B OF A. Bank of America, B Of A, Bank of America

Dud? Joined: 06 Jan 2012 Posts: 1 Location: California

After being involved with a B of A loan modification center since May of 2011, I am about to be one of those you can read about in the paper. I have never in my entire professional life seen so much paper shuffle, unqualified personnel, having not one of my questions even remotely answered what so ever, having now three representatives handling our account. being kept in the absolute dark for 8 .....EIGHT MONTHS.....and not even an inkling of yay or nay...AND LAST BUT NOT LEAST, finding if you are self employed for over 40 seconds or 40 years (same business) you are probably the most discriminated against and ignored client within the Bank of America system.

Oh, yes and lest we forget one kinda major item.....we find out only today that our home is not actually owned by Bank of America, but a private investor and that Bank of America is only a LOAN SERVICER, and we cannot in any fashion, contact the actual owner of our mortgage for any reason. I went over our closing papers with a fine tooth comb, and not one single reference was made to anyone other than "Bank of America" as being the 'mortgage holder' NOT SERVICER. (And, no, there has been no interim notices to that effect either!)

Now, tell me, wouldn't it be logical, if you are at the beck and call of this Modesto, California office, day or night, and have complied with every single request for yet another ream of paperwork, you could be given some sort of indication, one way or the other????? Or at the very least, some indication as to what PROGRAM you are being considered under?
NOPE, NADA, ZIP, ZERO. And, now of course, we get the ever dreaded notice on our front door.

Response made to me in a phone call to Bank of America regarding this notice: 'Don't worry, when it gets to be within 5 days of the sale, we can REQUEST an extension!'

Tell me, is there anyone out there that does actually work and does actually bring an income in, albeit 50% of 3 years ago, from self employment that has actually gotten any sort of loan satisfaction from this process?

Do they purposefully run you up to the point of distraction and court house sale of your home, and then at the 11th hour say "Oh, sorry, we can't help you!"

This, to any logical, educated and English speaking and hold the ability to accurately read English human being seems like a total circus, A TOTAL CIRCUS, only no peanuts.

But should I be surprised that this is any different than the administration that created the illusion of help for the homeowner, it all being just a hoax? I feel stupid, naive, and totally violated for falling into this scheme. And, to go back and reread the initial pages of the program where it offers extensive help to those only who are CURRENT on their mortgages. CURRENT??? What in the hay do those individuals need help for? They can make their payments, they are not losing there homes, and they get an answer within 3 weeks?

Is there any breathing, feeling human out there experiencing the same thing with Bank of America, especially in California, and 248 days ( 0R 32 weeks OR 8 months) into this and still waiting for some sort of positive (but most likely negative) response from the almighty SERVICER????? And, I cannot help but think it is because of the 'Self Employment'....maybe I should just plain lie, like everyone else seems to be doing and just say 'Unemployed".....maybe I could get an answer in 2 weeks.

Comments??? With my luck, probably none...... Confused

Posted: Fri Jan 06, 2012 5:20 pm

Comments??? With my luck, probably none...... Confused

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When you find an attorney let me know. Have a family member took a Countrywide loan (stated) she was 65 when signed loan paperwork. They showed her making 11k per month retired from a Cannery in Modesto. (what?) The 1003 section of assets shows 248k but only adds up to 70k (how the heck did they do that?) promised her a fixed rate when it was a 5 yr fixed. She cannot find any attorney to take the case. She is being told that B/A is fighting these cases tooth and nail making sure they are taking over 5 years in court and costing the client more money than they save. . . . . .

Posted: Fri Jan 06, 2012 5:28 pm

I can relate, I went through the modification process with them in almost the same time frame (started May 2010, finalized March 2011). The difference in my case is I was out of work for several months in 2010, and started at my current job in July of that year. A lot of sending and resending paperwork, phone calls to at least 4 different agents I was assigned to and constantly being in limbo and not knowing what would eventually happen but in the end it worked out, they just added the months I was past due to the term. It's something I never want to go through again however and don't wish it on anyone else, hopefully it will work out for you. Unfortunately that's the nature of the loan modification beast today, it requires patience and staying on top of things throughout the process being that there are tens of thousands of people BOA is handling at the same time. One of the agents I was assigned to was good, I wish I had him throughout the process.

Nitroglycerin Joined: 04 Dec 2007 Posts: 629

Advice --change your mindset and expectations. I'd keep on NOT making payments as long as possible, with the reality that the modification won't go through at all. Save your money and your family, then rebuy in 3 years at a cheaper price.

Posted: Tue Jan 10, 2012 5:35 am

MakingIt wrote:

Advice --change your mindset and expectations. I'd keep on NOT making payments as long as possible, with the reality that the modification won't go through at all. Save your money and your family, then rebuy in 3 years at a cheaper price.

For what it is worth I agree. After two years of trying to "do the right thing" I ended up short selling my house, going through month after month of endless frustration, having my "forbearance" approved, then denied, then approved, then denied, then approved, then having my third notice of foreclosure posted on my door I finally gave up and sold it. What I could have done was sat in my 5500 sq. ft. house, payment free for two years, ignored every phone call from the bank employees that were calling me to "see if they could help" and in the end the same thing would have happened. The only difference is I would of had $40,000 more in my pocket. That is what I paid over the two years we "negotiated."

I'd like to say I hope you get better advice, but in the end... This may be the best answer. Best of luck.

Nitroglycerin Joined: 04 Dec 2007 Posts: 629

Modesto is not going up until at least 2 years after you see a solid increase in the South Bay.

You have time to clear up your credit and get back in the game.

Flash in the pan Joined: 30 Dec 2008 Posts: 35

this surprises you and how so???

Dud? Joined: 10 Mar 2012 Posts: 1

Ibanos
We started our BOA refi over 6 months ago and we are still not even close to being able to close. My BOA mortgage person was unresponsive, took weeks to follow up with me, i finally had to start stalking her in her office just to get answers. my loan started with a 15yr, then they said they could do a 20yr, actually started that loan but then that underwriter quit, and another UW wanted all the docs again and won't approve, then it was handed off again with assurances that if we just supplied the docs again (at my expense of course) we could get approved, then my mortgage person goes MIA for two weeks as this hits critical mass and they reject again saying they will now go 30 but with 20yrs rate. I get assurances after tracking down who my processor was that we would not be messed over and it was a go.. WRONG.. two weeks later, they are still asking for and it am supplying letters of explanation to include a 1 gap month of unemployement in 2009, why i had credit inquiries in March, how did i pay off my credit card bill. They said they need their BOA card paid off and closed in order to process my loan which I did. Now they are not satisified and want to know where I got the money from, i sent them statements showing I transferred funds from other personal account (BOA accounts) and that want to know where my savings funds come from.

Dozens and dozens of emails with a 1 in 20 response. 4 different underwriters, my mortgage person has returned but refuses to call despite emailed assurance that she will.. her manager is not responding and the mgmnt wont touch this mess with a 10ft poll. I wish I could just get my money back, they are hoping I give up so they can keep it but that aint happening and when it is all said and done. I will close all my business and personal accounts because of how we have been treated. we have been BOA customer for over 20yrs and this is our 4th boa mortagage. ITs INSANE the way they are treating their customers now!

Posted: Sat Mar 10, 2012 3:19 am

reslertm.... You are talking about a refinance right??? Switch lenders. Get as far away from BofA as you can.
What "expenses" are you talking about? Other than a credit report and appraisal fee, and of course your time. But if the refi is worth it you should make up any money you have spent by getting the loan closed faster rather than waiting. Quit waiting. Just get on the phone and call someone else and get your loan done. Don't call another bank, look up someone that does mortgages. A mortgage company. Hopefully that will work for you, but if you leave your loan where it's at with BofA at this point... it's on you.

Posted: Sun Mar 11, 2012 1:28 am

My loan is one of the mods that rolled over from Taylor Bean into BOA when they went down. I had almost completed the mod and then "bam" 80 billion rolled over into BOA on top of the Country Wide bottomless pit of production Shocked

Then BOA completed it but the taxes didn't get rolled in so i have to watch that like a hawk annually. Nobodys fault but my own i guess when I imploded after 30 succesful years in the mortgage business. Laughing