Need Help - Anyone Receive In-House Perm MOD from BofA with ING as Investor?

[Suzie777]

I have recently been declined for HAMP (I believe), due to ING (investor) does not participate. I am now being told that BofA will try to do an in house MOD, but of course NO Guarantees. I am wondering - if the investor does not participate, what options are there? I have an internal connection with a SVP within the workout group. I plan to call him first thing in the morning. This has been in the works since Sept 09 and I am extremely frustrated with this entire process.

Also **I don’t understand how ING is my investor, when the loan was acquired by BofA from Countrywide??

[ItWillWork]

The servicer sometimes can structure the loan similar to the HAMP design in-house. That means someone at BofA will work out the numbers, send the request to someone who decides at ING, then vwallaa, you have your mod. You can go directly to the permanent mod, especially if you are basically current. Countrywide was your servicer before judging from what you wrote. We all didn't know or care who the investor was before all this mess. My investor was Wells Fargo, servicer GMAC. Way in the beginning I also had Countrywide as the servicer. The servicer does the billing, accounts receivable, etc.

[camare]

I have recently been declined for HAMP (I believe), due to ING (investor) does not participate. I am now being told that BofA will try to do an in house MOD, but of course NO Guarantees. I am wondering - if the investor does not participate, what options are there? I have an internal connection with a SVP within the workout group. I plan to call him first thing in the morning. This has been in the works since Sept 09 and I am extremely frustrated with this entire process.

Also **I don’t understand how ING is my investor, when the loan was acquired by BofA from Countrywide??

I see this is an older post but have you had any success with a loan modification. I, too, have Bank of America as a servicer (soon to be ING effective 2/1/11) and ING as an investor. After months of dealing with BofA, I submitted a MHA/HAMP application and was denied for the same reason (ING not partipating in program).

[Suzie777]

I see this is an older post but have you had any success with a loan modification. I, too, have Bank of America as a servicer (soon to be ING effective 2/1/11) and ING as an investor. After months of dealing with BofA, I submitted a MHA/HAMP application and was denied for the same reason (ING not partipating in program).

As of yesterday, I have finally received my permanent modification documents. The modification is only for 2 years and I am happy with that for now. My previous payment was 2300 interest only 6% to 1699 interest 4%. I'm still confused about how I was told that ING doesn't participate, but now I have a 2 year permanent mod??? (i'm not complaining at all....not yet anyway)

My advice is do not give up. Be persistent and don't take no for an answer. This has been in the works for me since 9/09....and it's finally got approved. Please let me know if I can help you in any way.