Trial payment period

[Shpratt]

I just received a letter from B of A for a three month trial period for the new program introduced as a result of the U.S. Dept of justice settlement, which also offers a descent rate reduction. Has anyone had any experience here? We have had our sale date postponed 4 times and this is exciting but also feels to good to be true.

[Evan Bedard]

I just received a letter from B of A for a three month trial period for the new program introduced as a result of the U.S. Dept of justice settlement, which also offers a descent rate reduction. Has anyone had any experience here? We have had our sale date postponed 4 times and this is exciting but also feels to good to be true.

Welcome to the community Shpratt.

You are the first person I have seen to be offered a trial period under the new mortgage settlement.. I'm really interested in seeing how this plays out for you and whether or not they offer a principal reduction after the trial is complete.. What else does it state in the agreement?

[Cat Damiano]

Hi Shpratt,


Welcome to the forum and thank you for joining........


If it were me, I would contact the executive team just to be sure that it is a legitimate offer as there are so many scammers preying on homeowners in vulnerable situations.

They can be reached here;
1-704-386-5687

[Cat Damiano]

Also, here are some other members that received contact in regards to the settlement as well;

National Mortgage Settlement

[Evan Bedard]

Cat has great advice, there are many scams out there related to the mortgage settlement on loan mods so you will want to be very careful! You will always want to verify any offers through your lender to ensure they are legitimate..

[Cat Damiano]

There sure are, which is why I posted to contact them directly instead of off of the letter.

[Evan Bedard]

Very good suggestion, they could provide any 1-800 number and it is easy for them to put a BofA logo on the documents.. Someone else posted yesterday that they received a letter in regards to the settlement that looked very suspicious..

[Shpratt]

This is the basic information...3 trial payments, a principal reduction (it does give a large dollar amount, but also says this amount could change) after 3 payments on time you will receive a permanent modification......? You need to return any paperwork, they ask for and blahh blahh blahhh...I have been going back and forth returning all paperwork for the last year, so I'm a little skeptical.

[Shpratt]

Thank you for the info...I will follow up. The offer is from B of A, and it is signed by the specialist I have been working with as well as the payment coupons with my account number on them. Should I still be concerned about a scam?

[Evan Bedard]

Thank you for the info...I will follow up. The offer is from B of A, and it is signed by the specialist I have been working with as well as the payment coupons with my account number on them. Should I still be concerned about a scam?

If you have spoken with BofA and they confirmed this offer is legitimate you should have nothing to worry about..

[kimdan]

We also have received B of A , dept of justice trial modification 3 payments, payment was based on income and reduction of principal with an amount noted in the letter, of course this is all heresay until trial period complete. Did determine that if your escrow payments were included with Bof A prior, than the trial period payment should include those as well, but letter does not explain this- very short and to point with very little details...Question- has anyone completed the trial period as of yet with the Dept of Justice Modification to determine if their payment amount was adjusted to reflect the so called new lower principal amount, and was the principal reduction amount close to the amount stated in your letter?
thank you for help on this,

[Cat Damiano]

Hi kimdan,



Welcome to the forum and thank you for joining........


BofA had just made their announcement on May 10, 2012 so we have not seen any members complete the three month trial as of yet, but may have some posting in August.

Modification, Refinance, and Short Sale Program Enhancements | Bank of America

[Cat Damiano]

There is also a thread where members are updating about receiving the letters here;

Letter from Bank of America about the U.S Department of Justice and State Attorneys Settlement