Bank of America loan mod -SUCCESS!!

[LHarveyMadman]

Congratulations, aurers! Good work!

[doddy]

Ran into brick walls since starting mod process in late Feb. I was laid off in June of 2008 and unable to find work, I stayed home with kids while my wife went back to work at 2/3 of my previous salary. I need to get my 3K payment as close as possible to 2K.

After numerous calls in April and May I was finally assigned an analyst on June 4 and told I would have a resolution in 30-60 days and would be contacted by my analyst if there were any questions. I called almost every week during this 30-60 day period, making sure BOA had all they needed. On Aug 3rd they told me they needed me to resend income and expenses. What a disappointment thinking I was at the end of the process.

I emailed exec list on Aug 3rd and was contacted today and told I needed to go though the MHA refinance before I could be considered for mod. I explained I had done this previously but they could only get payment 200 bucks cheaper (while adding 26k to my principal though point and closing costs). They are supposed to call back tomorrow so I will keep everyone updated.

[LHarveyMadman]

Originally Posted by doddy

Ran into brick walls since starting mod process in late Feb. I was laid off in June of 2008 and unable to find work, I stayed home with kids while my wife went back to work at 2/3 of my previous salary. I need to get my 3K payment as close as possible to 2K.

After numerous calls in April and May I was finally assigned an analyst on June 4 and told I would have a resolution in 30-60 days and would be contacted by my analyst if there were any questions. I called almost every week during this 30-60 day period, making sure BOA had all they needed. On Aug 3rd they told me they needed me to resend income and expenses. What a disappointment thinking I was at the end of the process.

I emailed exec list on Aug 3rd and was contacted today and told I needed to go though the MHA refinance before I could be considered for mod. I explained I had done this previously but they could only get payment 200 bucks cheaper (while adding 26k to my principal though point and closing costs). They are supposed to call back tomorrow so I will keep everyone updated.

Were you in an interest-only loan before the proposed MHA refinance?

What would your new front-end DTI be with the lower payment offered through the refinance program?

[doddy]

Originally Posted by LHarveyMadman

Were you in an interest-only loan before the proposed MHA refinance?

What would your new front-end DTI be with the lower payment offered through the refinance program?

No we have been P&I since inception of loan...out DTI would have been right at 50% (so not even close where we need to be)

[dee-fresh]

Good morning everyone, first timer here. I was wondering, of anyone here that has received a mod, are any of your loans NOT backed by Fannie/Freddie?

I have a Jumbo loan of $620,000 (fixed 30 at 5.7) and I'm pretty certain it's not a Fannie/Freddie loan, so I don't know what chance I have? We are four payments behind and have been rejected once thus far for "Investor Constraints" (wasn't sure if that was just a generic term for try something else?).

I supposed to get paired up with a Negotiator tomorrow, so any insight would be appreciated.

D-

[LHarveyMadman]

Mine was a jumbo, not owned by Fannie or Freddie.

[dee-fresh]

Originally Posted by LHarveyMadman

Mine was a jumbo, not owned by Fannie or Freddie.

Thank you LHarvey...this site has been very helpful. As I mentioned, bofa promised to call me today with a negotiator, so I am pretty anxious at this point. I'll let you know how it goes.

D-

[buffalobob]

I just hung up with BOA. I am currently one month behind due to a job loss. I have since obtained a new job and am making regular monthly payments but can not get caught up. I am still loosing a little every month after making credit card payments but as I said I am making a payment very month.

My scenario is this.

My house is not upside down.
I have approximately 50K of equity.
My interest rate is 9% in a 30yr ARM. The rate is fixed until 2012.

I asked for a rate reduction to 6.25% and for the missed payment to be put at the end of the loan. I was denied from the Home Affordability Program because my principle and interest payment is less than the 31% currently. This is odd because when you add my real estate taxes in I am at almost 40%.

I then asked them to do the modification outside of the government program and was told that they could not because my rate was locked until 2012.

It seems like they have found two loopholes to keep from helping me.

Any advice would be appreciated.

[emorybetsy]

I would call and speak to somebody else, if you are over the 31%. That is one thing I have learned from dealing with BoA since January, you never get the same answer twice.

[Sunbeam]

Write a letter to your congressperson and cc it to the CEO of BofA. They took your tax dollars, you should be allowed a little relief!

[doddy]

Update on my mod..spoke with loss mit exec on Tues and they told me they are sending my file over to "imminent defaults" (I'm still current but dipping into credit each month to make my payment) and the next time I may hear from B of A will be in 3 to 4 weeks with my mod in the mail. I have her direct line and can contact her as the end of that window comes. So I am back to waiting but I have a lot more optimism something positive may finally happen.

She did mention they were looking to get me to 31% possibly through the use of principal forbearance. Anyone here have any experience with this?

[emorybetsy]

doddy

Great News! I am happy to hear that things are going in the right direction. I don't have any info on principle reductions but I have completed three loan mods on my house and I do have some advice....Stay on top of them, don't wait a month without contacting them. call next week to confirm that it was sent to "imminent defaults". Call at least once a week until you have the mod in hand and then call once a week until it is complete and you see it updated on line. There are some huge cracks in every department at BoA, make sure you don't fall into one of them.

[fman123]

Hello All,

Just joined today. I have a 30 fixed Jumbo fixed @ 6.50. I have lost 2 jobs in the past year, but have managed to land on my feet both times - with a lower income. I have managed to stay current by wiping out my savings and borrowing from my 401k. I have been trying to get a modification or refinance since late last year. I have been speaking with different reps in the Home Retention Team - all with different answers and no luck.

I am always skeptical about this kind of stuff but after finding this board last week, I emailed the execs and got a call back within 24 hrs. They have forwarded my case to a negiotatior in the executive Home Retention Team. Any idea what is next and how long ?? Thanks for the advice and I will let you knowhow it goes

[dee-fresh]

fman, I too was assigned a "negotiator" and was promissed a phone call within 24 hours...it's now been a week. I have called twice with no return calls.
I will say that my loan in the bofa website is "under review" so something happened, I just don't know what...I'm not holding my breath though, knowing these guys have only modded 4% of their loans. I will be calling them again on Monday.

[dee-fresh]

Finally spoke with the negotiator today. She says she will be submitting my case to the "investor" whom she says she has never worked with(not sure if that is a good sign). Anyone have suggestions if/when she comes back with a rejection? Wondering if it is most commen for them to come back with a no the first time?

[Toyshaks]

What did you put as your subject for the email you sent to the executives?

[Toyshaks]

I've been a long time lurker @ this site and finally decided to join.

Here's our story......

We have a 1st and 2nd mortgage with Bank of America. We purchased @ $620,000 and put down 10% three years ago next month. We got a 5/1 IO that is set to adjust in 2011.

Due to loss of income, our mortgage became unbearable. We started the process with Naca in January and because of a screw up, our second loan number was listed as the first when they submitted our package to Bank of America. Our Second was modified but the savings didn't help our one income household. We fought with Naca and BofA for more than month over the mix up but was told our first was denied because we were not late.

Fast forward a month later, I lost two family members in the matter of days. My family needed help with the funeral expenses and I wanted to pay my final respects. I went to the funeral and could not make the May payment. On June 3rd, the same negotiator from Bank of America called us and offered us a two month forbearance agreement starting June 15th and ending with the July payment. We were also told that at the end of July we would qualify for the modification due to the investor guidelines.

Here we are today, with no modification and the negotiator is not returning our calls. We call every other day and is told a different story by Bof A. They even sent us a letter demanding all the back payments or else by the end of this month. I have even sent updated paystubs and bank statements at the end of the agreement. I don't know what to do or who to turn to. Any suggestions?

Thanks in advance,
TS

[emorybetsy]

I know it is frustrating! But the best advice I can give you is to keep fighting, I think that is their strategy, to wear you down until you give up and walk away. I was never able to get Boa to return my call. It may sound immature but I would dial the number over and over and over until he pick up. I was also successful calling loss mitigation, complaining that my negotiator would not return my calls, several times they would send him an email or call him while I was on hold and got through that way. DONT GIVE UP! Good luck

I did not add a subject to the email.

[CW California]

Originally Posted by Toyshaks

I've been a long time lurker @ this site and finally decided to join.

Here's our story......

We have a 1st and 2nd mortgage with Bank of America. We purchased @ $620,000 and put down 10% three years ago next month. We got a 5/1 IO that is set to adjust in 2011.

Due to loss of income, our mortgage became unbearable. We started the process with Naca in January and because of a screw up, our second loan number was listed as the first when they submitted our package to Bank of America. Our Second was modified but the savings didn't help our one income household. We fought with Naca and BofA for more than month over the mix up but was told our first was denied because we were not late.

Fast forward a month later, I lost two family members in the matter of days. My family needed help with the funeral expenses and I wanted to pay my final respects. I went to the funeral and could not make the May payment. On June 3rd, the same negotiator from Bank of America called us and offered us a two month forbearance agreement starting June 15th and ending with the July payment. We were also told that at the end of July we would qualify for the modification due to the investor guidelines.

Here we are today, with no modification and the negotiator is not returning our calls. We call every other day and is told a different story by Bof A. They even sent us a letter demanding all the back payments or else by the end of this month. I have even sent updated paystubs and bank statements at the end of the agreement. I don't know what to do or who to turn to. Any suggestions?

Thanks in advance,
TS

I wonder if you could get NACA to resubmit you via calling the Supervisor, Kevin Wynn 617-250-6222 x254 ?

[Toyshaks]

I called Naca yesterday and was hold for 2 hours. Once I finally got through, the agent told us we needed to update our Naca file which I did two weeks ago. I was also told to fill out a hardship affidavit and 4506T, fax it and call back today. I am getting ready to spend the few hours on the phone.

[doddy]

Update - Wanted to stay on top (as advised) so I called this week and spoke by phone yesterday to Loss Mit exec who said that I had passed a number of check lists and I should see or hear something from BOA in a week. Will call again next Tuesday to follow up again.

To date the loss mit exec I have been speaking to has been very prompt when returning my phone calls. I asked her again today if we were on an optimistic tract and she indicated we were. So I continue to wait in a much more optimistic mood.

[JSal88]

so... been about 3 weeks since i last posted. We got a call a day after i emailed a not so nice email to B of A. Our case was assigned to a loss mitigator...she said she should have the loan analyzed and would give us info in 2 weeks. Well- 2 weeks and 3 days later we called back giving them the benefit of the doubt, i was told we have passed all the checklists and that they are still waiting on the apprasial-this is whats been holding it up. Then after the appriasal our docs will be sent to the investor for their final approval. Not sure about this whole "investor" thing...has anyone been succesful with getting a modification when the loan is backed by an investor?

[LHarveyMadman]

Originally Posted by JSal88

so... been about 3 weeks since i last posted. We got a call a day after i emailed a not so nice email to B of A. Our case was assigned to a loss mitigator...she said she should have the loan analyzed and would give us info in 2 weeks. Well- 2 weeks and 3 days later we called back giving them the benefit of the doubt, i was told we have passed all the checklists and that they are still waiting on the apprasial-this is whats been holding it up. Then after the appriasal our docs will be sent to the investor for their final approval. Not sure about this whole "investor" thing...has anyone been succesful with getting a modification when the loan is backed by an investor?

It's probably safe to say that virtually all mortgages are backed by investors - that's the nature of the mortgage business. The investor holds the trump card in the modification decision - if they say no, then there's little that the bank can actually do.

[dee-fresh]

Any thoughts on what leads to the "no" from the investor? Just been tying to figure out why they would rather have me foreclose/walk away instead of a mod?

That seems to be the trend, so what is their advantage to having so many foreclosures? Does the Investor have some sort of insurance hedging his investment? Can't figure it out.

[GaBoy]

Thanks for the sight guys. I used the emails provided and got a call back the next day after emailing the hardship letter to all execs. They told me that I would receive a call from loss mitigation within 24 hours. At the 20 hour mark I got a call. I faxed over the required information to them that afternoon. I received a call today telling me that we would have something on the table Monday. I am waiting ever so patiently.

GaBoy