Bank of America loan mod; better luck so far and advice

[bikeguy]

Tried to modify my loan about two years ago with Bank of America and got the runaround like other's have reported: many messages left by me, no call backs, and finally the deadline passed. I think my account manager actually left BOA for some reason and it seemed like my whole deal just got dropped and forgotten about.

 

Now I'm on my second attempt and I'm having better luck now that I decided to take charge. The one thing I've learned this time is when calling your account manager and they don't answer (because THEY NEVER ANSWER, EVER), don't even bother leaving them a message to call you back because they will never call back. Instead, press the star key to speak immediately to another representative. They can't help much, so instead tell them you want to schedule a time to have your account manager call you back. For some reason, this actually causes them to call back at the agreed upon time. Usually the quickest they can get back is 24-48 hours. You absolutely need to hound your account manager after every single document is faxed to them until they say you have given them EVERYTHING they need. Don't give up, be polite, but firm.

 

So far the major problem was BOA saying the mortgage was in the second lien position when compared to my other home equity loan. From everything I have dug up, this was absolutely not true so I assume they manufactured this excuse to try to hold up the process. Anyway I sent in the proof they requested and talked to my account manager after scheduling him to call me back. He says everything is in order and there is nothing left for me to do. Now am waiting to hear back from my loan officer after he hears back from underwriting. He said this can take up to 30 days.

 

Wish me luck. I'll keep posting here so that my story hopefully helps others.