Bank of America mortgage modification

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Arel1
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Bank of America mortgage modification

Postby Arel1 » Mon Mar 14, 2011 8:55 am

I am trying to find locations that may provide financial assistance to disabled senior citizens on fixed income. In particular I am behind on my mortgage payments, and now starting to get behind on other bills and debts because of that mortgage. How do modifications work? I am also trying to restructure or modify my mortgage with Bank of America, but they are not cooperating with me. Thank you!

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Re: Bank of America mortgage modification

Postby Admin » Mon Apr 04, 2011 9:02 am

Here is information on mortgage assistance programs from Bank of America. You have options like BOA Principal Reduction. Another option may be homeowners forbearance. At the end of the day a bank will work with you. Bank of America can offer modifications as well. They do try to at least talk to people. Call them at 1.888.233.4124
http://needhelppayingbills.com/html/mor ... help_.html

Arel1 wrote:I am trying to find locations that may provide financial assistance to disabled senior citizens on fixed income. In particular I am behind on my mortgage payments, and now starting to get behind on other bills and debts because of that mortgage. How do modifications work? I am also trying to restructure or modify my mortgage with Bank of America, but they are not cooperating with me. Thank you!

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Re: Bank of America mortgage modification

Postby Ellen » Sun Sep 08, 2013 4:30 pm

Good afternoon,
I am writing in the hopes of obtaining information and/or assistance in how to proceed with a serious problem we are now facing.
We had our loan with BOA (Bank of America) for over 10 years. In October of 2012 I lost my job due to the economy. I immediately contacted BOA and advised them of the situation, advised them of the major salary loss and inquired about some sort of assistance. I was told there was no program available to us as I did not have a job and nothing they could do for us. I was told this repeatedly throughout the time I was unemployed for 2 years. In September of 2012 I finally found employment however, the job paid less than what I was receiving from unemployment but because I was losing my unemployment benefits took a job more than 45 minutes away. I went from making 70k to 32k. During my unemployment, we had fallen behind on our mortgage payments but we were consistent with being able to make at least one payment a month. BOA was wonderful working with us and we kept in contact with them on a bi-weekly basis to let them know we do not want to lose our home and ask about modifications available.
In April of 2013 we were finally notified we “may” be eligible for a loan modification and all of the paperwork sent to us by BOA was immediately returned to them via the federal express label they provided with the documentation required. In June 2013, when we called to inquire about the status of our modification, we were advised by our loan counselor, that the modification request was canceled due to missing information. I know for a fact everything requested and what they claimed was “missing” was submitted as I copied everything in its entirety as to what I provided. I resubmitted the information again along with our most recent pay stubs. We made a follow up call with Lou who advised it was received. We continued to call Bank of America to inquire about the modification and were told it’s being reviewed and could take several months.
On August 3rd we made a $2,197.00 payment to BOA for our March payment. We were again reassured this was fine, to continue making a monthly payment, they know we are trying and the loan modification was now being reviewed by their underwriters. We even offered to make a payment and a half (this time and previously) as a means to help come current, but not an option they provided.
On September 6th we received a letter from BOA stating that as of May 15th our loan was now going to be serviced by SLS (Specialized Loan Servicing, LLC) and payments should be made to them at that time. We immediately called the counselor of BOA to express our concerns about the new lender starting foreclosure proceedings, the loan modification they were working on and how this new lender will or will not work with us due to our current situation. He assured us the transaction to transfer the loan to the SLS was going to be a smooth transaction and they will help us. “Do not worry”. We were advised "BOA electronically mailed all information to them in regards to our modification along with the completed paperwork and documentation we submitted for same."
This is where our nightmare begins and it’s only been three weeks!!!
On September 15th we called SLS to make our April payment and were advised that our loan was not showing up in their system and they could not take our payment to call back in two weeks (May 29th). We immediately called BOA to try and make the payment with them but were advised that they no longer service the loan and cannot take the payment. Again reassured “not to worry” the new lender will work with us. On May 24th we called SLS, as advised but 5 days earlier and spoke to a lady who said she could not take our payment as SLS required 2 payments, March and April. We advised her that was wrong, we just made a payment on May 3rd for the March payment but their system did not reflect that payment. We have proof via a BOA confirmation number and after fighting our point that it is not our fault SLS did not have their system updated to reflect the correct information, she did accept a payment on May 24th in the amount of $2,197.00 which did clear our bank. She was then advised we were working with BOA to have a loan modification completed of which she claimed was not in the system but will send to us one of “their” packages to be completed. (Said package was not mailed out to us until June 6th, the date of their letter and received by us on June 11th via regular postal mail). We also advised we will be making another payment on June 14th and she reassured us that is was not a problem, we are OK and to call then to make another payment. We were also given the name of our SLS Loan Representative Monica, ID# 12062 who was assigned as our new SLS Loan Counselor. But after 2 phones calls we made to her and an email note to her from the representative we spoke with, we still have never heard from her. On June 12th I received a call from a SLS representative stating it was a “welcome call” to introduce himself and the company wherein he proceeded to obtain our personal information (ie, phone numbers, income amounts, debts we pay, etc). I explained our entire history as listed above and again was reassured, that it’s not a problem, not to worry and call back on Friday, June 14th to make the payment we originally agreed to.
Well, on October 14th at 4pm my husband and I called SLS and were speaking with a representative “Mary” for 2 hours wherein we once again explained out entire history and situation and who was very helpful with our questions, concerns and was going to take our May payment as he was able to "see" we made the April payment. He advised us the payment due was $2,500.00. We did not understand how the loan payment could have gone up almost $400.00 when for the last several years we were paying a monthly mortgage payment of $2,197.00 which included principal, interest, property tax escrow and homeowners insurance escrow. The loan was just transferred on May 15, 2013 and our property taxes were not increased. Where was the extra money coming from? When placed on hold by Toby for review of the information contained in his computer system, the call was lost, dropped and/or disconnected. We hoped he would call us back as he did confirm our home phone number earlier, but after waiting for 5 minutes returned the call to SLS asking for “Mary” only to be told he was unavailable and we now had to speak with “Armon” who was less then friendly. After explaining the entire information yet again, Armon refused to take the payment and told us we were three months behind as SLS payments are due on the 1st of the month with a 15 day grace period. At no point in time have we received any information from SLS in regards to same. When asked what are we supposed to do, how can we work with SLS to resolve this, we were met with silence on the phone and told…bring your loan current. He again said we owed for April, May and June but did not see the April payment made to BOA, which should have been transferred, but did see we made a payment on May 24th but that payment should not have been accepted and he was surprised it was not rejected and returned to our bank account.
We are physically sick over this nonsense and feel like we are getting nothing but the runaround even though we have been more than diligent with the lenders. How was BOA transferring our loan to SLS helpful to us? So far SLS claims to have never received information from BOA pertaining to our modification; that SLS are missing a payment from May 3rd and are now stating we are officially 3 months behind and will not accept anything less than the 3 payments due. We do not have $7,500.00 to pay that or we would not be in the situation we are in and explained to them. That was why we were trying to obtain the loan modification. We have no one to go to for help.
I do not understand why SLS will not take a payment as they can plainly see we have been in contact trying to make one. I feel like we are being thrown to the “wolves” when we are truly trying to make payments and maintain ownership to our home. We can make a monthly payment. We just cannot get caught up on the 2 payments we are behind and are basically being FORCED INTO DELINQUENCY by SLS.
So now we are facing the possibility of SLS filing a default notification and filing a Lis Pendens to foreclose against our property. Then it will go to a foreclosure attorney who will add on a ridiculous amount of fees which could total up to 5,000.00 to 7,000.00 leaving us in a situation where we would owe almost $14,000.00 to bring our loan current and out of default. I am employed in the title insurance industry so I know how this all works and my husband and I have been very pro-active in trying to resolve our situation. We feel we are not being helped and just passed around with no guidance.
Please, someone has to have some knowledge on where we can go or what we can do to help us with our situation.
Any response is greatly appreciated.

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Re: Bank of America mortgage modification

Postby charlesSch » Tue Oct 01, 2013 6:29 pm

We can't seem to get help through our bank...say we make too much for modification...yet with all other bills we have and the fact that they don't consider taxes taken out of checks doesn't help. I am a stay at home mom and can't afford daycare for my 5 year old son. He doesn't start kindergarten until fall and I have tried finding work to work around my husband with no luck because I have been out of work for so long. We are just a month behind on bills and would like a charity to help us out for just that one month. My husband is a hard worker and is getting frustrated because we can never get ahead. We need $920 to get caught up, and if possible another $830.43 which is October's due payment which will be late after grace period is over the 16th. We are a month behind and bank of America can't do anything but separate payments into the next several months which we can't afford. My husband makes a gross amount of $800 weekly. Let me know if you know of anyone that can help. Thank You.

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Re: Bank of America mortgage modification

Postby Admin » Tue Feb 09, 2016 10:55 am

While we did not read this entire email (as it is way too long) it is obvious that you need help from Bank of America. The good news is they provide many programs, for mortgages and other debts too. The company is flexible in dealing with customers, especially if you now have a job which you indicated. They do have loan representatives that will work with customers to go over their accounts. Based on that, there may be income based plans offered and other forms of support. Locate all of the Bank of America programs for struggling customers and learn who to call and when.

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Re: Bank of America mortgage modification

Postby TracMaz » Mon Oct 16, 2017 6:52 pm

I live in Middlesex county New Jersey. We have re-installed our loan from bank of America. We two months back mortgage payment for October and November. $ 1,200.00 we need to come up with amount by December 26 2017. My husband is under-employed. He looking for work with more money. He works 67 hours. Thanks for your consideration.

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Re: Bank of America mortgage modification

Postby Admin » Sun Aug 19, 2018 11:25 am

Sounds like you have a hard working partner. Good for you. 67 hours is admirable. Call on bank of American mortgage department to explore the assistance they offer. As they do have programs for their customers...in fact many of them as we have listed on the website.

TracMaz wrote: We have re-installed our loan from bank of America. We two months back mortgage payment for October and November. $ 1,200.00 we need to come up with amount by December 26 2017. My husband is under-employed. He looking for work with more money. He works 67 hours. Thanks for your consideration.


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