Anyone w/ experience on Bank of America internal mortgage mods?

[SMinGA]

Just curious - and if any personal experience, what happened?

Talked to someone at BofA's retention department today, went over income/expenses and he said I was pre-qualified for an internal modification where they could possibly add past due balance to principal and step of rates starting at 2% and ending at 5%. Must fax in documents, and he said the process takes 30 days.

I'm not asking about the federal - just internal BofA.

[dianissima]

Good luck

I had exactly the same scenario last January but we were still current and were about to default (due to job loss), finally after escalations and e-mails and phone calls 3 month later, just last week we received the Fed Ex with ...just the request to provide the documents for their review. What a Joke They had all the information in their file already. We are going to send them documents in a few days. We filed for Chapter 7 on April 1, and will see how it will affect the Modification process. They may stop doing anything untill the discharge or may not. How many payments are you behind? What is your current market value compared with the mortgage balance?
Go to loansafe.org, they have tons of treads about BOA modifications.
Good luck

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Filed Ch 7 April 1, 2010
341 meeting May 18, 2010

[SMinGA]

I will check that site, thanks.

We are perhaps about even on value to owed, may even have a little equity. Long story short = we had 20% equity when we closed Dec. 2006. I know it could not possibly sell for that now. Right now we are about 5 months behind including April.

Was told to fax all my docs within 10 days (will send today) and they would start reviewing with an answer in 30 days. This is internal BOFA-NOT the hamp program. Our payment is not over 31% of gross.