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Beware of applying for a loan modification from Bank of America. I have been through the wringerfor the past year. Promises from a loan modification "expert", money to th garbage, extreme beaurocracy, lies, total lack of empathy and disregard for the real story.

A year ago today I began the process with a company that "assures" almost 100% success for the loans they take on. In December I was advised that I had been approved for a loan modification and was given a number. My advisor" advised to try for a better result. Months went by and all of a sudden my modification was denied... how is that possible? Why not just come back with the same number? My loan "advisor" kind of left me out on a limb at that junction. I found myself dealing with this mamoth beaurocracy on my own. Turned out I had been denied because I supposedly failed to fax additional paperwork. I advised ??? person that I had proof of having faxed the papers> Oh., we are so sorry, we'll get back to you...weeks, months, calls and more calls. A letter last week... you are denied and should declare forclosure.

I own a property worth around $275 thousand dollars. I paid $100 thousand when I closed. I have never been late in payment (oh, by the way., while you wait for the answer to the loan mod request, your credit becomes garbage... go figure why???) in the years since. They feel I will be unable to keep my property even with a loan modification. I ask you? Is that *** or what?

Please send me comments and give me some ideas as to how to proceed. I feel so taken advantage of. I hate my mortgage company!

Where to from here? Is this all a sham?

Signed: Still in Shock

Product or Service Mentioned: Bank Of America Mortgage.

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Anonymous
#237944

BOFA added an escrow account without our consent. Our payment went from 2000 a month to 4300 a month. Hence the reason for the previous posts.

Anonymous
#236870

Loan mods have a 95% fail rate. It was a pub scheme by the banks and the gov, get out while u still have some money.

We as others were turned down after never being late. Good Luck

Anonymous
#234617

BOFA laughed at us when we asked for help. We filed for BK and had the home and other debt discharged 100%.

we have not paid mortage in a year and have save almost 40k. its been a year out of BK and being debt free 100%. We plan to rent when its time to go. We will look at buying next year.

The banks and our government are in bed together no matter what political party is in office. Free yourself legally.

Reset ur life and start over. These loans are insured, they don't care if u pay or leave.

Anonymous
#223048

Well, it seems to me my friend that you have a legal situation on your hands. It just so happeneds that helping people get legal access is what I do.

I was dealing with a loan modification four months ago with a major bank and I was able to get assisstance from a top ranked law firm. They did in two weeks what I couldn't in fourteen months which was helping me get a final loan mod approval.

Give me a call on my business line for more information 510.921.1449. Thanks and good luck!

Anonymous
#220411

We applied for a loan mod in May of this year and sent in all the paperwork bofa required. We fit into the criteria we owe more then our house is worth my job isn't steady and our house payment is more then 40 percent of our monthly gross income.

Well I called weekly for seven months. I always got the run around, its in review and then it was in the underwriters hands. I thought it was a timely process, but I felt we were making progress. At one point I was told by a bofa rep that our trial papers were on the way.

We had an exact date they should arrive by. Then came the fed ex letter, only to find out we were denied and when I called them to ask why they told me because I was current on my payments. I was in shock and here is the kicker, before we entered this mod process we paid our taxes and insurance separate, we would charge those so we could have a lower monthly payment. Well during the process bofa started an escrow account for us and now that we got denied we are stuck with a higher payment then before a $300 a month increase.

How is that going to help us.

This is a scam and the program would have helped us now instead we might lose our home!! email buddy012@yahoo.com

Liberty
Virginia Water, England, United Kingdom #215006
:eek :eek :eek :eek see my comments posted under pissed consumer, bank of america, (the site claiming habitual wisdom) their official site. they read it..

believe me they really it.. I promise.. their fastest way to collect public opinions is to host their own site on pissed consumer. of course they have other complaint departments..

pissed consumer is not the better business bureau..

it is a public bulletin board. :x :x
Liberty
Virginia Water, England, United Kingdom #214999
nothing more frustrating than trying to talk to a real person that really has a case.. I will not claim to have succeeded entirely..

but I have made contact with the "bankers" I burned their ears enough to stop threatening letters. I worked for Fannie Mae and my experience gave me leverage. I have intentionally kept my "loan" open so I can take as many people on my roller coaster ride out of these unconstitutional legislative practices.. the headlines may not be all my influence..

but it encourages me all the same. the key ticket is honest opinions. polls are guesses, votes are fixed. but opinions lead the way to the truth so long as they reflect your true feelings..

if you are mad as *** say so.. sarahoner@yahoo.com :( :( :( :(
Liberty
Virginia Water, England, United Kingdom #214995
I so posted the cheapest option.. you can get a grant you know..

so long as you plan to "donate" the money for a good cause like saving the banks from poverty. please read my postings if you have time.. Liberty.. we also have a mortgage with bank of america..I am smoking from the ears but still in my home..

and we are not leaving accept in a casket..this is our home.

i will not pay the bank 3 times what we borrowed. :( :(
Anonymous
#214991

Hello to all! I have a similar scenario, started the MHA trial payments on Nov 2009 always on time, by Dec 2009 I received a letter with a modification documents from BoA and a telephone number for any questions regarding that document.

This modification asked me to sign and notarized it and sent it with my new payment by Feb 2010, it also said I did not have to make any other payments and it seemed strange to me but when I called the number for info they did not know anything about that Modification. So I signed and fedexed it with the check and later after a couple of months I found out Thanks to a better customer rep that I was being offered two separate modifications one from the lender and other from making home affordable. So I was advised that also that modification was declined and to continue with the trial payments instead. Later on

March I received a letter from MHA stating I had successfully qualified for a permanent modification and to be on the lookout for an envelope on the mail containing the modification documents, but nothing ever came on the mail.

So I've been doing my trial payments since then and the BoA keeps telling me my case is on review until last week that one of the HOPE people helped me call BoA to find out more and we did, now they told us that my file stoped being on review since Sep and that I was declined and that the person who was assign to my case had sent it out for the last modification team!, how about that?! Anyone could tell me something?

Anonymous
#197740

Hi,

Thank you for your response. I will certainly try it out and let you know

Can you please advise me how to get in touch with you.

.

Still in Shock

Anonymous
#193548

I read your post above and have seen many of my clients go through the exact same thing. We had to open a seperate division in our law firm to help clients through the trial modifications to ensure a permanent modification. I have worked with almost all lenders and Bank of America is definitely one of the worst. I will try to offer as much advice as I can. Have you called the Home Retention Department at Bank of America? 800.669.6650? Call and ask to speak with a supervisor, don't take no for an answer. Try not to get angry, I have found that the best way to get the reps to help you is by being calm, very very nice and appeal to them (without crying or begging) let them know how worried you are about losing your home. If the rep won't help call back and get a new rep. I have called 10 times in a row to get a good rep, if one with an Indian accent answers, HANG UP IMMEDIATELY or ask to be transferred to an American rep. Call centers in India have very inexperience reps with limited access to information and will never let you speak with a supervisor. Once you have a supervisor on the phone explain the situation in complete detail (again remember to stay very calm and nice) Ask these specific questions:

Remember to have a pen and paper and write very detailed notes, exact dates they tell you, exact numbers and names they give you. If they tell you names of underwriters or negotiators ask them to spell the first and last name (very important)

Question 1:

- Can you look into all of your systems including the negotiator/processor/underwriter notes to see exactly what happened with my modification.I was approved on (tell them the date), and I made all of my payments, I am really worried about losing my house and I just want to understand what happened.

They will most likely say they don't ever see that you were actually approved for the trial or your investor denied your modification (ask them exactly why and what date) or they will tell you that you failed the NPV test or declined due to excessive forbearance, affordability or lack of income - STOP right there after they give you the reason, don't get into any detail about what it means or how they declined you just ask the next question below

Question 2:

-Can you you tell me exactly what you have listed as my gross Monthly income? (If the amount is wrong, don't say a word! just say ok and ask the next question)

Question 3:

-Can you tell me exactly what you have listed as my monthly expenses (a lot of times you will be shocked by the expenses they pull of your credit report) Again DO NOT say a word to them if the information is wrong, just write the amounts.

Thank the supervisor for his or her time, and hang up. DO NOT update your financials with the supervisor or accept an offer to escalate your file, politely say No, thank you. I need to figure out what I am going to do.

Once you get off the phone grab your proof of income and calculate your gross monthly income, if you receive overtime or bonuses calculate using the gross year to date and calculate the net year to date (If you have questions on how to do this let me know)

Once you have all of that information, let me know and I will help you from there. Don't worry, I will not ask you to give me any personal information.

I can't stress how important it is, no matter how rude the reps you speak to are, to be extremely nice and calm. These reps are so used to getting yelled at all day, they are the punching bags for the incompetent underwriters and negotiators, just remember, they are not the ones who make the decisions. Every time you are rude, they will notate it in the system and the next rep will be influenced by those notes.

Anonymous
#193547

I read your post above and have seen many of my clients go through the exact same thing. We had to open a seperate division in our law firm to help clients through the trial modifications to ensure a permanent modification. I have worked with almost all lenders and Bank of America is definitely one of the worst. I will try to offer as much advice as I can. Have you called the Home Retention Department at Bank of America? 800.669.6650? Call and ask to speak with a supervisor, don't take no for an answer. Try not to get angry, I have found that the best way to get the reps to help you is by being calm, very very nice and appeal to them (without crying or begging) let them know how worried you are about losing your home. If the rep won't help call back and get a new rep. I have called 10 times in a row to get a good rep, if one with an Indian accent answers, HANG UP IMMEDIATELY or ask to be transferred to an American rep. Call centers in India have very inexperience reps with limited access to information and will never let you speak with a supervisor. Once you have a supervisor on the phone explain the situation in complete detail (again remember to stay very calm and nice) Ask these specific questions:

Remember to have a pen and paper and write very detailed notes, exact dates they tell you, exact numbers and names they give you. If they tell you names of underwriters or negotiators ask them to spell the first and last name (very important)

Question 1:

- Can you look into all of your systems including the negotiator/processor/underwriter notes to see exactly what happened with my modification.I was approved on (tell them the date), and I made all of my payments, I am really worried about losing my house and I just want to understand what happened.

They will most likely say they don't ever see that you were actually approved for the trial or your investor denied your modification (ask them exactly why and what date) or they will tell you that you failed the NPV test or declined due to excessive forbearance, affordability or lack of income - STOP right there after they give you the reason, don't get into any detail about what it means or how they declined you just ask the next question below

Question 2:

-Can you you tell me exactly what you have listed as my gross Monthly income? (If the amount is wrong, don't say a word! just say ok and ask the next question)

Question 3:

-Can you tell me exactly what you have listed as my monthly expenses (a lot of times you will be shocked by the expenses they pull of your credit report) Again DO NOT say a word to them if the information is wrong, just write the amounts.

Thank the supervisor for his or her time, and hang up. DO NOT update your financials with the supervisor or accept an offer to escalate your file, politely say No, thank you. I need to figure out what I am going to do.

Once you get off the phone grab your proof of income and calculate your gross monthly income, if you receive overtime or bonuses calculate using the gross year to date and calculate the net year to date (If you have questions on how to do this let me know)

Once you have all of that information, let me know and I will help you from there. Don't worry, I will not ask you to give me any personal information.

I can't stress how important it is, no matter how rude the reps you speak to are, to be extremely nice and calm. These reps are so used to getting yelled at all day, they are the punching bags for the incompetent underwriters and negotiators, just remember, they are not the ones who make the decisions. Every time you are rude, they will notate it in the system and the next rep will be influenced by those notes.

Anonymous
#191743

I have been confronted with the same scenario. When BofA assumed the Countrywide loans I started getting phone calls from their debt collectors stating (inaccurately) that I owed the "whole" payment.

I had refinanced the house and given a low payment. Now BofA's debt collection agency was telling me that I had No refinance!!.

Anonymous
#191520

We all know by now that Brian works for the Devil's Bank (Bank Of America). How can Brian actually sleep at night?

Because almost everyone that works for BofA becomes immune to developing an actual conscience and therefore can lie over and over again to every single customer. Getting a loan mod with BofA is called the "black hole" and this was expressed by actual BofA executives. You will be lied to and put in this black hole for months and months while you become deeper and deeper in debt and default some more like it happened to me. It is all a plan, they act like they care but they do not care at all, it is more profitable for them to foreclose on your property.

Diani956, I suggest that you contact your Attorney General and Congressman and hopefully they can file a federal complaint on Bank of America on your behalf and also file a case with the Comptroller of the Currency. If enough people would do this, we can probably bring this Monster down and destroy one of the very companies that is responsible for destroying the American Dream. Diani, you can also try to email Brian Moynihan, BofA CEO but it might be useless. I sent him several emails and he nor his staff has never responded.

Here it is anyway: brian.t.moynihan@bankofamerica.com. I can relate because BofA is also trying to destroy my life and we have nowhere to go and I have a disabled little boy. They are just plain heartless.

I wish you the best. Please keep us posted.

Anonymous
#189770

Call national hope now. and pray and keep researching.

they have had mine one year - same type scenario - approval but no docs and loan sold.

3 officers - lost forebearance payments and accellerated foreclosure. `

Anonymous
#189503

You can thank our great president for most of your problems with his *** modification plan that should have never been done. One you signed a contract now pay.

2 the plan is very difficult to be approved for and easy to fall out of even if approved. You must get all paperwork to finance co in 30 days, not be late on any of the 3 payment trial period. Also only modifies your payment to 31% of your gross household income (before taxes) and does not take into consideration any other bills. This is why the plan has such a high failure rate and most companies have stopped doing the program now.

It cost more money and time.

Also during the trial period it will show you late and still ruin your credit until you finish the trial period. Over 70% fail to complete trial period (not just boa this is nationwide stats).The simple thing is we need to back to how it was, you signed a contract and must pay as agreed and start making people reponsble for their bills.

Anonymous
#189493

Bank of American Deceived and Lied

B of A used deception and flat out lies to take my home. They are predators and they need to be stopped.

I received notice of my “approved” loan modification in August of 2009. I gave them $2800 down payment requested and have made all payments ( 10 in all ) for the modified amount. After six months I mysteriously received a monthly statement from B of A for the amount due on my mortgage. The statement show a past due amount and the payment was for the old loan amount. I immediately called them to explain to them that their records were incorrect as I have completed the loan modification process. I have the notarized copy of the loan docs to prove it.

The customer service person on the phone pretended to be puzzled by the apparent mixed and told me that they would contact the Making Home Affordable department within B of A and have them contact me. Needless to say, no one ever called back. This scenario repeated itself four more times over the next four months.

Then, out the blue, I get a letter stating that they intend to foreclose on me. The letter, which is titled “Notice of intent to accelerate”, states that I owe them over $36,000.00 in past due balance. Obviously, there is no way that I can pay that so my house is as good as gone.

I paid them the amount that I promised to on time every month for 11 months now but that doesn’t matter. They are dead set on taking my home and this modification process is nothing but a scam. They are taking my money and making false statements about the status my account.

I am worse off than before as now I owe more than ever. I am now officially underwater so selling the house which was a possibility before is no longer an option.

If anyone has any influence over B of A and their executives please put a stop to this so no one else is deceived and loses their home unnecessarily.

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