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Dignified Transition Solutions Letter

Discussion in 'Bank of America Mortgage Help' started by Roblo, Jan 2, 2012.

  1. Roblo

    Roblo LoanSafe Member

    I received a letter from Dignified Transition Solutions telling me a loan mod is not an option for me in the mail on
    12-22-11 and I need to leave my home. But I am a little confused, I had my first meeting with a BofA Loan Mod Specialist on 11-12-11 and I have succesfully turned in all my paper work shortly after. A Re/Max agent called me and said she had orders from BofA to call me to set up a short sale on my home on 12-15-11, but I told her that I am in the process of modifying my property and working with a specialist. I talked to my specialist on 12-20-11 and he told me that I dont have a sale date and to disregard that call I received and they received a flood of call from alot of customers. So should I take this letter from Dignified Transition Solutions seriously or wait for an answer from my specialist regarding my modification?

    Thanks in advance..
    Last edited by a moderator: Jan 2, 2012
  2. Moe

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

    Hello and welcome to the community.

    It depends on if you can truly qualify for a loan modification or not? Are you working and have income to afford your mortgage payment?
  3. Roblo

    Roblo LoanSafe Member

    Yes Moe, I had struggling business, struggles started in 2008, and business has picked up this year. Also my wife quit her Job in 2005 which she was in that industry for 10 years to help me out. So we were operating on 1 income and also living off savings. But late 2010, she has since been working full time back in her old industry. Our income has doubled since my wife has been working.

    Thanks
  4. Liza09

    Liza09 LoanSafe Member

    Dignified Transition Solutions is working with Bank of America in offering eligible borrowers an opportunity to participate in a Cooperative Short Sale program. One way of contacting these borrowers is having RE/MAX agents (who have been selected by Dignified Transition Solutions) contact the borrower. It's the agent's job to assist the borrower in contacting Dignified Transition Solutions for the details of the program. An agent can get an assignment to contact a borrower and not be aware the borrower has applied for a loan modification.

    I suggest you hold on to the letter. If your mod is denied, you may want to consider the Coorperative Short Sale program as a way to avoid foreclosure. There are some borrower benefits to this short sale program in contrast to a traditional short sale. Bank of America can not require you to short sale your house. This is a program being offered by Bank of America. In the event your mod is denied, you can choose to short sale your house or let it go to foreclosure.

    I wish you success in your loan mod. Remember though, there are many departments with Bank of America and they often don't know what the other is doing. Also, many lenders do "dual tracking" where they can be working on a modification and, at the same time, begin the foreclosure process. I had a mod denied and the house was foreclosed on the following week. Keep checking with Customer Service to make sure there is not a foreclosure date set and keep in regular communication with your modification specialist. Please note though, it can be possible not to have a foreclosure date set but still have been denied for a mod. It is quite possible, if your mod is denied, Bank of America will contact you about a short sale without a foreclosre date being set yet.

    By the way, even thought the RE/MAX agent is the point of contact for Dignified Transition Solutions, the homeowner does not have to use that agent for the short sale. If the homeowner develops a good relationship with that agent, it would make sense to use him/her. But, if the agent is pushy and only seems interested in getting a listing and not what is best for the homeowner, they can find another agent. The homeowner would still be eligible for the Coorperative Short Sale program.
  5. Moe

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

    OK, thanks for clarifying that.

    Here is what I think:

    A. This company and person think you cannot qualify based on your income or

    B. They are pushing a short sale since they make a lot more money on a short sale since they will be paid a commission.

    Realtors and most all professionals that need to make sales to make money usually push consumers into products or contracts that benefit the salesperson more monetarily and Realtors are one of the worst offenders. This may or may not be the case here, but if your income is very low and not truly enough to afford the home and mortgage, then they may be telling the truth.

    What is your mortgage balance and your current income after taxes?


    @ Liza09 is spot on with her information on this firm, but did not describe the "motives" behind such firms.

    After all, money makes the world go around and not helping people make the best decisions like we do here. ;)
  6. Liza09

    Liza09 LoanSafe Member

    Moe - I have no doubt Bank of America is going to make more money having borrowers short sale these properties opposed to letting them go to foreclosure. They are even willing to pay the homeowner a relocatiion fee of $2,500 at the close of escrow. And, I'm sure Dignified Transition Solutions is getting paid a nice sum to coordinate these short sales. As far as the agents, we know they are going to make money off it.

    I actually went through a Bank of America Cooperative Short Sale program and was paid the relocation fee at the close of escrow. We knew we didn't want to stay in the house even if we got a mod (it was upside-down at least $200K and the mod payments would have been too high). We preferred a short sale on our record vs. a foreclosure. Also, BOA agreed up front they would not persue a deficeincy judgement. The short sale was quick and smooth.

    I agree, anyone thinking of doing a short sale should do so because it is in THEIR best interest to do so...not because someone is trying to push them into it.
  7. Moe

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

    Hey Liza,

    I agree with you. More often than not, the homeowner simply does not qualify even though they want to stay and get a loan mod. My main concern is that the homeowner makes sure based on what they want and can "realistically get" that they verify the numbers and always question the advice they get from people who make money off their transaction.

    It seems that the only impartial good advice that homeowners can get is here where we do not have a motive or make money on the results.

    Thanks for your input and help on LoanSafe!!
  8. lpinlb

    lpinlb LoanSafe Member

    Hi all- just wanted to chime in that after 30 months of non-payment, 6 loan mod attempts and just general disgust with the process and a heart to heart with my husband, much like Liza, we also decided it's just not worth it anymore to try and keep a house we never planned to live in forever and has no chance of recouping it's $200k underwater value anytime soon. We also received a packet from BofA and DTS but had already contacted a realtor and good friend of a friend experienced in short sales. He reviewed the info and said it's just a way for BofA to screw you out of the $500 of the $3000 they should pay you in a short sale vs. the $2500 you get if you use DTS.

    I am just amazed at the amount of junk mail we get from loan mod companies, attorneys and the gall of some realtors who have left things with our personal information on our doorstep, trying to get a listing. Tasteless!! I'm glad to read your comment that the process was smooth since I am DONE dealing with these damn people and look forward to finding a nice rental in a nicer part of town for our family.

  9. norcalmama

    norcalmama LoanSafe Member

    I just recived a notice from Dignified Transition Solutions advising that i havethe oprion to short sell. I called the number on the letter since it did have BOFA letter head and the lady who answered advised that the letter was info for us to know and be educated on. She advised that the deaprtment that may be working on the MOD may not be corresposning w/ their department and I should contact that representatice. I asked her for a BofA number that I could call to confirm that the Dignified Transistion Solution was legitimate for BOF and she gave me a number to call. I called that number and got a very nice professional person on the phone who listened to my questions and advised the samething that it was legit , it was infomrational and it was something to give us options on should the house not get modified.. He then asked what my plans were . I said I wanted to stay in the home.. he took some infoa nd told me that he would have a representative contact me, He advised my file was stuck in a OOP loop and that he was removing that link since all I get is a vm to my Customer advicate person who never returns calls... He was almost too good to be true. For a brief moment It was nice to talk to BOFA.. he then ended the call by telling me that the home has no forclosure date at this time,,, thats when I kinda lost hope and realized he may not be looking at things right.. I have checked Recontrust and my home forlcosure date has been postponed for the 6th, 7th maybe 8th time to 6/8/2012..

    I suppose I can just wait to see if anyone contacts me ..and still look at oprions to file BK and move ... 3 years is a log time to try to save a home .. we finally are back on track and have income that was close to what we had when we first purchased the home.. its like we have come full circle and if Bof would have helped us we would be fine ..but I know that would be too good to be true

    Good luck to all who are still trying like me to save a home ,I am glad I checked to see if anyone else recived this note from this group.

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