Bank of America loan mod -SUCCESS!!

[davephx]

As I understand it (hopefully I am wrong) she may be right.

As far as I know there is no provision for future potentially higher rates. You rate may be based on a formula like Prime + or Libor+ which remains near record lows.

I believe HAMP goes thru 2012 so if you get a rate increase which kicks you payment over 31% than you may qualify.

[doddy]

Originally Posted by 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)

I have tried that since the process, even with a senior negotiator, was going nowhere. I did receive a call from BofA two days later asking me to resend my info and they would forward to "VIP" negotiator. Since I already had contact info and was working with senior negotiator, I declined. The thought of sending my info for the fourth (fifth?) time someone else was depressing.

My last contact with senior negotiator told me I was hopefully two weeks from answer. That was 2 1/2 weeks ago. The merry go round continues.

[JSal88]

Hello everyone-

we are currently on our 3 month forbearance-with the B of A rep telling us after the 3 month then B of A will move to permanent terms once we show we can pay this amount on time.

After doing the math, its seems that we are dropped to a 2% rate for the forbearance...which puts me at 31% of income.

My question is, what should I expect after the 3 months? I am wondering if the standard is to put people at 2% for 5 years and then increase the % after 5 years...but unsure what the guidelines are for the increase. I would hate for it to jump in 5 years to some outrageous amount.

Lastly, where has the PMI gone? We were paying about $250ish PMI-which was one of the reasons for the struggle..

Has anyone had any experience with this 3 month forbearance? Please let me know what happened after the 3 months if you have!

Thanks in advnace everyone!

[sannvil]

Originally Posted by davephx

As I understand it (hopefully I am wrong) she may be right.

As far as I know there is no provision for future potentially higher rates. You rate may be based on a formula like Prime + or Libor+ which remains near record lows.

I believe HAMP goes thru 2012 so if you get a rate increase which kicks you payment over 31% than you may qualify.

Well, we did not qualify but just happy to receive a call from her that even if we did not qualify, she submitted our documents to the investor for a straight modification because of the unbelievable interest rate that we have. We did not have a bad credit when we got the loan, we just lacked residency because we were new residents here during that time. It is just sad that there were people who took advantaged of our situation.
I am just hoping this will work out.

[nativelasvegan]

sannvil - what state are you in? Have you contacted the attorney general's office.
There are people here who were denied, but tried and tried again. Not sure if you are up for it, I hate to hear you were denied. If I can help, please let me know.

[doddy]

After a couple more emails to execs (progressively more direct and expressing frustration), I was offered a mod today outside of MHA. My loan is in a pool with Fannie Mae and I was told that I would have a 4 month forbearance (at 50% payment) and modified to 3.5% interest rate for 5 years in Jan 2010 and then an increase of 1% a year after 5 years. I was told forbearance would not negatively impact credit.

In January I will also have my mod reviewed to see if current offer of 3.5% for 5 years (cuts payment from 2960 to 2400) can be beat by a MHA mod.

I don't really understand why I can't be modified by MHA but I haven't seen this scenario on here and was curious on thoughts.

One curious sidenote. When I got a follow up call from the exec email, she told me I was a lower priority since I was current. I told her MHA guidelines are OK if you are current, and why am I not being reviewed if I am in guidelines. From there she called my negotiator who called back in 5 miuntes letting me know she would work up a mod outside of MHA.

[nativelasvegan]

This is a thread for success. We need to move this. Any how. Welcome to my world. I thought being current would actually pull some weight. After reading everything I can get my hands on, I decided default would be the way to go, to get that preferential treatment. I am with BOA. What the h#(*@ is an inhouse mod anyway? Anyone know? Help (maybe ama) shed some light on this. I thought a servicer worked for an investor. What kind of authority does it have that an "in house" modification can even be had. Be wary my friend. How can an investor give it's servicer an "in-house authority"???? WTF

[CouldaWouldaShoulda]

Hey Native.. Do you know who you investor is? I wrote to BofA earlier this year to find out who ours was because they "don't give that information out over the phone" and was informed that BofA is both our servicer and investor. That's probably why it's referred to as in-house. We've gotten a mod offer for 2% for 5 years, then back to the current rate of 6.875 for the remainder of the loan. We received and accepted the written offer of these new terms and are now waiting for the magic "Fed Ex" package.

[nativelasvegan]

Thanks coulda. That explains why BOA has the authority to do an inhouse mod. My investor is Fannie. If I could get that 2% for 5 years, I would take it and run. I really hope you see fedex soon and I will be sending positive vibes your way. Please keep us posted.

[Speculate]

After reading the posts on this site I decided to call B of A and ask for a modification. Well Im happy to report that they told me that they could modify my loan and that I should start paying the new payment effective immediately. This was after one phone call and answering questions about my income and my expenses. It came as a shock to me as Ive heard people talking about repeat calls and frustratng discussions with reps. I called then they transferred me to Loan retention imminent default. I have never been late on a payment since refinancing my home in 2006 and have a credit score of 775. The oustanding amount is 635,000 and the home is now worth 575,000. My income has dropped from 18,500/mth to 13,900/month and my payment was 4467.00 excluding taxes/ins. The new payment will be 4030 including Taxes/Ins/ and Hoa. So after the math is done the escrows amount to 625/month for a savings of about 1050/mth. This will apply for 5yrs and then revert to old payment. I am supposed to recive the docs after a 3 month trial payment period.

[SimonSaysSo]

Speculate. That's great news. I also got reduced payments (payment went from $3285 to $1984) from BOA after one phone call. However whomever I talked to didn't explain that it was a 3 month trial or that it would become permanent. I found that information by coming to this site. Then I e-mailed the President and she had a negotiator call me. That person told me the details and said that everything is on track--whatever that means. He also told me to continue to make the "trial payment" until I get a Fed Ex package. I just made my third trial payment so hopefully a FedEx package will arrive soon. I am still going to go to the Naca workshop just in case BOA tries to pull a fast one. I am however thankful to BOA for at least a three month break of being able to pay ALL my bills on time without worrying about which credit card has enough room on it to pay for basic necessities.

[minknmelissa]

I did the same with OCC, HUD had it escalated and finally Jonathon MUrphy got things straightened out. We just got word that we have 2.85 fixed for the life of the loan . I am really happy I hope that things start working better and easier for the rest who is left. It is so stressful now i have to pick up all the others pieces that came from this mess. GODBLESS

[MichiganBlues]

Originally Posted by Speculate

This was after one phone call and answering questions about my income and my expenses. It came as a shock to me as Ive heard people talking about repeat calls and frustratng discussions with reps.

Well, you're on square 1 of the HAMP process from what it sounds like. A lot of us were on square 1 of the HAMP process over 6 months ago.

HOPEFULLY things will go smoothly for you. HOPEFULLY you will make your 3 trial payments and then get a permanent modification without any further ado.

As for those of us who are now on our 5th or 6th trial payments, well I guess you could call us trailblazers. We're the guinea pigs, the ones the mortgage companies used to figure out that they were understaffed and really not that interested in modifying based on the meager carrots the govt was holding in front of them.

Maybe now the govt will now begin using sticks in addition to the carrots. If so, you may have a better experience than us and happily so. But I don't think posting as if to say, "I don't know what the problem is for the rest of you losers, but I just waltzed in and got my mod, hahaha" is really the right way to thank us for paving the way.

[two cents]

Originally Posted by 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

I'm new here and appreciate the information.

Where did you find the email addresses for BNY? Will you share them?

Also, what is OCC?

[LHarveyMadman]

It has been 1 year and 1 day since I posted the first message of this thread. At that time, there few - if any - LoanSafe members who had reported success with Bank of America.

Over the last several months, I've posted only sparingly. It seems that I no longer have anything new or helpful to contribute to these boards. It pleases me to no end to read all the success stories that have been shared on this thread, and I feel particular joy in knowing that in some small way, I have helped contribute to these successes.

HopingtoFind and emorybetsy, if you're still around, I just wanted to send you my regards. Ms Damiano, if you peek in every once in a while, I would like to extend my sincere gratitude for your guidance through the early stages of my modification. Thanks also to everyone here at LoanSafe, for your ongoing support of our comrades who are suffering through this very difficult time in American history.

Lastly, to cactus77727, I want to remind you of this: we owe it to Sgt Hulka to wind up face down in the gutter tonight.

Goodbye.

[jinksy]

Good luck to you LHarveyMadman. Thanks for all the help and hope you will check in once in a while to say hi.

[ama125]

LHarveyMadman, I thank you and all those before me! Without reading your stories, your struggles, the ups and downs of it all, I would have just given up hope with my first rejection! God bless and hope you do stop back in to check up on the rest of us in the future!

[HopingtoFind]

Originally Posted by LHarveyMadman

It has been 1 year and 1 day since I posted the first message of this thread. At that time, there few - if any - LoanSafe members who had reported success with Bank of America.

Over the last several months, I've posted only sparingly. It seems that I no longer have anything new or helpful to contribute to these boards. It pleases me to no end to read all the success stories that have been shared on this thread, and I feel particular joy in knowing that in some small way, I have helped contribute to these successes.

HopingtoFind and emorybetsy, if you're still around, I just wanted to send you my regards. Ms Damiano, if you peek in every once in a while, I would like to extend my sincere gratitude for your guidance through the early stages of my modification. Thanks also to everyone here at LoanSafe, for your ongoing support of our comrades who are suffering through this very difficult time in American history.

Lastly, to cactus77727, I want to remind you of this: we owe it to Sgt Hulka to wind up face down in the gutter tonight.

Goodbye.

LHarvey... I am still around, not posting as much. To think, since we have a few loans with Bank of America, I frankly do not know where we would be if it wasn't for this thread and your help. All the best to you LHarvey.

[Peace4all]

LHarvey,
Please accept my heartfelt thanks. Same goes to Moe, Evan and others.

My loan mod tries went in vain after several calls, requests etc. After my mod being denied through regular channels, I contacted Executive route and got result (back in August). Starting this month i am paying new payments. Online accounts are still not accurate, but I'm hoping it should be fixed soon.

LHarvey- your's was the only thread I followed up until I got my results. So yes - a big thanks to you. You paved way for all of us in this thread (and much more who are not yet members). I am sure so many people have been helped. All these good karma will help you (and ofcourse Moe, Evan and other greats who have shared and helped rest of us).

(Btw- I remembered couple of days ago it was 1 year aniversary on this thread and thought about you LHarvey)

People who are still fighting-
I know its tough situation and challenging times, but dont compromise on being strong. Above everything, please remember that your family and your health are much more important than the situation at hand. Family and health are the real true treasures and please remember everyday to be appreciative of those and do not compromise them. (I say health because I went through those sleepless nights and all those perennial stress, I just wish no one goes through them)

My love to you all

[santbry]

Hi LHarvey Madman,
Can you please post the original email that you sent to BofA? I am in a similar position as you. I have a 7.25 rate 1st and 12% balloon due in 12 yrs. I have no current danger, and have never been late, but with family planning and child care looming, this will be a future hardship for me.

Victor

[Ariel]

NativeLasvegan~Finally.. you and I situation are the same. Recently literally defaulted the home loan. I am not quite 30 days yet I could log in to BOA only to read "outstanding payment is due". What stage are you now? So sorry, your letter caught my eyes. I was already getting frustrated (don't we all?) Can't find someone like my own situation. BOA won't entertain me because I was paying customer. What stage are you in now? Ariel

[nativelasvegan]

Hello Ariel. We missed September and October payment. Now considering 60 days late since the Making Home Affordable Program, Servicer Performance Report shows the number of borrowers who have been provided with trial mods contains ONLY reports of borrowers who are 60 days in default. I have always paid my bills on time but I have not seen any indication that mods are being offered to people who are current or just 30 days delinquent. I believe the banks are more concerned with reporting good numbers and since offering me a mod would not be included in their reports to Congress, I am not going to get that mod. I am wondering if my negotiator will start calling me towards the end of this month so that they can get some money out of me. I envision BOA offices with large white dry erase boards where employees log the amount of money they have collected and the "winner" gets a prize. I will be waiting for his call. I doubt what I have to say will be what he wants to hear but WTH, I will be a pain in his butt until I hear those golden words, "your modification has been approved and the fedex is on the way."

[GrahamVegas]

Hi, I'm new to the forum, and I wanted to say it's an incredible wealth of info and thanks to everyone who has taken the time to write about what they have done so that others can benefit. Does anyone know of anyone who has been able to receive a B of A mod on a house that is not their primary residence? I read of a couple people on here with more than one property, but it was unclear whether they received any relief. My company moved me out of Nevada to Chicago, so now I rent here. I luckily have a tenant in Vegas, but it's hardly an investment property. The rent is half the mortgage, and the house I purchased for 260k is now probably worth around 75k. We are not quite in monthly deficit, but soon will be as the rental rates are falling because of skyrocketing vacancy in Vegas, and even if I was getting 1000 a month from the tenant, I'll be sending $1800+ a month to B of A for a good six or seven years to get back to zero equity, if ever. I'm really trying to find a reason to not short sell, or just walk away and make the problem worse for everybody, especially my immediate neighbors. Thanks for your help.

[GrahamVegas]

I just wanted to post an update in case anyone was watching to see how it turns out. I wrote the hardship letter on Friday 10/23, and on Monday 10/26 I got a phone call from Heidi McNaughton asking me for finance worksheet and two months of financial docs, and after which she said I'll be assigned a negotiator. I wanted thank everybody here again for having done a lot of this work over the past year. It seems like you may have trained B of A. I didn't expect a response this fast.

[GrahamVegas]

Update: I faxed my financial info on Tuesday 10/27, and by Friday I got a call from my negotiator, who said she had just got a hold of the info and hadn't really checked it yet. But once I asked a little about the situation, and shared a little knowledge that I've learned from this thread, i.e. "I heard that some people are getting 2% for a five year period," etc., she dove right in and started trying to help me frame my situation to help convince the investor (FNMA).
I think being somewhat knowledgeable and gracious has helped so far. If anyone is reading this, but hasn't read the entire thread, I'd say it's well worth your time, especially when conversing with B of A people. In any event, she did acknowledge that being current somewhat lowers the likelihood of getting the mod, so while she can't legally suggest that I miss a payment, the conversation was certainly going in that direction. So, after deliberation, I'm going to miss my first payment this month, and I think she'll put the credit freeze on my account. It already says "This account needs special attention. Call customer service..." on my online account. If I hear from her this week, I ll post another update. I hope this is helpful.