Letter from BOA About Short Sale

[jesseg]

Hello,

We submitted HAMP paperwork to BoA in June for a mod, didn't hear much from them, only an occassional phone call that they had our paperwork and that it was 'being processed'. Today I rec'd a letter that we were 'recently notified that a loan modification isn't an option', and they want us to call them regarding short sale, DIL, etc. We were never notified that we were turned down for the modification.

My question is what do we do now? Reapply for the HAMP modification? Crazy as it sounds we were counting on working out a modification for us, we don't want to leave.

Is this letter just one of their tactics?

Any insight would be appreciated. Thanks.

[tradinglife]

Just got the letter this week also, apparently it is a program called "co-operative short sale", offered us 2500 to do short sale or DIL. We have been out of the home over a year, included in chapt 7. We tried everything to keep home, finally gave in, looking back I wish we had done it way earlier. Got tired of loan mods that didn't work, paperwork misplaced, it was a nightmare. Gonna run this program by my attorney, see what he thinks. As slow as BOA moves, probably take forever to do either option.

[faroff]

Do you have an "account manager"? I'm in the same situation. I have not made a mortgage payment in well
over 2 years,have 2 other liens on my house, but I have an account manager whom I have been working with
since late Oct. to have a trial modification. I have sent in all the requested paperwork. I went through the
modification process a year ago only to be caught up in the same mess many others were going through,lost
paperwork,etc.etc. This time I have an actual just one person to speak with and she verifies she received it.

I also got the same letter re:the short sale, then I got a letter stating I was not approved for HAMP and my house would
be set for foreclosure under the allowed time in my state. So I call my acct.mgr. and she looked over the letter,thanked me
for alerting her and said "well we better get a move on this". So all I know is I'm in her hands I guess and just staying in
constant contact with her and hoping to get a trial mod.

Maybe it's a dog & pony show by BOA as many have suggested,I don't know. All I do know is I'm doing everything I can
to try and keep my home.

[barnhartred]

we filed chapter 7 but didnt reaffirm the loan ( under the advice of the attorney)he told us they wont take our home as long as we remain current with our payments.my wife went last week to a BOA branch make our home loan payment.my wife got a surprise when she tried to make the payment. it had seemed that the house was forclosed on and sold to a new buyer and the new buyer should already be living there according to her computer.my wife went off on them and asked how do you forclose on a home where there has never been a late payment since we bought the home in 2001.she spent 3 hours with them till they got the issue straight. needless to say we still own our home.

[keepsmiling]

we filed chapter 7 but didnt reaffirm the loan ( under the advice of the attorney)he told us they wont take our home as long as we remain current with our payments.my wife went last week to a BOA branch make our home loan payment.my wife got a surprise when she tried to make the payment. it had seemed that the house was forclosed on and sold to a new buyer and the new buyer should already be living there according to her computer.my wife went off on them and asked how do you forclose on a home where there has never been a late payment since we bought the home in 2001.she spent 3 hours with them till they got the issue straight. needless to say we still own our home.

ACK!
I do hope we don't start to hear more of this. Did they say what the mistake was?

[barnhartred]

they didnt say what happened. my wife was very upset thinking we were going to loose our home. she yelled at me for being very calm about the house being sold. i would have no choice but to sue BOA

[NJLawyer]

As to losing the papers, that happens all the time. Sometimes they will ultimately find them but by the time they do, the docs are "stale" and must be resubmitted. It is probably worth reapplying, buy you have to stay on top of them. Call them at least once a week, keep a log of what they say, who you talk to. Sometimes the left hand doesn't know what the right hand is doing so it's possible they haven't denied the mod as of yet. Not sure of your situation, but I assume you are probably in foreclosure. If so, in NJ, there is a mediation program in effect. It doesn't always work, but at least you get to talk with someone from the bank with a mediator present. You can get an explanation of what is going on and why you have been denied. Also, for this process you should have a housing counselor. They do not charge anything for their services. They have access to HUD people that attorney's and individuals don't.

This is opinion only. It is not meant as legal advice. Your circumstances may differ and for legal advice, you should consult with your own lawyer.