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Fannie Mae Loan/bank Of America / Loan Modification

Indio, CA, United States Review updated:

I have been in a loan modification trial for seven months through Bank of America which is now under the umbrella of BAC LP. My trial period of lower monthly payments including Taxes, mortgage payments and( supposedly homeowners insurance ) is in its (7th) month. No finall paperwork and documentation...
I have never missed a payment under the new rules. I have called Fannie Mae to complain. They said they would call back, which I beleive they will do.

However Bank of America will not return my calls and now they say my analyst is "Christiopher" who is still reviewing my paperwork. Getzville New York. I have no idea where my money is going or for what and how the money is applied. However an escrow account was opened up and my property taxes were paid in Oct. 09. I realize that someone is getting paid. My down payment for my home was $100, 000 dollars. Then the financial crisis hit. I lost everything, my retirement and had to sell my business with a loss of 174K. I sent all the documentation to Bank of America. I fit the Loan Modification guidlines perfectly.

What I didn't realize is that when my loan was approved, in the financial breakdown and hidden in the fees was a special policy paid for by the governemt to pay off Bank of America. I am sure the investor was" Fannie Mae" becasue you can look this informationn up on the internet. Everyone don't give up and hang in there!!!These banks cannot get away with being unlawful, secrative, untrustworthy and not accountable to the citizens of the United States. We do have rights. Washington is not paying attention to the very people they lent money too.. Hopefully someone will read this and get BANK OF AMERICA MOVING...The new reporting system for MHA goes into goes into full gear in several months. Bank of America will have to report weekly how many of these Loan Mod's have been finalized. See you at the finish line!!!

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Comments

  • Li
      Dec 30, 2009

    B of A is on my list as well. My husband passed away in Jan 2009, I called B of A in March to state I was having difficulties paying the mortgage etc. I applied for a loan modification and it was approved end of March. I was told to send $197 to the Getzville address to cover the late fee for March and that I did not have to make an April or May payment that my first payment was not due until June 2009. I told the loan rep I can make the payments as I did not want more than a 30 day late (for missed March payment) on my credit file. She said no need to worry, not due until June 2009 and that I did not have an acct to pay on since old acct frozen and being changed to new terms etc so not due until June. Well B of A did not finalize my paperwork until October. I started paying the new pmt amount in June as advised. Each month my online banking balance showed my acct further and further passed due. I would call B of A and they would assure me no worries account is fine that they had not finalized it in the system, etc etc etc..excuses excuse...Now B of A is reporting me as 120 days delinquent in June. I only did not pay because they told me not to that there was no loan to pay on. Now they are refusing to fix it. I have put in a dispute with the bureaus and B of A but expect to get no where. Then on top of that they lowered my credit lines on my two credit cards with them to just above the balance so now it appears that I am maxed out when I was only at 50% before. They are the ONLY blemish on my credit file with 25+ years of credit. I feel helpless. All we hear is that these banks are getting all this bailout money but the consumers are being ignored and mistreated.

    0 Votes
  • Ma
      Jan 05, 2010

    We are in the same boat. We started our modification in July of 09 and did everything when we were supposed to do it. We kept getting the run around and told that after the 3 month trail period there was anther 30 day wait and a 45 day review on top of that, then we were told that they didnt have all the paperwork - after sending it in for the 4th time, they finally confirmed they had until a week later when they called to see if we had sent it in yet. long story short my husband said not to send them anther penny. At this time we didnt realize that we were not the only ones getting the run around. I am assuming they will contacting us any day now for payment and that is when we'll have the ball in our court. This is the one thing left that we are tying to hold on to as the economy as affected us as well but its not worth the headache, frustration and aggrevation of being put through the ringer for it

    0 Votes
  • Zb
      Feb 02, 2010

    I would suggest you use a professional. I personally used Corey Lassiter at Clear Image Financial Group. His number is 877-940-1477 ext 231. He tells it like it is. They give you a free assessment and tell you if they can help you or not, and if so what you qualify for. He told me everything I was going to go through before I went through it. Then after my husband and I tried it ourselves for about 5 months and got nowhere we went back to Mr. Lassiter, and in 63 days they had me approved. I suggest you all give him a call who are at your wits end, or about to lose your home to foreclosure. He can help! It cost you absolutely nothing to call!

    0 Votes
  • Ge
      Mar 31, 2010

    B of A denied a loan modification on my mortgage after all the billions of dollars that obama aproved for us the citizens to help us not to loose our dream the american dream own a house .they make me wait for more than three months not accepting any parcial payments or regular monthly payments I did had a hard time with my job and could not keep up with the payments fortunaly went back on track but it was too late for me my house is in forclosure process and is schedule to go on a auction by april 6th.
    WHAT CAN I DO !!! I FEEL LIKE THERE IS NO WHERE TO GO, NO ONE TO TURN TO, I DONT WANT TO LOOSE MY HOUSE PLEASE HELP!!!

    GEORGE RPO/ ATLANTA, GA

    0 Votes
  • Pe
      May 20, 2010

    BofA had me start making reduced trial payment basis while they processed my loan modification app. Then they denied it on the phone but dont send me a written denial. They posted 2 lates because I had one and they added the difference between the regular payment and the modified and came out with two. Meantime I applied for a loan refi at the suggestion of a local BofA loan officer who saw I had only one late and saw I am gainfully employed and before I had never missed a payment ever. I also have good credit and no credit card debt! If that does not spell responsible, then I don't know what does. So they denied that too claiming I was late 2 payment when in fact I payed each time as they (BofA loan modification program folks) indicated!
    The house is apprasied at 215k I owe 114k so even a refi is still a loss to myslef since I have to start paying interest all over but they denied it too because they don't want me to have a way out. So now I am being told I am denied both and I am late two payments and they still refuse to send me a written notice detailing the reasons for the denial. my co-worker who is upside down an makes the same income has the same job and title at the same place of employment got his modification approved. he talked to a negotiator and so far they own't even let me talk to a negotiator.

    Logical conclusion:

    BofA wants my home because it has equity(100k). They want my co-worker t stay in his house because he is upside down and whatever his payment may be it is money coming in. In his situation they stand to win . In my stuation, they can repo it, resell it as bank owned for say 180k and they still make money since most the interest is paid off. I only have 7 years to go in my current loan. If they gave me time and a modification for just 1 or two years, I could stay in my home because by that time either my wife will find employment or I will have my car paid off so I can destined the diference to my regular payment.

    BofA is destroying lifes, taking homes from those who like me are willing and still doing everything humanly possible to pay. They see us as not humans but numbers and dollar signs. They care only about their greed and the ironic part is they are doing it with the money Obama gave them in his never ending unintelligent precipitated mindset to "help"us. BofA is only trying to help themselves not us.

    0 Votes
  • Du
      May 28, 2010

    I CALLED B OF A ASKING THEM WHAT THE MOD PROGRAM WAS ALL ABOUT AND THE AUTOMATICALLY SET ME UP ON THE PROGRAM IN MARCH.I DIDN'T EVEN ASK FOR IT.THEY PUT MY APRIL FULL HOUSE PAYMENT IN A HOLDING ACCOUNT AND I HAD TO CALL TO FIX IT BEFORE LATE FEES SHOWED UP!I CALLED AND OPTD OUT.THEY SAID OK.COUPLE WEEKS AGO I TRIED TO REFI MY RV THROUGH SOMEONE ELSE FROM 18.9 % AND THEY SAID SORRY THE MOD IS ON YOUR CREDIT REPORT!.I CALLED AGIAN AND AGAIN!MY JUNE PAYMENT IS NOW IN A HOLDING ACCT.THEY WONT LET ME OUT AND I DIDN'T EVEN ASK FOR THIS.I HAVE NO HARDSHIP!I WANT OUT!I JUST WANTED TO KNOW WHAT IT WAS ABOUT!
    DOUG

    0 Votes
  • Li
      Jul 28, 2010

    Same issues with Bank of America. They lost my paperwork couple of times, transferred my loan from one department to another without sharing the records, asked for the same documents over and over again, confirmed the receipt each time and lost it again in a few weeks. They even lost the check I sent for payment and claimed that I was late! When I called to pay on the phone, their system didn't "recognize" my bank which is HSBC!!! To make the story short, after 13 months of effort, sending the same documents for at least 6 times, they rejected my modification request due to the missing documents!!! I thought the financial crises was bad. I believe B of A is worse! They made my life much more difficult. Now I have to deal with their mess and somehow correct my credit report. I didn't gain anything by applying for loan mod but lost a lot!!! Don't we have any rights? We didn't deserve to be victimized by Bank of America!!!
    Liz

    0 Votes
  • Ms
      Aug 15, 2010

    I WAS FIRST DENIED THE MODIFICATION BUT THEN ONE DAY THEY SENT ME A PKG WITH PAPERWORK TO SEND AND SAID THAT I WOULD BE ON A THREE MONTH TRIAL PERIOD. MY NEW PAYMENT WAS NEARLY 100.00 MORE THAN MY REGULAR PAYMENT. THIS HAVE BEEN GOING ON SINCE FEB 2010 NOW ITS AUGUST- 7 MONTHS INTO IT. NOW THEY DONT TELL YOU THAT AFTER THE 3MONTHS YOU HAVE ANOTHER 3 MONTHS TO BE UNDER REVIEW. AT FIRST IT WAS EASY TO PAY IT SINCE IT WAS RIGHT AT INCOME TAX TIME AND I SET ASIDE THE 3PYTS. SINCE THEN MY HUSBAND LOST HIS JOB DUE TO ILLNESS AND NOW WE ARE A ONE PERSON INCOME HOUSEHOLD. IT IS SOOOOOOO HARD TO KEEP UP WITH THE PAYMENTS. ALL THEY KEEP TELLING ME IS ITS STILL UNDER ACTIVE REVIEW NO ANSWERS YET. MAN HOW LONG DOES IT TAKE???? I EVEN HAD A REP TO TELL ME I SUGGEST YOUR HUSBAND FIND SOME EMPLOYMENT SOON. HOW INSENSITIVE WAS THAT. I AM SO TIRED AND I FEAR THAT I WILL STILL LOSE MY HOME AFTER ALL THIS. THE KILLING PART IS IVE TRIED HARD TO KEEP MY HOME AND TAKE PRIDE IN IT. IF I LOSE MY HOME IT WILL BE HARD TO GET ANOTHER HOUSE WITH MY CREDIT NOW. I HAVE A FAMILY OF 5 AND AN APARTMENT DEFINETLY WONT HOLD US. ANYONE HAVE ANY SUGGESSTIONS OR ADVICE PLEASE RESPOND.

    LILLIAN

    0 Votes
  • Jo
      Aug 15, 2010

    They did to you what they did to me and the others. You should join us at piggybankblog.com and write the BofA CEO an email. You will usually get a response within 3 days.

    My name is John Wright and I AM FIGHTING BACK!

    John Wright
    piggybankblog.com

    0 Votes
  • Jo
      Sep 24, 2010

    recently on august 5 2010 I was told by my mortgage company Bank of America(BAC) that they would postpone foreclosure on my home, which was set to be auctioned on August 11, 2010, the sale would be suspended for 30 days as they reviewed my new status of recently being employed and the documents would go to the underwriter to see if I qualified for a modification of my loan. The whole time I was unemployed I made half payments with the money I received in unemployment compensation until my benefits ran out. The underwriter received the documents on the August 15, 2010. On 9/2/2010, I rec'd a letter from a buyers lawyer stating I I had 5 days to get out my house because it was sold on 8/11/2010. Mortgage Co (BAC) said that Fannie Mae came in and declined the postponement on property and sold it without any notification from my Mortgage Company(BAC) or Fannie Mae informing me that they were going to sell the property on 8/11/2010 after telling me that it was postponed on a 3 way conference call with BAC on 8/5/2010.Can they sell property without informing me between the 8/5/2010 and 8/11/2010? and is there any way to rescind the foreclosure sale when I have a buyer for the property at the existing loan price?

    +1 Votes
  • Mi
      Oct 12, 2010

    I'm in the same boat as everyone else. I was finally approved for the modification (almost a year to the day). My question is - How do I get BofA to fix my credit report like they told me they would? I know I wasn't misunderstanding this statement, because I've read countless others' post that have said the same thing. If your approved for the modification, your credit will be made whole again.

    +1 Votes
  • Un
      Nov 01, 2010

    I too have had all of the above happen to me from BOFA ~ All they really want to do is to foreclose your mortgage! They give almost everyone false hope then after stringing you along for a year or more let you know you didn't qualify! SUPRISE! SUPRISE! They decline the majority and then modify a few loans to show that they are giving the lucky few a modification only to cancel most of those when they are making their modification payments. It would be real interesting to see just how many modification ever really are made permenant ~ my guess is very few...

    +1 Votes
  • Jo
      Nov 02, 2010

    I have created piggybankblog.com for all those who were abused by Bank of America's potentially irregular, fraudulent and simply abusive home loan modification program.

    My name is John Wright and I AM FIGHTING BACK!

    John Wright
    piggybankblog.com

    0 Votes
  • Fr
      Dec 04, 2010

    I am on the verge of loosing my home. May 2009 I had my bank go into my checking account and removed an extremely large amount of money from my account for someone's else debt. It cause my morgage payment to be returned. I was making payments every 2 weeks. So I fell 2 weeks behind on my payment. The next month my son lost his job and his family of 3 moved in with me. I contacted B of A and told them what was going on. They did a forebearance payment with me and said they would send out loan modification forms out. I never received them even with calling. After 6 months my payments doubled. I called a lawyer which I later found was not a good one and they were suppose to help me get the loan modification. that was in February of 2010. They told me I didn't need to make my payment till this was done. May- B of A and the law firm got on the phone and told me to make the reduced payment and forms for modification would be sent out. I filled out the forms and made my payments. August I received that my house was going to forclosure. I was still waiting on the modification. I was told by B of A as long as I was going through the modification they would not set a forclosure date. October I was still getting the run around from the B of A needing different paper and not getting any help from the law firm. I call the hope hotline and they said because all the papers were sent in at different times that I should just resubmit a complete new package and he helped me put one together without any cost to me. He then said to call weekly to see what was going on with it and after a month if I don't get anywhere to call back and he would help me. I did what he said. Well the day before Thanksgiving I saw a notice on my door that there was a sale date. I called B of A and asked for a delay and they said I would have to wait 2 weeks before the sale date to ask for it and they can't guarantee anything after all those months they said that they would not sale my house why it as in modification . I understand the modification is now at the underwriter and but has not been assigned an underwriter. My house has been in my family since 1961 and if it wasn't for my mom getting ill and me needing to get a loan to fix up the house and then the thief from my checking account I would be in this place. I did everything that B of A asked and now they are planning to put my family (of 6-3 kids, and 3 adults- one who is handicapped and one who is 8 months pregnant) out in the street. Can anyone help. I make enough money if the payments were back to what they were or lower that I can pay them. Why would a company mislead someone like that.

    0 Votes
  • Bo
      Jan 28, 2011

    B of A could be the worst bank of all time. I put in for a load modification in July, 2009 because my income was cut 40%+. it was approved and they sent me new loan docs in Aug 2009 and i sent them a $2, 500 good faith payment. Signed the loan docs 8/8/09 and got them notarized and sent them back. started paying the new loan amount (which I've paid every month on time since). months go by and i'm still getting old loan statements so i call and they tell me not to worry that it just takes time to process. 8 months later they sent me a letter warning me that they will foreclose if I don't get current on the old loan. i freak out and someone tells me, finally, that they never received the signed loan mod docs. so they tell me to either reapply for a loan mod or go back to the notary and get a copy from their journal. i go to the notary and get a copy of the journal and send that to them along with my copy of the loan mod documents. just today 1/27/11 they still tell me that i need to reapply. i told them that the next call would be from my attorney threatening a lawsuit for breach of contract. we'll see what happens but i'm not backing down from these SOB's. as far as i'm concerned i have a legally binding contract with them and anything less of honoring that is a breach of contract for which i will sue for recovery, damages, and attorney's fees.

    0 Votes
  • Fr
      Jan 28, 2011

    I have been dealing with B of A now 1 1/2 years with loan modifications, forebearance, foreclosures and so on. I started out only 2 weeks behind on my loan because of a thief from my checking account. If I would have just waited till I got an extra check I would have been fine, but I listened to B of A who said they would work with me give me a forebearance and send me loan modification paper. I did the forebearance but never received the loan modification papers. After 6 months and many calls to them, I received a paper from them that my loan payments were now $1000 more a month. After fighting them for several months, I got them to send me loan modification papers in May 2010 and since then I have been going back and forth with them sending papers. It has been at the underwriter since November and they keep asking for the same papers over and over. September they put me in foreclosure and now refuse to take any money. I have had several foreclosure sale dates and am now asking for another extension of the sale date. As long as it is on active review they have to extend the date. Everytime I call they are nasty and many times say they have to transfer me to another department and then I get hung up on. Important information is I have a single handicapped mother of 3 kids. My oldest son have a wife, son and a brand new baby and they all live with me. I support 7 people and this home has been in my family since 1961 when I was a little girl. The only thing that has kept me sane is when dealing with B of A, only call them if you have someone from the hope hotline on the line with you. They really help and B of A actually behaves when they are on the line. The other thing is I found out that there is a major class action lawsuit against B of A and Countrywide ( the original lender of my loan). My loan has been evualated and it is a bad and not only that a illegal loan. I am joining the lawsuit. I have heard of the thousands who have joined they have settled about 6 cases and those people got to keep their home and got $75, 000. All the rest of the people are still in their home while the lawsuit in going on and the harrassment from B of A has stopped. I can then start getting some sleep which I haven't been able to get in 1 1/2 year.

    0 Votes
  • Jo
      Feb 19, 2011

    If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!
    .
    WHERE IS MY LOAN MODIFICATION BANK OF DESTROYING AMERICA!
    .
    BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled "Piggies" I invite you to listen to this song on youtube and see if it appropriately fits.
    .
    http://www.youtube.com/watch?v=ovD9rTzs2q4&feature=player_embedded
    .
    Have you seen the little piggies
    Crawling in the dirt
    And for all the little piggies
    Life is getting worse
    Always having dirt to play around in.
    .
    Have you seen the bigger piggies
    In their starched white shirts
    You will find the bigger piggies
    Stirring up the dirt
    Always have clean shirts to play around in.
    .
    In their ties with all their backing
    They don't care what goes on around
    In their eyes there's something lacking
    What they need's a damn good whacking.
    .
    Everywhere there's lots of piggies
    Living piggy lives
    You can see them out for dinner
    With their piggy wives
    Clutching forks and knives to eat their bacon.
    .

    When I filed my lawsuit against Bank of America, myself and Brookstone Law Firm thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.
    .
    Please stand with me and Brookstone Law firm and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods. - http://www.brookstone-law.com/
    .
    So please send your email directly to Bank of America and include the following:
    .
    1. Your name
    2. Your complaint concerning your experience with Bank of America.
    3. Please end your email “I support John Wright vs. BofA Lawsuit!”
    4. Please send a copy of your email to [protected]@earthlink.net
    5. Please send your email to BofA CEO Brian Moynihan:
    brian.t.[protected]@bankofamerica.com
    .
    If you would like to join my piggybankblog "Elite Blogger Hit Team", please do not even hesitate to contact me at [protected]@earthlink.net. The elite team involves leaving comments on certain pre-decided Bank of Destroying America comment sections on articles, blogs and other various online sites.
    .
    Please help me spread this youtube around, which is an announcement of my Lawsuit. It will drive Bank of Abusing America absolutely crazy to see it all over the internet:
    .
    http://www.youtube.com/watch?v=PoOJMr7OJ0s&feature=player_embedded

    .
    I HAVE HAD ENOUGH AND I AM FIGHTING BACK!
    .
    Divided we might have fell America. UNITED WE MUST STAND!
    .
    Let's Roll!
    .
    John Wright
    piggybankblog.com

    0 Votes
  • Sn
      Jul 11, 2011

    The government is aware of the issues with HAMP program's mortgage companies. See Office of the Special Inspector General report. http://www.sigtarp.gov/reports/testimony/2011/Testimony%20Before%20the%20House%20Committee%20on%20Financial%20Services%20Subcommittee%20on%20Insurance, %20Housing, %20and%20Community%20Opportunity.pdf

    To report a company http://www.sigtarp.gov/contact_hotline.shtml#theform

    0 Votes

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