Bank of America loan mod -SUCCESS!!

[Moe Bedard]

Please go here. We must fight B OF A for change and real help on LoanSafe.org!!

http://www.loansafe.org/forum/countrywide-home-loans-tell-us-your-countrywide-story/15971-frustrated-bank-america-special-email-get-help-today.html

[JSal88]

Update- after fighting wiht B of A since March, the investor denied the principal reduction last week. However, we worked with the negotiator and she has put on a 3 month forberance lowering our payments by $800! She then advised us after the 3 months of paying the amount on time they will the re-review our account and we will go from there. So, not the BEST news..but at least we got some relief for now. It seems like this is pretty streamlined with what they are doing for most people. I am just hoping that come January when our 3 months is up that they wil agree to this lowered payment for the 5 years so we can get outtta debt!

[nativelasvegan]

Originally Posted by JSal88

Update- after fighting wiht B of A since March, the investor denied the principal reduction last week. However, we worked with the negotiator and she has put on a 3 month forberance lowering our payments by $800! She then advised us after the 3 months of paying the amount on time they will the re-review our account and we will go from there. So, not the BEST news..but at least we got some relief for now. It seems like this is pretty streamlined with what they are doing for most people. I am just hoping that come January when our 3 months is up that they wil agree to this lowered payment for the 5 years so we can get outtta debt!

BAC offered me a "partial repayment agreement" when I told them I could no longer make the payment. The agreement was so vague and had provisions for them to act alone (without fannie mae's approval), I was afraid to sign it. Can you please tell me what your document is titled? Does it have "forbearance agreement" where both parties sign (you and BAC), or does it have "partial payment agreement" in the "re:" line? I am leery about this "partial payment agreement." I told my rep on Friday afternoon that I couldn't make the payment. He sent me this "agreement" via fedex, saturday delivery. Never seem them act so quickly on anything else. I'm suspicious of their volunteer efforts to reduce my payment. In fact, the rep asked me how much I could afford. I told him 31% of our net income. That's the amount he put in the paperwork. Have you missed any payments?

[JSal88]

Hi there... I checked my "re" line and it is titled "special forbearance agreement". We have NOT ever been late on a payment and the subprime loan was 70% of the income since hours have been cut. I sent over all my paperwork (stubs-statements etc) and the new amount is 31% of my income. They didnt ask how much i could afford, they said they reviewed my paystubs etc etc....

[daglo]

I am helping my daughter get a lower payment with B of A. She lost her income but her husband is making a decent one. They have told her since April she cannot be helped. She has a 12% intyerest rate on her second that they will not lower!! Her first is 8% and they said that is the best they can do. She needs a lower payment to stay in her home. They told her they only help people who are late. She is trying to avoid being late!

[nativelasvegan]

hello daglo. Welcome. That's exactly what they told me too. I applied in March. No one would help me. I finally sent an email to the head honcho at Bank of America, Barbara DeSoer. They got the ball rolling. However, since I have been waiting since March, not much progress. I was approved "through the government program" on July 21. The guy at the bank said he would be sending documents out, but had no idea when. I have spent hundreds of hours researching the government program and it appears those who have defaulted are being helped first. I have never missed a payment; never been late. FICO score 780+. Hate to ruin my credit. However, I have decided to miss September payment to see if they are going to be more willing to help.
You will find a lot of information on this website. Good people here too. They will be happy to help you. I believe the first step is to send Barbara a "loan package" included all information necessary for them to process your loan modification. Barbara's information can be found on this website, or I can post it again if you'd like. I wish I would have known that was the best step to take, it is the only one that proved to have results. Good luck.

[sourgirl]

Hello I am new here and like most of you I am struggling. I am almost 30 days late on my mortgage and have credit card debt totaling around 25k, I was laid off from my job last year and still can not find work. We were using the CC to pay debt but now that is exhausted and also paid late. Our credit is ruined. When we bought the house My husband was making 80k and I was making 70k now I make 26k from unemployment. I called BOA to see about a loan modification. If I am not on the mortgage why do they want my income? and also do they take CC debt into consideration? Also My loan is an FHA loan.

[nativelasvegan]

Originally Posted by sourgirl

Hello I am new here and like most of you I am struggling. I am almost 30 days late on my mortgage and have credit card debt totaling around 25k, I was laid off from my job last year and still can not find work. We were using the CC to pay debt but now that is exhausted and also paid late. Our credit is ruined. When we bought the house My husband was making 80k and I was making 70k now I make 26k from unemployment. I called BOA to see about a loan modification. If I am not on the mortgage why do they want my income? and also do they take CC debt into consideration? Also My loan is an FHA loan.

Maybe they will be able to consider your income when they are deciding whether or not to modify the loan. Please take the time to read through this forum. There are a lot of knowledgeable people here who will provide you with their advice and experiences.

[sannvil]

Hi! I have been reading stories from this forum for a while and finally just registered. I have a mortgage loan from Countrywide now BOA. Our loan is 10.625% interest rate ARM with cap up to 17%. We were new immigrants when we got the loan and CW made us believed that it was the only loan we were qualified for since we didnt have credit yet. My husband and I were earning well. And CW told us not to worry since we could have our home refinanced after 2 years. We bought our house september of 06. September of 08, it was time to refinance. We tried several times but nobody could refinace us because we didnt have equity...months passed, value of our home went down tremendously. Now, I am still working in the hospital but our hours have been cut off. We are not allowed to do overtime anymore. This has caused my earnings to 2k less per month. I applied for a loan modification last feb 06,2009. We were already pre-qualified according to their own site. I submitted all the necessary documents to them for some reason they said they didnt get it. Had to fax all the documents at least three times. We call every week sometimes twice a week and get different answers. At one point one representative said, we will be getting a call in a week, another call to another rep told us we will be getting a package. Most calls reps would say its under review and under process.

But just 2 weeks ago, I called again and have been passed on to several people and they say they are trying to qualify us to different programs by obama. They said that each time Obama has a new program they also try to pre-qualify us to the new program. Then they connected me to the Home Retention Department and I spoke to Maria and to make matters worse, she told me that my Loan Modification application was cancelled last June because of no documents received!! What???!!

I have been calling each week to follow up after 7 months of calling them, she would just tell me now that it was cancelled?? I asked her, how come online it says its under review and each time I call they tell me its under process?? She asked me to submit again all documents and she said to fax it within 48 hours. I was devastated. We just waited for nothing. My husband called again after i spoke with Maria. And BOA rep told him "I dont know where that person got that info sir but your case is under process".
I am so exhausted from calling them and getting different answers each time. I just recently had a baby and still on maternity leave. Coming on this October I will not be able to pay my mortgage. My husband and I have already planned to just foreclose the house and just rent until I saw success stories here with NACA. I already registered online and registered for a workshop on October 31st. I wish it be sooner but thats the soonest schedule they have. I am very hopeful at the same time scared.
How long did you guys (those with NACA experience) have to wait from the time you submitted to time you got approved?

Thanks a lot.

[nativelasvegan]

Sannvil - have you tried sending an email to Barbara Desoer? Many people have had success by sending her an email and/or sending your modification application (with accompanying documents) directly to her. There is a lot of discussions here. It took me almost a week to read everything and I am still learning. Please take the time to read through the threads to find out about other peoples experiences. Everyone here is very nice and knowledgeable.
I do not use NACA, but instead have decided to fight on my own. You need to get a "negotiator" assigned to your file. When that is done, you will have only 1 person to contact, and that person will know the status of your file. Getting that negotiator is done through contacting the Office of the President (you will see OOP here as an abbreviation). I wish you the best of luck. Keep us posted on your progress.

[nygirl07]

I don't know what to do.....We are current on our Mortgage but won't be much longer if this process takes more time. We have a 30 yr fixed at 6.25 but we had a significant reduction in income. At first we went in on our own but it was taking forever so I emailed the office of the presidents and got a call back right away....we got assigned an analyst (AJ Harris) and was told that we would be working with him only to get our modification

He called and said that we didn't qualify for the MHA plan but he was trying another...I questioned as to why and he said our mortgage was under the 31% which it is not...he told me the 31% wasn't suppose to include taxes and insurance when it clearly says on the website that it dose so he had me fax over that information along with ALL of my info for the 2nd time. He said he would get back to me and I haven't heard from him in a week. I've called and left messages asking for him to call me back with an update to let me know what's going on.

I don't know if I should give him more time or send the email again with his name mentioned. Our income is slowly getting lower and we started with a $200 surplus but by the time they get this going we might be less and I'm worried it's going to ruin our chances.

I keep reading that the fact that we are current might be messing us up but they told me to stay current and it's getting harder to do so. What should I do? Should I give him more time? Email the office of the president again with a complaint for him not calling back or what.

I'm so desperate at this point....we have our wedding coming up in 3 months and the stress is killing me...I'm trying to be patient but I feel like they are messing around with me

[JSal88]

I would keep calling him until he answers, you have to be V E R Y diligent with these folks. You dont know how many times I have heard,"we are understaffed blah blah blah". I understand they are busy, but come on.. Anyhow, we would call several times a day until our negotiator picked up. I advised her that I wasnt trying to be a pain in the a$$, but after what I have been through with their bank there is a lack of trust that anything is getting done.

We are on the 3 month forbearance agreement at the moment. No solidified loan docs until January when they re-evaluate.

Anyhow- dont give up, be dilignet, and most importantly be nice but agressive!

[CouldaWouldaShoulda]

LHarveyMadman-- I've read your posts and thank you for you insight and advice, which I have relied upon. After emailing Barbara Doeser, I got a call within 48 hours. My negotiator ran my numbers for both MHA and BofA's program. She indicated that pending her supervisor granting us an "exception" because we have have an income deficit of $745 (this is not true, should I point that out?) they could offer the following modification: interest rate reduction from 6.875% (IO) to 2% PITI payment for 5 years, after which our rate would adjust back to 6.875 - this is BofA's program. What I don't understand in your previous posts is this:

..."just made my July payment, my seventh since modification. With this payment, the deferred interest that was capitalized (added onto the principal balance) is now paid off, and I'm finally paying down the original principal balance. I still owe a lot on my house, but it feels good to see that I've actually made a dent (only a couple hundred bucks, though ) on my original debt. "

What is the deferred interest added to the principal balance all about? Our proposed modified payment is a substantial reduction, $1,300. Will the difference from the old payment vs new payment be added to our principal?

Thanks for any advice. I hope you are still checking in on this site.

[sniglet WA]

Most of the numbers posted have already been changed,

1-800-669-6654 is working
1-877-221-0825
1-800-669-6650
1-800-669-6607

[nativelasvegan]

Originally Posted by nygirl07

I don't know what to do.....We are current on our Mortgage but won't be much longer if this process takes more time. We have a 30 yr fixed at 6.25 but we had a significant reduction in income. At first we went in on our own but it was taking forever so I emailed the office of the presidents and got a call back right away....we got assigned an analyst (AJ Harris) and was told that we would be working with him only to get our modification

He called and said that we didn't qualify for the MHA plan but he was trying another...I questioned as to why and he said our mortgage was under the 31% which it is not...he told me the 31% wasn't suppose to include taxes and insurance when it clearly says on the website that it dose so he had me fax over that information along with ALL of my info for the 2nd time. He said he would get back to me and I haven't heard from him in a week. I've called and left messages asking for him to call me back with an update to let me know what's going on.

I don't know if I should give him more time or send the email again with his name mentioned. Our income is slowly getting lower and we started with a $200 surplus but by the time they get this going we might be less and I'm worried it's going to ruin our chances.

I keep reading that the fact that we are current might be messing us up but they told me to stay current and it's getting harder to do so. What should I do? Should I give him more time? Email the office of the president again with a complaint for him not calling back or what.

I'm so desperate at this point....we have our wedding coming up in 3 months and the stress is killing me...I'm trying to be patient but I feel like they are messing around with me

Wow. I know what you mean. They are messing with you and thousands of other homeowners. I have been current until this month. I contacted BAC in March and requested the modification. No one knew how to help. When I contacted the office of the president (OOP) I finally was assigned to a negotiator. It took until 7/21 to get that negotiator to tell me we were approved through the "nationwide modification program" and documents would be sent out fedex. Today is 9/24, no docs. No one seems to know when the docs will be sent. From spending a few weeks on this forum, it appears that the bank is helping those who are in default first. I have had a great FICO score for decades. I have decided (well, can't afford it -- not too hard of a decision if I want to eat/feed my family) not to make September payment. I have borrowed from credit cards to make the payments for the past 6 mos. and now ccs are maxed out. I am so sick of this bank I could scream. I do scream. I will continue to fight with them until they offer me what is required. A modification.
Keep reading the information here. It helps. I wish I had more to offer you. Have you checked the online workout information on the countrywide/BAC website? There are posts here on how to do that. Who owns your loan?
Congrats on your wedding. If I can help, please let me know.

[LHarveyMadman]

Originally Posted by CouldaWouldaShoulda

LHarveyMadman-- I've read your posts and thank you for you insight and advice, which I have relied upon. After emailing Barbara Doeser, I got a call within 48 hours. My negotiator ran my numbers for both MHA and BofA's program. She indicated that pending her supervisor granting us an "exception" because we have have an income deficit of $745 (this is not true, should I point that out?) they could offer the following modification: interest rate reduction from 6.875% (IO) to 2% PITI payment for 5 years, after which our rate would adjust back to 6.875 - this is BofA's program. What I don't understand in your previous posts is this:

..."just made my July payment, my seventh since modification. With this payment, the deferred interest that was capitalized (added onto the principal balance) is now paid off, and I'm finally paying down the original principal balance. I still owe a lot on my house, but it feels good to see that I've actually made a dent (only a couple hundred bucks, though ) on my original debt. "

What is the deferred interest added to the principal balance all about? Our proposed modified payment is a substantial reduction, $1,300. Will the difference from the old payment vs new payment be added to our principal?

Thanks for any advice. I hope you are still checking in on this site.

Still hanging around. This site helped me out tremendously, and I feel obligated to chime in every once in a while.

Here's what happened during my modification. When it was initially approved at the end of October, I was told to intentionally skip my payments for November and December. During this time, the interest on the loan was still accruing at the original 6.25%. My first payment of the modified loan was in January, at which time the unpaid interest from November and December was added to the principal balance. This is what I meant when I said that the interest was "capitalized".

So, my principal balance went up after modification. But I'm not really paying more - these were the payments that were skipped for the two months while my modification was in process. So I owed it anyway. But it appears on paper as an increased loan balance.

When I made that July payment, my principal balance was back down to original principal balance. That was an important psychological milestone for me.

So no, the difference between your old payment and new payment will NOT be added onto your principal balance. Your new payment is fully amortized according to the new interest rate. However, if you were also told to skip a couple payments, the interest that due from those skipped payments will be added to your principal balance. You will still save thousands of dollars over the next 5 years.

Congratulations on your modification. Makes my 3.25% interest rate look expensive!

[CouldaWouldaShoulda]

LHarveyMadman! Thanks for responding! Our payments are currently interest only at $2,850 + impounds. We were indeed told not to make Oct and Nov payments, but my negotiator indicated that when our new payment commences on Dec 1, we could apply those two missed payments as a principal only payment. So it's not actually a two month payment vacation, then, right? Those two months are amortized into our new loan payment.

This approval was given to me verbally yesterday, have not seen anything in writing, but everything thus far sounds exactly like your process, so I'm letting myself be a little bit stoked for now. Also, due to the job loss that triggered all this we had to take my soon to be 4 year old's birthday trip to Disneyland off the table, but are considering inching it back on.

We literally bought our home two weeks before the bubble burst and were virgin homebuyers without a clue. After we moved in, everything immediately crashed and we were considered stupid by everyone for the interest-only, zero down loan. But, with this mod, we are SO grateful for the do-over and being able to pay down the principal (even if it is 55% higher than our neighbors!) instead of 10 years of interest only.... just hope this all comes to fruition...

One last question: I usually walk my payments in to the bank, will I be able to still do that? Or do they go elsewhere? I only ask because we usually have to time the payment to just before the grace period ends, due to the way we are paid.

Thanks for posting!!! I never would have gone this route if it weren't for your posts...I would have been stuck in the 800# denial abyss for who knows how long...

Forever grateful!

[LHarveyMadman]

Originally Posted by CouldaWouldaShoulda

LHarveyMadman! Thanks for responding! Our payments are currently interest only at $2,850 + impounds. We were indeed told not to make Oct and Nov payments, but my negotiator indicated that when our new payment commences on Dec 1, we could apply those two missed payments as a principal only payment. So it's not actually a two month payment vacation, then, right? Those two months are amortized into our new loan payment.

That's correct, starting on December 1 your principal balance will go up by $5700, which is the deferred interest from October or November. You could pay it off in one fell swoop, as suggested by your negotiator, or you could pay it off over 30 years. Just be aware that you'd be paying interest on the deferred/capitalized interest, but compared to your overall savings it will be a minuscule amount. For me, I was happy to have an extra $7000 in my bank account, and was able to finally enjoy a few "luxuries", like a replacement for my 20 year old mattress and box spring.


One last question: I usually walk my payments in to the bank, will I be able to still do that? Or do they go elsewhere? I only ask because we usually have to time the payment to just before the grace period ends, due to the way we are paid.

Nope, almost definitely not going to be able to do this. In all likelihood, you'll have to mail in your payments to Getzville, NY. If your situation is anything like mine (and so far it's practically a mirror image), you won't get any payment coupons or other reminders. It's on you to make sure that you make the payment on time. I strongly, strongly recommend that when you send your payments, you do so using Certified mail with a return receipt. That way, you know that your payments are being received. DO NOT BE LATE! If you have to send it by overnight mail, do it.

Be aware that during this process, until your modification is truly and completely finalized, any information you see about your mortgage on the B of A website might be completely incorrect. You may see that your payments are being received, but it will still be recording "late" payments online. This is because your modified payments during the transition are held in a suspense account and are not being applied to your loan balance. It's disconcerting see an ever-increasing "delinquent" payment amount, but don't worry about it. In April, nearly 6 months after I received my verbal modification agreement and after 4 months of making payments to suspense, my online account was updated and the payments were correctly applied as if I had made them on the first of each month. Completely accurate, down to the penny. No late charges applied, my credit score wasn't affected. All is good (for now).

Thanks for posting!!! I never would have gone this route if it weren't for your posts...I would have been stuck in the 800# denial abyss for who knows how long...

Forever grateful!

Congratulations again!

[CouldaWouldaShoulda]

Thank you so much! We will do as you suggest with regard to timely payments. Is your modification "truly finalized" at this point? Do you have a payment coupon book or regular monthly statements? We are not signed up for online banking, I almost did, but in reading the fine print I noted that in signing up we would be granting BofA some sort of power or attorney. As we have a savings account with them, and I was afraid they'd help themselves if we were in default at some point. I know, paranoid..

[LHarveyMadman]

Originally Posted by CouldaWouldaShoulda

Thank you so much! We will do as you suggest with regard to timely payments. Is your modification "truly finalized" at this point? Do you have a payment coupon book or regular monthly statements? We are not signed up for online banking, I almost did, but in reading the fine print I noted that in signing up we would be granting BofA some sort of power or attorney. As we have a savings account with them, and I was afraid they'd help themselves if we were in default at some point. I know, paranoid..

Yes, it's done and done. I get monthly statements, though my payments are automatically deducted from my checking account each month. I haven't had a need to contact loss mitigation since early April. My online account updates correctly with each payment. It's like a regular old mortgage account now.

[sannvil]

Originally Posted by nativelasvegan

Sannvil - have you tried sending an email to Barbara Desoer? Many people have had success by sending her an email and/or sending your modification application (with accompanying documents) directly to her. There is a lot of discussions here. It took me almost a week to read everything and I am still learning. Please take the time to read through the threads to find out about other peoples experiences. Everyone here is very nice and knowledgeable.
I do not use NACA, but instead have decided to fight on my own. You need to get a "negotiator" assigned to your file. When that is done, you will have only 1 person to contact, and that person will know the status of your file. Getting that negotiator is done through contacting the Office of the President (you will see OOP here as an abbreviation). I wish you the best of luck. Keep us posted on your progress.

Thank you!!! I followed your advice and in less than 48 hours I received a call from Barbara Desoer's office yesterday afternoon. The lady said she was calling in her behalf and would like to schedule a phone appointment on Tues to discuss solutions to resolve our problem. She made us ready with our updated docs and expenses' figures. I am not sure if she is the assigned negotiator to us but she gave us her office and cellphone numbers. And she said that she will be the one calling us on tues, so does that mean she is our negotiator?
I know this is just the first step and we still have a long way to go but I am happy it worked! Afterall, I waited for 8 months for nothing before this email. I am just so glad to have taken your advice. Thanks nativelasvegan!

[nativelasvegan]

You are welcome. I am glad I could help you. Be ready for that call. I had almost given up hope on the day they were suppose to call. However, at 9 pm my cell phone rang, it just read "call" sometimes your caller id will read "no number" too. Be sure to answer it. I had all my paperwork ready. We verified gross and net income. Also verified amount of annual taxes, insurance, HOA dues. Expenses too. Have it all ready. I was a secretary for many years so I am quite anal about organizing. I had an excel spreadsheet and sent that to them so they would have an easier time reading my figures.
You will get the call. The person I talked to did not end up being my negotiator. After "the call" I waited one week. Then I called three times a day for almost two weeks. I finally got a call back with the name of a "senior negotiator - whatever that means".
You are a few steps behind me in this process. I will keep my status posted so that you can learn from my experiences. That is what I do here. I am following a few people who are a few steps ahead of me and now I know what to expect. If I can help at all, I will.

POWER IN NUMBERS!

[CozyD]

Greetings! I wanted to know has anyone sent a follow-up email to Barabara Desoer's office, after the first intial contact? I know that she forwards the email to the customer adovocate, they forward it to the senior negotiator. I was just curious to see if anyone has tried this and if so, what was the result?

Thanks. :0)

[sniglet WA]

Here is an update, after 25+ emails to everyone on the Bank of America email list and the BNY email list, all our states gov. officials it looks like it worked!

We received a call from a BOA employee and they left a number for us to call, it's not an 800 or 866 but a real phone number to an office, not a call center. Told us that they were listening in on my last call to BOA and wanted to know if all my questions got answered...WOW. "I returned the call from my NACA attorney's office the next day 9/29/09 and it was amazing" Real answers, told us to never call anyone but him...by the way when we called this number it went to his desk and he picked it up. Explained all the problems with the first mortgage trying to get a modification. And then went on to explain all of the issues on the second, which has been in review with the OCC for over FIVE months...HOPA vilolations, Preditory lending and altering the HUD and Deed after final signing. He just gasped!!!! and said that he has our file from now on he will take care of this file. I will keep everyone posted as things come into a better light.

Sniglet in WA

[sannvil]

Originally Posted by nativelasvegan

You are welcome. I am glad I could help you. Be ready for that call. I had almost given up hope on the day they were suppose to call. However, at 9 pm my cell phone rang, it just read "call" sometimes your caller id will read "no number" too. Be sure to answer it. I had all my paperwork ready. We verified gross and net income. Also verified amount of annual taxes, insurance, HOA dues. Expenses too. Have it all ready. I was a secretary for many years so I am quite anal about organizing. I had an excel spreadsheet and sent that to them so they would have an easier time reading my figures.
You will get the call. The person I talked to did not end up being my negotiator. After "the call" I waited one week. Then I called three times a day for almost two weeks. I finally got a call back with the name of a "senior negotiator - whatever that means".
You are a few steps behind me in this process. I will keep my status posted so that you can learn from my experiences. That is what I do here. I am following a few people who are a few steps ahead of me and now I know what to expect. If I can help at all, I will.

POWER IN NUMBERS!

HI Nativelasvegan! my update.
Yes she (BOA) called me tuesday afternoon. But not really happy with the call. She was telling me that the only program that she can see put me into is Making Home affordable program but she was also saying that she is not sure if we can get modified since the mortgage payment that i have right now is already 31% of our gross income.
BOA is just so happy to take money from us. paying 10.625% interests seems like normal to them. She said that we can afford it according to our gross income. (Not to mention, 10.625 is the minimum cap it can go up to 17% but will never be lower than 10.625%)
After 8 long months of waiting... I get only this. She sounded just like any other reps although she has more answers when i have questions.
I asked her who our negotiator was and she said she is our negotiator. She said we will get a call on Fri. I am a little bit down. But as u said this is not for a weak heart. I have my options open. If (BOA )wont modify us, I will go to NACA. I already signed up for a workshop. Seems like a lot of us here have good results with NACA.