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Permanent loan mod offer after credit counseling?

Discussion in 'Bank of America Mortgage Help' started by Margaret29, Mar 17, 2010.

  1. Margaret29

    Margaret29 LoanSafe Member

    I was wondering if anyone who has received a permanent mod offer could give me any insight. We originally submitted a request for a modification in June 2009 after I received notice that I was being laid off. At the time we were told that we did not qualify because although my husband was working, my only income was unemployment benefits.

    In August we were approved for a three-month forbearance. During our forbearance period I found a part-time job. Finally, in December we received notice that we qualified for a HAMP trial modification. We sent in all of the required documents and began making trial payments.

    I made my third trial payment on February 29th. Just last week we received a fed ex letter requesting that we go through credit counseling. I participated in credit counseling through the HOPE line - we were told that we were within budget with a small surplus. I verified with BOA the next day that they had received notice of our meeting the credit counseling requirement.

    Can anyone tell me how close we are to receiving a permanent modification offer? The BOA website lists the documents that they received and says that we are being reviewed for a workout with the status being referred. Is there a light at the end of the tunnel for us? I'm afraid to even hope at this point and terrified that after all this work, we will be denied.
  2. kygarrett

    kygarrett LoanSafe Member

    I was sent the same letter in the end of January. I completed the credit counseling the next day (Jan 29th). I called to check my status and I was told that the credit counseling was the final step before you receive your final mod paperwork. I received my final mod paper work a few days ago! I'm thinking that the representative was right in saying it is one of the final steps. I was not asked to do any thing else after completing the credit counseling. I hope you get your mod soon!!! I've got my fingers crossed for you!!
  3. Margaret29

    Margaret29 LoanSafe Member

    Thank you, kygarrett! That is great news.... I'm hoping it is one of the last steps. I feel like I've been working on this forever and at the point I'm afraid to call BOA anymore. Half the time they have no idea that I'm even in a trial period. If you don't mind me asking, how many trial payments did you make before you got your permanent modification offer?
  4. kygarrett

    kygarrett LoanSafe Member

    I don't mind you asking at all... ask away! I made 4 payments. I e-mailed the OOP after my third (requesting to be assigned a negotiator) and again after my fourth because I still was not getting any new information. I received my final mod paperwork shortly after I e-mailed the OOP after my 4th payment. Don't be afraid to call at all -- it's YOUR home, YOUR loan, YOUR right to know what is going on!!! Any other questions, just ask! :)
  5. keepinghope73

    keepinghope73 LoanSafe Member

    Can anyone enlighten me to what exactly is involved in the credit counseling? Thanks-this will be my next step as i am scheduled for my trial payment May1 and just want to know what to expect.
  6. johngor

    johngor LoanSafe Member

    I got my credit counseling request 2 weeks ago, I am about to make my 5th trial payment in April. During this same time frame I got a call from my underwriter asking for a few thing. I take it as movement in with my case. I found the credit counseling to be usefull, we spent most of the time talking about the HAMP process my credit counselor told me she will be more the happy to do a confrence call with BoA

    As for whats involved with Credit counseling? It only takes about 90min you go over all of your financials, just like how you do with telling BoA your finanicals. Follow up is up to you, they send you by Email budget suggestion, trust me I thought I was going to be much worse then it really was.
  7. keepinghope73

    keepinghope73 LoanSafe Member

    Wonderful! I appreciate your detailed response. Did you go through HOPE for the counseling?
  8. johngor

    johngor LoanSafe Member

    no problem! I did the HOPE counseling calling the #.
  9. John12333

    John12333 LoanSafe Member

    In CA, they have this HUD number that BOA always try to give me when I call them. Maybe I should call this number too to get everything done in advance. What's the number?
  10. Margaret29

    Margaret29 LoanSafe Member

    We did our counseling through the Hope #, too. Basically we went through our income and all of our expenses broken out by month. You may want to put everything in a spreadsheet before you call for counseling. We were told that our budget was in balance with a small surplus and the counselor gave me some suggestions on how to build up our savings. We received a packet with a follow up to our conversation a week later. BOA was automatically notified that we completed counseling.

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