I've been in FHA HAMP modification process for 11 months now with Bank of America. March 30th, we received a loan packet via FedEx to sign and return to finalize our modification. We were so ecstatic, we went right out to our credit union and had them all notarized and FedEx overnight returned to B of A.
A couple days later, we get a single sheet of paper FedEx overnighted back to us saying that our signatures were incomplete. Apparently, my wife signed with her middle initial and they did not like that since it was not on the original paperwork. Whatever. This is a new agreement. So, I called and called and finally got ahold of our loan manager who told us to re-sign the packet (we have copies) and re-submit. So, we went to Wells Fargo this time, had them notarized, this time without my wife's middle initial, and overnighted back ($35).
Two weeks go by without a peep from them, so I start calling... and calling... and calling. No-one will return my call. I call my manager, his boss, that person's boss, and even that person's boss, only to leave voicemails with each of them saying they will return my call in no later than 24 hours. But, I did get to talk to someone who gave me hope, so I figured I'd hang on... Until just today, when I received a FedEx slip of paper saying this time, "there is an incomplete notary signature or seal". Of course I called... and called... and called. No-one, messages all the way around. Called customer service who said they would email my loan manager, but no callback. I am so frustrated at this point, and you know there is squat I can do about it.... BUT!
I called FHA today! For those who need it, the FHA Resource Center is at 877-622-8525, option #1 for modifications.
I talked to a rep who was beside herself that my FHA Mod is taking 11 months (11 mod payments!). She said it appears that B of A is trying to sideline me (which only fed my fear). FHA opened a ticket for me and is going to contact B of A. Supposedly, I am to hear back within 3 business days...
The rep said most people don't know they can call FHA and put pressure on their lender to complete the job... So, if you are in the same boat, call FHA and file a complaint.
Let me get this straight though: I am utterly grateful to Bank of America for helping us. I also understand they are overwhelmed with paperwork, but it is mandated to take 45 days, not a year. In that year, there are a number of factors that could disqualify a homeowner and that is what I am upset about. They can simply drag it out until they get reason to deny. This is not right.
Call FHA if you are being delayed unnecessarily.
Edited by emtownsend, 20 April 2012 - 03:54 PM.