I was approved for the making homes affordable program in January 2009 ands told if I made all of my trial payments on time, in an estimated 3-6 months i would receive a package of paperwork to permanently remodify my loan's interest rate making these my new payment for the duration of the loan
After 3 months of consistent on time payments and no paper work, long days on the phone with every dept. Bank of America has. I was shuffled around and told my paperwork to make my modification permanent was sent out or that i would be receiving it shortly. I never did. Same story after 6 months.
On Aug 1st 2010 i called to make my payment and it was refused. i was told then that my property was in foreclosure. I never received a letter of notice informing me my home was going to foreclosure. i wouldn't have known it was going to auction. They then told me i was not in the making homes affordable program and that house was in foreclosure and would go to auction August 9th, 2010.
On Thursday, Aug 5th I was then told the investor on my loan had denied my approval due to my debt to income ratio. My only option was to reinstate my loan by coming up with 25k before my auction date (which was 4 days away) or file for bankruptcy.
The only hits on my credit are from B of A. So on top of the super speedy foreclosure, my house is gone and my credit is destroyed unjustly!
I honored my end of the deal. I was told, well… it wasn't guaranteed. Where is the justice here?
~ p.o'd in AZ
Product or Service Mentioned: Bank Of America Loan Modification.