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Bank of America modification - Draging their feet


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33 replies to this topic

#26 tiggerlgh

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Posted 29 January 2012 - 02:09 PM


The bottom line is I was in much need for a modification, the bank lied to me, they gave me incorrect information and caused me to go into default. You can sugar coat the banks all you want to but miss Cinderella I'm afraid your logic about their practices are about as fairy tale as your avatar name is:( we are real people loosing our homes due to mostly our economy downfall. Be thankful you have a job because it can happen to you too. I suggest you give a bit more compassion and a little less judgement!


Hi JMW. I suggest you have compassion and not be so judgmental!!!

You spoke with a person that stated you had to be xx delinquent, in which you stopped paying your mortgage and then blame the person relaying federal guidelines to you. Nothing that person or servicer could do would bypass federal guidelines, and the reality is a hardship affidavit is exactly that, a certification one does have the financial ability to make the mortgage payment, yet is current.


If I don't agree with you that were tricked or mislead and are a victim because a creditor deceived you in not making payments, then I am judgmental? Really?



Cinderella, YOU DO NOT HAVE TO BE LATE TO GET A MOD. You DO have to show immentent default and finacial hardship.http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx The CSRs should never tell a person to go delinquent.

I don't want to get into what I do, but I will say I work for a large bank as well and if I heard of any of our CSRs telling someone they HAD to be delinquent or to suggest miss two payments and call back...heads would roll. Not saying it doesn't/hasn't happened but there a consequences if they are identified.

Edited by tiggerlgh, 29 January 2012 - 02:16 PM.




#27 cinderella

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Posted 29 January 2012 - 02:19 PM



The bottom line is I was in much need for a modification, the bank lied to me, they gave me incorrect information and caused me to go into default. You can sugar coat the banks all you want to but miss Cinderella I'm afraid your logic about their practices are about as fairy tale as your avatar name is:( we are real people loosing our homes due to mostly our economy downfall. Be thankful you have a job because it can happen to you too. I suggest you give a bit more compassion and a little less judgement!


Hi JMW. I suggest you have compassion and not be so judgmental!!!

You spoke with a person that stated you had to be xx delinquent, in which you stopped paying your mortgage and then blame the person relaying federal guidelines to you. Nothing that person or servicer could do would bypass federal guidelines, and the reality is a hardship affidavit is exactly that, a certification one does have the financial ability to make the mortgage payment, yet is current.


If I don't agree with you that were tricked or mislead and are a victim because a creditor deceived you in not making payments, then I am judgmental? Really?



Cinderella, YOU DO NOT HAVE TO BE LATE TO GET A MOD. You DO have to show immentent default and finacial hardship. The CSRs should never tell a person to go delinquent.


That is incorrect based on the posters response. This is not a recent denial. HAMP always required you to be late at the inception. ALWAYS. Personally, I wish they had kept that guideline, it weeds out many people. HAMP is an evolving policy, and since April 2009 to the present many updates have been made. In October of 2010, as the poster stated, many investors, if not most denied on not being in imminent default.

FNMA and FHLMC were the first to offer imminent default exceptions, and that was not until late 2010, and she would not have met either of the three D's exceptions at that time and based on guidelines at that time, her hardship was unemployment. The three D's were the exception at that time, she wouldn't have met them.

But yes, now ID is different with some new exceptions and new required documentation to bypass.

#28 cinderella

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Posted 29 January 2012 - 02:31 PM



The bottom line is I was in much need for a modification, the bank lied to me, they gave me incorrect information and caused me to go into default. You can sugar coat the banks all you want to but miss Cinderella I'm afraid your logic about their practices are about as fairy tale as your avatar name is:( we are real people loosing our homes due to mostly our economy downfall. Be thankful you have a job because it can happen to you too. I suggest you give a bit more compassion and a little less judgement!


Hi JMW. I suggest you have compassion and not be so judgmental!!!

You spoke with a person that stated you had to be xx delinquent, in which you stopped paying your mortgage and then blame the person relaying federal guidelines to you. Nothing that person or servicer could do would bypass federal guidelines, and the reality is a hardship affidavit is exactly that, a certification one does have the financial ability to make the mortgage payment, yet is current.


If I don't agree with you that were tricked or mislead and are a victim because a creditor deceived you in not making payments, then I am judgmental? Really?






I don't want to get into what I do, but I will say I work for a large bank as well and if I heard of any of our CSRs telling someone they HAD to be delinquent or to suggest miss two payments and call back...heads would roll. Not saying it doesn't/hasn't happened but there a consequences if they are identified.


Exactly. It is always routine never to tell a borrower to default on their guidelines. It doesn't even make sense for any creditor to tell a debtor...PLEASE, DON'T PAY US!!! But as someone that does work for banks in loss mit., I can tell you the being a customer service rep is one of the worse jobs to have. I have great respect for them and do not underestimate the work they do. People are horrible to them. They curse at them, say rude things, just plain nasty. In the past, when I underwrite a file, I review notes and make a mental note of the customer service reps notes on borrower, some of the notes I have read were just horrible how the rep. was treated, if there was a grey area, I wouldn't give it in favor of the person that would scream and yell at a rep. from the notes. When it comes to money, you can see a very ugly side to people. Whenever I receive an email, or online chat from a customer service rep., I always stop what I am doing and politely respond. I had a great deal of respect for a mgr in cs dealing with homeowners in mods, and because I have such in depth knowledge of modifications and all the guidelines and intricies, I would tell her if she was in a situation with a disgruntled homeowner that was arguing with you on the terms , please transfer to me, and I will handle it. I did not have a problem explaing to a homeowner federal guidelines and why this is the mod they will receive.

I don't believe a customer rep, particularly one that was being badgered would say DON'T PAY YOUR MORTGAGE!!! I do believe a customer service rep with some understanding of guidelines may very well have told the borrower, the program requires you to be XX delinquent, we can't approve a mod until this happens.

Edited by cinderella, 29 January 2012 - 02:39 PM.


#29 jmw1212

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Posted 29 January 2012 - 03:34 PM

I didn't deliberately default on our loan, we couldn't afford the payment we were paying. We struggled to pay it using up all our savings. We were desperately trying to save our home and when we were denied our HAMP mod back last year we were told it was because we were current on our loan. As PNC explained to me, means we don't need a mod if we can stay current. Their suggestion was to miss at least two payments in order to qualify for any mod. At that point, I really had no choice because we couldn't afford to pay another full payment. So then when I tried to pay one payment after not paying for two months, I was told I would have to catch up the late payments. They would not accept any single payments, it was all or none. They then told me I qualified again for the HAMP because "I was late on my payments" I also never "badgered" any "poor" CSR. You just assume that's what happened, where you there? I have been very patient with the reps, I realize it's just their job. I just wish they would learn how to do it properly.


I just have to say something here. I am also a year behind on paying my mortgage while trying to get a mod. I will tell you how it got started. Back in Oct 2010 I applied for the HAMP, I was current on my mortgage and two months later was denied because I was told by PNC that I have to be at least two months past due in order to qualify. So I stopped paying for two months. When the third month came along I tried to pay one payment and was told they would not accept one payment I would have to catch all the past due payments up first. They totally tricked me. Now they are denying my HAMP because I am in active bankruptcy, which it clearly states on the HAMP website, that is not an issue. They also told me that I had to reaffirm my loan to be accepted, which is also a lie as it also clearly states in the HAMP website that is also not a requirement. The bottom line is I plan to file a complaint with the http://www.occ.treas.gov/ I've heard it can make a difference and I personally know two people that did this and got their loan mod approved within three days!



We've finally given up trying to work with them and are going through Chapter 7 and plan on trying to live in our home payment free for 12 months and then moving on - it sucks, but there is no accountability with BOA and they DO NOT CARE about consumers and working things out at all.


Wait a second. You want to talk about their accountability?

What about yours? You plan on living in house - rent free for a year? If I did that or any renter we would probably be evicted within months. There is an accountability on your end too. The servicer will pick up the property taxes,and insurance, your neighbors that own will suffer lower prices as the home is foreclosed upon, the insurer of the mortgage will take a hit.

People can blame bank all they want, but a large factor in declining value and the markets failing to stabilizing as well as very tight lending market has a lot to do with your actions too, accountability is a two way street.

You could do a Deed in lieu, cash for keys, short sale, but instead plan on living one year with no payments. That kills the local housing market.



As a person that has seen thousands of detailed files with mod requests, from start to booking, that is wrong, and I hate seeing this. It is wrong for a homeowner to deliberately default on their mortgage in order to obtain a modification. It is not the servicer's fault if someone attempts to game the system and gets burned. Happened all the time and still does.

When a homeowner sign a hardship affidavit, required not by any servicer, but by the federal government, they are certifying they will default on their mortgage due to inability to pay. A HAMP is federal program, subsidized primarily by the US taxpayer, much like welfare is paid out by the US taxpayer. It is not PNC, CITI, WELLS, OCWEN, BOFA, CHASE, ETC ETC. that primarily pay the reduction or that create guidelines. It is the federal government, the US Treasury or HUD for FHA. It is not PNC that created the default requirements, it is the US Treasury.

When a homeowner signs a hardship, and tells the servicer they will default without a modified payment, and then remains current, that is an issue. They lied. To see hardships signed and then to see the homewoner current a year later, is common.

A current homeowner is often a denial, by federal guidelines, not any servicer's. Yet, if a poor customer service rep. was being badgered by a homeowner on WHY DIDN'T I GET MY MOD??!!!!! and the csr explained to the homeowner they have to be delinquent, you can guess how many homeowners by the tens of thousands deliberately defaulted, and then still got denied due to other reasons and then have the audacity to blame the servicer for a deliberate default in order to meet one of many qualifications for a HAMP approval.



#30 jmw1212

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Posted 29 January 2012 - 03:51 PM

Tiggerlgh,
The guy that told me that actually said he could get in big trouble for telling me that, but he could tell we were struggling and in need of the mod. As he put it to me he was just trying to help me. He told me that as long as I stayed current I would not be able to get any mod, that I would have to default for at least two months before I would be considered. As I said, at that point I couldn't pay the full payment anyway, so it was immentent default.



The bottom line is I was in much need for a modification, the bank lied to me, they gave me incorrect information and caused me to go into default. You can sugar coat the banks all you want to but miss Cinderella I'm afraid your logic about their practices are about as fairy tale as your avatar name is:( we are real people loosing our homes due to mostly our economy downfall. Be thankful you have a job because it can happen to you too. I suggest you give a bit more compassion and a little less judgement!


Hi JMW. I suggest you have compassion and not be so judgmental!!!

You spoke with a person that stated you had to be xx delinquent, in which you stopped paying your mortgage and then blame the person relaying federal guidelines to you. Nothing that person or servicer could do would bypass federal guidelines, and the reality is a hardship affidavit is exactly that, a certification one does have the financial ability to make the mortgage payment, yet is current.


If I don't agree with you that were tricked or mislead and are a victim because a creditor deceived you in not making payments, then I am judgmental? Really?



Cinderella, YOU DO NOT HAVE TO BE LATE TO GET A MOD. You DO have to show immentent default and finacial hardship.http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx The CSRs should never tell a person to go delinquent.

I don't want to get into what I do, but I will say I work for a large bank as well and if I heard of any of our CSRs telling someone they HAD to be delinquent or to suggest miss two payments and call back...heads would roll. Not saying it doesn't/hasn't happened but there a consequences if they are identified.


Edited by jmw1212, 29 January 2012 - 03:52 PM.


#31 tiggerlgh

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Posted 29 January 2012 - 04:32 PM

Tiggerlgh,
The guy that told me that actually said he could get in big trouble for telling me that, but he could tell we were struggling and in need of the mod. As he put it to me he was just trying to help me. He told me that as long as I stayed current I would not be able to get any mod, that I would have to default for at least two months before I would be considered. As I said, at that point I couldn't pay the full payment anyway, so it was immentent default.




The bottom line is I was in much need for a modification, the bank lied to me, they gave me incorrect information and caused me to go into default. You can sugar coat the banks all you want to but miss Cinderella I'm afraid your logic about their practices are about as fairy tale as your avatar name is:( we are real people loosing our homes due to mostly our economy downfall. Be thankful you have a job because it can happen to you too. I suggest you give a bit more compassion and a little less judgement!


Hi JMW. I suggest you have compassion and not be so judgmental!!!

You spoke with a person that stated you had to be xx delinquent, in which you stopped paying your mortgage and then blame the person relaying federal guidelines to you. Nothing that person or servicer could do would bypass federal guidelines, and the reality is a hardship affidavit is exactly that, a certification one does have the financial ability to make the mortgage payment, yet is current.


If I don't agree with you that were tricked or mislead and are a victim because a creditor deceived you in not making payments, then I am judgmental? Really?



Cinderella, YOU DO NOT HAVE TO BE LATE TO GET A MOD. You DO have to show immentent default and finacial hardship.http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx The CSRs should never tell a person to go delinquent.

I don't want to get into what I do, but I will say I work for a large bank as well and if I heard of any of our CSRs telling someone they HAD to be delinquent or to suggest miss two payments and call back...heads would roll. Not saying it doesn't/hasn't happened but there a consequences if they are identified.


That makes sense. I just don't want others to believe that you have to behind to get a modification.

#32 cinderella

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Posted 29 January 2012 - 04:49 PM

Tiggerlgh,
The guy that told me that actually said he could get in big trouble for telling me that, but he could tell we were struggling and in need of the mod. As he put it to me he was just trying to help me. He told me that as long as I stayed current I would not be able to get any mod, that I would have to default for at least two months before I would be considered. As I said, at that point I couldn't pay the full payment anyway, so it was immentent default.




The bottom line is I was in much need for a modification, the bank lied to me, they gave me incorrect information and caused me to go into default. You can sugar coat the banks all you want to but miss Cinderella I'm afraid your logic about their practices are about as fairy tale as your avatar name is:( we are real people loosing our homes due to mostly our economy downfall. Be thankful you have a job because it can happen to you too. I suggest you give a bit more compassion and a little less judgement!


Hi JMW. I suggest you have compassion and not be so judgmental!!!

You spoke with a person that stated you had to be xx delinquent, in which you stopped paying your mortgage and then blame the person relaying federal guidelines to you. Nothing that person or servicer could do would bypass federal guidelines, and the reality is a hardship affidavit is exactly that, a certification one does have the financial ability to make the mortgage payment, yet is current.


If I don't agree with you that were tricked or mislead and are a victim because a creditor deceived you in not making payments, then I am judgmental? Really?



Cinderella, YOU DO NOT HAVE TO BE LATE TO GET A MOD. You DO have to show immentent default and finacial hardship.http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/hamp.aspx The CSRs should never tell a person to go delinquent.

I don't want to get into what I do, but I will say I work for a large bank as well and if I heard of any of our CSRs telling someone they HAD to be delinquent or to suggest miss two payments and call back...heads would roll. Not saying it doesn't/hasn't happened but there a consequences if they are identified.



Yes, you would have been denied as loan is not in imminent default, along with everyone else. Anyone less than sixty days delinqunt, was denied. Period. Anyone that says otherwise, does not do modifications for banks.

From the beginning, everyone that was pre approved for a hamp trial mod would be delinquent by the time a mod was made permanent. That is because trial payments made a person late, the terms of the mortgage had not changed until it was booked, after the trial. People were placed on trial mods based on verbal income from the borrower, as required by the guidelines. Big problem. I don't think the government anticipated the amount of misrepresentations that were made. Eventually, when the docs were received and reviewed in underwriting, WOW! Colossal scre! up. We are talking material differences in documented income vs. what the borrower stated verbally. Big problem because they had already been given HAMP trial mods based on the amount the borrower told the customer service rep they made. Federal guidelines required a trial based on this, but also require the service eventually document their income in underwriting. Once reviewed in underwriting, hundred of thousand of people that initially pre qualified for HAMP were going to be denied. People stated they made 3k a month, but turns out, once we reviewed their income, they made 6k a month!!! Their mortgage was reduced based on the 3k a month, but now is not going to qualify for mod because they misrepresented their income based on the on a documented review. Thousands of homeowner now owed the difference back between their trial payment to their contractual payment. Modifications are very political. An administration that once boasted about...."we have 800,000 on trial mods!" to the people now have dismal numbers to report, but actually 400,000 received permanent modifications, many were denied.

Yes, for sometime in the beginning, you could have been current entering into a mod, because the trial would make you delinquent. Because of all the misrepresentations in income, the guidelines obviously changed to documented income prior to offering a mod, and in 2010, almost everyone would have been denied if they were current.

#33 PennyPinching

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Posted 28 February 2012 - 01:09 PM

I'm still hanging in there with my mod. I just called and scheduled my March payment, which will be mod payment #8. They told me I am still doing OK, the mod is still open and approved, and to not worry. (Those words of encouragement should tide me over for a few weeks. LOL)
My mod is a monthly change of $263 which is just enough help that I can do it fine.

Today, I have an appointment to sign on my Chapter 7. I am worried it will mess up the mod. Anyone know?? I will ask the attorney of course. Would notifying B of A be good or bad? Originally, I think I told B of A I was considering Ch 7 and they were OK with it. Just can't remember for sure...

#34 PennyPinching

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Posted 27 March 2012 - 02:36 PM

I'm still hanging in there with my mod. I just called and scheduled my March payment, which will be mod payment #8. They told me I am still doing OK, the mod is still open and approved, and to not worry. (Those words of encouragement should tide me over for a few weeks. LOL)
My mod is a monthly change of $263 which is just enough help that I can do it fine.

Today, I have an appointment to sign on my Chapter 7. I am worried it will mess up the mod. Anyone know?? I will ask the attorney of course. Would notifying B of A be good or bad? Originally, I think I told B of A I was considering Ch 7 and they were OK with it. Just can't remember for sure...


Final docs came yesterday!!
Fixed our rate at 5.1%. More details to come as I read through the packet!




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