In House Mod Update (Bank of America)

[SMinGA]

Recap:

4-14-10
I contacted Bank of America's retention department to ask about having my missed payments amortized. Went thru a basic income/expense analysis and was told I qualified for an inhouse mod. (Don't qualify for HAMP.) The next day I faxed in all sorts of paperwork: check stubs, bank statements, etc.

We can handle our regular payment now, plus a little more to cover extra, but not make up big chunks at once. And I figured if they amortize the missed payments then we'll have less priority debt when we file ch. 13. I was told the in house mod process would take ~30 days, and would lower my rate as well as amortize the missed payments. I was told it would be something like 2% for 5 years, then increase 1% per year til it maxed at 5%. We're at 6.95% fixed now, so I will not turn down a reduction. Still have a 'believe it when I see it' mentality though!

Anyhow, I faxed everything in on 4-15-10 and my account status online updated to show active processing on the workout agreement, not in collection status.

Today got a call - had to fax in a list of expenses/bill payments and the full 2009 return. (Had previously sent only the 1040, 2 pages. THey wanted the schedules also.)

So now I've sent that in... I have not gotten any confirmation of what will happen, but its nice to know someone IS working on it. I'm calling it proof of life in the retention department.

Ideally, we'll get the mod and mortgage payment & priority debt goes down. If we end up with no mod, then we've at least bought some time since nothing is happening on the collection end for now.

[SMinGA]

Negotiator called today - said due to negative cash flow they can't do anything. That told me they calculated my income wrong, as I don't have negative cash flow... I asked for details on what income he was counting for me, and found a problem on my part time job. I deliver pizzas from Dominos - get a paycheck biweekly for hourly pay but also tips. The tips are reported for tax purposes, show on the check detail as tips and how much per week. But they're not in the 'net check' since I take those home daily.

I asked him to recalculate and get back to me. He said ok.

After getting off the phone, it occurred to me I should have checked hubby's pay as well. Some of the stubs I sent in showed $105/week deductions for the now-dismissed ch. 13, so if they only looked at the check amount those deductions need to be added in. Since I can't call him directly, I faxed him an explanation and a spreadsheet of the check stubs I faxed in and average monthly pay calculations. Also sent my last 2 biweekly part time job checks as I'm working more hours now.