B of A Success!!! - Loan Modification Forum

Highway Man · 01-08-2009, 07:55 PM

Hi *** and LHarvey, I'm in the exact same boat (well very close) as LHarvey with B of A. I will save you all the details but suffice to say I have played by the book and done the phone calls, hardship letter etc. I was finally told there was nothing B of A could/would do since I had never missed a payment. My interest only loan will reset next year and I know given my current situation it will become a struggle to make the payments. I love the idea of e-mailing a select group of high level exectutives but I'm not sure which ones to include. If you could possibly provide a link or list of e-mail adds I would greatly appreciate the help.

regards,

Brian

Moe Bedard · 01-08-2009, 08:09 PM

Brian..........the member in this thread was referring to ones that they found on the Bank of America website.

Highway Man · 01-21-2009, 01:22 PM

Well I just got off the phone with a B of A representative who politely told me yet again there is nothing they can and/or are willing to do because I have not missed any payments.

Quick details: We purchased our house in 2006 for $635,000 first with B of A for $524,000 at 6.25 interest only which is scheduled to re-set next year. Second is also with B of A. Our house is currently valued between $450,000 and $500,000.

We attempted to work out a loan modification in Sept of 2008 and after playing the phone game and writing our letter etc. we were denied based upon “no hardship”.

Fast forward to today… My wife has had her hours cut from her part time job. I am a California State employee who is set to begin receiving two work furlough days per month starting Feb. (This equates to a 10% pay cut).

Taking a play out of LHarveyMadman’s book I fired off a very well written e-mail to several select top executives of Bof A explaining my current situation and requesting assistance. To my surprise, within a week we received a phone call from B of A.

That brings me to today. My wife spoke to the rep who basically said B of A will not negotiate modifications with anyone who has not missed a mortgage payment despite what we have read elsewhere! She also thanked us for being proactive and for being loyal B of A customers, but they would not assist us until we actually had a financial hardship (i.e. missed payments) Now, my argument would be that during the first round after going through all our income versus expense B of A came up with $1,000 of income left over each month. Although, I didn’t see it that way and know for certain that we don’t as we have exhausted our savings and have had to charge our property taxes to our credit card. However, the work furlough will mean about a $1,000 loss of income for me per month. This in addition to my wife losing hours at work sure sounds like a legit hardship to me! But B of A doesn’t see it that way!!

I’m very frustrated as it seems they are unwilling to help until it becomes too late and modifications will be pointless as people will default anyways!

The B of A rep told my wife that she would be more then willing to speak with me also but I’m not sure I have much more to offer to get them to change their way of thinking. Any suggestions?

Moe Bedard · 01-21-2009, 01:40 PM

Brian,

Is this the only property that you own?

HopingtoFind · 01-21-2009, 01:58 PM

Brian... We have been working on the 1st and 2nd with BofA and from talking to reps we understood that they will not consider modificaton if you have too much of a surplus or deficit...

Highway Man · 01-21-2009, 02:25 PM

Hi ***, yes this is our one and only property. HopingtoFind, that's my understanding also. I wish I knew what the magic number was though as I'm pretty sure I'm at a neutral balance i.e. no deficit but not really any surplus. I explained to them that I was not seeking debt reduction just stability with our loan as we want to stay in this house for the next 10 plus years. I have two young sons who have years of schooling left and we are very pleased with the area we live in.

LHarveyMadman · 01-21-2009, 02:43 PM

Highway Man, I get the impression that for a lot of lenders, B of A included, modifications are a moving target. The rules are constantly shifting, and as has been pointed out elsewhere, the decision ultimately lies with the investors. This is one of the reasons why the H4H program has been so unsuccessful - though the lenders might be interested in having the government cover some of their losses in exchange for modifications, the investors have been less willing to give up their promised returns.

Obviously, the explanation that you got - that B of A will not modify mortgages for borrowers who are current - is not accurate. Within these last few days, shahb received a modification that is identical to mine, and he was not late.

I don't know what to suggest at this point. Like HopingtoFind mentioned, the surplus calculated by B of A could be a hindrance. Maybe you could present a balance sheet that you feel more accurately illustrates your income/outgo. Have you determined what your payments might go to when it adjusts? Maybe B of A would consider a future hardship as a reason to modify.

Highway Man · 01-21-2009, 03:41 PM

Thanks LHarveyMadman, I just read Shahb's post and his success. My plan is to draw up a very accurate income/expense document tonight and phone the B of A rep that my wife spoke with. Without being too personal and if you don't mind sharing were you on the plus or negative side? I know they will and can make this happen I'm just not making a good enough argument I guess. All I can do is keep trying.

LHarveyMadman · 01-21-2009, 04:45 PM

I had a small monthly surplus. They did not tell me what their calculations came out to be, but based on what I had been putting away under my mattress, it was around $200.

Highway Man · 01-21-2009, 08:31 PM

LHarveyMadman, thanks for being so open. I appreciate it. I completed a very accurate income to expense sheet and I have $234.00 left over at the end of the month! I forgot to mention that the B of A rep suggested my wife look into the H4H program. I don't understand why as they would take such a bigger hit going down that road rather then simply doing a mod. Anyway, I plan on calling tomorrow and presenting my findings. I am clearly one incident away from complete financial disaster (my wife's employer is constantly talking layoffs and I have a pending 2 day work forlough) that alone will put me into the negative. I'll keep you posted. Again, thanks for your insight.

jasonsmith123 · 01-25-2009, 12:46 AM

LHarveyMadman,

I had the same question about the income/expense ratio.....

Did you have the $ 200 surplus after the expected loan modification OR before the loan modification (with the hardship situation and no loan modification). Please advise.

Thanks.

LHarveyMadman · 01-25-2009, 04:13 PM

That was before the modification.

Highway Man · 02-03-2009, 12:55 PM

Success! Yes, finally after six months of hard work I have finally been approved for a loan modification through Bank of America!! Just received the info today via phone call that my 6.25% interest only loan will be modified to a 3.125% P & I for five years followed by 6.25% P & I for the remaining 25 years. I cannot thank ***, LHarveyMadman, and Shahb enough for their assistance. I am confinced it was my two e-mails to top executives that got the needed attention and I never would have thought of that on my own. Again, all my thanks to you on this board!!

Brian

LHarveyMadman · 02-03-2009, 01:40 PM

Congrats, Brian! You got nearly the same modification that shahb and I got, but beat us by an eighth of a point! I'm glad that we were able to help in a small way. You deserve most of the credit for getting it done.

mo10233 · 02-03-2009, 02:02 PM

Congrats Brian!

I'm about to call BofA very soon to try and get a loan mod as well. I'm just working on my hardship letter before giving them a call. I was wondering, were you behind on your payments before you started your loan mod?

Is there any advice you would recommend in dealing with BofA? After going through the process, is there anything you would have done differently had you known it at the beginning?

mo10233 · 02-03-2009, 02:08 PM

Sorry forgot to ask. When you put your income/expenses together for the month, did you have a surplus or deficit? In either case, would you mind saying what the amount was?

Thanks.

LHarveyMadman · 02-03-2009, 02:13 PM

By the way, Brian, I believe you said that you're in California. Whereabouts?

Highway Man · 02-03-2009, 02:48 PM

LHarveyMadman, I live in Placer County but am a former resident of the south bay.

mo10233, no problem with your questions. You can get a little more info on my situation by looking at the thread titled "Lost round 2 with B of A". Anyway, I was not behind on any payments and I think the big thing was not giving up as they really make you jump through hoops. Additionally, as mentioned I e-mailed a short version of my hardship letter to several B of A executives which really got their attention. Lastly, I faxed a recent income to expense sheet that showed I had a surplus of approx $250.00 however I was honest with them in that the number fluctuated monthly.

LHarveyMadman · 02-03-2009, 02:57 PM

Ah, very beautiful country up there....with this problem settled, you'll be able to enjoy it even more.

Highway Man · 02-03-2009, 03:33 PM

In deed we can, it truly is a nice relief to not have to worry about what was coming around the corner. I feel like a ton of bricks have been lifted off my shoulders.

mo10233 · 02-03-2009, 03:38 PM

Quote:

Originally Posted by Highway Man

LHarveyMadman, I live in Placer County but am a former resident of the south bay.

mo10233, no problem with your questions. You can get a little more info on my situation by looking at the thread titled "Lost round 2 with B of A". Anyway, I was not behind on any payments and I think the big thing was not giving up as they really make you jump through hoops. Additionally, as mentioned I e-mailed a short version of my hardship letter to several B of A executives which really got their attention. Lastly, I faxed a recent income to expense sheet that showed I had a surplus of approx $250.00 however I was honest with them in that the number fluctuated monthly.

Thanks Brian, I'll make sure to check out your thread. By the way your only a couple of hours away from me, I'm in the San Francsco Peninsula (San Mateo County). I have a cousin that lives in El Dorado Hills, unfortunately, I believe he will be calling his lender soon as well

Moe Bedard · 02-04-2009, 12:24 AM

Brian,

Congratulations!!!!

That is wonderful news!!!

Please let us know when you receive your docs..............

Highway Man · 02-04-2009, 09:42 AM

Thanks ***, and also thanks for linking the two threads together. I know you like to whole story but I didn't know how hook them up...

Brian

emorybetsy · 02-04-2009, 11:54 PM

Congratulations Highway Man!

01-08-2009, 07:55 PM	#1 (permalink)
Highway Man Member Join Date: Jan 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	B of A Success!!! Hi *** and LHarvey, I'm in the exact same boat (well very close) as LHarvey with B of A. I will save you all the details but suffice to say I have played by the book and done the phone calls, hardship letter etc. I was finally told there was nothing B of A could/would do since I had never missed a payment. My interest only loan will reset next year and I know given my current situation it will become a struggle to make the payments. I love the idea of e-mailing a select group of high level exectutives but I'm not sure which ones to include. If you could possibly provide a link or list of e-mail adds I would greatly appreciate the help. regards, Brian

01-08-2009, 08:09 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Loan modification - ARM to fixed? Brian..........the member in this thread was referring to ones that they found on the Bank of America website. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-21-2009, 01:22 PM	#3 (permalink)
Highway Man Member Join Date: Jan 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Lost Round 2 with B of A! Well I just got off the phone with a B of A representative who politely told me yet again there is nothing they can and/or are willing to do because I have not missed any payments. Quick details: We purchased our house in 2006 for $635,000 first with B of A for $524,000 at 6.25 interest only which is scheduled to re-set next year. Second is also with B of A. Our house is currently valued between $450,000 and $500,000. We attempted to work out a loan modification in Sept of 2008 and after playing the phone game and writing our letter etc. we were denied based upon “no hardship”. Fast forward to today… My wife has had her hours cut from her part time job. I am a California State employee who is set to begin receiving two work furlough days per month starting Feb. (This equates to a 10% pay cut). Taking a play out of LHarveyMadman’s book I fired off a very well written e-mail to several select top executives of Bof A explaining my current situation and requesting assistance. To my surprise, within a week we received a phone call from B of A. That brings me to today. My wife spoke to the rep who basically said B of A will not negotiate modifications with anyone who has not missed a mortgage payment despite what we have read elsewhere! She also thanked us for being proactive and for being loyal B of A customers, but they would not assist us until we actually had a financial hardship (i.e. missed payments) Now, my argument would be that during the first round after going through all our income versus expense B of A came up with $1,000 of income left over each month. Although, I didn’t see it that way and know for certain that we don’t as we have exhausted our savings and have had to charge our property taxes to our credit card. However, the work furlough will mean about a $1,000 loss of income for me per month. This in addition to my wife losing hours at work sure sounds like a legit hardship to me! But B of A doesn’t see it that way!! I’m very frustrated as it seems they are unwilling to help until it becomes too late and modifications will be pointless as people will default anyways! The B of A rep told my wife that she would be more then willing to speak with me also but I’m not sure I have much more to offer to get them to change their way of thinking. Any suggestions?

01-21-2009, 01:40 PM	#4 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lost Round 2 with B of A! Brian, Is this the only property that you own? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-21-2009, 01:58 PM	#5 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 653 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lost Round 2 with B of A! Brian... We have been working on the 1st and 2nd with BofA and from talking to reps we understood that they will not consider modificaton if you have too much of a surplus or deficit...

01-21-2009, 02:25 PM	#6 (permalink)
Highway Man Member Join Date: Jan 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lost Round 2 with B of A! Hi ***, yes this is our one and only property. HopingtoFind, that's my understanding also. I wish I knew what the magic number was though as I'm pretty sure I'm at a neutral balance i.e. no deficit but not really any surplus. I explained to them that I was not seeking debt reduction just stability with our loan as we want to stay in this house for the next 10 plus years. I have two young sons who have years of schooling left and we are very pleased with the area we live in.

01-21-2009, 02:43 PM	#7 (permalink)
LHarveyMadman Senior Member Join Date: Oct 2008 Location: California Posts: 554 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lost Round 2 with B of A! Highway Man, I get the impression that for a lot of lenders, B of A included, modifications are a moving target. The rules are constantly shifting, and as has been pointed out elsewhere, the decision ultimately lies with the investors. This is one of the reasons why the H4H program has been so unsuccessful - though the lenders might be interested in having the government cover some of their losses in exchange for modifications, the investors have been less willing to give up their promised returns. Obviously, the explanation that you got - that B of A will not modify mortgages for borrowers who are current - is not accurate. Within these last few days, shahb received a modification that is identical to mine, and he was not late. I don't know what to suggest at this point. Like HopingtoFind mentioned, the surplus calculated by B of A could be a hindrance. Maybe you could present a balance sheet that you feel more accurately illustrates your income/outgo. Have you determined what your payments might go to when it adjusts? Maybe B of A would consider a future hardship as a reason to modify.

01-21-2009, 03:41 PM	#8 (permalink)
Highway Man Member Join Date: Jan 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lost Round 2 with B of A! Thanks LHarveyMadman, I just read Shahb's post and his success. My plan is to draw up a very accurate income/expense document tonight and phone the B of A rep that my wife spoke with. Without being too personal and if you don't mind sharing were you on the plus or negative side? I know they will and can make this happen I'm just not making a good enough argument I guess. All I can do is keep trying.

01-21-2009, 04:45 PM	#9 (permalink)
LHarveyMadman Senior Member Join Date: Oct 2008 Location: California Posts: 554 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lost Round 2 with B of A! I had a small monthly surplus. They did not tell me what their calculations came out to be, but based on what I had been putting away under my mattress, it was around $200.

01-21-2009, 08:31 PM	#10 (permalink)
Highway Man Member Join Date: Jan 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lost Round 2 with B of A! LHarveyMadman, thanks for being so open. I appreciate it. I completed a very accurate income to expense sheet and I have $234.00 left over at the end of the month! I forgot to mention that the B of A rep suggested my wife look into the H4H program. I don't understand why as they would take such a bigger hit going down that road rather then simply doing a mod. Anyway, I plan on calling tomorrow and presenting my findings. I am clearly one incident away from complete financial disaster (my wife's employer is constantly talking layoffs and I have a pending 2 day work forlough) that alone will put me into the negative. I'll keep you posted. Again, thanks for your insight.

01-25-2009, 12:46 AM	#11 (permalink)
jasonsmith123 Member Join Date: Jan 2009 Posts: 27 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lost Round 2 with B of A! LHarveyMadman, I had the same question about the income/expense ratio..... Did you have the $ 200 surplus after the expected loan modification OR before the loan modification (with the hardship situation and no loan modification). Please advise. Thanks.

01-25-2009, 04:13 PM	#12 (permalink)
LHarveyMadman Senior Member Join Date: Oct 2008 Location: California Posts: 554 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Lost Round 2 with B of A! That was before the modification.

02-03-2009, 12:55 PM	#13 (permalink)
Highway Man Member Join Date: Jan 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	B of A Success!!! Success! Yes, finally after six months of hard work I have finally been approved for a loan modification through Bank of America!! Just received the info today via phone call that my 6.25% interest only loan will be modified to a 3.125% P & I for five years followed by 6.25% P & I for the remaining 25 years. I cannot thank ***, LHarveyMadman, and Shahb enough for their assistance. I am confinced it was my two e-mails to top executives that got the needed attention and I never would have thought of that on my own. Again, all my thanks to you on this board!! Brian

02-03-2009, 01:40 PM	#14 (permalink)
LHarveyMadman Senior Member Join Date: Oct 2008 Location: California Posts: 554 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! Congrats, Brian! You got nearly the same modification that shahb and I got, but beat us by an eighth of a point! I'm glad that we were able to help in a small way. You deserve most of the credit for getting it done.

02-03-2009, 02:02 PM	#15 (permalink)
mo10233 Member Join Date: Feb 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! Congrats Brian! I'm about to call BofA very soon to try and get a loan mod as well. I'm just working on my hardship letter before giving them a call. I was wondering, were you behind on your payments before you started your loan mod? Is there any advice you would recommend in dealing with BofA? After going through the process, is there anything you would have done differently had you known it at the beginning?

02-03-2009, 02:08 PM	#16 (permalink)
mo10233 Member Join Date: Feb 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! Sorry forgot to ask. When you put your income/expenses together for the month, did you have a surplus or deficit? In either case, would you mind saying what the amount was? Thanks.

02-03-2009, 02:13 PM	#17 (permalink)
LHarveyMadman Senior Member Join Date: Oct 2008 Location: California Posts: 554 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! By the way, Brian, I believe you said that you're in California. Whereabouts?

02-03-2009, 02:48 PM	#18 (permalink)
Highway Man Member Join Date: Jan 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! LHarveyMadman, I live in Placer County but am a former resident of the south bay. mo10233, no problem with your questions. You can get a little more info on my situation by looking at the thread titled "Lost round 2 with B of A". Anyway, I was not behind on any payments and I think the big thing was not giving up as they really make you jump through hoops. Additionally, as mentioned I e-mailed a short version of my hardship letter to several B of A executives which really got their attention. Lastly, I faxed a recent income to expense sheet that showed I had a surplus of approx $250.00 however I was honest with them in that the number fluctuated monthly.

02-03-2009, 02:57 PM	#19 (permalink)
LHarveyMadman Senior Member Join Date: Oct 2008 Location: California Posts: 554 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! Ah, very beautiful country up there....with this problem settled, you'll be able to enjoy it even more.

02-03-2009, 03:33 PM	#20 (permalink)
Highway Man Member Join Date: Jan 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! In deed we can, it truly is a nice relief to not have to worry about what was coming around the corner. I feel like a ton of bricks have been lifted off my shoulders.

02-04-2009, 12:24 AM	#22 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,888 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! Brian, Congratulations!!!! That is wonderful news!!! Please let us know when you receive your docs.............. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

02-04-2009, 09:42 AM	#23 (permalink)
Highway Man Member Join Date: Jan 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! Thanks ***, and also thanks for linking the two threads together. I know you like to whole story but I didn't know how hook them up... Brian

02-04-2009, 11:54 PM	#24 (permalink)
emorybetsy Senior Member Join Date: Jan 2009 Posts: 123 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: B of A Success!!! Congratulations Highway Man!

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