BOA trying to force trial period of 3 months

[subking]

Thank you for the kind reply.

We have been reading horror stories about BOA and thier so called trial periods. They are the worst and purposly uphold peoples mods and then foreclose on them without notifications. We plan to warn people and post everywhere we can about thier unethical practices.

Offering a trail period with no explanation of terms is not an not offer. Their doing this to string us along.

If they were serious they would produce an actual mod with actual numbers and we could more forward. No more were done with this.

[HHM]

Sorry to say, your housing counselor is an idiot. The bailouts have NOTHING to do with the modification programs.

Actually, HAMP works the same way, you are put on a trial payment for a period of time, and only if you successfully complete it are you offered TERMS of a permanent modification.

[subking]

HHM, we don't qualify for HAMP because were below the 31% already, had we qualified we would have to accept the trial period but in turn there required to follow guidelines.

Were just not willing to jump blindly with nothing other then a promise that they MAY help us. Theres just to many risks, our atty. says do NOT sign, and they have a very bad record with their mods, so its a no go.

[HHM]

then its a no go. That is what everyone here has been saying. So, what are you going to do?

[subking]

Going to stay as long as we can, prepare to move, and find a very nice rental.

[747LUVR]

We too have BofA as our mortgage holder....in early 2010, after we defaulted on our unsecured debts, we applied for a mod, never heard back after submitting docs requested....(we are underwater but never intended to default even if not granted a mod)...anywho wife got sick and before you know it, I miss a months work and of course bofa calls right away...explained that it was temporary...look at our 6 yrs of no late payments etc....AND bofa comes back and says...hey, lets do this mod you asked for. We were blown away....we got caught up (just 2 mortgage pymts); they sent us the 3 temporary payment plan....we did just that....no further docs were requested, we did the credit counseling thing and after 3 temp pymts we got the permanent mod docs, signed and done. THEN we filed ch 7 a month later. It is hit or miss cuz some people get screwed, others like myself, somehow lucked out. We got the mortgage discharged but we're still living in it and hope to pay it off early now that we have no cc debts. The point to all this rambling is, hey, make 3 temp pymts if you can afford it, it shows good faith to your lender, and hey, if it doesnt work out....things could always be worse, right?

[tobee43]

747, you loan may have been successful because you are in florida . with all the inventory here, BOA may have been willing to work with you. it's simply not working that way all over the country. we live in florida, i was just in BOA yesterday talking to a couple that was their to sign their loan mod papers...i almost fell over! so, it may be where you are located (i am also in central florida), where we cannot almost say 1 in 10 house is vacate and in the banks hands. under those particular circumstances it could be in the banks best interest to start giving out some of these loan mods...so i think they are beginning to move here first and hopefully other states will follow.


subking, save you money as long as you can and haul. i know we were string along for over 18 months, just games and more games. i'm glad we decided to call the banks bluff and get out, even though we were living in our home for over 30 years.

[subking]

The plan is to move into a updated rental and be done with all this stress and worry. Its a pain to move and find a new place to live as I'm sure many of you know but were now thinking this may be the best thing for us and just the push we needed to finally move on.

[tobee43]

The plan is to move into a updated rental and be done with all this stress and worry. Its a pain to move and find a new place to live as I'm sure many of you know but were now thinking this may be the best thing for us and just the push we needed to finally move on.

i can tell you it was a difficult decision at first. however, looking back now, well over 4 years, we have no regrets at all leaving that house. aka ball and black moldy chain!

we finally ended up purchasing an ower financed house (NOT an easy task, but not impossible), thereby bypassing the banks completely.

not only do we have no regrets, but it was the best thing we could have ever done for ourselves. now we are in a place we will always be able to afford, no matter what happens. now that feels good!

[subking]

Glad to hear things worked out great for you and have to say now that we've decided I'm relieved to be out from under them. Repairs and updates will be well over $50,000 so their gonna have to give it away. We owed $120,000 and have a second for $40,000 both discharged so let someone else sink in $50,000 to fix it up, were done.

So we've got 4 weeks for them to publish it, then to sheriffs sale, and then a 6 month redemtion period. My wife is telling me to relax and I'm trying real hard to do just that. I keep telling myself were gonna be better off.

[747LUVR]

Tobee43, you are absolutely right....we're in volusia county and i've noticed home prices are finally leveling off in my neighborhood.

[Drazil65]

We have a 1st with BOA on our rental property in another state. Have not made a payment for almost a year, was in the beginning stages of foreclsoure when spouse filed (house is in his name only) chp 7 in Dec. 2011. Filing of course stalled the process (we surrendered the house in the chp 7). Discharged in March 2012 and finally got BOA (took one month of daily phone calls) to remove the "active Bankruptcy" notation off of our account so the foreclosure process can once again go forward. They fought tooth and nail with us on this and we believe it was a stall tactic to stall the process. We had to continually fax over our "Discharge and Closed" case documents because they did not have them (lie) or could not see where they were documented as being rec'd etc. (lots of issues with them for something this small but they made it hard).

If they are going to lie and stall just for this portion of the process imagine the headaches if you continually try to "work" with them? I have done extensive research and read over 100 stories (with 100's more out there) and comments about the problems BOA customers trying to modify are having and how long it takes just to be denied in the end. Be very careful with BOA, they are a mess right now and the frustration as well as the money you could lose (if you make payments) may not be worth it in the long run. I agree with the others, save your money and then run from BOA...

[tobee43]

Glad to hear things worked out great for you and have to say now that we've decided I'm relieved to be out from under them. Repairs and updates will be well over $50,000 so their gonna have to give it away. We owed $120,000 and have a second for $40,000 both discharged so let someone else sink in $50,000 to fix it up, were done.

So we've got 4 weeks for them to publish it, then to sheriffs sale, and then a 6 month redemtion period. My wife is telling me to relax and I'm trying real hard to do just that. I keep telling myself were gonna be better off.

LOL!! go with what's she saying. i know it's easier said than done, but do try and relax although there is absolutely nothing relaxing about the situation. i promise, it will pass.

[tobee43]

Tobee43, you are absolutely right....we're in volusia county and i've noticed home prices are finally leveling off in my neighborhood.

here too 747!! finally, and i think or believe we will see more of that. although, it's still so difficult to get a mortgage as such. maybe a modification yes, but a new mortgage still seems to be fairly diffilcult to get.

and now pandora just posted that information about BOA sending out 200,000 letter to do loan mods!!!

http://www.bkforum.com/showthread.php?76609-Will-you-be-one-of-the-lucky-ones-Bank-Of-America

worth the READ!

[subking]

Great replies everyone.

We just found out BOA owns our second also. The second was bought by GreenTree after our discharge (I have no idea why a bank would buy a discharged account) but from what I've been reading BOA owns GreenTree. Does this effect us? I don't know. Will it make them more likly to forclose? I don't know. But what I do know is I don't care anymore as theres nothing we can do as their not willing to work in a resonable manner. We were willing to do a mod but they messed that all up with thier games, lies, and everything else they've pulled so far. Its impossible to get a straight answer from anyone at BOA and this is of course done on prupose.

So they can have the house, all its problems, and get pennies on the dollar for it.