9 months of UI I even had to call my states UI office they just game me a web-site with a chart showing the diffrent teirs of unemployement. So I sent in my UI statement showing I receive regular UI and still have upcoming EUC entitlement with the chart. Seems like allot of folks received trial mods a few weeks ago, I sure hope we all get perm mods, but such Evan stated bad news on this.
have you sent in your package yet? was yours going to broomfeild CO? If you sent it in is it appearing on your account online?

My orginal payment is 1556, trial payment is 1045 Paying a 9.5% Home is worth 100k owe 155k.

[veghalen]

My docs went to Texas, also it states my trial mod date is effective 12/01/2009 so I guess the payment I made is for December 1st. Since I missed october, i guess this means I also missed November so 2 payments are past due. Will the december mod payment be considered a timely payment? What I worry about is that they will say I don't qualify and bam! your behind 5 payments, pay up or get out. the first paragraph state that if i am in compliance with the "PLAN" And my representations are true, the the servicer will provide me with an agreement. It just seems as though it's a done deal, but not really.
Good luck to all with this. Oh, can we get people who have actually modified there loans to come forward? I will if I do. Please don't go away we need hope. Also, let pull the power of the group to get on "Oprah" or something. Also a facebook page that is a group of modifiers and people trying to modify. So many people look at that, it could give us the traction we need to find some accountability for the banks. I also record my conversations with the bank. One time the lady actually told me paying on time would do me no good. Yet on the website it says contact early. And finally My loan page with b of a doesn't reflect anything being done.
god bless.

[johngor]

Good call with recording the phone calls with BoA, I am not to that point yet, however my log book with the conversations is getting mighty full. I already had some trickery pulled on me, once I got my package on Nov 2 I was locked out of my account from making a payment for Nov. I called one of the ding dongs at BoA from india he set up my Dec payment for Nov 27. I asked about my Nov payment he said dont worry about it. Today got a automated call from BoA on my Nov payment. Another 40 min call to india but I am going to stick up for this guy. He went above and beyond to research the issue at hand. He said yes a payment in Nov required in order for your account to remain current. So I made a payment. I also question him about the trial payment and credit reporting his insite, he seemed to know what he was talking about. He said when they sent these out they just did not pick you out of thin air. They already looked at your file such as expenses, NPV test, hardship, income, property value. They just need the other documention to verify. he did give me insight on how you will not get offered perm mods, during that period.
-fail to make your trial payment
-failing to send in your packet or if there is a error in your package failing to re send if needed
-talking on new credit such as a car
I too read that you make your payment and all in section 1 remain true you WILL recive a MHA "modification agreeement.

I will welcome a 1045 payment with open arms compaired to 1555 for the life of my loan. however I will not welcome lots of follow up, headaches and comming up empty handed. I hope this goes well for you!

oh well we will have to wait and see!

[veghalen]

I can still go on the website and pay oct. or nov. payment if I had the money, I gather that these payment's will be put back into principle and there will be no late charges. I worry about proof of 9 mos. of unemployment, but I did what you did so, we need to let each other know if it works, so we can use each other for leverage. If i come into any $ I think i will pay one of the payments. I don't want to get denied then be immediately facing foreclosure.

Is there any one on this site who has received a permanent mod?

I won't just go away if I get one I will stay on to help others.

I wonder if banks and loan servicer's are feeling some heat? a few months it was wine and roses for everyone because so many homes were in trail mods. Now there not going through and I would like to see numbers of actual homes permanently modified

[johngor]

Yes that is correct under that package the money owed will be put on the back end of the loan.
I am not worried about the unemployment factor, these days in most states they are giving up to 2 years. I think they are really reaching out to us unemployed and faced with massive income reductions. But I still get a kick out of the initial denial I recived in September and yes still worried that will surface again. This will result in my getting a camera crew driving to the address my Fed ex was sent to, oh it was TX Btw no CO. and Micheal Moore them.

Well BoA just sent out a PR saying BoA sent out 125,000 trial modifications in October so we where one of the lucky ones. It would be great if all of them come on Loansafe and share there process.

Yes denial or approval I will continue to help others. This housing needs to be fixed.

[nativelasvegan]

Remember to look up the laws in your state about recording conversations. it is a great idea. In Texas, only one party must consent to the recording. That would be me. Of course I do let the bank know that I am recording the call for quality control purposes. There. Law satisfied. Tough poop if they don't agree to the recording.

[veghalen]

Thanks John,
I will keep everyone up to speed on this as well. I am prepared to team up and go commando on bofa if need be i have a video camera, and a few ff miles left so if need be we will crash there x-mas party. lol I think we need to also send all of our reps this website so that they can see the struggles people are having with this. send the links to talk shows ect. We worked hard paid taxes and watch the bailout $$$ go to lavish retreats and other things of that nature. I'm in the car biz and there is just no more business. And now owners and upper managers are letting veteran managers go, working the ones that stay 70 hours + per week but reducing there compensation because they know the is no other choice but to stay and put up with it. I don't even have a whopper of a house just a simple home and i lived within my means but the last year and a half i worked long hours for such little pay that i had to draw out savings to meet obligations then i get let go and i still did the right thing and used retirement $$ to pay bills. Now that's gone and I have unemployment only plus I'll have to pay tax on the $$ i pulled out. tax to help pay for programs that don't do what there supposed to.

[veghalen]

John read this

Use of Unemployment Income
HAMP program guidance states that if a borrower receives unemployment income, the servicer must determine that the income will continue for at least nine months. Any applicable period of extended unemployment benefits may be used to qualify the borrower if the borrower’s state of residence has such benefits. However, the extended unemployment benefit must be available to the borrower without any additional qualification requirements (apart from the act of registering for the extended benefits), and the availability of the program at the time the primary unemployment benefits expire can be documented. The servicer may then combine the remaining primary unemployment benefit term with the extended benefit term to determine if a borrower has at least nine months of remaining unemployment benefits to use that income for qualification purposes. The duration of benefit eligibility by geographic area – including federal and state extensions – may be evidenced by a screenshot or printout from the Department of Labor Unemployment Benefit Estimation tool, which is available on the Department of Labor’s Web site.

this helps determine how much unemployment you have coming. it was updated on the 6th of oct so it's off in my state we just received the 13 week extension on the 23rd. heres the web site address


Unemployment Benefit Estimation Tool

you put in your weekly amt., how much your max benifit will be after your 26 weeks or 26Xweekly benifit, and your start date and it gives you an estimate. hamp guidlines say a screen print is acceptable.

And in reply to recording conversations be careful i don't think you can do it in Michigan without all parties consent. but let them know upfront. I can do it in Utah without letting them know but I do anyway. I feel it makes them look for the right answer instead of getting rid of your call.