Loan Mod

[faroff]

BOA is working with us on a loan modification. I have read that filing Ch.7
may actually work in our favor as it kinda shows why we needed a modification
in the first place. I'm submitting the paperwork tomorrow, but there's a section
asking about additional liens on the property which I have. Would that work against
us? The bank seems very interested in working with us on this.
Thanks!

[faroff]

Ummmm "experts" ??????? Help

[HHM]

Just keep working toward the modification. Yes, inferior liens make it more difficult to get a modification depending on the valuation of the house as it affects your "front end debt load". But, one way to fix front end debt load is to file bankruptcy and wipe out unsecured debt.

Although "customer service" may seem eager to help you submitting a modification (so BofA can hope to show certain benchmarks with number of modification applications under consideration), acceptance rates still hover around 10% and with the HAMP programs expiring in 1 year, you should not bet your financial future on the ability to get a modification, have a contingency. I hope you get a modification that works, but most don't work and over 70% of those given a modification eventually default on the modification.

[ifucan]

Thanks HHM. I understand your thoughts on "Customer Service", but I tried the loan mod over a year ago and
it was a nightmare. Everything you heard about BOA was true then. Never received paperwork, although it was
faxed to them several times,etc. However the only reason I feel somewhat optimistic is that I'm actually speaking
to one person,and accout manager that was assigned to my account. BOA may well just be putting on a dog and
pony show but I can't help but believe(maybe naive on my part) that BOA does not want yet another empty house
in foreclosure especially when the home owner can make actual payments on it.

I did file BK last year,not discharged,have a couple of liens along with the 1st mortgage, but we'll see. I've sent
in everything on a timely basis and have been proactive. Hopefully it works and we get a 3 month trial modification.
If not we just have to rent.

[kmattin]

BOA Loan Modification is a scam, nothing more, nothing less. I fell behind in my mortgage and they were quick to send Loan Modification documents, not once, but four times in four days. I have read that these modification were a scam, so I played along. I sent back all four packages with the requested documents. I have receipts that show the Fed Ex envelopes were received. Ten days later, I received a phone call from my case manager stating they did not receive all the documents requested. Believe me, I returned to them everything they asked for. I received three days later, two more Fed Ex envelops requesting the very same documents they already had four copies of. I played along and resent all documents requested. Guess what folks, BOA claimed they never received any documents from me and would I please send the requested documentation. I have since received two additional Fed Ex envelops requesting the same documents I already sent. Six attempts to send these documents and and not one of those sent have been properly processed. I do receive a automated phone call every Friday stating BOA is still working on my request. This is a scam and I will have nothing more to do with it.

[IamOld]

Just perhaps the fact that B of A is broke may be of help - maybe they really really don't want anything else on the balance sheet that is non-perfroming...maybe pressure from OWS/bad press lately...who knows...

[ValleYum]

Just perhaps the fact that B of A is broke may be of help - maybe they really really don't want anything else on the balance sheet that is non-perfroming...maybe pressure from OWS/bad press lately...who knows...

BofA may be broke - but I think I may buy some FedEx stock!! LOLOLOL 8 info requests sent via FedEx in ~3 weeks is beyond Re-Donk-U-Lous!

[faroff]

kmattin- You say: " I do receive a automated phone call every Friday stating BOA is still working on my request." Does this mean you are still working on Loan Mod.with them?

I do know the horror story you are describing oh to well. I first started a year and a 1/2 ago on a modification. Same thing except I faxed every doc taht
they requested only to be told over and over that they never received everything. They even went as far as telling me that they sent me via Fed Ex.,a trial
mod and I never took them up on it. That was totally bogus as I never received anything from them.

Then my house was up for foreclosure,I filed BK, the house was taken off foreclosure and now recently I've been assigned an "account manager" to work
with. I will say she does answer the phone when I call which is different. She does not claim that she does not have everything. I have both faxed and
emailed her all the requested info and docs. Currently everything is in "underwriting".

Then I get another letter from BOA stating my case was under review and that they will be putting the house back in foreclosure under the time
frame of state law. So I called my acct.manager who knew nothing of this letter till she looked back in my account. She thanked me for bringing it
to her attention and said she will follow up with the underwriter to speed things up. So that tells me there are two separate departments and maybe the
left hand still does not know what the right is doing, but I felt more at ease after talking to her.

Maybe it's blind faith or false hopes, but I do feel better talking with my acct.manager and do feel that she is doing what she can to give us
the trial mod. I guess it all remains to be seen and I'm staying at it unless they tell me otherwise.

I hope everyone has a great holiday!

[IamOld]

I think she is working for the b of A cover our collective rear end department, while the rest of that bankster monstrosity rolls on as usual.

[kmattin]

For purposes of clarity, BOA sent the FedEx envelops with their correspondence. They could pound sand before I would spend that kind of money. BOA is a dumb as a bag of rocks.

[ValleYum]

For purposes of clarity, BOA sent the FedEx envelops with their correspondence. They could pound sand before I would spend that kind of money. BOA is a dumb as a bag of rocks.

Oh, no, kmattin, I was laughing that BofA spent that kind of money (while they cry that their profits are down) I never meant to imply that you were spending the money!!

[bulletproof77]

I think she is working for the b of A cover our collective rear end department, while the rest of that bankster monstrosity rolls on as usual.

And I am inclined to agree..My "loan mod" quickly turned into a foreclosure. The foreclosure process does continue during the "loan modification" period. It does not stall it or delay it in any way. Filing BK only forestalls it long enough for Skank of America to get a lift of stay, which they have gotten quite good at. One hand giveth, the other hand actively forecloses.. And neither "hand" has a clue about what the other is doing..All the while promoting false hopes and lies to the media about preserving the American Nightmare. If I see ONE more Skank of America propaganda piece about helping homeowners (or how we help small business) I'm going to lose my lunch..And with a second, if you can't discharge it in a 13, you are kind of shafted...

[bkw1nter]

Good Luck we stopped paying August 2008 and have been trying to get a Mod forever they keep putting our home for auction and then removing it the day of the auction, we finally gave up and started renting this month it's tough to live like that.....