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My bank of america nightmare story

Discussion in 'Bank of America Mortgage Help' started by outofhopeinnh, Dec 7, 2012.

  1. outofhopeinnh

    outofhopeinnh LoanSafe Member

    I've been reading here for years. I just registered as a member so I could tell my story. I don't think there's much hope at this point. Original price of home was 165K. Countrywide mortgage was 80/20, interest only first two years with penalty for refinancing in that period. Original rate of 7.25%, set to adjust, but locked at the moment. Second has been sold to Real Time Resolutions (11% interest), and I haven't paid in a couple years. At this point the house is worth about $110K, and I still owe BOA $116K. I want to keep my house. I called the "Hope" line, which didn't give me a whole lot of hope! I am now behind since August, so I owe August-December, and my understanding is that my state is a no court foreclosure state, so I would imagine that once the new loan company gets the loan foreclosure is imminent. Anyway, my story in a nutshell letter to the CEO of Bank of America:

    Dear Mr. Moynihan,

    Back in 2006, I was pre-approved for a mortgage through a reputable local lender. When I went to start looking at modest properties, my realtor insisted that I speak to her “friend†at Countrywide. I was approved for a mortgage, and bought a condo. It was an 80/20 mortgage, interest only for the first two years with a penalty for refinancing during that time. Taxes and insurance were not escrowed. I was so obviously preyed upon from the moment I spoke to my realtor and then to Countrywide.
    I have struggled with this loan. I was given the run around for two full years, trying to obtain a modification. I made trial payments. I called daily. I never got my modification. I managed to get the arrearage caught up. I stayed current on my loan until becoming unemployed this past July.
    I am now behind on payments since August. I once again decided to try to obtain a modification through the HAMP program. I was assured that I met all the qualifications for modification. I filled out paperwork and dutifully sent it via Fed-Ex. I received a letter from my new customer care manager. I received notification that my packet was received. I received another request via Fed-Ex for more documentation yesterday. Today I received a letter telling me that my mortgage was being transferred to Select Portfolio Servicing.
    I am just aghast at how Bank of America has treated me. I bought a modest home, just big enough for my small family. I have struggled to keep my head above water. I owe more than the house is worth. My struggles have ruined my credit, so refinancing is not an option.
    I foolishly trusted that your company would help me. I am just another faceless commodity, being put out on the curb like yesterday’s recycling. No one cares. No one will help me. Now I am facing a new servicing company who will undoubtedly foreclose on me.
    It is sickening. I would imagine you could look up my loan and read about what I have been through at the hands of your institution. My loan number is xxxxxxx, and my name is xxxxxx. Just another number, and just another name to you.
    After all that I have been through, after all my attempts to get help from your company have been denied at every turn, after being the victim of predatory lending which ruined me financially, the final insult.
    The house was valued at $165,000.00 in 2006, now it’s barely worth $110,000.00. To me though, it is home. It is walls and a roof and it holds dreams and memories. All the talk of the DOJ settlement helping people like me, and you’re still playing smoke and mirrors games with the lives of real, honest, hard-working people.
    Happy Holidays.
    Best regards,
    xxxxx
    Loan # xxxxxxx

    I got a response today from Shawana McCleave saying she's my new account handler, blabbity blah blah. I e-mailed her back and said really? Since you've "transferred" my mortgage to another "company", what is the point? She responded and asked if she could call me at 12:30 my time. I e-mailed her back and said unless she was calling me to tell me mortgage is modified, or that they're going to retain my mortgage and actually bleeping help me this time around, I couldn't see the point in another conversation with BoA. I told her I guessed I'd just have to restart the process with Select Portfolio. Smoke and mirrors, and steaming piles of poop. That is bank of America.
  2. jakelabry

    jakelabry LoanSafe Member

    The most important thing missing from your letter - what is your hardship? Have your lost your job? Have you lost income? Experienced divorce, death, medical hardship? What has changed in your life that has caused you to be unable to make the payments you agreed to in 2006?
  3. outofhopeinnh

    outofhopeinnh LoanSafe Member

    Yes, it is in my letter. I've been unemployed since July.
  4. jakelabry

    jakelabry LoanSafe Member

    Okay, sorry I missed that.
  5. outofhopeinnh

    outofhopeinnh LoanSafe Member

    I'm speechless. My account manager just called to tell me that the loan is not being transferred to select portfolio. I never thought I'd be GLAD that BoA was keeping my loan, but I am. I can't even believe it. Wonder if someone, somewhere in that shark tank actually read my letter?
  6. outofhopeinnh

    outofhopeinnh LoanSafe Member

    I got an official letter yesterday that my loan is not being transferred to SPS. I refaxed all docs yesterday that they had asked me to re-send by 1/3/13, directly to my Customer Relationship Manager.
    I'm still wondering what is up, but I'm happy. At least I don't have to start over with a new entity.
  7. Evan Bedard

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

    Lol yes this is not too common at all and when a loan is due to be transferred there is generally nothing you can do to stop this transfer or even get it postponed. It definitely sounds like you got someones attention who had enough authority to complete such actions and that is great news you do not have to resubmit all over again with SPS..
  8. outofhopeinnh

    outofhopeinnh LoanSafe Member

    I never, ever thought I'd be writing this, but we've been offered a trial modification. Our payment is lowered by $400.00 a month. First payment is due on 3/1. My CRM called me yesterday. We had a telephone appointment at 3, and I saw her number on my cell at noon. My heart sank. I figured it was going to be bad news, or a delay of some sort. She was calling to give me the good news. I got the Fed Ex packet today. My interest rate will be lowered from 7.25 to 4% fixed for the life of the loan.
    I am really relieved, and really pleased. I'm glad I didn't give up.
  9. Evan Bedard

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

    Great job doing your research and not giving up this tough fight! Just make sure you make all trial payments on time and follow up as soon as the trial period is complete to check on the permanent agreement.

    Congrats!!
  10. outofhopeinnh

    outofhopeinnh LoanSafe Member

    Just when you think it's all going to go smoothly. . . . So I have been in monthly contact with my Customer Relationship Manager from the office of the CEO. We made our payment due March 1st around 2/17. It cleared. No issues at all. CRM called me last week for our monthly telephone "date". I missed the call. Today I get two fed ex envelopes. The first is dated 3/14 telling me I'm denied for HAMP. That my only options are a deed in lieu or a short sale and that I need to call by 4/13 to discuss my next options. The next is dated 3/14 offering me a modification $153.00/month lower than the trial modification I'm about to make my second payment on.
    What the heck? Of course I tried to call my CRM back today and she's out of the office until tomorrow. Absolutely maddening, I tell you! Should I be freaking out? All letters are signed by my CRM, but I have to think she has no idea about these letters.
  11. lchau

    lchau LoanSafe Member

    Sorry to hear, this seems to be a theme with B of A. It seems like they don't communicate there at all.
  12. outofhopeinnh

    outofhopeinnh LoanSafe Member

    My CRM called today. We've made two trial modification payments, and now we've been offered a new modification $153.00 less per month, and almost half our original monthly payment. We start paying this on 5/1, original payment $1145, first trial mod we've paid March and April payments on $770, new mod $617.
    I'm pretty surprised by this, but nothing should surprise me with them! We can definitely manage this new lower payment, so it's pretty exciting. I'll get really excited with it's finalized and signed, sealed and delivered. :)
  13. What to do in NJ

    What to do in NJ LoanSafe Member

    Congrats on your modification. I don't understand how did you get one being unemployed? I've been trying since march '09 when i was laid-off due to company closure with the same response being cannot be modified because investor/guarantor (Wells Fargo Trust) doesn't participate in HAMP. I also applied several times again when I was employed with the same response. And now I am unemployed again. Did the letter to the CEO really help give you the mod?

    ive been talking to some lawyers, who all say I need to find a job first before they can help me with modifications. Any help would be grateful! Thanks!
  14. outofhopeinnh

    outofhopeinnh LoanSafe Member

    Hey What to do in NJ,
    I don't really know how or why I got modified. I'm fairly certain my mortgage was predatory and perhaps fraudulent. Did that have an impact? I don't know. Although I'm unemployed, I do still have household income. I get child support and my partner has a full time job.
    I have had an amazing customer relationship manager, which I KNOW isn't the norm. I went through hell in 2009 and 2010 trying to get modified and NOTHING. I sent docs again and again, was told I was denied and the numbers were all wrong every time, was told I was approved for help, it was just in underwriting. Every single thing that has happened to most BoA customers who need help happened to me. I filed a complaint with the OCC and they investigated and BoA responded with an "answer" to every one of my complaints. It was insane. I called the Hope line and they pretty much said, yeah, there's not much hope.
    Not only did I get trial modification and then another one for $150 less a month, but they KEPT my mortgage after they had already told me that my loan would be handled by Select Portfolio and there wasn't a thing I could do about it. Talk about end of my rope.
    I can't help but think there's something hinky with my mortgage. I don't know what my interest rate will be, but my modified payment is $526.00 less a month than it was. I'm happy about that.
    Good luck. Wish I had some amazing insight for you. Hang in there. It's gross stuff to slog through.
  15. What to do in NJ

    What to do in NJ LoanSafe Member


    thank you outofhopeinnh. Yes, same run around with me too. It's been 8 months now that I missed my 1st and 2nd loan (Ocwen) and drained my savings trying to keep my house since 2009. Who is your CRM? Did you try and find out if your loan was predatory, I.e. writing a QWR to find out about secularization, assignments, etc.? Did you file a complaint to other agencies like attorney general/consumer affairs, CFPB, non-profit counseling? Just wondering if its worth the effort. Only because I spent days at NACA events with same results in the past :(

    I wish I stopped paying my second earlier. What happened to your second? A friend of mine in MA hasn't paid her 80/20 loan from Ocwen for about 3 years now and they forgave her second.
    Last edited: Apr 18, 2013
  16. outofhopeinnh

    outofhopeinnh LoanSafe Member

    I have not researched the origins of my loan at all. I would have, if I weren't finally given a trial mod (and then another one!) As for my second, I have not paid in years and I have had no contact with them. Countrywide sold my second immediately after closing to a company called Litton Loan Servicing. When I was struggling in 2009/2010 it was "sold" to Real Time Resolutions. They've sent me offers to settle the 40K for around 12. Once I get my first permanently modified, I will try to settle my second, but not for 12K! Obviously they have no recourse.
  17. What to do in NJ

    What to do in NJ LoanSafe Member

    Thanks for the info. No recourse because its a second, right? Please update us on how your mod is going.
    Glad to hear there is hope! I've read some threads here regarding settling your second. Im sure you've read. Good info here.
  18. outofhopeinnh

    outofhopeinnh LoanSafe Member

    I never thought I'd be writing this, but Fed Ex delivered a fat stack of documents today, and my mortgage is approved for a modification. Knock me down with a feather. Here's a run down, the balance is 124,852. Of that 9312 is referred to as "deferred principal". It says I will not pay interest or make monthly payments on this amount. The new Principal Balance, minus the deferred shall be referred to as the "interest Bearing Principal Balance" and this amount is $115,540. Interest rate of 2% begins 8/1, first monthly payment of $616 (down from $1145) due 9/1. 36 payments at this rate. Then, 12 payments @ 3%, 12 payments @ 4% and then 211 payments at 4.375%. There is a balloon of $76K. Hopefully my situation will have vastly improved by then.
    What do you think?! I'm pretty ecstatic.
    It also makes no reference to docs needing to be notarized before return. I think I'm going to go ahead and go to a BOA branch and ask them to notarize them.
  19. TomEason

    TomEason LoanSafe Guide Staff Member

    outofhopeinnh

    Congratulations! I recommend you get two documents notarized and keep one. That way, should BOA try to renege, you'll have a recordable document. Although it may not have BOA's signature, recording the document will still show that BOA created the agreement, and sent it to you. I may be paranoid but I don't trust the banks.
  20. outofhopeinnh

    outofhopeinnh LoanSafe Member

    Thanks, Tom! I do not trust the banks one bit after everything I have endured.

    I was wrong, the copies do have to be notarized. I received 3 copies. I will have all 3 notarized and send 2 back via fed ex in the envelope they provided.

    I'm still pretty happy about this whole thing. I'm glad I kept up the "fight" and so happy to have a manageable mortgage payment now with a fixed and fair interest rate.

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