I have been trying to get a loan mod with Bofa for over a year. According to their numbers, I qualify but they never seem to be able to 'fit' me into existing govt.
programs. Some told me an in-house mod was the next step. Others at Bofa have told me that because they're only the servicer on my mortgage, they can't...it's up to the investors. Who are these investors?
What do I do to get off this loop? I am current, but when I asked about refinancing they told me that I couldn't have any late payments for the last two years. A year ago I was told that in order to qualify for a loan mod, I had to be late so I paid the mortgage but always after the due date. Now I'm told my latest application is Underwriting Complete...but no one can tell me when "the investors" will make their decision.
I'm at my wit's end. I realize the system is designed to derail and discourage the very client they are supposed to be servicing. I realize that BofA doesn't care one way or the other what my circumstances are. I know it's an institution with millions of customers and thousands of offices.
So, how does one person take on such a monster? Should I put in a QWR in order to let them know I can play by the rules and will hold them to those same rules? Or am I wasting my breath? Do I keep trying until they get so sick of me they finally give in?
What else should I be doing?
Product or Service Mentioned: Bank Of America Loan Modification.