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.