BofA Home Mod Process Help

[Rivieraneo]

Well here is the story, 260,000 loan 5 year interest/ARM with country wide. The money was taken out of a property i owned for years since the 80's that i purchased for WAY less than this loan though it appraised very high 5 years ago. Since then i have had a true hardship. We contacted BofA who took over the loan and they set us up on this 3 month payment plan which reduced my payment from 1,455 a month to 900 a month for the term of this 3 month payment plan. We first received a letter stating to make the current payment due in the lesser amount for the current month which we did. We then received a packet asking for all of the financial info. and waited for an approval. Well, 3 months go by, payments were made before the due date so in January, we contact BofA for an answer since we ran out of payment stubs that allowed us to make the reduced payment and they had not sent us any further instructions, a denial or a phone call. We called the home retention team and they just stated to keep making the same lower payment and we would be contacted later. To date, all we have received is a letter stating there was an adjustment made to the escrow account attached to the loan that pays for my insurance and taxes and asks for us to make a payment in the amount of 1,425 in March. we have tried to contact BofA though they give me no calls back and makes nothing but promises. We have a consultation with an attorney this Thursday, any input or help with my current situation would be appreciated, i hate walking around with butterflies in my stomach playing the guessing game. The loan matures in about 5 months to the variable rate and i just want to lock in the interest rate at what it is currently at.

Thanks you all, you all provide very valuable input.

[Rivieraneo]

wow, many views but no comments.... Well, so far we are at our 6th trial payment and I have been assigned a negotiator. I was promised a call today, no call.... I received a letter in the mail today stating that i am about 8,500 behind on the mortgate due to partial payments and missing two payments in 2009. Though when I do the math, I am only past due 2,000 less than that. Can I still go into foreclosure if i keep making my trial payments as told ? Why would the bank show a bigger past due balance than what I actually am ?

[Evan Bedard]

Can I still go into foreclosure if i keep making my trial payments as told ? Why would the bank show a bigger past due balance than what I actually am ?

Sorry for not getting back to you sooner. The fact is that these trial periods have extended far past the original 3 payments and many people do not get an answer on their case until about 6-9 payments. They are probably adding late fees and other charges for the past due amount because during this period they tend to report borrowers delinquent each month. Please go to this thread and contact the OOP and executives at BofA to get the true status of your case.. Customer service and collections always seem to be useless and have nothing to say besides to make a payment...

http://www.loansafe.org/forum/bank-a...-contacts.html

[Rivieraneo]

Sorry for not getting back to you sooner. The fact is that these trial periods have extended far past the original 3 payments and many people do not get an answer on their case until about 6-9 payments. They are probably adding late fees and other charges for the past due amount because during this period they tend to report borrowers delinquent each month. Please go to this thread and contact the OOP and executives at BofA to get the true status of your case.. Customer service and collections always seem to be useless and have nothing to say besides to make a payment...

http://www.loansafe.org/forum/bank-a...-contacts.html

Well so far i checked the online status and it says that all collections activity has been stopped and that a negotiator has been assigned and everything is under review. That was the update posted on 3/5/10. Should i try and call my negotiator ? He called me last week and sent him an explanation of why we need a modification. The work out notes say not to contact them until after 4/9.

[Evan Bedard]

Yes definitely contact your negotiator, it is important to try and get a good working relationship with your negotiator. The more they are aware of you the more they will be willing to work on your case. Keep in mind that your online status is not always 100% accurate as we have seen over and over again. It will also usually say not to call back for a month or so, but do not listen to that. You must call in at least once to twice a week to be successful..

Good luck and please keep us posted!

[stevenemullin]

Hire an attorney, preferably one experienced in real estate, and who specializes in loan modifications. A home is your largest investment. Would you go to court to represent yourself in ANY serious, legal matter, let alone a criminal case. Your lenders certainly have attorneys at their disposal and pay them to act in their best interests - why wouldn't you? Represent yourself in a divorce? Wrongful death?, DUI? No way, you say, but you rely on your lender to act in your best interest with THEIR money. I am not an attorney, but to me it makes TREMENDOUS sense to use one in the legal process of a loan modification.

[gumbii2662]

The only concrete thing I've learned that is true across the board is that the banks really do NOT give a crap about us or our forming stomach ulcers due to the stress and worry. You are one in a stack of many many other mod applicants, and the only way you'll get them to move faster than a sleeping snail is by calling, emailing, and making as much noise as you can. As they say, the squeaky wheel gets the grease. If you're not happy with an answer your negotiator has given you, ask to speak to his/her supervisor. And if the supervisor says he can't help, ask for HIS manager. SOMEONE will eventually give you some sort of help, if for no other reason than you're becoming a thorn in their side. (I love knowing I'm a thorn in their side, because they've become a permanent one in mine.)
GL, I really hope you can get some answers soon.

[snake07]

Comsumer Counseling Agency assinged by HAMP, counselors are helpless. At least that's what's my experience. I'm in the same situation, my home modifcation process started in June 2009 and till this point, it's not going anywhere.

I've been trying to contact my counselor for a week and I left her a voice message everyday but still never get a call back. When I had a chance to talk to her before that, she didn't even know who I am, how can she know my situation ?

gumbii2662 is correct, I might have to talk to her supervisor, manager to get help and if not I'll have to find a lawyer myself.

[gumbii2662]

A quick note regarding requesting a supervisor: many of the peons will attempt to convince you that there's nothing their supervisor will be able to do differently. This is BS. Sometimes the peons will get offended and angry about you wanting to go above their heads. Ignore their hurt feelings, and remember the ulcer that's probably forming in your own stomach thanks to their lack of caring for YOUR feelings.
Finally, sometimes the peons will tell you that their supervisor is unavailable (on the phone, out of the office, whatever). First, tell them you are willing to wait on hold, for an hour or more if necessary. If they say they're "out of the office", request a call back from said supervisor AND GET THE SUPER'S NAME AND PERSONAL NUMBER/EXTENSION!!! They almost always have a personal number or extension, so this will ensure that if they don't call you back, you can call and call and call until you get their ear. In my experiences, I've found that asking for that information suddenly frees up the supervisor to speak to you right away, imagine that!
Grow a think skin and while politeness is always preferable, it tends to get you nowhere in the modification process; so don't be afraid to bring out the claws.

[snake07]

My 1st thought was exactly what Evan Bedard's method, build relationship with my counselor so she knows me better but I can hardly get in touch with her.

Anytime I sent her an email or call her, I never get any response from her. Last time she told me she call US Bank and talk to them. I called her a week later to see how things go. It turned out she never called them and then she called sometimes that week. This time it's the same, she told me she call US Bank last Friday and I've been trying to contact her since monday and she never call me back and I'd bet she did not call them again.

How can a negotiator negotiate anything if she never call our Bank ? so up to this point, building relationship with the counselor is no longer in my mind and I have to do something else.

[abailey1]

I have called, emailed and fought my way through the entire modification process with BofA - who many times told me they did not have the paperwork they needed even though I faxed in everything!f
I finally received a FedEx Package with the modification paperwork, I signed it and sent it back that day!!!
I was so excited that it was finally complete - knowing that I would probably have to keep checking to see if they were doing their part, but I was relieved.
Until this morning when I received an email from one of my credit card companies stating changes have been made to my account.
Long story short, I was one of those people who have been able to make their payments and I was never late, if anything I was ahead a month or more. I had a very bad accidents a few years back and fought hard to keep my credit score up even with all of the medical bills.
Since my modification started with BofA back in December, my credit report shows that I am delinquent, have not paid since December and about $4000 behind in payments. I made every payment; it shows on BofA’s website and my bank website, but because of the loan modification BofA is telling me they cannot post anything until the entire procedure is complete. They informed me that it could possible take three or more months before that is completed.
So now that I have made it through and my loan is going to be modified permanently, I may end up with the lowest credit score I have ever had. Already my interest rates in one card went all the way up to 18% and the other card is now only allowing me a $500 credit line.>>
Yes I can deal with that because I am trying to get away from credit cards completely, but I was told by NACA that I could rebuild my credit by paying on time for the next 12 months…I don’t get it…I have been paying on time.
I was also told by NACA that a lot of homeowners who were never late have to deal with their credit being ruined.

Is this true? Has anyone else had to deal with this?

I would think that it would be something I could fight when a=everything is done because I have all the records that my payments were in on time.

Any information, suggestions would be helpful.
Thanks

[Rivieraneo]

Well, Here is the most recent update. After making my 6th trial payment, I was sent a letter that I needed to start making my full payment again because i was being requalified for the HAMP program and again was asked to send in financial info. I have not heard anything back from my negotiator and when ever I call, the system says he is unavailable. I am loosing hope now.....

[1pochild]

Well, Here is the most recent update. After making my 6th trial payment, I was sent a letter that I needed to start making my full payment again because i was being requalified for the HAMP program and again was asked to send in financial info. I have not heard anything back from my negotiator and when ever I call, the system says he is unavailable. I am loosing hope now.....

Call this guy and tell him your story...say that you are seeking an attorney to restore your credit and place a freeze on reporting for 6 months. DO NOT say that you got any info from this forum or anyone by name. IF they ask, say that one of the idiot customer service peons mentioned his name.
Christopher Alatorre, Risk Management Team.1-800-405-0078..leave a message and he WILL call you back.If you have to leave a message, say"I need you to call me back,as I am about to seek legal help against BOA for fraud and false reports on my credit." BE NICE. He is very honest and tries to help.He reports directly to Barbara Desoer in the OOP. When you get him on the phone, tell him the whole sickening story from the beginning. Also email this site and visit this site for help MHA_Compliance@mhacompliance.com. ps. there is a underscore_ between MHA and Compliance
Good Luck!

[Smitty256]

I have called, emailed and fought my way through the entire modification process with BofA - who many times told me they did not have the paperwork they needed even though I faxed in everything!f
I finally received a FedEx Package with the modification paperwork, I signed it and sent it back that day!!!
I was so excited that it was finally complete - knowing that I would probably have to keep checking to see if they were doing their part, but I was relieved.
Until this morning when I received an email from one of my credit card companies stating changes have been made to my account.
Long story short, I was one of those people who have been able to make their payments and I was never late, if anything I was ahead a month or more. I had a very bad accidents a few years back and fought hard to keep my credit score up even with all of the medical bills.
Since my modification started with BofA back in December, my credit report shows that I am delinquent, have not paid since December and about $4000 behind in payments. I made every payment; it shows on BofA’s website and my bank website, but because of the loan modification BofA is telling me they cannot post anything until the entire procedure is complete. They informed me that it could possible take three or more months before that is completed.
So now that I have made it through and my loan is going to be modified permanently, I may end up with the lowest credit score I have ever had. Already my interest rates in one card went all the way up to 18% and the other card is now only allowing me a $500 credit line.>>
Yes I can deal with that because I am trying to get away from credit cards completely, but I was told by NACA that I could rebuild my credit by paying on time for the next 12 months…I don’t get it…I have been paying on time.
I was also told by NACA that a lot of homeowners who were never late have to deal with their credit being ruined.

Is this true? Has anyone else had to deal with this?

I would think that it would be something I could fight when a=everything is done because I have all the records that my payments were in on time.

Any information, suggestions would be helpful.
Thanks

Hello, I haven;t even started my trial payments and they are holding my monthly payments in a partial payment account and reporting my payment 30 days past due and I have not even made a late payment at all. They said after they finalize everything they will adjust my credit. Has your credit been adjusted back yet?

[Rivieraneo]

Not at all and I doubt it will until this entire process is over in the, hopefull, near future.

Someone came to the house earlier this week, were not home at the time, and asked one of our neighbors if we lived there. Is this common ? This has me kinda worried why someone would come and ask if we lived in our home....

[wizzy26]

They usually do this to verify that the house is not vacant. So Don't be supprised this is vey common. Its a shame that your neighbors have to be in your business though.
good luck