I applied for a loan mod with BoA in March, 2012. In May, I started making my 3 trial payments with the understanding that BoA will report to the CRAs that I'm making partial payments under a loan modification according to the letter they sent me (although, from what I understand under HAMP guidelines, if a customer is current when they enter the trial period, the lender must report them as current to the CRAs).
At the end of July, I started calling BoA about my permanent modification and was told for 3 months that they are "behind in paperwork and trying to process my paperwork as soon as possible and to continue to make my trial payments". At the end of October, I received my loan modification approval letter stating I was approved as of August 1, 2012. Great! At the beginning of December, I apply for a Wal-Mart credit card and I'm denied.
I check my credit report and I'm shocked to see BoA reporting me to all 3 CRAs as 7 months delinquent (May-Nov) and making ZERO payments. There's no mention of partial payments or paying under a modified plan anywhere on my credit report. They are reporting me as simply not paying my mortgage. I contacted BoA and I was told that this is how they report the loan modifications and they will go back and correct it after my loan mod was finalized.
This is false information. From May-Nov, I've made payments that are not being reported. I've also filed disputes with all 3 CRAs and will see where that goes, if anywhere.
Has anyone experienced this, if so, did BoA correct the information to the CRAs? Oh, and my loan was sold to NationStar on December 4th.
Product or Service Mentioned: Bank Of America Loan Modification.
Monetary Loss: $1000.