Bank of America mortgage modified!

[eddiep]

I got my loan modification today! Bank of America called today to go over my financials again and they agreed to modify my mortgage. This saves me $1030 per month!!!! I don't have to make a payment until June 1st. This gives me enough money to pay my past due property tax BEFORE they place a lien! I am walking on a cloud right now. Have you laughed and cried at the same time? I did today!

[relief13035]

That is definately good news - CONGRATULATIONS!

[Trixie007]

That's incredible - Congrats!!!

[BigJohn]

Tell us how you did it.

[plantlvr]

That's great news! Would love to know the details if you would be kind enough to share. I would love to stay in my home if i got a thousand knocked off my mortgage!!

[StartingOver08]

Congratulations!

[myhearts07]

OMG!!! See they can do whatever they want to do!! God bless!!

Hearts

[myhearts07]

Meant to ask was this because of the Homeowners Affordability Stability Plan?

Hearts

[eddiep]

First I ran around in circles, jumped threw some hoops, called, faxed, mailed, over and over again. I had NACA and CCCS working on my behalf and after three months of this I finally got my denial letter. Then I went straight to the top. I found the email addresses of the top executives of Bank of America on another great forum www.loansafe.org. This approach worked for one of the Sr. Members and it worked for me. Everyone there is trying to save their home from foreclosure and many have been successful. I highly recommend this forum for anyone looking for advice on saving their home.

[eddiep]

Myhears07

No this had nothing to do with Obama, as a matter of fact I was sitting on the couch waiting for him to announce the details of the plan when BoA called me. During our conversation we reached what seemed like a dead end (I had $11 left after I paid necessities, so it appeared to her that I could afford my mortgage!). She then said she had not recieved the details of Obama's plan but that maybe I could apply for that plan. Then I said well lets do the numbers again since they are only estimates anyhow. Maybe I could add a pizza to my budget and get the numbers to go into the negative. She agreed and put me on hold. When she came back she said she had spoken to her supervisor and that she was authorized to go ahead and give me the modification.

[SCRAPPYDOO]

To eddiep bank of america mortgage modification

How long was the process once Bank of America was contacted? i sent all my stuff in on 2/4/2009 and they called on 3/25/09 to go over financials and still haven't heard from them i have called and there is a workout plan on my account i even faxed the analyst to call me and still haven't heard any suggestions should i be very forward and bothersome?

[Brighterdays]

What was the modification? was it a reduction on principle or rate? Please give some details. what was your loan amount and interest rate before and after? What state are you in? I am contemplating doing the same or going ch7!! Thanks

[eddiep]

I first contacted them in December. I was denied because my debt to income was too high. Hubby lost job and when he returned to work he was making $800 less per month. I thought the bigger the better but that is not what they are looking for, I guess they figured I still wouldn't be able to afford it. BoA wants you to show a deficite of no more than $200 per month. I told them I was filing ch7, one of them actually said "its a catch 22 I know but I have to include it." But I finally got someone who did not include my cc payments which gave me a $11 dollar surplus and she said sorry there is nothing we can do it appears that you can afford your payment. I said well since these numbers are only an estimate, lets do it again, this time I will throw in a pizza and I will show a deficite. She put me on hold and spoke to her supervisor who approved it. In the paperwork they sent they stated I had an $8.53 deficite! I have three mortgages on my house and all of the loans were written for less than 30 years to begin with and I have been paying on them for a while. Every time we remortgaged the interest rate went up so we didn't roll them into one loan. They were willing to stretch each of these loans out to 30 years, they lowered the interest rate on one of them for 5 years the other two were at 4.99% and 5.35% so those remained the same.

After being denied twice on each of the three loans (they insisted on doing each one sperately) I felt like I was getting the run around, and sent an email to Ken Lewis, CEO of BoA and told him that I felt I was not being treated like a valued customer. One week later BOA CALLED ME to go over the numbers, that was the girl that was willing to ignore the cc payments and approved the modification, and she was the only one that would look at all three loans together. I know that it was the email that got this done.

They called on March 4th and I do not have to make another payment until June 1st. They said it was because they would use the current principle amount in the paper work. I got the initial agreement a couple days later, signed it and returned. I have been able to verify that they recieved it and I got a letter and follow up phone call but I have called them at least 20 times to find out when the "official" loan documents but they will not return my call. I got a letter last week telling me that I am late on my payment and to contact them to make arrangements, I almost had a heart attack. I talked to one idiot that told me to get caught back up and contact them and they will reconsider me for a modification. I demanded to speak to her supervisor. The supervisor looked into it and said it was an error, that my modification was indeed approved and that my payment was not due until June 1st. They are difficult to deal with and it seems like nobody knows what they are doing. Does that help?

[cheekybegr]

I am soooooooo Jealous ... we are in foreclosure today I received a letter from mortgage company attorney telling us they will be in court next week looking for a judgment. I have done everything in my power to save our home, even 995 HOPE tried to go to bat for us. We went thru chap 7 and reaffirmed but GMAC Mortgage chose not to file the reaffirmation because of this we can not get a loan mod, an internal policy they will not waive. It makes no sense to me we want to stay in our home, with a mod we can afford it, HOPE NOW think we are good candidates but GMAC would rather throw us out.
Is anyone else in Reaffirmation Hell?

[eddiep]

Oh I am so sorry! I swear got that all too familiar lump in my throat when I read your post. I really am sorry. My lawyer INSISTED on getting the mod done before we file. I have been approved and signed the initial agreement but he still won't let us file until the "official" papers are signed, sealed and delivered. I guess this is why. I had to send an email to the CEO at Bank of America before I got anywhere, maybe you could try that.