Bank of America loan mod -SUCCESS!!

[nygirl07]

I was approved for the MHA program in July and it was assigned to an analyst and I was in the waiting period....I got sick of getting the run around so I emailed the exects and got a call the next day saying I would be contacted within 48 hrs....I called today to just check the status and left a message on the the women who called me's voicemail......she called me back 2 hrs later saying that she was having some call me immediately and as soon as I hung up my phone rang again....I spoke to a guy name AJ who gave me his direct contact and said he would be working with the analyst to get my modification completed faster.

I'm curious as to what will happen now but it's nice to have one person to go directly through....so keep your figures crossed...I'm desperate at this point...they told us to stay current when we got approved and it's getting harder to do so

[RE.Brok.er.MyrtleBeach]

Hello and THANK YOU... NativeLasVegan !!

You did an incredible amount of "HOME"-work for your modification. How truly amazing. You have REALLY given me the HOPE that I need to carry on. The part about leasing in my previous paragraph was not that I was going to lease my home out to someone else, but if I myself was FORCED into foreclosure, then leasing a home would cost us MUCH less per month. I actually became so "freaked" out yesterday, I went to see a home to think about renting. I thought that maybe I should just MOVE out of our home, then put it on the market for sale because the home I was thinking of renting would have all total cost me $2200 LESS PER MONTH because it included utilities and I would not have to pay for lawn upkeep. Unreal. This is why I was thinking of renting. Our mortgage is $2700 and our taxes and insurance are an additional $365.00 per month. The electric bill on our home is crazy at $395.00 last month. (We are all electric.) We have so much home repair to be done here also.

However, I did speak with my family and my Dad is going to send me his repair guys who live in his apartments but they can't afford to pay all of their rent at this time (due to their jobs) and so it will be sort of a trade. My Dad doesn't EVICT everyone like the banks... he has ALWAYS tried to work with his good tenants who WANT to try to even keep their apartments at this hard time the nation is going through.

I am SOOOoooo extremely grateful for a website like this. The stress tore me apart yesterday. I slept 11 hours last night - exhausted. Today, I got back "on the case" of sending everything in. I emailed, and faxed, and tomorrow I will send out everything in certified mail with receipt as suggested.

Some other "encouraging" happenings... CLIENTS have called today and I will be busy... just hoping for CLOSINGS and not just the standard "run arounds". 3 weeks ago, I had 2 terrific clients (both already pre-approved for financing), and I submitted 2 offers properties for them. The commission would have been $11,000 and closed at the end of Sept. All of a sudden... just before we got the Seller's ink on the paper, 2 other offers came in for CASH AND BEAT US OUT... I have not been able to get the clients exactly what they want since then, but I am still trying.

Thusfar, this year, I have made around $25,000 in closed real estate dealings. My husband only brings home after taxes $2000 per month. I have not had a closing since June...At this time, my family is having to support us. Our bills total approximately $6500 per month.

I hope that we will have relief soon. One Bank of America guy told me today that I won't be 3 months late until after Sept. 14th. He said even though I received a letter stating that B of A would not take less than like $8200 (which is 3 months payment), that I if I made one month payment that would keep me from hitting the "foreclosure" department. He said they would still take a payment. (Of course, however, I don't have the money...unless getting MORE from my family of which I said: NO, because I thought I should WAIT to see about the modification.) Should I make just one more payment with THEIR money because I am making this tough on them too... or should I just wait???

My credit score is HORRIBLE... do they look at your credit score when doing a modification? How do they look at real estate income when we are on a commission basis? I did not send in the 2 year tax returns because I was told to send in 2 recent pay stubs if employed and a profit-loss statement if self employed.

Thank you so much for responding.
Best wishes to you too in your situation !!

By the way, I see that you may be from Las Vegas... My goal is to have all this DEBT behind me so that I can save up for my 50th birthday and come to VEGAS... oh well, I have 3 years to plan.

You have lifted my spirits. I will keep you posted.

[RE.Brok.er.MyrtleBeach]

I came across a posting tonight from another fellow Realtor who actually specializes in short sales from the Las Vegas area:

SHE WROTE:

"I have a friend who actually put 20% down during the height. Of course she is underwater and then some. She fell behind due to her and her husband losing a job and then they both got a job (but were making significantly less.) She successfully negotiated a loan mod on her property with the new jobs (you still have to qualify income wise) and was very happy with the terms. Well she ended up getting a lawyer. They cashed the first check and then set a trustee's sale date. The lawyer had to stop it in the 11th hour. I believe that was filthy to get that far and then take money and then set a sale date. I understand she was behind and all but she is ready to make that asset performing. This is B of A."

[nativelasvegan]

This forum is awesome. I have been attempting to get a modification since April. Status now 9/9/9 is that documents are to be sent soon. The question I have is if I miss this month’s payment, am I still eligible for the modification? Will the missed payment be added to the loan balance? I do not have the funds to make the payment, but will attempt get the money if it will interfere with the modification. Thank you for your advice/opinion.

[nativelasvegan]

Hello REBroker in Myrtle Beach. If I can share my experience and the information I have learned with one person, it makes it all worthwhile. I am so happy that I gave you hope. It is infuriating that the big banks who took our taxpayer money are making this process so complicated.
I completely understand your reasoning for renting. I too have weighed the option of walking away and just renting. After I figured out how much I can lower my payment, I realized that renting will only save me about $200 a month in rental payment versus mortgage payment. If I can go from $2414 (P&I) to $1488 (PITI), I will do everything it takes to make that happen. I put $70,000 down on my home (25%), paid another $10,000 in closing costs so I have quite a vested interest in this property. Our electric bill is about the same as yours. We’re all electric here too. If you are able to stay in your home for the next five years, you can do the repairs and wait for the market to stabilize, and start appreciating again. I still believe there is no better investment than owning a home.
God bless your Dad. I’m glad to hear you are going to get some repairs done. As a property manager, I too understand the tough economic times and will work with tenants to pay the rent instead of evicting them.
When you send your formal application for the home loan modification to the bank, be sure to include the hardship letter. I also included an IRS form 4506 – request for copy of tax return. This is a document that the bank will eventually ask for. If your package is complete, it will make the process much easier.
I would suggest that you make the payment and do not get three months behind. If you can keep from going to the foreclosure department, you will have a better chance of getting the modification. Although I know it is not a good idea, I have been borrowing from credit cards (Bank of America card used first) to pay my mortgage. After my modification is done, I will be able to readjust finances and start paying down debt. I would say do whatever it takes to stay 2 months behind, but don’t go 3 months behind. I do not believe the credit score will be a deciding factor for your modification. Since you are self employed, your tax returns will be the documents the bank will use to determine income. Make sure you send in the last two years tax returns. It is very important, especially since you are self employed. They will ask for it down the road, make it as easy as possible for them. Call them EVERY DAY. It is very important. I have my contact’s number and loan number on a post-it on my computer. I call at 9 am, 1 pm and 4 pm. They will not forget that I am persistent and I will not go away until I receive my loan modification.
I lived in Vegas most of my life. I’m now in Texas and love it. Vegas is too hot and too busy, glad to get out of there. I’m 47 too. My husband will be 50 on Sunday and I am sick that I am not able to do something nice for him. Luckily I married a man who understands that sometimes the simple things in life are the best.
You are working with qualified buyers. You will find something they want to buy and have a commission check before you know it. Stay positive. Be persistent. I will help you any way I can. Take care and have a great, profitable day!

[momsgig]

Wow, I had no idea there was such a site out there as loansafe.org, has given me a lot of food for thought. (After reading what I wrote I should have chosen longwinded for my screen name, sorry)

Here is situation bought 6/04 appraised 485,000 paid 400,000 with 20% down. Took heloc same time w/same lender to purchase adjacent land & make updates.

Property held by 1st appraised by the lender BOA for 675,000 in 7/07. BOA shut down heloc w/o notice,I fought, won and line reinstated. Some months later I took balance of cash from line and deposited it elsewhere in the event they chose to shut it down again. We had been doing final updating when they shut it down before. We were already thinking we were going to have to see if we could sell it at that point. That money is still being held elsewhere.

Currently owe 295,000 on 1st and 235,000 on heloc with 80,000 of the line held by me. Majority of heloc went to purchase adjacent land and update home, roof, a/cs, flooring, granite, stainless.....

Linking to Cyberhomes through boa site the home w/o the adjacent property is valued at 540,000 right about what is owed between 1st & heloc. Other means show less, but using boa link #.

We've a nice 1st at 5.25 fixed for 30 & are 5 years in. Income has dropped to appx 50% of what it was when home was bought, has been declining since 2007, have been making lifestyle adjustments. We even converted heloc from a fixed to a variable to help see us through.

We are making payments on time & credit is still good a 770 I think. Is reallly getting tough and savings that we'd been suplementing income with is just about gone.

We've decided it is time to try and be proactive in the event income doesn't pick up as we've kept hoping it would. My husband's income is directly related to the automotive industry so it my still be on a downward curve for a while.

Requested paperwork submitted to BOA for mod review via fax on 7/13 assigned an analyst on 7/25 but they've not entered any notes so "they" don't think the analyst has actually reviewed file yet.

I found the other day via a link on boa's site that 2nd/helocs are now being considered during the mod process, contacted boa & asked to note file to review heloc too, said noted & when analyst got to it I'd receive a call. I've been making weekly check in calls that they said were unnecessary.

All that said, any suggestions as to what I should be doing or what I might expect. Should I be contacting the upperlevels at this point or just riding the tide. I hate to wait months for fear of continuing our downward spiral before someone actually reaches out to us, but it sounds as though the wheels of progress move far to slowly if left to their own systematic process. By the way we showed a roughly 400.00 monthly surplus before any incidentals (clothing, drs. appts....) for a family of 7.

Is there a possibility that boa might forgive the 2nd by settling the 235,000 with the 80,000 I'm holding. If they'd do that and give us the 5 year rate reduction to 2 or 3% we'd be good to go atleast if the income doesn't drop anymore.

BTW home has been on the market since January had it by owner but on realtor.com from Jan. to June then listed with agent who still has listing. No showings since agent 4 or 5 by owner.

Any thoughts would be appreciated.

Sorry for the longwindedness just wanted to give as much info as I could think of that might get ya'lls wheels spinning for me.

THANKS, have a great evening, I look forward to thoughts, suggestions and comments.

[nativelasvegan]

I can no longer make my monthly mortgage payments. Since B of A has dragged their feet on our modification (formal application made in April, 2009, approval received two months ago, and still no modification loan documents) I have asked for forbearance. I received the forbearance agreement today and it states that BAC has the option to reinstate our loan under its original terms and require that we pay all amounts due at the end of the forbearance agreement date, which would include a huge sum to make up for the partial payments made during the time the forbearance agreement is in place. If BAC chooses this option, they can call the entire amount of the loan due which would result in eminent foreclosure since we would not be able to refinance and pay the bank the total amount of our mortgage.
Any ideas on entering into a forbearance agreement versus missing payments, and staying two months behind in payments? Or is missing payments the same as a default and the bank can still call the entire amount of the loan due? I would sincerely appreciate any advice from someone who is in the same position or who has already received forbearance assistance. If you have received a modification, how long did it take from beginning to end? The bank keeps “losing” our information in the system.
We’re getting pretty desperate. It’s a shame that the bank can delay our modification for 6 months. Almost appears to be a ploy by the bank to take our home. I am getting to the point of desperation and tired of the fight. Now I can see why people just walk away. It’s the easy way out but at this point, I am so stressed and frustrated walking away is looking like a pretty good option.

[nativelasvegan]

Originally Posted by Garry

I owe $131,000. on my first and the house at present is worth a little under 200k, I'm on the MHA mod trial. Keep fighting!

Hello Garry. How long did the modification process take for you?

[doddy]

I had some initial optimism after sending my email in early August and being in contact with loss mit exec within 48 hours. A 30 day window was set to review my mod and loss mit exec was very good at returning my calls.

Now that the 30 day window has come and gone, I cannot get a return call. I have sent a follow up email and haven't heard from that as well. I am back in the black hole of being of having another time window expire and not being able to contact anyone who can help.

Cliff notes if you don't want to find my original post

Lost job in June 08. Wife returned to worked at 2/3 my previous pay. LTV at 90-95%. Submitted loan mod paperwork in late February 09. Stonewalled until August when I sent execs a letter. Things looked better but now I am back in a bad spot.

Any suggestions on where to go now????

[nativelasvegan]

Originally Posted by doddy

I had some initial optimism after sending my email in early August and being in contact with loss mit exec within 48 hours. A 30 day window was set to review my mod and loss mit exec was very good at returning my calls.

Now that the 30 day window has come and gone, I cannot get a return call. I have sent a follow up email and haven't heard from that as well. I am back in the black hole of being of having another time window expire and not being able to contact anyone who can help.

Cliff notes if you don't want to find my original post

Lost job in June 08. Wife returned to worked at 2/3 my previous pay. LTV at 90-95%. Submitted loan mod paperwork in late February 09. Stonewalled until August when I sent execs a letter. Things looked better but now I am back in a bad spot.

Any suggestions on where to go now????

doddy - been there. I had success when I sent barbara desoer an email. Maybe you can try that to see if it helps. Her email address has been posted here many times. let me know if you need it.

[RE.Brok.er.MyrtleBeach]

I emailed my loan modification information and faxed my information on September 9, 2009 and I received a phone call the very next day. The guy who called me said that his office has 14 people working on 5000 files !! He did not work in the office that I sent it to and did not have access to any of the information that I had sent it including debt, mortgage info, income, hardship letter, etc. He said that it must have been a "fluke" that he JUST happened to call me... however, he reached me on my cell phone which was never given to Bank of America on any original documents. The ONLY place I gave my cell phone number to was in my documents that I had sent on Sept. 9. Oh well... just seems like somebody might have PUSHED my info through. Won't ever know I guess, because I never have received an email back from any of the executives that I emailed. By the way, I just received TODAY a letter in the mail (snail mail) that says:
"Dear Valued Customer:
We have received your recent inquiry about your mortgage and are currently researching your request. We will have an answer for you shortly. Thank you for your patience.

If we can be of further assistance, please call our Customer Service Department at 1.800.285.6000, Monday through Friday 8am to 9pm Eastern. etc..."

Pretty quick response I thought, but now I am scared from the previous people's postings that I too... may get caught up in THE DARK HOLE !! Who has TRULY gotten EVERYTHING APPROVED for their loan modification ?? Does anyone have a SUCCESS STORY ??

My contact person told me that he has everything he needs for now and to call back in 10 days... but NOT to his department because it has now been transferred to another department and that is who I should call in 10 days.

[RE.Brok.er.MyrtleBeach]

I think that NativeLasVegan should contact ALL NEWS AGENCIES. Pressure through the PRESS IS POWERFUL. We may ALL be following your trails. The initial contact person sounds POSITIVE, then the time starts ticking... until YES, THEY INDEED GET THE HOME !! Sickening. I spoke with a friend from another lender and she said that they are REALLY BEING PRESSURED to PUSH THESE MODIFICATIONS through because the banks are finally starting to catch "H.E. double L L" from the government. Guess everyone SHOULD KEEP SCREAMING to the press and to our ELECTED OFFICIALS.

[RE.Brok.er.MyrtleBeach]

NativeLasVegan each state is different whether it comes to judicial foreclosure or non-judicial foreclosure. Please check with your state's laws.

[nativelasvegan]

Thanks RE BrokerMyrtle Beach. I am not giving up. Just having some bad days. Probably like everyone else. Husband's 50th birthday yesterday, son's 10th birthday tomorrow. Not much money to do anything. If my loan had been modified in April like it should have been, maybe we would have money for the small things in life. Just getting discouraged but with this forum, I gain strength and will remain positive. I will sign the forbearance agreement and it will reduce my payment in half. I won't quit fighting until I receive the government REQUIRED loan modification. My loan is owned by Fannie Mae and according to their website, I have read all their publications and one in particular REQUIRES servicers who have received taxpayer money to modify a borrower's loan after they meet certain criteria. We have meet all such criteria and I will hold BofA to their obligation. I'll contact my state senators again tomorrow, local and national news media, the whitehouse, etc. (I have a list and will go through it once again). I will keep fighting.

[nativelasvegan]

Check this article out recently published in The Wall Street Journal. Mortgage Servicers Are Under Pressure to Modify More Loans - WSJ.com

[dee-fresh]

my "negotiator" was supposed to get back to me in a week...a month ago. I call every other day, nothing. BofA's site says my status is still under review, but 9/14 was the deadline...nothing. Further, not receiving any callS from their collections...wondering if my account is in foreclosure and I just don't know it?

My question is, has anyone been denied more than twice? I am expecting, because I'm not hearing anything, that I will be denied, and this is my second attempt. Not sure if I should start packing, or try again. Been a long road with no sleep. It does seem like their dragging their feet in order to grab the house...but that seems strange considering the 20-45% hit in foreclosure? Confusing...

[RE.Brok.er.MyrtleBeach]

Originally Posted by nativelasvegan

My loan is owned by Fannie Mae and according to their website, I have read all their publications and one in particular REQUIRES servicers who have received taxpayer money to modify a borrower's loan after they meet certain criteria. We have meet all such criteria and I will hold BofA to their obligation. I'll contact my state senators again tomorrow, local and national news media, the whitehouse, etc. (I have a list and will go through it once again). I will keep fighting.

You know I checked with Fannie Mae and with Freddie Mac websites and my loan is OWNED by Bank of America and not with the government agencies. Also, I just received a letter stating that from B of A. Anyway, now I am worried that they are NOT REQUIRED to give me a modification... like you said: good days and bad days. As far as not having any money for the birthdays, are you STILL paying your mortgage?... I haven't had the money to pay my mortgage since JUNE... so now I have missed July, August, September.

I am working NON-STOP it seems but every contract I seem to be writing for my clients keeps going down the tubes for some weird reason or another. I submitted an offer for a buyer on a short sale property almost 4 months ago and now we have to EXTEND it again because it STILL has not been approved by the Seller's bank... even still the commission for me on that deal is so low it won't even make a mortgage payment... I need to be selling some million dollar homes. HAH !! Well, I USED TO !! Now it seems that ALL the phone calls I am getting are for properties listed from a ridiculous $50,000 up to $150,000 !!!! This is the price range of properties I was selling almost 30 years ago !!!!!!!

[Moe Bedard]

I am sorry but...

WE MUST STOP, THINK, ORGANIZE & UNITE! (54 Viewing)
MEMBERS LET'S UNITE - I had to shut down the forum because there is too much chatter on the board and we need to FOCUS on real world solutions for struggling homeowners. For two years I have done the same thing day in and day out and now is the time to STOP, THINK, SHARE AND PLAN on what WE can do TOGETHER TO STOP THIS BS!!! Please share your ideas and join today's ONLY discussion.

[calgirl21]

Originally Posted by dee-fresh

my "negotiator" was supposed to get back to me in a week...a month ago. I call every other day, nothing. BofA's site says my status is still under review, but 9/14 was the deadline...nothing. Further, not receiving any callS from their collections...wondering if my account is in foreclosure and I just don't know it?

My question is, has anyone been denied more than twice? I am expecting, because I'm not hearing anything, that I will be denied, and this is my second attempt. Not sure if I should start packing, or try again. Been a long road with no sleep. It does seem like their dragging their feet in order to grab the house...but that seems strange considering the 20-45% hit in foreclosure? Confusing...

What is your financial worksheet look like? Deficit?

[nativelasvegan]

Originally Posted by RE.Brok.er.MyrtleBeach

You know I checked with Fannie Mae and with Freddie Mac websites and my loan is OWNED by Bank of America and not with the government agencies. Also, I just received a letter stating that from B of A. Anyway, now I am worried that they are NOT REQUIRED to give me a modification... like you said: good days and bad days. As far as not having any money for the birthdays, are you STILL paying your mortgage?... I haven't had the money to pay my mortgage since JUNE... so now I have missed July, August, September.

I am working NON-STOP it seems but every contract I seem to be writing for my clients keeps going down the tubes for some weird reason or another. I submitted an offer for a buyer on a short sale property almost 4 months ago and now we have to EXTEND it again because it STILL has not been approved by the Seller's bank... even still the commission for me on that deal is so low it won't even make a mortgage payment... I need to be selling some million dollar homes. HAH !! Well, I USED TO !! Now it seems that ALL the phone calls I am getting are for properties listed from a ridiculous $50,000 up to $150,000 !!!! This is the price range of properties I was selling almost 30 years ago !!!!!!!

Hello REBrokerMyrtleBeach. I wasn't aware that Bank of America actually owned loans. I thought they were a servicer and sold their loans in the secondary market. You said you checked your loan. Did you use the website Does Fannie Mae Own Your Mortgage? Loan Lookup Tool ?

I have been paying my mortgage on time. Doing without because I wanted to stay current. I will not be making my Sept. payment. I'll stay 45 days late so that I can prevent them from foreclosing. My research has shown that the people who have missed payments are getting their mods before those who are current. As bad as I hate to miss a payment, I will so that I can take my son to the dentist, buy him some new shoes, etc., you know... pay for the fringes in life. ha. I received a forbearance agreement from the bank. Odd that they are not able to provide me with mod documents after I have been approved but I talked to the bank on Friday and they fedex'd a package to me overnight, received it on a Saturday. Something is not right if they are in such a hurry to get me into a forbearance plan. I won't be signing that document.

Keep the faith. You'll get a contract close soon. It will probably be more work but 10 houses at $150,000 each is over a million in volume. YOU CAN DO IT!

[kathowen5]

Originally Posted by kathowen5

Hi -- I am currently working w/my lender Countrywide, which is now BOFA for loan modification for 3 months now. The process has been really slow and I just signed up w/NACA yesterday and have a phone consultation w/them on 9/2/09. In February 2008 we had our loan modified and basically all they did was add our late payments to the end of our mortgage and our pymnts went up. Needless to say, financial situation got worse and in August of 08 we filed Ch 13 bankruptcy, which at the time our mortgage payments were caught up and was not included in the filing. We are now 5 months behind again and the lender just filed a motion with the court to have the mortgage released from the bankruptcy and I am guessing to start the foreclosure process. Can anyone tell me if they will modify our loan a second time? Is NACA who I should be working with? We are financially secure now able to make a payment, but we do not have enough cash to catch the loan up. What do you suggest? I want to keep my house. Please help, I am a

wreck.

All I posted the above back in August, since then I emailed Barbara at BOFA and was assigned David Kozik as my negotiator. He is very nice and seems to want to help. He has gotten my loan mod pre approved, a straight modification, that adds the late payments to the end of the loan and actually lowers our pymt $21, which we can afford set to start Nov 1, 2009. The issue now, since we filed bankruptcy last year, in order for the investor (Fannie Mae) to give the final approval of the modification, BOFA has to be removed from the bankruptcy filing. Which is in process, my questions are

1) has anyone ever had a similar situation and if so what was the outcome
2) once BOFA has been removed from the BK filing do you think they will complete the modification or start foreclosure procedures -- I am worried they are trying to pull a fast one on us.
3) since they are just adding the late pymts to the end of the loan and we have the money to pay, will they modify us? it seems to me they would have more to lose, if they proceeded w/foreclosure.

Please let me know your thoughts. Thanks in advance, this whole thing is driving me crazy!

[doddy]

Finally was able to talk with loss mit yesterday and was told it would be two more weeks (sigh).

On a weird side note I had emailed execs again (about my frustration of another time window coming and going), and got a call last night from execs offices asking me to send my info so she could get me assigned to a VIP negotiator. I explained to her I was already working with a loss mit exec.

She then said it would take 2 to 3 weeks anyway after sending her the info, so I told her I would keep just the contact I currently had in loss mit.

This is crazy that they could be this disorganized and not even know that I was already working with a higher up in loss mit. Crazy.....

[dee-fresh]

Originally Posted by calgirl21

What is your financial worksheet look like? Deficit?

I have a deficit of about $100, maybe less. With a little work, like if we paid off the car, we would then be on the plus side by a few hundred.

[cheri]

Originally Posted by Moe Bedard

I can email them to you if you like.............


Here is the link to the execs.........Barbara is listed.........her email is
Barbara J. Desoer
barbara.j.desoer@bankofamerica.com

Bank of America | Newsroom - Senior Management Biographies

sorry i taked onto a quote,, i dont know how to post a new topic?

[ama125]

Originally Posted by cheri

sorry i taked onto a quote,, i dont know how to post a new topic?

To post a new thread, go to the main forum page that lists all the threads. At the top of the box containing all the threads is a button on the left side for "new thread".