Home Loans and Support

Bank Of America left this on my door!

Discussion in 'Bank of America Mortgage Help' started by SeamusInOC, Nov 1, 2012.

  1. SeamusInOC

    SeamusInOC LoanSafe Member

    has anyone received something like this on there door handle from BofA? I tried to call bank of america yesterday and nobody knows why it was left on my door. I've been in modification for 6 months. BofA messed up my income and sent a modification to me in August that was based on income that was much higher than my actual. I immediately called BofA to try to get their income error corrected and for the past 3 months they have failed to withdraw the erroneous HAMP offer or the escrow account.

    I was still paying my mortgage and now BofA reps say my payments were applied to the modification in error. BofA claim i will receive a letter showing the incorrect HAMP has been withdrawn, but, I never receive any letter. BofA setup an escrow account for me and now will not remove the escrow. Now they are applying the payments incorrectly. I call and call my rep in the office of the president and never get any new information. The answer is always "Your application has been escalated and there is no update right now". This is a nightmare. What is this envelope?

    View attachment 1066
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    If you have been in persistent contact with BofA I would just ignore this letter. Many times various departments do not communicate well with one another and they may have seen notes in their system that there was a problem with your account so they has someone drop this letter off to have you contact them. There are quite a few other members here who have also had their payments incorrectly applied by BofA and many have been sent new and updated agreements to sign and return. Personally I believe this is a good time to file a complaint against them and also try to get a hold of a manager in the executive's office who may be able to look into your account further to determine exactly what is going on.

    Contact your State Attorney General. Contact information by state is available here: State Attorneys General who signed the Joint State-Federal Mortgage Settlement by State | NationalMortgageSettlement

    • File a complaint regarding your servicer with the federal Consumer Financial Protection Bureau: https://help.consumerfinance.gov/app/mortgage/ask

    OCC: Consumer Protection
  3. SeamusInOC

    SeamusInOC LoanSafe Member

    I filed another complaint with OCC. I've been talking with the direct manager of my BofA rep. who has not provided any additional information. I've asked to have the manager manager call me!!! This is so frustrating. The BofA underwriting added in expenses to my income that were not correct in July. What could have been avoided with a 5 minute phone call for clarification has now morphed into a 6 month comedy of errors.

    I spoke to BorA 3 months ago and they agreed the income calculation was a mistake and would be corrected. Since that time i've had escrow on my existing account and they won't remove that. I made my old payment and they applied that to the modification that i had not accepted. I've recieved letters from BofA advocates claiming the issues are from my "incomplete" or "incorrect" documentation. I've stopped making payments until the modification is done.

    Bank of America, Worst. Company. Ever.
  4. unhappybofacustomer

    unhappybofacustomer LoanSafe Member

    SeamusInOC - I'm sorry to hear you are having problems. We have had numerous problems with them as well. IMHO - if you stop making the modification payments, they may use that as an excuse to pull you out of the modification all together. I would suggest that you go to one of the BofA events so you can speak to a human. The events are listed here: https://homeloanhelp.bankofamerica.com/EventRegistration/en/events.jspx
    I went in regard to my first mortgage modification and it really helped me. Good luck!!
  5. SeamusInOC

    SeamusInOC LoanSafe Member

    Thanks UnhappyBofA

    I never "started" making the modification payments. The modification payments were higher than my current payment because BofA overstated my income by 20%! I called them immediately and asked them to simply correct the income error and resend the modification. That was 3 months ago. I was simply trying to make my regular payment and BofA apparently appled the payment to the modification. I've since stopped making any payments until this mess is fixed.
  6. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    The member above is correct, how many months have you not been paying? If you have missed more than three payments on the modification they may attempt to void it altogether..

    Re-default and Loss of Good Standing:

    If a borrower defaults on a loan modification executed under HAMP (delinquent by the equivalent of three full monthly payments at the end of the month in which the last of the three delinquent payments was due), the loan is no longer considered to be in “good standing.†Once lost, good standing cannot be restored even if the borrower subsequently cures the default. A loan that is not in good standing is not eligible to receive borrower, servicer or investor incentives and reimbursements and these payments will no longer accrue for that loan. Furthermore, the mortgage is not eligible for another HAMP modification.

    In the event a borrower defaults on the modified loan, the servicer should work with the borrower to cure the modified loan. If this is not possible the servicer should evaluate the borrower for any other loss mitigation alternative prior to commencing foreclosure proceedings. In any event, a servicer cannot refer a HAMP-modified first lien to foreclosure until the loan loses good standing under HAMP.
  7. SeamusInOC

    SeamusInOC LoanSafe Member

    I did not agree to the modification. BofA calculated my income incorrectly. BofA reps agreed the income calculated was not correct. I asked them to re send a new modification offer based on my correct income. BofA has not sent a corrected modification BofA has not removed the "escrow" items from my old payments. That was 3 months ago. I've been trying to get modified for 6 months. BofA apply my regular payment to the modification. Its been going down hill ever since. I call them 2-3 times a week. Nothing ever changes. I'm always told my file is escalated and being worked on, but, I never get any other updates.

    So, i started out this process qualifying for NMS and HAMP. Sent in the paperwork. BofA screwed up the modification offer. I corrected them and they agreed on the phone the payment was based on overstated income and submitted the correct income.

    Now i've got a screwed up account with Escrow that was not agreed too and no end in sight to the modification process. I ask to talk to supervisors and never get thru to anyone but my one "contact". I've complained to OCC and CFPB, my congressman, both Senators. AG's office said since BofA is a "National" bank they cannot help me.
  8. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    I'm sorry from your original post you stated you have been in the modification for 6 months so I figured you received a loan modification 6 months ago. So basically you are currently 3 months behind and did not yet accept/sign any agreement from BofA? If this is the case lenders will often add escrow to your account automatically once you begin to fall behind on payments.
  9. SeamusInOC

    SeamusInOC LoanSafe Member

    I have not accepted or signed anything but the RMA application. I applied for my modification 6 months ago. I did get a message today from a VP at BofA, so, hopefully i'll get this fixed soon.
  10. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    I apologize if you are already using these contacts, but if by chance you are not I would definitely use them to help get this issue resolved.

    CEO Brian Moynihan: brian.t.moynihan@bankofamerica.com phone # 877-498-7226

    BofA executive team 704-386-5687
  11. poormanindc

    poormanindc LoanSafe Member

    from my understanding when i first applied for a loan mod back in 2010. once you apply for any type of modification, your account is automatically set up to be escrowed; behind on tax or not. i initially got denied for a loan mod back in 2010 and we were current on the mortgage at that time. we were on time with our taxes but it was difficult to make the regular payments with the added $800 in escrow they tacked on to the monthly payments. once they set up the escrow they wouldn't take it out. we didn't even initially ask for a modification, they sent out a fedex package and i went ahead and filled it out proactively because the interest only loan was set to reset to include principal.. good luck!
  12. SeamusInOC

    SeamusInOC LoanSafe Member

    Got a call today from a VP @ BofA. He assures me that my modification app is being processed in the next 24-48hrs and the income errors have been corrected. He seemed to be very up to speed on the history of my file and assured me he was on top of things. Here's hoping the modification offer is in line with the guidelines and i can get this mess put to bed.
  13. SeamusInOC

    SeamusInOC LoanSafe Member

    Thanks Evan, yes, I've been dealing with the executive team for the past 4 months.
  14. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    That is great news and I hope the VP can help you get this resolved in a timely matter!

    Poodmanindc - Yes this is true in some cases the lender will add escrow to ones account after inquiring about a loan modification especially on an interest-only loan.

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