BoA..How long before I receive mod Terms?

[homeownership_isoverrated]

Hello:
This is my first time posting. Long story short, On Thursday 7/19/2012, my BoA Client Specialist or whatever she's called told me that I was approved for "something" but she can't tell me what kind of workout assistance because the terms have not been completed. Does anyone know how long it takes for the TERMS of the modification/workout assistance to be completed.

thank you...

[Evan Bedard]

This is my first time posting. Long story short, On Thursday 7/19/2012, my BoA Client Specialist or whatever she's called told me that I was approved for "something" but she can't tell me what kind of workout assistance because the terms have not been completed. Does anyone know how long it takes for the TERMS of the modification/workout assistance to be completed.

Welcome and thanks for joining the forum.

Each and every case is different so there is no specific time frame as to how long it will take them to complete the modification, but I would say you are looking at about 10-30 days before it is finalized. Please feel free to join in on other threads as most members here are homeowners like yourself pursuing some type of loan workout.

[Cat Damiano]

Also, BofA has some general information about the steps of their modification program here;

Bank of America Home Loan Modification | Bank of America

[homeownership_isoverrated]

Thanks Evan and Cat for your help. I'm trying to be patient while the terms are being worked out, but it's hard.

[TomEason]

landownership_isoverrate

Thanks for your posts.

If you don't mind my asking, why are you in a hurry? IMHO, the longer BOA takes, the longer a homeowner gets to stay payment free and stash that saved cash. I personally am very glad when a lender takes a long time to underwrite a mod.

[homeownership_isoverrated]

Hi Tom:
I don't mind you asking. My goal is not to live in my house for free or speak to someone from BoA all the time and send in documentation for years. I was laid off a few months ago, but I just got a new job last week . I have no problem paying my mortgage but I need to get the terms to address the past due balance, start paying it and move on with my life. To answer your question, I'm in a hurry because I don't like for things to linger on or consume my time. I just want to get it over with. That may sound weird, but that's just the way I am.

[homeownership_isoverrated]

Question regarding credit reporting--So I received a call from someone in the president's office with my terms (i haven't received them in writing), but the person does not know the answer to my question regarding the credit reporting of partial payments during the trial. Are the partial payments reported as late, or are they not reported at all, or are they reported with a special note indicating that I'm on a payment plan? This is extremely important to me because I have a secret clearance and need to preserve what little bit of credit I have left for my job.

Thanks for any help you can give me. This site is heaven sent!!!

[Evan Bedard]

Question regarding credit reporting--So I received a call from someone in the president's office with my terms (i haven't received them in writing), but the person does not know the answer to my question regarding the credit reporting of partial payments during the trial. Are the partial payments reported as late, or are they not reported at all, or are they reported with a special note indicating that I'm on a payment plan? This is extremely important to me because I have a secret clearance and need to preserve what little bit of credit I have left for my job.

How many months are you behind on payments?

[Cat Damiano]

Question regarding credit reporting--So I received a call from someone in the president's office with my terms (i haven't received them in writing), but the person does not know the answer to my question regarding the credit reporting of partial payments during the trial. Are the partial payments reported as late, or are they not reported at all, or are they reported with a special note indicating that I'm on a payment plan? This is extremely important to me because I have a secret clearance and need to preserve what little bit of credit I have left for my job.

Thanks for any help you can give me. This site is heaven sent!!!

Servicers should report a “full file” status report to the credit reporting agencies for each loan
under HAMP in accordance with the Fair Credit Reporting Act as well as other applicable laws
and credit bureau requirements as provided by the Consumer Data Industry Association (CDIA).
“Full-file” reporting means that the servicer must describe the exact status of each mortgage it is
servicing as of the last business day of each month.

Trial Period Reporting:

If the borrower was current with payments prior to the trial period and he or she makes each trial
period payment on time, servicers must report the borrower as current (Account Status 11) during
the trial period and report Special Comment Code ‘AC’ (Paying under a partial or modified
payment agreement). The servicer must also report the modification when it is completed.

If the borrower was delinquent (at least 30 days past the due date) prior to the trial period and the
reduced payments do not bring the account current, servicers must report the Account Status
Code that reflects the appropriate level of delinquency following the usual and customary
reporting standards. The servicer reports the modification when it is completed as well. The
servicer should also report Special Comment Code ‘AC’ (Paying under a partial or modified
payment agreement).

[just_hellish]

As many of us have experienced, BoA does not comply with the proper credit reporting. I am still battling them on this (after 19 trial mod payments) and my mortgage was current when I entered the trial. My account has been with their office of the ceo and president since January 2012. I just posted my FHA HAMP permanent mod details under the BoA Mortgage forum.

[Cat Damiano]

As many of us have experienced, BoA does not comply with the proper credit reporting. I am still battling them on this (after 19 trial mod payments) and my mortgage was current when I entered the trial. My account has been with their office of the ceo and president since January 2012. I just posted my FHA HAMP permanent mod details under the BoA Mortgage forum.

The credit reporting guidelines posted are for Conventional loans, not FHA loans. Your loan is FHA and that is a whole other loan species.

[homeownership_isoverrated]

How many months are you behind on payments?

Hi Evan:

I'm four months past due...I was laid off in March, but started a new job last month. I spoke to my BofA rep on my lunch break, and he said that it will report as late, while I'm in the trial period and then noted as current if I'm approved for the perm. mod. Does this sound accurate?

[homeownership_isoverrated]

Hi Cat:

I have an FHA loan. Do you know what the guidelines are for FHAs or where I can locate them?

[Cat Damiano]

Hi Cat:

I have an FHA loan. Do you know what the guidelines are for FHAs or where I can locate them?

That is the issue with just_hellish, they just received a modification on an FHA loan after many months and are having issues with their credit reporting incorrectly and BofA not correcting the issues.

The only information that is stated for an FHA HAMP is credit reporting is to be reported as usual. If you would like to confirm how exactly the credit reporting should be during the trial period, you can try emailing or contacting FHA directly to ask here;

Call the FHA Outreach Center:
1-800-CALL FHA (800-225-5342)

• Email the FHA Resource Center
• The Online FHA Resource Center