Bank of America loan mod -SUCCESS!!

[LHarveyMadman]

Oh! Praise from Caesar. I'm humbled and honored.

[cactus77727]

LHarveyMadman,

While not a final farewell, I'll be heading on down the road here soon. I never venture into the modder rooms. But I had to in your case, to let you know the many smiles you have given me, EVERYTIME I have seen your username. The two of us together, forget it! So here's to you sir, and to the greatest American cinematic masterpiece ever to grace the silver screen.

PS: I wish I was a loofah.

[LHarveyMadman]

cactus, thanks for kind and very fitting words. Now that your ordeal is over, it's time for you to let loose. We owe it to Sgt Hulka to wind up face down in the gutter tonight.

[icemanu]

Just wanted to ask, is it still applicable to Send Emails to the Execs listed in this thread or I have to send a hardship letter by post.

Do I have to also include any Income/Expense sheet when sending emails or just the hardship letter.

I more question, in the expense sheet the term 1st Mortgage (incl tax and insurance). Is that Tax same as the property tax paid to gov and Insurance the same as Home Insurance paid to insurance company.

Thanks.

Ice.

[LHarveyMadman]

I just sent it by email.

Don't include your income/outgo balance sheet in the letter, but state concisely how your financial situation has changed.

Tax is property tax. Insurance is homeowners insurance.

[aurers]

I'm also down 200K with Bank of America (living in the San Francisco Bay Area). I've attempted a loan modification but B of A said that the investor on my mortgage denied my request. B of A is telling me to come back to them when I have missed 3 - 4 months of payments or sell my place. At this point is foreclosure the best option?

[LHarveyMadman]

Letting your home go into foreclosure would be the most damaging course in terms of your credit profile. Other options that would be less harmful would be a short sale or deed in lieu of foreclosure. I can't offer any advice about these options, since I'm not at all familiar with the process. You might want to post your situation over on one of those boards.

Sorry about your situation.

[tandm]

Aurers ~

Once you are behind 3 or 4 months, then BofA will more willing to consider a loan mod. Foreclosure should be your LAST option. If you're willing to go there on your credit, then consider going behind. You may want to post your questions under the countrywide home loans too.

[Enrique]

Aurers - perhaps I can let you know how it goes with me. I'm in a similar situation.... $225K upside down and a 1st with BOFA. They will not mod... investor declined.. like you. I missed my first payment in Feb or March. I'm not really expecting them to mod me, but if it happens then great. I'm really expecting the worst and getting ready to move out.

What I really dislike is that they keep calling me and asking the same things over and over... I don't even answer their calls anymore. But I'll call them up in about 1 or 2 months to see if the "investor" is more willing to mod me.

Ciao

[aurers]

Thanks Enrique!

[laamim]

LHarveyMadman

did you find out if there were changes to your FICO score? if so, do you know how can I check mine for free ? I read somewhere here that you could.
thanks

[LHarveyMadman]

laamim, you can get your FICO score for free at myFICO.com. You have to sign up for a free trial of their Score Watch service.

My FICO score has not been updated since my modification was finalized. I do not believe that B of A has reported any information to the credit reporting agencies yet, because the credit reporting freeze just expired a few days ago. I can tell you that my FICO score did not change much during the modification process, which began in late October.

[rebkev]

Thanks to this forum and everyone's suggestions, we've been offered a BofA loan modification!!! (40 years, five-year fixed at low rate, remaining 35 years at fixed at our current rate)

We are current with payments but are way underwater and couldn't take advantage of regular refinancing.

Here is the email that we sent to BofA:

Dear senior managers at Bank of America,

I am writing to request mortgage loan modification in the form of a principal reduction and a low, 30-year fixed interest rate. My loan number is #XXXXXXXX and my address is XXXXXXXXXXXXXXX.

Our financial situation has been affected by the worldwide economic crisis. My wife and I are both work under 1099 contracts, and our hours have been reduced. One of the companies I bill on a regular basis is two months behind in its payments to me. Another of my regular contracts currently has no work for me. A W-2 part-time, temporary job that I have will end next month. Beyond the deterioration of our income, my wife was recently injured, so we have had to pay medical bills, as well. In sum, our interest-only mortgage is now consuming at least 50 % of our income, and we are using the last of our savings to stay current to our mortgage payments and commitment to you.

Though we are current in our payments, our property is "underwater" - our loan ($XXXXX) is greater than the appraised value of our home (purchased for $XXXXXXX in 2007 and appraised at $XXXXXXXX by Bank of America in January). Therefore, we are not eligible for straightforward refinancing. Right now, rates are pretty good, but we can't take advantage of them. Furthermore, we have an interest-only, adjustable-rate mortgage (ARM) and are concerned about being able to afford the payments in the future. Given the current market conditions and the fact that we have been turned down for refinancing thus far, we have no financial incentive to make our payments. We have always paid on-time and would like to avoid the great risk of falling behind on payments or undergoing foreclosure or short sale; we would rather work proactively with you to stay current and keep with our commitments.

I have called Bank of America several times over a period of several weeks to request loan modification. The Bank of America departments (and loan representatives) I spoke with include: the Collections Department/Homeowner Retention Department (Brenda, Julia, and Joe); Mortgage Customer Service (Rick, Ronnie); and the Refinancing Department/Homeowner Affordability and Stability Program (Cary). Each has told me that we are not eligible for loan modification under any federal or Bank of America program.

However, my wife and I have also communicated with a number of Bank of America borrowers who are in our situation (underwater and current) and who have been granted loan modifications. Thus, we know it is possible to be current in payments yet underwater and be granted modification. My wife and I would appreciate it if you could work with us so that we might take advantage of similar long-term programs, including a principal reduction and a low, 30-year fixed interest rate.

Thank you for your time and consideration,
__________________

Here are the 17 email addresses at BofA that we used:

'ken.d.lewis@bankofamerica.com'; 'barbara.desoer@bankofamerica.com'; 'colleen.haggerty@bankofamerica.com'; 'britney.w.sheehan@bankofamerica.com'; 'nicole.nastacie@bankofamerica.com'; 'joe.price@bankofamerica.com'; 'keith.banks@bankofamerica.com'; 'michael.jones@bankofamerica.com'; 'liam.e.mcgee@bankofamerica.com'; 'brian.t.moynihan@bankofamerica.com'; 'amy.brinkley@bankofamerica.com'; 'steele.alphin@bankofamerica.com'; 'liam.e.mcgee@bankofamerica.com'; 'bradford.r.dinsmore@bankofamerica.com'; 'michelle.shepherd@bankofamerica.com'; 'maryellen.baker@bankofamerica.com'

[LHarveyMadman]

Congratulation, rebkev! You have joined the growing ranks of B of A customers who have gotten modifications, thanks to the wealth of information on this website.

Most of us were able to get our modifications but only emailing about 4 people off that list - Ken Lewis, Barbara DeSoer, Liam McGee, and Maryellen Baker. Several of the others are spokesperson or are executives in divisions that have nothing to do with mortgages, and were deemed to be unnecessary recipients of the email. But the bottom line is that your strategy worked, and you got results. Good job!

[CaSea4Me]

How do you get these execs. e-mail addresses and how do you know which one to contact? I've been envolved trying to get a loan mod. with B of A since 11/08 using a certian unamed atty. It's going nowhere and this atty. and his co. are not very open with details. I did some research with the CA Atty. Generals office on this atty. Found a couple convictions for DUI and one for not paying child support. Sounds like a really stand up guy! I've decided it's time for me to take over if I really want to save our home. Wish us good luck and Pray lots!

[LHarveyMadman]

CaSea4Me, the addresses I used are in a post earlier in this thread; you can find it here:

Bank of America loan mod -SUCCESS!!

If you think you might qualify for a Home Affordable Modification, then you may not need to contact the executives. Try calling 1-800-846-2222 to see if you might qualify. Make sure you have all your information together (loan number, salary, expenses, etc) before you call because they might ask you for it on the spot.

You can check to see if you loan is backed by Fannie or Freddie at:

http://www.makinghomeaffordable.gov

[LHarveyMadman]

Hmm, it looks my link above is not functioning.

Here are the email addresses: ken.d.lewis@bankofamerica.com, liam.e.mcgee@bankofamerica.com, maryellen.baker@bankofamerica.com, and barbara.j.desoer@bankofamerica.com.

[scmom]

Originally Posted by rebkev

Thanks to this forum and everyone's suggestions, we've been offered a BofA loan modification!!! (40 years, five-year fixed at low rate, remaining 35 years at fixed at our current rate)

We are current with payments but are way underwater and couldn't take advantage of regular refinancing.

Here is the email that we sent to BofA:

Dear senior managers at Bank of America,

I am writing to request mortgage loan modification in the form of a principal reduction and a low, 30-year fixed interest rate. My loan number is #XXXXXXXX and my address is XXXXXXXXXXXXXXX.

Our financial situation has been affected by the worldwide economic crisis. My wife and I are both work under 1099 contracts, and our hours have been reduced. One of the companies I bill on a regular basis is two months behind in its payments to me. Another of my regular contracts currently has no work for me. A W-2 part-time, temporary job that I have will end next month. Beyond the deterioration of our income, my wife was recently injured, so we have had to pay medical bills, as well. In sum, our interest-only mortgage is now consuming at least 50 % of our income, and we are using the last of our savings to stay current to our mortgage payments and commitment to you.

Though we are current in our payments, our property is "underwater" - our loan ($XXXXX) is greater than the appraised value of our home (purchased for $XXXXXXX in 2007 and appraised at $XXXXXXXX by Bank of America in January). Therefore, we are not eligible for straightforward refinancing. Right now, rates are pretty good, but we can't take advantage of them. Furthermore, we have an interest-only, adjustable-rate mortgage (ARM) and are concerned about being able to afford the payments in the future. Given the current market conditions and the fact that we have been turned down for refinancing thus far, we have no financial incentive to make our payments. We have always paid on-time and would like to avoid the great risk of falling behind on payments or undergoing foreclosure or short sale; we would rather work proactively with you to stay current and keep with our commitments.

I have called Bank of America several times over a period of several weeks to request loan modification. The Bank of America departments (and loan representatives) I spoke with include: the Collections Department/Homeowner Retention Department (Brenda, Julia, and Joe); Mortgage Customer Service (Rick, Ronnie); and the Refinancing Department/Homeowner Affordability and Stability Program (Cary). Each has told me that we are not eligible for loan modification under any federal or Bank of America program.

However, my wife and I have also communicated with a number of Bank of America borrowers who are in our situation (underwater and current) and who have been granted loan modifications. Thus, we know it is possible to be current in payments yet underwater and be granted modification. My wife and I would appreciate it if you could work with us so that we might take advantage of similar long-term programs, including a principal reduction and a low, 30-year fixed interest rate.

Thank you for your time and consideration,
__________________

Here are the 17 email addresses at BofA that we used:

'ken.d.lewis@bankofamerica.com'; 'barbara.desoer@bankofamerica.com'; 'colleen.haggerty@bankofamerica.com'; 'britney.w.sheehan@bankofamerica.com'; 'nicole.nastacie@bankofamerica.com'; 'joe.price@bankofamerica.com'; 'keith.banks@bankofamerica.com'; 'michael.jones@bankofamerica.com'; 'liam.e.mcgee@bankofamerica.com'; 'brian.t.moynihan@bankofamerica.com'; 'amy.brinkley@bankofamerica.com'; 'steele.alphin@bankofamerica.com'; 'liam.e.mcgee@bankofamerica.com'; 'bradford.r.dinsmore@bankofamerica.com'; 'michelle.shepherd@bankofamerica.com'; 'maryellen.baker@bankofamerica.com'

when did you send the letter and when did you get the reply?

[scmom]

L HarveyMadman--

SO are you saying, that if you have been denied by the person at the 1800 number -- which I can say you have a 10% chance of getting someone who knows what they are talking about -- then try the letter? I have been denied and I just cant see why they wont even talk to me - we are three months late -- we are showing an increase in income -- we cant show enough income to cover our current expenses which are not a lot and the current mortgage payment. It is 6.25% 40 year loan on $618,000. I am so confused and worried -- we want to keep our house. We were scammed by a loan mod company - we hired them in January and did nothing!! until we found out in Late April...

[LHarveyMadman]

scmom, since you are now behind it should be easier to get someone to listen to your story if you were to call the loss mitigation number. I wasn't able to make progress when I called because I was not behind.

I'd have to say that just about everyone I dealt with over the course of my journey was competent, but they are all human and are trying to deal with a lot of confusing information coming from their supervisors and our government, and they're doing the best that they can. They're swamped and dealing with a lot of anxious and frustrated homeowners. Even if they weren't able to get me the information that I needed whenever I called, they were always friendly and as helpful as they could be. I think you have a better than 10% chance of getting someone who knows what he or she is doing.

By the way, I got a call about a week after sending my email message.

[scmom]

I received a loan mod offer today from BofA on our original loan -- it will bring us up to date - since we are behind three payments and let us skip two payments - and lower our payment by $500 per month for five years. Our new payment will be principal and interest. Not just interest like it is now. But in five years we will have to refinance because the payment will go back up to 6%. But the payment is principal and interest -- not just interest. I am happy to not have to worry about this any longer. Probably not the best deal anyone has received... but I don't want to deal with the bank for weeks on end. You are right about getting the balance right on the income and expenses.

Thanks again for your posts!

[LHarveyMadman]

Congratulations scmom! Your modification is very much in line with what I and several other B of A customers have gotten. I'm very happy for you.

6% is historically a great rate. You could refinance if you are able in 5 years, but if it stays at 6%, you're still doing very well.

P.S. don't forget to adjust your tax withholding now, since you're paying so much less interest than you used to.

[emorybetsy]

Congratulations scmom!

That sounds like a great deal!
In your above post you mentioned that you sent an email, did BoA call you after getting the email?

I got my mod thanks to my hero, LHarveyMadman's advice, support, and contact info!

Be prepared, it will take some time to get the "official" documents from BoA. I am going on 90 days and I still have not recieved the documents on one of my three mods. I will actuallly be sending in my first new payment tomorrow.

I can't help but think of all thoes who hit financial problems before us and there were no options for modification and lost their homes. Just a year ago this would not have been possible.

[bluekayal]

Thank you so much for the information and email ids here. I wrote about our situation, and lo and behold there was a phone call. And as promised by the caller, the Bofa Loss mitigation dept is working with us.
They say that the Making Homes affordable Program is the best in our situation. Asked me to speak to them around the middle of June when they will have all the info. any advice?

[Woodland Hills Worrier]

I will continue to try to get a modification in the works. With a Pay Option ARM from Countrywide/BofA in 2006 I was set to refi in 2009 but by then I was underwater. However, my loan type is one of those determined to be predatory and in CA the Attorney General reached a settlement. From reading the document it seems I could get a principal reduction and a new fixed loan but try as I might I can't get through to the different programs. I am often told that I am currently in a work out but never get any follow-up and would like to be considered for Help For Homeowners as well. One of my problems is my current less than interest only payment is less than 31 percent of my income so I seem to disqualify myself. I am gong to try the email approach listed above. I stay current to avoid harassing phone calls and theatening letters, but I am now hearing that the court settlement is pretty much a toothless sham. So the saga continues.