Comments on: Bank of America Formally Announces Participation in Federal Loan Mod Incentive Program

By: Larry

Larry — Thu, 19 Nov 2009 17:21:28 +0000

http://www.associatedcontent.com/article/2402244/are_lenders_cherry_picking_loan_modifications.html?cat=3

By: Another BOA screwed Customer

Another BOA screwed Customer — Wed, 02 Sep 2009 02:13:13 +0000

Sharon,, you and I could be paying for the same home. That is exactly what they did to me also. I am now on my third try at this. They gave me a mod. for the third time, but it raised my payments 48.00 a month. Same story,,,we didnt receive doc’s,,,,we lost your paper work. etc,,,etc. Don’t make any payment’s untill the date we say on your mod. loan. Now my payment isn’t due until Nov.1 2009.
I will be about 7,000 dollars in default. I am really scared. This has been going on since they called me in Jan 2009. I even sent a payment on my first mod for april. Then I was told, they didnt receive doc. And I needed to send in the rest of the money for a full payment. They wont accept partial payments. Yet they cashed the certified check, Crazy. I am so frustrated I am just about ready to walk away from the house. But my credit is so bad now I may never own another home.
BOA isn’t even a true american co. They are muti-national, so why are they getting fed money anyway.

By: The Voice of homeowners

The Voice of homeowners — Fri, 03 Jul 2009 17:58:45 +0000

To all: We all share similar stories. Unfortunately, unless you are willing to pay lawyers upfront and with this i say there is no guarantee….there is no happy ending. These lawyers are all about money, of course…one free consultation a scripted one i may say, but when you go into details they will tell you, well if you need my services i charge $$$$.

Banks & modifications – I requested a modification to have my mortgage payment reduced, by this having my interest rate of 10.75% down to a 6%. BOA said i did not qualify, so i called their customer service department and asked how did they come to that conclusion. To me is easy math, if i currently pay $2,100 a month, and by reducing my interest rate i would probably be in the range of $1,500, then i will be considered a low risk and be less likely to default, i did everything requested to do, i submitted hardship, pay stubs, bank statements, financial budget, even a current appraisal from my property which value dropped 20%, so if you think about it, even with a mortgage of 1,500 per month for 30 years, i am still paying more than what the house is worth. My question then is…what are there criterias?

By: Sandra

Sandra — Wed, 01 Jul 2009 17:09:33 +0000

Jennifer: what “third party” did you use?

Jennifer June 5, 2009 at 10:39 am
I went through the same thing everyone went through. I ended up going to a third party and had them do a loan mod for me. it took just as long but now I have a great 30 years fix. I tell everyone I meet about them.

Thanks,

Sandra

By: Taric

Taric — Thu, 11 Jun 2009 13:46:57 +0000

I aagree with Janet all I wanted to do was get my loan estended to a 30 year fixed without any money out and they messed around. I went to them before i knew i wasn’t going to be able to make payments ahead of time and they never answered or contacted me or did any of the paper work until I went to the office down in Bloomington. They said try a modification which is what I thought it was in the first place. I think we should meet sometime this weekend and perhaps talk to channel 5 or fox to try to really push thesse people. I have never been over 30 days late on a pyment and because they told me we would close in a eek thought i would be closing now i have to double make doouble payment which I don’t have before they will talk to me about anything again.

By: Janet Franklin

Janet Franklin — Sat, 06 Jun 2009 06:49:10 +0000

These stories are truly heartbreaking. It is obvious that many of us share the frustrations of the unethical practices of Countrywide home loans and now BOA. I myself have been going through hell with them regarding a “modified loan” they offered me back in sept 2008…all paperwork was signed, notarized and sent and i have been making my “new payments faithfully. However every month my statement shows an increase on my payments with no update on the modification. I call them every month and explain my situation where in turn they apologize for the delays and continue to make excuses and promises to update the loan. Well, to my surprise today…after spending over an hour on the phone i spoke to a cold heartless manager who “reviewed my modification forms and stated to me that the reason nothing had been updated was because of some type of technical error when papers where notarized. Can you believe that pile of crap…i almost started crying! I am completely beside myself and without clear answers on what to do next. Now this offer is no longer valid and they said all i can do is re-apply but i have to pay over $4,000. to bring my account up to date first. I can’t afford this and don’t think i’ll be able to afford continuing to pay my mortgage any longer. If anyone can recommend a third party to try and apply for another modification i would appreciate it. In the meantime…i agree with Sharon’s comment about what we all need to do regardless of outcome is to file a CLASS ACTION LAWSUIT against Countrywide…we need a good lawyer! Thanks!

By: Jennifer

Jennifer — Fri, 05 Jun 2009 17:39:45 +0000

I went through the same thing everyone went through. I ended up going to a third party and had them do a loan mod for me. it took just as long but now I have a great 30 years fix. I tell everyone I meet about them.

By: Patricia Butler

Patricia Butler — Thu, 28 May 2009 19:19:11 +0000

Bank of America refused to do a modification for us. Instead they insist that we come up with half of our arrearages up front before they will help us.

By: Drew

Drew — Wed, 27 May 2009 22:13:49 +0000

Fellow Americans. I am about to give you the best of advise. Read RESPA Section 6. The Real Estate and Procedures Act. This outlines the responsibilities of a lender to prove their debt against you. In order for any bank to foreclose on your property, they have to present the Debt Instrument, known as your original loan documents. Ask for these documents, it is your right, and by law, the lenders have to provide them for you, if they don’t have them, they have to modify. This buys you time, and also gives you the opportunity to read your documents for violations. You can hire an attorney to do this, or a loan modification company, believe it or not, there are some reputable ones, or you can do it your self and save money. Sometimes, they can’t find the original loans, considering how many times the loans were sold back and forth, and how overwhelmed the banks are. Or, just call me, I’d love to help.

By: dennis in louisiana

dennis in louisiana — Wed, 27 May 2009 07:46:36 +0000

My wife and I received a modification through CountryWide in June 2008. To get the modification we had to pay $5200.00. I withdrew my retirement money and paid them. Countrywide said they would put the remaining balance on the rears of my mortgage and dropped my rate from 13% to 6%. Now I get a notice in the mail that says Im pending forclosure because of the balance Countrywide was supposed to put of the rear of my mortgage. To get out of this I have to pay another $6800.00 which I do not have. Can anyone say SCREWED.