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Bank of America Modification Success Story. Thank you Barbara Desoer

Discussion in 'Success Stories - Homeowners Who Fought Back & Won' started by leahj, May 21, 2010.

  1. leahj

    leahj LoanSafe Member

    HI Everyone. I wanted to write about my successful modification with bank of america to give others hope because I came here when I was struggling and afraid. I just received my modification today after a 14 month struggle, and boy was it a struggle, as alot of you know. This forum saved me with the suggestion to email Barbara Desoer.

    To make a long story short, when the real estate market collapsed, I fell behind on my mortgage for a bunch of reasons financial and personal which I'll skip here. I had a jumbo 7 1/2 interest only loan with the first at 950k and a second at 200k from Countrywide initially. I live in southern california. I tried to request a loan modification myself and got run around after run around. Feeling overwhelmed I hired a lawyer to handle the loan mod. For six months as my house when into foreclosure and I started receiving auction notices, all he said was that Bank of America was reviewing the file. Each auction date was stressful in ways that only many of you know, and I felt like my insides were turning outside, and I am normally a calm person. Each time my lawyer said this was normal for them to postpone last minute. I continued to feel my lawyer was not on top of things. Then as a third auction day loomed, again it was three days before the auction and bank of america hadn't postponed. I was losing it, and the lawyer said all was well and they would postpone. Two days before and no postponement. I finally felt in my gut the lawyer was absolutely full of it, and started calling B of A relentlessly. To make a long story short, the day before my auction I got a manager who told me the lawyer had not sent in the necessary paperwork, had not responded to b of a, but it was too late, they weren't going to postpone.

    I then went on this forum and saw the suggestion to email Barbara Desoer. Did I really believe that emailing Barbara Desoer, head of b of a was going to do anything, no I didn't, but I was desperate. I sent her the most honest, heartfelt email I could and then I prayed. I woke up at 6 am the day of the sale, and was prepared to file bk to stop the sale, but I knew that would most likely prevent me from getting a loan mod and I would then eventually lose the house. The sale was at noon. I called all morning and at 10 am, I found out that the auction was postponed by Barbara Desoer. She read the email. It felt like a miracle and it was.

    After she postponed the sale, she and her office sent my file to OOP. I was then assigned a negotiator, Jeanette, in 24 hours, which my lawyer couldn't accomplish in 8 months. From then on, it has been much smoother. Jeanette was available and terrific when I called. It still took another 6 months of paperwork and sale dates being postponed, and there was still that anxiety, but I felt like I was in good hands and someone was on top of it. Today I got my modification and it does feel like a miracle. Here are the terms for those who are interested.

    Old loan 1st 30 years 950k at 7 1/2 interest only payment $5900 or $7000 with taxes
    2nd 200k payment $715

    New Loan 1st at 3% for first 3 years - 4% fourth year and 5% fifth year onward. My new payment is $4800 and includes taxes and its a 40 year loan
    2nd - $225 payment.
    I can breathe again and sleep well at night. If anyone wants to know what numbers I submitted I will let you know.

    This feels like a MIRACLE and that there is light at the end of this dark and scary tunnel. The only reason I am taking time to tell this story is to give you hope, because thats what others gave me when I read this forum, scared out of my wits late at night. Stay strong and believe. I never stopped believing or fighting and you can too.
  2. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Thanks so much for sharing your success story on LoanSafe. You are definitely paying it forward to other BofA clients who will be inspired by your words. There are thousands of users here who are not members who gain a lot of benefit and as well as comfort in all your stories.

    Congratulations on a loan modification job well done! I wish you the best in life!! :)

    Oh, and I also posted your success on our home page/news blog. Just FYI. Thanks again!

    Bank of America’s Barbara Desoer Goes to Foreclosure Bat for This California Homeowner | Loans - Credit - Debt - LoanSafe.org
  3. CA_NA

    CA_NA LoanSafe Member

    Hi,

    Yes will you please post what you submitted? Were 1st and 2nd with the same bank? Thanks so much.
  4. leahj

    leahj LoanSafe Member

    HI,

    Bank of America is the servicer and investor on both of my loans. The numbers I submitted are 10,640 Gross not net. I had a surplus of $800 not including my taxes. My negotiator did ask about my taxes which where around an extra $1200 per month, so with those factored in, I was at a $400 deficit each month. Also, just so you know I gave those exact numbers many times over the phone to b of a representatives and was told I was denied several times that my income wasn't high enough. It was brutal. Turned out not to be true when I finally got a negotiator assigned and the right person on the case. My biggest hurdle was getting a negotiator assigned and someone who had authority or was linked to someone who could make a decision. I didn't believe with the level of income I was still making that something couldn't be done. Turned out I was right, and the right executive needed to see it and then they offered me the mod.
  5. CA_NA

    CA_NA LoanSafe Member

    Great! Thanks for the info. Our family has had over 60% loss of income so I have no idea if they will think it's more profitable for them to just foreclose. Also, I am still current so that may count against me.
  6. leahj

    leahj LoanSafe Member

    I had also a huge loss of income. My experience is that they really don't want to foreclose if they believe you can afford the modification, it is just getting to the right person. Believe me, I had so many lower level employees telling me I was denied it made my head spin. One time I actually started crying it was so stressful. I do think though that you not being late is not helping. I was 18 months behind on my mortgage by the time my modification was given. Although, I think the climate at b of a is changing and they are realizing that they need to work with people, so you might get lucky and get a mod without ever being late. Good luck to you!!!!!
  7. stressed101

    stressed101 LoanSafe Member

    Hi everyone. My first post, been trying to get loan mod with b of a for about a month. Have an attorney and am working with a HUD counselor. If all else fails, I will file Chap 13 BK just in time to stop foreclosure. Question: What is Barbara's email address?

    Thanks!
  8. leahj

    leahj LoanSafe Member

  9. 871910311

    871910311 LoanSafe Member

    BOA Loan Modification is an absolute JOKE


    I emailed Barbara Desoer to get assistance on a loan modification. SHE was quick in response in getting me to a person who would handle my account. Unfortunately, that person (Felicia Ford)never returned any of my phone calls. I then emailed Barabara once again and after 2 weeks, Felicia finally got to returning my call. She then "assigned" me to gent named Marcus Morgan who took the same initiative and didn't return any of my calls. I emailed Barabara Desoer for a 3rd time and have yet to hear anything back.

    I am NOW aware why Bank of America has so many foreclosures....their employees are inept and unable to do basic duties.

    My home is now going into foreclosure and I forward all my collection calls to Barbara Desoer.
  10. 871910311

    871910311 LoanSafe Member

    I must have had a different Barbara Desoer....here's my story on BOA loan modificiations

    I emailed Barbara Desoer to get assistance on a loan modification. SHE was quick in response in getting me to a person who would handle my account. Unfortunately, that person (Felicia Ford)never returned any of my phone calls. I then emailed Barabara once again and after 2 weeks, Felicia finally got to returning my call. She then "assigned" me to gent named Marcus Morgan who took the same initiative and didn't return any of my calls. I emailed Barabara Desoer for a 3rd time and have yet to hear anything back.

    I am NOW aware why Bank of America has so many foreclosures....their employees are inept and unable to do basic duties.

    My home is now going into foreclosure and I forward all my collection calls to Barbara Desoer.<!-- google_ad_section_end -->
  11. ocguy

    ocguy LoanSafe Member

    Do you have barbara desoer's number, I'm in the same boat as you except I have a sale date on dec 30 & still no posponement.
  12. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    @871910311 - I am sorry to hear about your issues. Can I ask you what your current income situation is in regards to employment, your mortgage balance, payment and rate? That way I can see if I can help in any way.

    In regards to Ms. Desoer, she has a VERY tough job to do. She is in charge of millions of mortgages and also foreclosures. Do you think forwarding your personal foreclosure calls to her is really a good idea when others who are hurting and in maybe worse situations are also attempting to get help.

    We ALL need to work together and understand that this is not just about "us individually", but us a a whole or a group.

    To be honest with you all, I feel Barbara Desoer has done more to help homeowners, our members and all that she can do under the umbrella of Bank of America than any other banking or serving president or executive. By no means is she perfect (nor am I or anyone else), but she is definitely a good woman who has her heart in the right place.

    Common sense tells me that when you have millions of mortgages, millions of foreclosure and thousands of employees, that emails will be missed and mistakes can be made.

    I don't know about you all, but doesn't what I say above sound reasonable?
  13. ocguy

    ocguy LoanSafe Member

    I understand how you felt, I'm still struggling & a fraid I emailed Barbara Desoer as well & she didn;t postpone my sale how did you get her to do that? my sale date is dec 30 & all I got was one negotiatior that didn't do anything but talk & now I have a new one & he basically called fri & said I'm sorry to tell you that your house will be sold at auction. I cannot lose my house seriously can anyone help me postpone this sale date please!!!
  14. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    OC, are you currently employed and if so what is your income? In addition, what are your mortgage payments and interest rate?

    I may be able to help.
  15. skeptik

    skeptik LoanSafe Member

    although BofA is far from a philanthropic organization and I would never throw myself at their mercy, I must concur with Moe--that Ms Desoer is no doubt doing her best and the "negotiators" as well. I expect they are so inundated with their workload they simply can't return all the calls, emails, etc. and if they tried to do that , they would not get the other work done. The fault lies in BofA's policies and priorities in terms of staffing and customer service. They are in crisis mode: us or them and they are choosing them-selves ie BofA 's bottom line. Whether their mode is prudent -- only 20-20 hindsight will reveal that--imho

    Here's hoping that 2011 will be better for all of us
  16. ocguy

    ocguy LoanSafe Member

    I am trying to help my parents save there house. They were approved for a HAMP loan from BoA back in july 2010 they recieved there packet with trial payments on in nov. 24 but the payments were to high because the monthly income was wrong, we called foreclosure dept to find out what happened & we found out they were baseing the income on 2009 so they said fax current pay stubs for 2010 we faxed the paystubs & monthly expenses on dec.3 We called back the forclosure dept to find out if the received the fax & they said yes & that they are going to redo the the loan with the new income. The last time we called the foreclosure dept was on dec.24 & they said it was with the underwriter. There gross monthly income is 2800.00 & monthly exspenses are 1166.00. The trial payments they sent are 1177.29. We have also been trying to get the sale date postponed & no luck with that even after emailing Barbara Desoer my first negotiator Gus Torres said he put in a request & it took 48 to 72 hours for an approval & didn't hear back from him, then we got a call from another negotiator Martin Torres & said he was takin over the case that Gus went on vacation & would look into find out if Torres put in the request, he said he did not & that a rep from the foreclosure dept put in one so he couldn't put in another request until there heard back from the previous one but he was going to put one in anyway & he would call today to lets us know. Well Martin called today only to say that both requests were denied & that he was going to put in another special rush request today & again it will take 48 hours to find out if it was approved & he couldn't guarantee it would be postponed beacause the mortgage is 27 months without a payment. I have read on here that some people's negotiators just called the attorneys at Recontrust & can postpone it why do ours keep saying it takes 48 hours. My parents can't lose there house they are in there eighties & have heart conditions & don't have much money to find another place they have lived in there house for 40 yrs this is so hard on them & no one at BoA could care less its just a job to them.
  17. ocguy

    ocguy LoanSafe Member

    I was also told by some peple in the forum to contact Recontrust attorneys & BoA attorneys to find out if the sale date was canceled but I cannot find any numbers for them to call. Where can I find those numbers? thanks.
  18. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    @skpetik - That was a very reasonable statement and thanks for sharing your thoughts.

    @OC - What is your grandparents "normal" mortgage balance, payment and interest rate? I understand that they "need" to save it but can they afford it is the question I am trying to answer. If they cannot, then it doesn't matter what numbers you call or who you email.

    You have to understand that BofA works for the investor and this is business. If they deny the loan modification it is because they feel it is in the investors bets interest. If they just helped everyone, than they would be out of business and out of money.

    If I believe that your grandparents can afford the home based on your answer, then I will make sure they save the home.
  19. ocguy

    ocguy LoanSafe Member

    Its my parents house & I will have to find all that info out, right now we are just trying to get the sale date postponed, I thought if you were in process of doin a HAMP loan mod they are not suppose to file foreclosure or a trustee sale it even says that in the paper work from BoA.
  20. ocguy

    ocguy LoanSafe Member

    They didn't deny the loan, there are redoing it beacuse BoA screwed it up the first time & its wit the underwriters so that say. How do you know when any of the people with BoA are telling the truth?

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