company offering principal reduction plan on my mortgage: help

tristate

LoanSafe Member
Apr 20, 2012
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i guys: company contacted me and said they can reduce my mortgage payment. does anyone know if it LEGIT OR SCAM. they charge 2k to do this for me. i applied and BELOW LETTER sent me this letter to sign.
DO THESE PROGRAMS REALLY EXIST ???
CAN I DO IT ON MY OWN ????
THANK YOU
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Congratulations! As we just discussed, your file has been accepted by the Compliance Department and you are approved for the financial relief program for the property at: 6 Equest Your acceptance code is # ABDANJ0801605. We are restructuring your Bank of America home Loan at the approved rate of 2.00% fixed for 5 years with a monthly payment of $2,193.89(Principal, Interest, Tax & Insurance), offering you monthly savings for 5 years at $387.77 per month, $4,653.24 per year and $23,266 over the first five years of the loan. After the 5th year, your interest rate will be capped at 3.00% fixed for the remaining term of your mortgage. The following advantages with this program:  Fresh start with a fixed low rate & payment
 Package completed in 3-4 weeks
 The new payment would start February 1st 2019 + 1 month of savings due to grace period
 No pre-payment or early payoff penalty
In a separate email, you will receive the Authorization agreement via Doc-U-Sign, which simplifies the
 

wanda robo

LoanSafe Member
Sep 29, 2012
3,646
540
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Did you get it from BofA? If not, it sure does look like a scam. You shouldn't ever have to pay for a loan mod from your servicer. Some notorious servicers like Rushmore require a "good faith" deposit. Good Faith my you know what.

You can always apply for a loan mod with your servicer. Please be very careful.
 

tristate

LoanSafe Member
Apr 20, 2012
17
0
1
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i it is not a loan mod. i got loan mod in 2017. my loan is at 2.9 %. they want to give me 2% for 5 years. and then up tpo max 3%.
 

OneHugeMess

LoanSafe Member
May 30, 2016
412
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Who sent you the packet? If it's not from Bank of America directly, or your loan servicer, I'd run away. Call your servicer directly, and ask about the purposed mod/offer.
 

OneHugeMess

LoanSafe Member
May 30, 2016
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packet from company not directly from bank of america
I'd run the other way. They are just trying to get fees out of you, or have you send them your mortgage payment. You won't get a mod, and it'll waste your time.

If your still not convinced -- I'd call Bank of America (or if your loan was transfered, whoever you send your payments to) and ask them about the mod offer. They'll likely tell you it was unauthorized, and a scam.
 

tristate

LoanSafe Member
Apr 20, 2012
17
0
1
52
yes they said it was not submitted yet. they need 750 upfront to do appraisals and then they will submitt. band of america does not know a damn thing about anything. people there just answer phones and are clueless
 

OneHugeMess

LoanSafe Member
May 30, 2016
412
31
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A loan modification does not require a paid appraisal on your part. Servicers (like BofA) occasionally do them on loan mods, but not always. And when they do --- they hire a local realtor to do a BPO (Broker Price Opinion) for $75/100. They do not do regular appraisals unless the home is being considered for a short sale.


You do not need to pay $750. It smells funny. Not to mention... a standard appraisal runs about $450/500, so that is definitely overpriced.
 

wanda robo

LoanSafe Member
Sep 29, 2012
3,646
540
113
NJ
A loan modification does not require a paid appraisal on your part. Servicers (like BofA) occasionally do them on loan mods, but not always. And when they do --- they hire a local realtor to do a BPO (Broker Price Opinion) for $75/100. They do not do regular appraisals unless the home is being considered for a short sale.


You do not need to pay $750. It smells funny. Not to mention... a standard appraisal runs about $450/500, so that is definitely overpriced.

Definitely a SCAM.