I am back here after the continuing 3 1/2 years saga with BofA in my attempt to get a home loan modification. I am in California, and over the past 3 1/2 years, I have submitted 5 home loan modification applications to BofA, When not losing or churning my application for up to 13 months at a time, when and if BofA responded to my requests, they stated that "the investor would not allow a modification."
After finding out from HUD website that there is a list of investors who will agree to a modification, I asked BofA on 5 different occasions to reveal who is my investor. I got 5 different answers from 5 different reps, stating variously that my investor is Wells Fargo, Union Bank, and so on and so on. Since these were investors who accepted modifications, it made no sense that they were not allowing a modification when I was qualified.
I have been qualified financially according to the guidelines for all of the modifications I have requested. Then, in April 2012, my ARM payment reset to an exorbitant amount I cannot and will not pay, especially given that my home is severely underwater. BofA filed a notice of default and transferred loan to Recontrust for foreclosure. I filed Chapter 7 to stall foreclosure and to clear debts leftover from financial hardship due to the financial crisis. This has greatly improved my financial situation, making it so I more than easily qualify for a modification.
After discharge of my Ch. 7, I began working with HUD counselors and we submitted a new application for modification which is still under review. During this process, I discovered that I could send BofA a RESPA letter requesting the name of my investor, which I did.
I received BofA's response to my RESPA request for the name of my investor that states my investor is MERS. There are no other investors listed.
Does this mean that my loan, previously with Countrywide, has been securitized under the MERS robo-signing fiction and that they reason BofA keeps saying the investors will not allow a modification is because BofA does not actually know who or what entity actually is the investor?
What should I do about this continuing dilemma? Has the National Mortgage Settlement made it so that BofA has to improve or correct this process? Should I hire a lawyer to find out who is my investor and/or pursue the issue of the MERS fiction?
Thank you for your assistance.