I love this site, it helped me get my loan mod done, without paying anyone. I had a loan with BOA at 4.25 and a second with Greentree at 5.5 and total owed between the two was $414 on the first $200 on the second.
Long story short, as of 1-1-12 after enlisting the help of the AG, Senators, President of the US AND CEO of BOA I am happy to share I have a first with BOA at 1.5% and NO second, I settled the second for $20,000.
I was one of those unfortunate victims who took such pride in my credit. It meant everything to me to have a 840 FICO score. It took me over a year to finally STOP paying in order to get help. I have never ever defaulted on a loan or ever have been overdrawing since I have been a teen, I am in my mid fifties.
I TRUSTED BOA when they encouraged me to continue being current and they would help me. I told them I am taking cash advances from my BOA credit card just to make the first and second and they kept insisting to me that as long as I pay they will help me.
Well, two years later and a mountain of debt, here I am. I am trying to piece back together my credit, very appreciative I have a home and know that I am in a small percentage of people who actually made it through this nightmare. It was he**.
So, first I look at BOA - I owe $32K and want to negotiate a lower interest rate so that the huge payments will actually go more towards principle instead of interest. No, am not behind, never late and paying over the minimum. I have a Wells for $11K and same issue.
Well, let the truth be told because my banker and I were on three way when he was trying to get my interest rate lowered and the CSR did not realize I was on the line, said well if she goes three months and doesn't pay then we can restructure her balance to a 60 month fixed payment and she will take a hit on her credit.
Really? So now this is STILL the way the game is played. I am being RESPONSIBLE, calling to ask for help, am, not late or behind and only want to pay my debt. I can see the light at the end of the tunnel, these large payments are not going to happen because I can't afford them. I will NOT let my mortgage loan suffer, as I will basically die in my home now it is affordable, I can actually live and not stress about a mortgage. All I want to do is the same with my credit card. NONE of the debt I owe is from a single retail purchase. I proved that to them. It was all cash advances done at the 23rd of the month to pay my mortgage that I was told was in underwriting, being modified, being reviewed and any other lame excuse they spoon fed me to trust them.
SO, BELIEVE ME when I tell you -- this nightmare is still happening. Banks haven't learned a thing. If you come to them with honesty they won't help you. I was totally upfront about the BOA issue and let me share I only missed 4 payments. While I was in the three month mod program, they still report you as late so you know.
I guess the best way is to STOP paying, I mean what else can I do. My credit already went to crap getting a mod done, so having more hits I guess is what I have to do, although I WANTED to get a new beginning. I want to pay them is the funny thing, but continuing to do so will mean I will be in bigger debt so I opted for the responsible way. My job is not looking good, I see the writing on the wall and am trying to do the right thing. Is there a right thing anymore?
Just wanted to share and hear your thoughts...