Loan Modification Help Tips

Hard Times

LoanSafe Member
Aug 25, 2009
235
1
0
DHRNTX........Yes, these creeps are treating you just like they did me. First, I was "approved" for a mod, and even got an email from the Chase rep saying I was approved, and the docs would be sent in a few days. They never came. I call and call....month after month. Then, they say my file was passed to another state.....excuse after excuse. Then, they want me to resend and resend the same docs over and over. Then, there Loss Mit. reps add my bank statments twice (a mistake done on purpose I believe) and say I have too much money in my account......so, he says they already Rejected me, and even if they goofed, they cant reopen the file......said I would have to apply all over (after 1 year already). So, I reapply, and go thru the same game.....waiting, lost documents, etc. Again, I find out after the fact that they "rejected" me, again due to mistakes on their part. So, I reapplied again for the HAMP modification, and I was shocked when I got a FedX package one day with the Trial Mod information and trial payment amounts. I have now made 4 Trial Payments, and continue to get the same bullcrap......"its in underwriting", then "it has been sitting on hold for a months because its missing documents", etc. etc. Just like you, these scumbags never call me asking questions of asking for "missing" documents. Its when I make my monthly call that I find out that nothing is happening because they need more documents. Then, they tell me to keep making Trial Payments, then they tell me to "stop" making the trial payments.......so, I understand your frustration as I am going thru it too.

As another writer said to the effect "During good times, these banks could push through a refinance or a home loan mortgage in less than a week, but now when it deals with "helping" the homeowner, they cant even get a modification done in 2 years".

In my entire life, I have NEVER experienced such a total lack of professionalism and ethics from these banks......on the contrary, it is the biggest scam all based on their greed, and they are inflicting untold emotional distress on homeowners.
 

Hard Times

LoanSafe Member
Aug 25, 2009
235
1
0
MBOA69........Thanks for those pointers. From your perspective, how and why do so many documents get lost by banks during these modification requests?

Also, do you see signs where managment is directing bank reps to be "creative" in coming up with ways to reject the HAMP modifications? For example, making intentional math mistakes to disqualify applicants who fully comply with the guidelines.

What are the main reasons for banks rejecting applicants who have successfully made 4, 5, or more Trial Payments? Do you see a large percentage of Trial Mods turning into Rejections instead of Permanent Mods?

Do you have any official wisdom or policy regarding making more than the required 3 Trial Payments? I was told to stop making my Trial Payments (after the 4th)as they were not required, but if "it made me feel better, then I could keep making them". Why dont the banks email or mail official statements back to applicants to support what they are telling us? Also, why not lay out the official rules and procedures on their website (Chase in my case)? It seems they keep making up or changing the rules as they go along.

Thanks.
 

mccade

LoanSafe Member
Dec 16, 2008
34
0
0
Whittier, I'm also on a 4 month forbearance it seems that they are reporting me 30 days late then it falls off my credit report the next month. I have a email from my negotiator that says there will be a credit block placed on my acct for the 4 months.I have some other concerns about the forbearance I have received a mod offer from the hope team and called my negotiator to ask if it was from her she told me that it was not but email a copy to her so she can see it. I was unable to get a copy to scan so I did not send her a copy, also received letters stating that my loan is late. I have noticed that it takes a very long time for them to post my payments, I was sending her email of the tracking info for the payments but she told me it was not needed.I'm a little concerned, any input would help. Thank you!
 

Whittier

LoanSafe Member
Feb 15, 2010
1,083
6
0
Southern CA
Whittier, I'm also on a 4 month forbearance it seems that they are reporting me 30 days late then it falls off my credit report the next month. I have a email from my negotiator that says there will be a credit block placed on my acct for the 4 months.I have some other concerns about the forbearance I have received a mod offer from the hope team and called my negotiator to ask if it was from her she told me that it was not but email a copy to her so she can see it. I was unable to get a copy to scan so I did not send her a copy, also received letters stating that my loan is late. I have noticed that it takes a very long time for them to post my payments, I was sending her email of the tracking info for the payments but she told me it was not needed.I'm a little concerned, any input would help. Thank you!
Send me reminder to make sure the block in there, also if you possible contact the credit agencies and dispute the reporting.....

Scan the documents and send them ASAP to her (the libraries have scanner for free). BofA has contracted out the processing of the modifications. She might not have a copy yet.....if you get it to her she might help guide you....... and you are happy with the terms it might be the end of the saga for you.
 

Whittier

LoanSafe Member
Feb 15, 2010
1,083
6
0
Southern CA
Thanks Whitter. Could you post your forbearance papers so I can see if mine are up to standard. Thanks

Sorry I missed this one. I will scan and post tonight. I dont' have a copy with me. It didn't say a thing about being approved after the period. It said it would go back to normal servicing.
 

mrsskrivy

LoanSafe Member
Feb 12, 2010
18
0
0
Two forbearances with B of A, now looking at HAMP?

I'm sending out a plea for help here from anyone. I really need some advice. I've posted a few times before and this sight has been so helpful. Bear with me as I tell my story. Husband lost job, July 09, got a three month forbearance with B of A for Oct, Nov, Dec. Husband got new job($60,000 less per year) in November 09. Made Oct payment for amount indicated on forbearance agreement, then made regular payments for November and December. In January paid amount of shortage from October and was completely current, never reported on credit. Never late, never missed a payment. Never heard a word from B of A, no clue what was happening.January 2010, made regular payment. February 2010 got a call from neg and he told me we messed up and should not have made our regular payments, investor didn't like that. He said he could have helped us already if we didn't stay current. ??? I thought the point was to stay current if we could and make our payments. We used all of our savings in this process to stay current. Neg told me he would start me on trial payments from March -July and then we would get final docs. Made all payments as agreed on signed document, never heard a word as July came and went. Forget to mention that in the middle of all of this I finally received a package for the MHA program in March and sent everything in immediately. This whole time I thought that we were in trial payments for a loan mod, but now I find out (from Fannie Mae) that we were in another forbearance???? Why did they put us in two back to back forbearance programs? Finally this week B of A tells me that my neg from my forbearance didn't close out my file in a timely manner and that he would be escalating my file? So, I'm a little confussed here. According to guidelines " at the end of the temporary assistance period( forebearance) , homeowners who have a mortgage payment greater than 31 percent must be considered for a permanent HAMP mod." B of A is telling me in 30- 45 days I will find out if we qualify for HAMP andif we do we will start trial payments for 3 months. We have already made trial payments and from what I understand according to the guidelines again, we "must be considered for a HAMP mod". It dosn't say anything about making more trial payments to qualify. Yes, they have reported us 120 days past due and they will do nothing about this. I have tried again and again. I was told that once everything was completed that they would fix our credit. My big question why two forbearances and do we really have to go through trial payments again? Seems totally ridiculous. I really need advice, please, anyone. Thank you!:confused::mad:
 

yomann

LoanSafe Member
Oct 11, 2009
960
2
0
S.F. Bay Area, Calif.
........................ My big question why two forbearances and do we really have to go through trial payments again? Seems totally ridiculous. I really need advice, please, anyone. Thank you!:confused::mad:
Forebearance plans are for folks to get re-employed, and then qualify to be evaluated for a loan mod.
Most loan mods have a 3 month trial period, before becoming permanent.
You have come so far; stay with the banks program and you should be rewarded with a permanent mod.
It's frustrating, but the banks hold the cards and we have to play the game with their rules.
Stay strong and be persistent, speak with a pleasant voice and call weekly for updates on your file.
 

luvmyhorse

LoanSafe Member
Jul 29, 2009
506
1
0
Brooke where have you been, haven't seen you around?

Out of the thousand's of Bank employee's the Folks on this thread deal with each day, you are a breath of fresh air. Thank you for posting.
I realize not all the people I have spoken with at BOA are really as rude and crude as they sound. They are under a huge amount of pressure from upper management. I have been blessed with a very nice and knowledgeable Lady. I like Evan wish more professionals would post. It might even make theira job less stressfull. Thank You
How is your mod going? Did they take it back yet?
 

luvmyhorse

LoanSafe Member
Jul 29, 2009
506
1
0
My take on trials is that they are to ease the banks financial loss.

If you get denied after you make another 6 or 12 months of trial payments will you wish you had saved that money? Think about that before you do.


I'm sending out a plea for help here from anyone. I really need some advice. I've posted a few times before and this sight has been so helpful. Bear with me as I tell my story. Husband lost job, July 09, got a three month forbearance with B of A for Oct, Nov, Dec. Husband got new job($60,000 less per year) in November 09. Made Oct payment for amount indicated on forbearance agreement, then made regular payments for November and December. In January paid amount of shortage from October and was completely current, never reported on credit. Never late, never missed a payment. Never heard a word from B of A, no clue what was happening.January 2010, made regular payment. February 2010 got a call from neg and he told me we messed up and should not have made our regular payments, investor didn't like that. He said he could have helped us already if we didn't stay current. ??? I thought the point was to stay current if we could and make our payments. We used all of our savings in this process to stay current. Neg told me he would start me on trial payments from March -July and then we would get final docs. Made all payments as agreed on signed document, never heard a word as July came and went. Forget to mention that in the middle of all of this I finally received a package for the MHA program in March and sent everything in immediately. This whole time I thought that we were in trial payments for a loan mod, but now I find out (from Fannie Mae) that we were in another forbearance???? Why did they put us in two back to back forbearance programs? Finally this week B of A tells me that my neg from my forbearance didn't close out my file in a timely manner and that he would be escalating my file? So, I'm a little confussed here. According to guidelines " at the end of the temporary assistance period( forebearance) , homeowners who have a mortgage payment greater than 31 percent must be considered for a permanent HAMP mod." B of A is telling me in 30- 45 days I will find out if we qualify for HAMP andif we do we will start trial payments for 3 months. We have already made trial payments and from what I understand according to the guidelines again, we "must be considered for a HAMP mod". It dosn't say anything about making more trial payments to qualify. Yes, they have reported us 120 days past due and they will do nothing about this. I have tried again and again. I was told that once everything was completed that they would fix our credit. My big question why two forbearances and do we really have to go through trial payments again? Seems totally ridiculous. I really need advice, please, anyone. Thank you!:confused::mad:
 

chewy74

LoanSafe Member
Jun 1, 2011
17
1
3
Credit Counseling

Hello, I just finished the required credit counseling as the requirement for remod process with BOA. Does anyone have a fax# or mailing address i can send it to or know whom I address it to?

Thanks
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
chewy74,


It should indicate on the initial modification welcome letter or at the very bottom of the counseling requirement letter a number to contact with questions regarding the package. Try contacting that number to let them know that you have completed this step.
 

luvmyhorse

LoanSafe Member
Jul 29, 2009
506
1
0
At what point do you face the facts that the whole mod thing is BULLSHIT?

After repeated denials, many multiple applications, a 7 month acceptance with trial payments, all paid exactly on time, they are now asking me to start from scratch and send in an entire new package.

Do I just send in the last complete package,
Do I send in Micky Mouse paperwork?

Do I move to Sweden and pray that they take me?

Do I ask for cash for keys?

I cannot face providing them with an entire package again. I have done it Since 2009 so many times, I have lost count. We are going on THREE YEARS.

On what planet does a loan application take 3 years?
 

Former & Future Renter

LoanSafe Member
Sep 24, 2010
6
0
1
Don't give up quite yet. It seems BAC is finally getting it that loan mods are better than foreclosure. See my post just added to the BAC success stories. After 26 months, at least ten document submissions, 7 applications and two trial mods, the permanent mod paperwork finally arrived yesterday.

F&FR
 

Crash Carter

LoanSafe Member
Jan 27, 2012
61
0
0
I just received a letter from BofA, Executive Customer Relations, Office of the CEO and President. It acknowledges receipt of my correspondance, and says that it is now considered a "Qualified Written Request", and they will respond in 60 days.

How does this affect the sale, which is in 2 weeks? Anyone?



...
 

TomEason

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

A QWR usually requires some research; that's why the loan servicer has 60 days to respond. A QWR is not useful in a time sensitive situation such as yours. I recommend you not rely on it; it won't stop your FC sale.
 

Rareflower

LoanSafe Member
May 17, 2013
2
0
0
Hello to all,


My story June 2010 - divorce - loss 50% of income


Bk 13 will end in 4 months


Applied for loan mod thru NACA
Left Naca with a BOA loan mod in hand... that was approved by the trustee..... Have paper work to prove it
I've been paying 1410.10 faithfully since 6/10
BOA started paying my taxes & insurance 6/10
They held 30000 until April 5 2013 then they applied this amount to my account ( now I'm only 1.5 years behind in payments)
How in the world could this happen?


April 2013 I received a letter stating my monthly mortgage would increase to $3664 (rounding up). When I called I was told they
(boa) made an error and my loan mod is not being honored. I was told I could file an appeal however when I call to filed; I was told I can't file until I have a denial letter. I again called and requested a denial letter. I was called back and offered the DOJ ( department of justice global settlement )


Today I received a trial payment notice of $1852.26 for 3 months (b4 $1410.10) a $442.16 increase. With an asterisk it also stated that I would receive a *principal reduction of 224,555 and 5 percent interest rate (b4 6 percent).


Now I don't know what the price of the house is ; the bank statement says $349,999 but the first loan modification that doesn't exist says the price of the house is $437,000.


The payment is affordable if I stop eating, driving to work and forget about those Necessities like lights gas and car insurance.


Gross is $4796.23 and my net is $2436. I think $1518 is 31% of my gross.


Now my question, do these numbers make any sense?


Did I mention I'm completely confused and non-trusting at this moment. The paperwork I received today doesn't have any amount after the third trial payment so I'm completely baffled by what my mortgage payment will be monthly after August 1, 2013.


Please help me if you can.
 

Cat Damiano

Mortgage Wars
Sep 10, 2007
10,541
39
48
Colorado
www.loansafe.org
Hello to all,


My story June 2010 - divorce - loss 50% of income


Bk 13 will end in 4 months


Applied for loan mod thru NACA
Left Naca with a BOA loan mod in hand... that was approved by the trustee..... Have paper work to prove it
I've been paying 1410.10 faithfully since 6/10
BOA started paying my taxes & insurance 6/10
They held 30000 until April 5 2013 then they applied this amount to my account ( now I'm only 1.5 years behind in payments)
How in the world could this happen?


April 2013 I received a letter stating my monthly mortgage would increase to $3664 (rounding up). When I called I was told they
(boa) made an error and my loan mod is not being honored. I was told I could file an appeal however when I call to filed; I was told I can't file until I have a denial letter. I again called and requested a denial letter. I was called back and offered the DOJ ( department of justice global settlement )


Today I received a trial payment notice of $1852.26 for 3 months (b4 $1410.10) a $442.16 increase. With an asterisk it also stated that I would receive a *principal reduction of 224,555 and 5 percent interest rate (b4 6 percent).


Now I don't know what the price of the house is ; the bank statement says $349,999 but the first loan modification that doesn't exist says the price of the house is $437,000.


The payment is affordable if I stop eating, driving to work and forget about those Necessities like lights gas and car insurance.


Gross is $4796.23 and my net is $2436. I think $1518 is 31% of my gross.


Now my question, do these numbers make any sense?


Did I mention I'm completely confused and non-trusting at this moment. The paperwork I received today doesn't have any amount after the third trial payment so I'm completely baffled by what my mortgage payment will be monthly after August 1, 2013.


Please help me if you can.
Welcome to the forum and thank you for joining..............

I had posted this to you in the Qualify thread.

You may want to try to get in touch with Michael from Loan Mod Help Center directly so he can go over your scenario with you and see how they are coming up with the figures and what has happened to the NACA modification. He can be reached here;

855-678-6690 OR LOCAL 619-202-0044