Bank of America Loan Modification Success Stories for February 2010?

[jhawk]

I haven't heard or seen any new Bank of America Loan Modification Success Stories for this week. I have heard that they send out loan mods in bulk on Fridays. If anyone received one this week, please give us an update!

I called last week and was told that the negotiator noted on my file that we met the guidelines for HAMP, but "we are backed up" and no update on when a loan mod would be sent.

I paid my 7th Trial Payment last week.
Online status: Approved and Referred
Loan Amount $308,000, interest only 7yr
Investor: Freddie Mac
House Value: about $250,000
Original Payment: $2250
Trial Payment: $1663.46

[Evan Bedard]

Jhawk,

I do recall seeing a few last week, but many times they are posted in threads whos title is not a success subject, therefore making it hard to find..

[timmywit]

Originally Posted by jhawk

I haven't heard or seen any new Bank of America Loan Modification Success Stories for this week. I have heard that they send out loan mods in bulk on Fridays. If anyone received one this week, please give us an update!

I called last week and was told that the negotiator noted on my file that we met the guidelines for HAMP, but "we are backed up" and no update on when a loan mod would be sent.

I paid my 7th Trial Payment last week.
Online status: Approved and Referred
Loan Amount $308,000, interest only 7yr
Investor: Freddie Mac
House Value: about $250,000
Original Payment: $2250
Trial Payment: $1663.46

I was told the docs sent in bulk on Friday a few times, thus homeowners are getting there docs Monday or Tuesday.
wow 7th trial payment, this seems to be when most get there permamant modificatons.

[tracimccoy]

I am in the same boat with you. I received a loan mod in the mail out of the blue after my sixth trial payment. It did not help at all---only reduced my first mortgage payment $300 per month. Does anyone know of anyone who has successfully negotiated the Obama 2% rate successfully? Also I am thinking of offering a lump sum payoff of my second mortgage. Please help!!

Florida Realtor

[jhawk]

I will keep people posted on any developments! I hope they do not ask for any more paperwork! They asked for last three month's bank statements in early December and I just sent them a whole year's worth. I must admit, I got a nice chuckle when I ask the call center person if they received my paperwork and she replied "you mean all 120 pages?" I just said " Yes, all 120 pages! I just wanted to make sure you get everything you need!".

[Evan Bedard]

I am in the same boat with you. I received a loan mod in the mail out of the blue after my sixth trial payment. It did not help at all---only reduced my first mortgage payment $300 per month. Does anyone know of anyone who has successfully negotiated the Obama 2% rate successfully?

tracimccoy- The chances of getting a fixed rate of 2% are very very rare. Most modifications we see start out around 2% for the first five years, and go 1% higher until the payment caps off about 5% fixed for the life of the loan.

Also a settlement on your 2nd mortgage is a perfect idea, many lenders will be willing to accept anywhere from 5-20% of the remaining balance. But be aware that this may be very difficult to accomplish if you are not behind on payments..

[frustrated09]

Hi Everyone,

I obtained a successful Modification through Bank of America a few months ago and it wasn't easy. As a matter of fact, it's been torture. It's a wonder I've been able to keep my day job - getting the Modification through was so much work. The whole process has been nearly a year in the making and it isn't over.

First, it was a Home Affordable Trial. Then, it was a Stepped Up Modification. Next, an improved Stepped Up Modification. Although I reduced my monthly payment from over $1,900.00 to just about $1,300, got a 2% interest rate for the first 5 years, with a slightly climbing rate after that, I am still fighting with BOA to get an accurate and current payment history.

I signed the current Modification Agreement around Thanksgiving and I'm still getting different figures on Total Principal and Interest due, Total Monthly Payment Due, and how previous payment have been applied (about every 2 weeks)! On top of the BOA seems to have slapped on an additional $11,054 for "delinqent principal and interest" when I have never ever been delinquent. (Mine was a rare Modification, because I was never late and never missed payment.) Beyond this they seem to have made a $1,400 just disappear off of my payment history!

When I get a customer service rep. on the phone, whether it's someone from Retention, An Advocate, or a regular phone rep. they just keep telling me to wait...it's still being worked out.

You can't get a straight answer from any customer service rep. in any department. No one understands how to interprete those payment histories or how Modifications get "worked out." So, I've been writing...and writing...and writing. I write to Kenneth Lewis (just found out he was replaced with Barbara Dseoer), Customer Service, Bank of America Home Loans Processing LP. Then, I copy an Attorney friend, Timothy Geithner, and SIGTARP.

It takes about 6 weeks to start getting "answers" from BOA in the mail. But, the "answers" they send me are just more inaccurate payment histories! Absolutely no one will tell me what happend to the missing check and no one can explain the $11,054 added to my Principal! By the way the missing check did clear my bank and BOA did show it on the payment hist. at one time. Then, it just suddenly drops off the payment history along with a second check that I myself STOPPED.

I'm tired. Everyone here keep telling me to go through NCAA. But, I didn't. Thought I could do better on my own. Now, I don't know if I'm ever going to get an accurate Principal and Interest statement.

But, I'm not giving up.

I'm going to write this Barbara J. Desoer every week until she get's fed up with me.

I spend a lot of time in the post office.

But, I'm still hoping to get satisfaction someday.

Best to all of your Frustrated09.

[capote203]

frustrated - what was your hardship? I was told that BofA "at risk of imminent default" guidelines preclude them from modifying a mortgage if at least one of your credit items (mort, car pymt, cc) is not in default.

Thanks!

[frustrated09]

Capote,

I tried to answer your question. The response was almost finished. But, I lost everything when my finger hit an incorrect key. Sorry. I have to go to work now. I will try to answer you later today - at lunch or this evening.

Frustrated

[timmywit]

Originally Posted by frustrated09

Hi Everyone,

I obtained a successful Modification through Bank of America a few months ago and it wasn't easy. As a matter of fact, it's been torture. It's a wonder I've been able to keep my day job - getting the Modification through was so much work. The whole process has been nearly a year in the making and it isn't over.

First, it was a Home Affordable Trial. Then, it was a Stepped Up Modification. Next, an improved Stepped Up Modification. Although I reduced my monthly payment from over $1,900.00 to just about $1,300, got a 2% interest rate for the first 5 years, with a slightly climbing rate after that, I am still fighting with BOA to get an accurate and current payment history.

I signed the current Modification Agreement around Thanksgiving and I'm still getting different figures on Total Principal and Interest due, Total Monthly Payment Due, and how previous payment have been applied (about every 2 weeks)! On top of the BOA seems to have slapped on an additional $11,054 for "delinqent principal and interest" when I have never ever been delinquent. (Mine was a rare Modification, because I was never late and never missed payment.) Beyond this they seem to have made a $1,400 just disappear off of my payment history!

When I get a customer service rep. on the phone, whether it's someone from Retention, An Advocate, or a regular phone rep. they just keep telling me to wait...it's still being worked out.

You can't get a straight answer from any customer service rep. in any department. No one understands how to interprete those payment histories or how Modifications get "worked out." So, I've been writing...and writing...and writing. I write to Kenneth Lewis (just found out he was replaced with Barbara Dseoer), Customer Service, Bank of America Home Loans Processing LP. Then, I copy an Attorney friend, Timothy Geithner, and SIGTARP.

It takes about 6 weeks to start getting "answers" from BOA in the mail. But, the "answers" they send me are just more inaccurate payment histories! Absolutely no one will tell me what happend to the missing check and no one can explain the $11,054 added to my Principal! By the way the missing check did clear my bank and BOA did show it on the payment hist. at one time. Then, it just suddenly drops off the payment history along with a second check that I myself STOPPED.

I'm tired. Everyone here keep telling me to go through NCAA. But, I didn't. Thought I could do better on my own. Now, I don't know if I'm ever going to get an accurate Principal and Interest statement.

But, I'm not giving up.

I'm going to write this Barbara J. Desoer every week until she get's fed up with me.

I spend a lot of time in the post office.

But, I'm still hoping to get satisfaction someday.

Best to all of your Frustrated09.

Frustrated09-trust me you are not alone. there is a forum at the top that is in the sticky titled "after reciving permanent modification" you will see lots of stories about post modifcation nightmares. I would contact Barbara office and get an explaination on what is going on. Make sure you state in your subject line loan ### recived permenent MHA modification. Then address you issue in the body of the email. I have ran accross village idiots in that office during that process. It is some wicked accounting going on here you have the permanent modification effective Dec 1st. Now on that permanent docs did they say they are adding that 11k to make your principle increase? Seems like the accountants who are closing there mods are a bunch of college idiots.
Just keep on top of the OOP, your in particular should of been cleared up over a month ago.

I wish you luck and I hear you Its not easy getting a mod then we all have to continue with there BS after the MOD.

Let us know your out come!
Tim

[frustrated09]

Hi Capote,

Please forgive me the long winded answer to a simple question. I am going to be copying this response to you into my next correcpondence with Bank of America. This is more than you wanted to know.

I actually had more than one "hardship" and I was definitely at risk of imminent default. Bye the way - you don't have to be in default to qualify for Home Affordable.

You see, I was not one of those women who benefited from Divorce. When my irresponsible ex-husband left, he had accumulated a lot of debt. However, I had been the one to sign on the dotted line of responsibility for wishes. So, I was stuck with both his debt and my own. As a result, I had been through several refinances (including one of those sub prime, no doc, pay what you want each month mortgages, the kind where the interest rate can goe up every single month!) (I was lucky to get out that mess just a few months before all hell broke loose in the mortgage markets.) About year and 1/2 after I finally got setteled in a 30 year fixed with Countrywide, my company decided to "restructure compensation," which meant a loss of income. My employer also took all overtime opportunity away.

The restructure devestated me, as I was already in the negatives on meeting my monthly bills. I was using credit cards to pay bills and avoid late fee's juggeling! So, I was terrified of losing my home and ending up on the street with my 8 year old daughter.

I had head about Government Programs available to help people like me, so in the hope of avoiding delinquency and bankruptcy - I followed every step you will see on those 'how to avoid foreclosure' assistance tools. I did research. Created a detailed monthly budget. Called Credit Counseling agencies. I figured out just how long I could go before I would have to default. AND I CALLED COUNTRYWIDE AND STARTED ASKING FOR HELP before I defaulted!

During the Spring of 2009, Countrywide was in transition to Bank of America and hardly anyone understood Home Affordable, which was what I felt strongly tha I qualified for. But, all I got was a run around for the first few months. The phone representatives at Countrywide/BOA keep telling me I did not qualify. They tried to pressure me into accepting an expensive refi loan through HAMP. I was repeatedly given fraudulant information.

But, I had thoroughly researched HAMP and felt I understood the program far better than Countrywide/BOA. So, I got angry about the lies I was being told, and started writing to anyone with a title at Countrywide/Bank of America. I also copied every Government Agency I could find - Timothy Geithner (Dept. of Treasury), Office of Govt Accountability, HUD my State Senator, the Gov. of CA. (Countrywide is located in CA.)...

Eventually, Countrywide/BOA assigned me to a "negotiator." The first negotiator was useless. She kept asking me to fax her information. Then, she would give me inaccurate excuses as to why I did not qualify for HAM. So, I kept sending her pages of information from the Government's HAM web site, with notes and highlights. And, of couse, I copied all the Govt. agencies I was communicating with.

After about 6 weeks of my trying to teach this negotiator her job, Countrywide/BOA assigned me to a new negotiator. The new negotiator got me a trial on the HAMP. A few weeks into the trial period for HAMP, Bank of America offered me a Stepped Up Modification (which was almost the same as HAMP but without a trial period), so I took it. Then, the night before Thanksgiving, a new Stepped Up Modification offer arrived in the mail. This one sounded even better than the first Stepped Up, so I signed that one.

The second Stepped Up Modification Offer is Official now. I'm getting monthly payment stubs again and I'm satisfied with the monthly payment amount even though they change that every couple of weeks. However, Bank of America has yet to provide me with an accurate Principal and Interest balance.

I've felt something was "wrong" with my P&I balance for months. But, none of the customer service reps can interpret what they see at there end on Modification. They been telling me to wait till everything gets "worked out" for months.

On Friday 3/12/10 I finally got a payment history dated through 3/4/10. I've studied it and it's wrong! BOA is missing a $1,400 payment that was once shown on the hist. and then later disappeared (along with a second $1,400 payment that I put a Stop Payment on). On top of the missing check, BOA slapped $11,054 in "delinquent principal and interest" on the balance.

I don't know how you can accumulate delinquent principal and interest when you've never been either late or delinquent (when your payments are sitting in a partial act. at BOA). I'm no mathmatician, but it sure seems to me that your P&I balance should still be going down every month (even if they payments your are sending are temporarily held in a partial account).

Even if my partial payments were not applied until the date shown on the history BOA sent me, my balance should have rightfully decreased when the partial account held payments were eventually applied. The balance certainly should not have increased by an amt. ($11,054) unrelated to the amt. held in the partial account. The balance should simply have gone down by the amt. applied from the partial account (when it was applied).

I don't get how BOA got this $11,054 they slapped on and I don't know what they did to make my first $1,400 payment drop off the history (after the check cleared my bank). And I am far from in a position to accept such discrepancies. So, I am back to the post office, internet, and the phone again.

I will not give up until this is fixed.

Frustrated09

[frustrated09]

Thank you for the advice on putting "#######recieved permanent modification in the subject line," Timmywitt. I will do it.

I can't seem to find the thread you were talking about with after modification nightmares. If have have another way to find it. Please let me know.

I was going to write to Barbara's office. Do you think it's better to e-mail?

[capote203]

Frustrated - Thanks for the reply. My hardship, as well, is reduced income but I don't qualify for a HAMP mod - my first is about the 729K limit (I'm in S CA). My loan was originated by First Franklin, which is now owned by BofA. My story is much the same as your's (negative monthly, using cc to cover expenses...) Being pro-active, I initially applied for a mod in Dec08. For 9 months, I faxed, re-faxed, re-refaxed documents, called constantly - and, in Sep09, received a DENIED letter, stating that under HAMP, I did not qualify for "at risk of imminent default". I called Customer Advocacy, and my husband emailed anyone and everyone at BofA, in the Government, and the press. I had spent 9 months on this crazy treadmill, to be declined under a program that I never applied under nor would have qualified for in the first place. OOP connected me with a Customer Advocate to further review. From this, recd another DENIED letter, stating my first was over the HAMP limit - OH REALLY! My husband then got in touch with our Congressman's office. I then faxed in documents to them and they intervened. Was assigned another Customer Advocate, spent another few months faxing documents, calling... to then be told we do not qualify for a mod under guidelines for "at risk of imminent default" as we were not late on anything. She cited the HAMP guidelines, as being the guidelines BofA and FF follow, in determining 'at risk of imminent default". I did point out that under HAMP guidelines, one does NOT have to be late to qualify, but she said the language was vague and left up to the servicer and bank to define... So, I am regrouping now, and will be back on the treadmill soon...