Bank of America Mailing Address, Contact Info, Emails

Peter Tolman

LoanSafe Member
Jan 21, 2013
63
0
0
Tom, need help
Evan and others,

Need your help...just got off the phone with someone from the BAC escalation team...I had just sent an email to Brian Moynihan today detailing my two previous in house modification rejections...don't know if you have followed my story but have been active on the boards...I am current, have a 1,500,000 1st with BAC (maybe now with BoNY at 6.625 interest only that resets in June of 2014 to Libor + 2. Also have a BAC line of Credit 2nd for 239,000 at libor + 2. Underwater re Zillow valuation of 1,300,000ish...Had a 2 year hardship of no income after making $250,000 plus,,Jan 1 resolved hardship with a salaried job of $15,000 month. Have spent down all my liquid assets staying current....asking for an inhouse mod with interest rate reduction to 2% would get me close to 31% and think I could talk employer into some type of additional bonus or payment to meet that 31% requirement....

The problem: the new CRM just assigned from the escalation team told me I would need to make $35,000 a month to justify the $10,000 mortgage payment I am paying now and that I did not qualify because of that>>>>What am I missing...I am trying to get a reduction in payment based on my new salary and 31% of that am I not to qualify for a modification...What is the relevance of what he is calculating based on my existing high payment?? I ask to speak to his manager and waiting for a call back. Evan Tom Eason anyone that sees this please respond
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
84
48
SF Bay Area CA
Hi Peter

Tom, need helpEvan and others,Need your help...just got off the phone with someone from the BAC escalation team...I had just sent an email to Brian Moynihan today detailing my two previous in house modification rejections...don't know if you have followed my story but have been active on the boards...I am current, have a 1,500,000 1st with BAC (maybe now with BoNY at 6.625 interest only that resets in June of 2014 to Libor + 2. Also have a BAC line of Credit 2nd for 239,000 at libor + 2. Underwater re Zillow valuation of 1,300,000ish...Had a 2 year hardship of no income after making $250,000 plus,,Jan 1 resolved hardship with a salaried job of $15,000 month. Have spent down all my liquid assets staying current....asking for an inhouse mod with interest rate reduction to 2% would get me close to 31% and think I could talk employer into some type of additional bonus or payment to meet that 31% requirement....The problem: the new CRM just assigned from the escalation team told me I would need to make $35,000 a month to justify the $10,000 mortgage payment I am paying now and that I did not qualify because of that>>>>What am I missing...I am trying to get a reduction in payment based on my new salary and 31% of that am I not to qualify for a modification...What is the relevance of what he is calculating based on my existing high payment?? I ask to speak to his manager and waiting for a call back. Evan Tom Eason anyone that sees this please respond
Thanks for your post. First of all you can forget about the 2nd as loan mods on 1sts don't consider the 2nd. What that BOA rep told you about qualification for a mod on your 1st makes no sense (so what else is new, lol). Many property owners have pre-mod DTIs in excess of 55%. As long as BOA is able reduce your monthly payment using the waterfall (or something similar since it'll be an in-house mod), your pre-mod DTI has little relevancy. Based on my quick preliminary calculations, a 30 year fully amortizing loan at initial interest rate of 2 percent would yield a monthly P&I payment of $5,544. You will need to add taxes and insurance to arrive at your PITI to compute your DTI. BOA can likely stretch out your loan term to 40 years if necessary. And if their in-house program mimics HAMP Tier 2, the DTI can be as high as 42%. If it were me, I'd ask BOA to disclose what criteria they use on their in-house mods. However, I don't believe they're required to reveal that info. But it can't hurt to ask (at least several times with different BOA contacts).
 

Peter Tolman

LoanSafe Member
Jan 21, 2013
63
0
0
Thanks for your post. First of all you can forget about the 2nd as loan mods on 1sts don't consider the 2nd. What that BOA rep told you about qualification for a mod on your 1st makes no sense (so what else is new, lol). Many property owners have pre-mod DTIs in excess of 55%. As long as BOA is able reduce your monthly payment using the waterfall (or something similar since it'll be an in-house mod), your pre-mod DTI has little relevancy. Based on my quick preliminary calculations, a 30 year fully amortizing loan at initial interest rate of 2 percent would yield a monthly P&I payment of $5,544. You will need to add taxes and insurance to arrive at your PITI to compute your DTI. BOA can likely stretch out your loan term to 40 years if necessary. And if their in-house program mimics HAMP Tier 2, the DTI can be as high as 42%. If it were me, I'd ask BOA to disclose what criteria they use on their in-house mods. However, I don't believe they're required to reveal that info. But it can't hurt to ask (at least several times with different BOA contacts).

thank you very much just the confirmation I needed to push forward
 

mirabo

LoanSafe Member
Dec 2, 2013
8
0
1
Need BofA mailing address to send authorization to contact letter please!

Does someone know the mailing address to send an authorization to contact letter to Bank of America. I have discharged chap 7 (2011) and would like to be able to receive settlement offers but I can't find an address to send the letter. I was told by bofa the assignment case manager for my account is in N.C but no one will give me an address. Please help Thanks
 

James Lee

LoanSafe Member
Apr 7, 2015
2
0
1
39
Hello

That's a pretty relevant information about BOA. With Banking investment i believe Real estate investment is also very good. I & my partner have saved some money but we are confused where to invest our money.I found a Real Estate broker at http://www.bratchrealty.com/, but can't predict that this will work for me or not.

Any suggestions would be appreciable.

James