State: Pennsylvania Product: Bank Of America Loan Modification Clear all filters (4 of 86 reviews match)
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I was current on my loan but unemployed when I approached Bank of America about possibly getting a loan modification. They directed me to HAMP. NOw, as a result of the following directions to get into the HAMP program my home is being foreclosed. These "trial payments"...
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13 comments
Anonymous
#666775

I have read these posts and several more out on the internet. We also applied for help after I lost my job of 10 years and my husband was on seasonal layoff.

We did everything correctly and timely (as my case person indicated) and when we were approved for the "trial period" I felt a great relief. After the three month "trial period" I was told that they were "behind on paperwork" but to continue to pay the modified trial payment until we received the final documents which we received three months later (total of six months). Now you need to remember that while you are paying the "trial payment" the difference between the trial payment and your actual mortgage still accumulates (i.e. actual mortgage $1000 - trial payment $800 = difference of $200 which continues to accumulate and show as a past due on your mortgage as each month goes by).

When we received our final documents we found discrepancies -- we had applied money towards our past due balance but that was not figured into the new 30 year mortgage, they use the balance before the applied money and we received a "subordinate note" that would come due if we refinanced, sold or paid off the mortgage -- but the subordinate note was for the past due amount that we had already taken care of. I tried to get someone to explain the documents to me but went through one department after another who couldn't explain the documents, made calls but did not get calls back, etc. etc. etc.

I have been going through this for five months, obviously they are now telling me that our final documents are now not valid. I could go into more details, like how I was told to just "make notes" on our final documents regarding the difference I found and send them back. I asked that if I made changes on a legal document wouldn't both parties have to initial off on them? I was told no, it's okay, the BOA person would make "notes" on our account and it would be okay.

Seriously!? I know better. I finally contacted the Department of HUD which is who the subordinate note would be payable to. I have been amazed at the response I have received from HUD, timely calls back, email responses, great follow up, etc.

Being a "loyal customer of BOA" I never received this type of customer service from BOA!!!!! The people I am working with at HUD saw the discrepancies in the documents and are now my go-between with BOA -- the company that I am a "loyal and valued customer" but who can't call me back, respond to my emails or provide quality information when requested. One thing to remember is the comment I made at the beginning of my post -- they were "behind on their paperwork". After receiving our final documents which was in December and after three to four months trying to get someone to explain the issues I found, BOA told me that they couldn't update the paperwork because it was created in May!

Then why did it take six month from the start of our trial period to receive our documents? I don't have much faith in BOA at this time and don't think I ever will, but I am thankful for the people I am working with at HUD for their assistance and persistence in looking into our situation. FYI -- another agency to call to report problems is the State Banking Commission. Please, Please read your BOA documents before signing off on anything!

If we had not really looked over our paperwork we would have been paying the past due amount that was paid twice! Once in the new 30 year mortgage and secondly through the subordinate note that we were being pressed to sign. Saying prayers that we don't fall into the black hole that most Americans are falling into. And just an FYI to the AllWhiners post -- we were not in over our head, we live in a modest house that we could afford, we don't over spend and never really did -- the loss of a job due to the economy and getting a new job making $15-20,000 less starts to put you in a tail spin that is hard to stop.

We tried to hang on for a year and a half but couldn't pull things back to where we could keep above water.

We never thought we would be where we are today and I won't stop fighting to keep our home. Good luck to everyone dealing with similar circumstance.

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Review
#264537 Review #264537 is a subjective opinion of poster.
Service
Bank Of America Loan Modification
Loss
$130
This is the worst bank that I have ever dealt with. Their representatives and negotiator are full of *** We filed for the FHA Home Affordable Modification Program due to loss of income. I lost my job but am collecting unemployment. They pre-approved us in July 2010 and...
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9 comments
Anonymous
#226720

Sorry I haven't checked my email in a couple of weeks so I'm back to list all of the names and numbers that I have. I hope that this information helps everyone.

Barbara.J.Desoer@Bankofamerica.com (Office of the president)

I started by sending her an email stating every date I called Bank of America, whom I spoke to and what the conversation entailed. It's important to have facts becaus they record some conversations.

Next, I contacted these people

Melissa A Henderson (Negotiator Chairman)

800-405-0078 EXT 3057

Jessica Coleman (Negotiator)

866-788-8495 EXT 7701

Pam Preciado

800-669-2443 EXT 5105 (Office of the President)

Do not give up! Do not let them win and take your home in the process. Keep fighting. I hope you have the same end result that we did. We just mailed out our first payment for the Home Affordable Program. Annoy them until they listen. Call every day, leave messages then call back again! God Luck To All! :)

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#206855 Review #206855 is a subjective opinion of poster.
Service
Bank Of America Loan Modification

Getting run around by Bank Of America

Anyone else having issues with Bank Of America and loan modification? Have been in so-called "review" status for 3 months. Sent every piece of information they asked for back in July. I have called twice a week, every week since and have been told we've received everything and it's in review. Called today, because last Rep said to call after the 15th. I was told that they were requesting financial documents, everything that I already sent them months ago in July. I also faxed the info again in August and have sent updated bank statements and pay stubs every week since. Then when you state that you've already sent everything they just say, you have to send again if you want to be reviewed! I was given a supervisors phone# 4 weeks ago and have left her 19 messages and not one return call. So frustrated! Maybe that's what they want, you to "give up"??
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6 comments
Anonymous
#312939

BOA made an error on our account by putting someone elses pymt into our account. After 5 calls to try and see where this money came from I was told since I did not have a money transfer cn, they could not tell me.

Turns out they took the money back out did not notify us of this, we got on internet to let them know we had made a paymt and to our horror we owed $1600.

NO LETTER, NO PHONE NOTHING TO INFORM US OF THEIR MISTAKE, so I am talking to them today the problem has been fixed but it cost us an extra $400 last month which caused us to fall behind , we owe for July and August, but was just told this am there was nothing they could do because we received the benefits of the mess up when it happened. WHAT A CROCK AND WHO CAN I CALL, I WILL BE REFINANCING SOON THANK GOD :(

Anonymous
#311917

wow, 3 years! 3 years of BofA ***.

They have no idea who owns my mortgage. I am told wells fargo, but HSBC has my house lined and that it who I am being foreclosed by. They say no.

that is not true.. then why can't i remove the lean.

Anonymous
#210479

We are going through the same thing. I lost my job and am currently on unemployment.

We filed for the Home Affordable Modification in July 2010. In August 2010, I called back and they said that they do not have any information in their computers. So, we filed again. We faxed the paperwork even before we got the packet.

I called every week and stayed on top of everything. I called to verify that they received our paperwork and they never did. Then, we were back to square one. We sent everything again.

We were transferred to all different people who had no idea what they were talking about. One representative told us not to worry and the best way to get to the top of the list for the program wasto miss 2-3 payments. I was concerned by this and was reassured that there are over 200 programs and we would get approved by one faster if we did this. So we did, now after all of this, I called on Nov.

9th to get an update for the negotiator and he tells me that we have been denied and when i asked him what can we do from here, he told me to get a job. I called HUD and they are helping us with this matter. I also emailed Barbara.J.Desoer@bankofamerica.com who is in the chairmans office at Bank of America and my state representative, which was advised by HUD. This is such a mess and now Bank of America is telling us if we dont pay the amount owed in full by Nov.

16th, they will start foreclosure proceedings. This is absolutely ridiculous. They are the most ignorant and incompatant people I have eer spoke to in my life.

Maybe we can help each other out by exchanging notes. I wish you all the best.

suebru2448
#208042

Update: Called BOA and were denied loan modification and any partial claim. Was out of work for 7 months and couldn't make our normal payment.

Now back to work and can make our regular payment again, but they refuse to offer any help with the back payments. Denial date of 10/29, but no call or letter yet. Rep couldn't tell me why we were denied...surprise!

Now that we're denied (I did send in recent pay stubs showing back to work, but guess they don't care)....how quickly will they move on the foreclosure process? Took them four months to review for Mod, probably will be much quicker on getting foreclosure started.

Anonymous
#205067

Connie is right, they are fairly good at transferring to another department. They fail at everything else.

This has to be purposeful obfuscation. The gov't wants them to modify loans, and they don't want to when they can grind us and foreclose on us. The mortgage crisis is not over; it's just building up to the next big meltdown when those of us who are currently in limbo lose our homes, flooding the market and driving down values so that the banks cannot collect what they are owed.

Either B of A and the other banks can't see the long term effects, or they see a longer term than we do, with lots of human collateral damage leading to some endgame that works out for them, and only them. :(

Anonymous
#204902

thanks for the comment. I have been jumping through hoops for these *** for months and have been working on a modification for over a year!

Can they put anyone on the phone that knows ANYTHING!! The only thing they're good at is transferring you to another department, and really there not good at that either, can't say how many times I've been disconnected. I also faxed them my info several times (it must get lost in there circular file).

Maybe since I filed a complaint, I'll get somewhere. Good luck and please wish me luck too .....we'll need it.

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Review
#203200 Review #203200 is a subjective opinion of poster.
Service
Bank Of America Loan Modification
Loss
$150

Bank of America, FannieMae, IBM Lender Business Processing Services = Poor

I made payments in advance of due dates. My account was placed in foreclosure because BOA withheld a payment from its new processor. The processor then created defaults by returning 2 monthly payments. Pennsylvania State Attorney Generals needs to order investigations and a "Freeze on Foreclosures" until the Banks can show the that they complied with the Banking and Fair Debt & Collection laws. Gross violations by Bank of America of the Fair Debt Collections Act,Preditory Lending, and Red-lining contributed most to the eroding state economies. Processors need correct information related to new legislation to adjust the economy. The banks were given bail-out money to provide training to its processing staff and money to fuel the economy. Processors say yes and no based on the old groups of red-lining, preditory lending, and re-lining. Those old market manipulating is what has us were we are. Unnecessary foreclosures are expensive and jam up the economy. It would be more efficient to do what must be done with the current owners. Lower the values and adjust the mortgages accordingly. Foreclosures, reduce the value in a negative way because the property is usually damaged by owners who felt the impact of denied true modifications. A true modification preserves property and serves to sustain the economy. Investors don't have to lose. By extending the loan, the investor have an opportunity to continue the term/length of payments. It is much simpler than it appears. State General Attorneys freeze on foreclosures could begin to turn their state's economy around much sooner than they are.
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1 comment
Anonymous
#248684

Same thing has happened to me. My mortgage payment was automatically drafted from my checking account. LBPS is a criminal.

Review
#202231 Review #202231 is a subjective opinion of poster.
Service
Bank Of America Loan Modification
Loss
$55

Contact Bank Of America Customer Service

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Bank of America Corporation
PO Box 25118
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