Wanted to share my story....

Feb 2007, 200+ major lenders went out of biz, including my employer. For 12 months I wiped out my 401k to keep my credit in good shape and all my payments on time. I had prepared for the rain day but didn't expect it to take 12 months to land something else. 4 months before I knew I was not going to be able to pay the mortgage, I started calling CW, with NO available help (I was still current). So after I had wiped out my reserves and retirement account, I missed my first payment. I continued to call CW every 2 week persistently, with no available programs for me.

So here came 60 days late, and I received a Notice for intent to foreclose! I couldn't believe after only a 60 day they would start the process. Called them and said to call back when I had a job. That same month I was waiting for my offer letter which I finally did receive that week. Called CW back and they sent me to the home retention team. The home retention team took all my financial data, and told me it would take 60-90 days. I continued to follow up and went 90 days waiting before I received my loan remod offer by mail. I was totally shocked!

• My original terms: 321,000 6.0% 5/1 Arm Interest only w escrows $2,495 (1600 Interest, 895 escrow)

• 1st Loan Remod offer: 331,000 4.0% 40 yr Fixed at 2200.99 (Sept 2008) status: accepted

I was so excited about the remod that I got it notarized and accepted the offer that day and mailed it back certified. I continued to follow up which was a nightmare...anyone who answered at CW knew nothing about you or your situation. According to CW the next step was to wait 60-90 days for the "investors" to review and accept. I made the remod payments for 7 months on time with no word from the investors.

Feb 2009 I received another mysterious loan remod, which confused me. THe letter indicated that they had made an error on the first loan remod and that they were canceling it and I had to sign and accept the new one I was sent. After comparing the 2 remods they had erroneously added an additional 8,000 to my loan balance know making it 339,000. I was really pissed off now, and its where the nightmare began.

• Erroneous 2nd Loan remod: 339,000 4.0% 40 yr Fixed at 2389.99 (Sept 2008)

I called into CW everyday for 2 weeks trying to get an explanation or details of where the additional fees came from. After having several conference calls between the HOPE team, Home retention, and various supervisors...I realized they did not know what they were doing. All they did is tell me that they have escalated the situation and I would have to wait. To make things worse they told me that the 7 months of payments that I had made where sitting "unapplied" in what they called a partial payment account! So after detail discussions and conference calls CW agreed that the investors missed the "12k in the account" and agreed there was nothing wrong with the 1st remod I had executed and accepted. They told me they were going to honor the first. After calling back 2 weeks later, they told me a new story...There excuse now was that since they issued a 2nd remod, it automatically canceled the 1st. The 2nd offer was canceled because I didn't accept it within there timeline(because CW couldn;t figure it out.) Believe that!?

So here I was frustrated, back to square one, and now BofA took over. I have not made any payments since they screwed up my remod and now BofA indicated that I didn;t qualify for a remod! WHAT?! They are far more organized than CW or at least it appears to be on the phone. After I explained my situation for the 100th time from the beginning, they told me to resubmit my file as if I was new.

So here I am almost 12 months still waiting because my file is in review.

Sorry so long.. keep you updated on what BofA says...

I think it's time to see a lawyer. I'm not an attorney but I work in a law firm and am starting to see attorneys taking cases like these and suing the lenders. Good luck and keep us informed. It's amazing to see how fast the lenders respond when you retain an attorney I guess once an attorney is involved it goes to their legal department. Just make sure you get a good reputable attorney.

WOW 12 months for a loan mod! When I called up, I was told it would take up to 90 days. Also it seems like they reduced your payment by about $200 dollars which is not a lot but I guess it's better than being out on the streets. I wonder if anyone has gotten theirs reduced by anything larger than $200 loan mode reduction?

Loan Mods are a joke...they are nothing to go and scream home about...I'm sorry...as mentioned it was only $200 decrease. Did you really only need $200 decrease to make ends meet? Doubt it.


Good luck, but I hate to say it...you might want to look for another place to live soon...CW/BOA since the merger are aweful to work with...I do investments on short sales, and they don't even know their left hand from the right.

Ok here is an update:

On September 1st I hired a lawyer, they sent modification application and representation letter to BofA. 2 weeks later they put me into foreclosure, and today filed it with my county.

I guess they rather foreclose rather than work out anything. After all if they were to "help" me my principle would be about 345,000 and my home valued at 275K!

Loan mods are a joke?

Tell that to the woman that had her payment reduced significantly because her husband has
brain cancer and lost his job and the servicer was able to modify her loan based on her income.

I am not speaking specifically about the OP, but I can say payment reductions along the OP's and even much less are common.

Not speaking specifically about OP, but why would anyone think they are entitled to a massive reduction when their income does not support that. The MHAP are based on gross income to housing. Period. That is it. Again not referencing OP - i have no idea what type of mod they are using, but all will reference income.

If you are near 31% HTI, then, yes, your payment might only be reduced by $50. If a homeowner doesn't like, then decline it. But there won't be another modification, under MHAP, they are following federal guidelines..........

I deal w/homeowners screaming and yelling "MY NEIGHBOR GOT A 40% REDUCTION!!!!!! WHY THE %$## AM I ONLY GETTING A $100!!!"

Uhhhhhhhh.....quit being so greedy, particularly on the back of the US taxpayer that foots the bill for any reduction beyond 38% of HTI.

Your neighbor probably lost their job - became remployed 1/2 the wages shooting their HTI above 45% while you......did not lose any income, you just want the deal your neighbor received without any regards to the difference in your incomes and housing. Most people never care about their incomes and housing expenses, they just heard something and demand the same, even though their income is fine or doesn't support a massive reduction.

Cinderella, please get off your f$%$#@! cross. While you may see some odd things and abuse going on, there are people out there who really need this.

The thing is...those who need it aren't getting it. Please....show me statistics to back the fact that you claim people are abusing the Loan Mod's...why would all the big wigs be pulled up into W. DC. to explain WHY they aren't utilizing the Loan Mod's if IT was being used so much?

Simple. People aren't getting them like the program planned. Why?

My speculation is that, well its a few things, one is greed, the other is the fact that NOBODY KNOWS WHO THE RIGHTFUL OWNER IS TO THE NOTE AND MORTGAGE. Those are the folks who are supposed to actually approve these Mod's right? The "investors."

You've done nothing but spout crap at people during this whole situation.

If you dislike people attempting to save their homes sooooooooooooooooooooooooooooooooooooooooooooooo much, go lobby Congress.

Sirrowan, you don't need to swear and take personal attacks. I know that is your style but you don't need take it that level..........not everyone likes to roll around in the mud.

I don't think you know much about loan modifications. Investors - FNMA and FHLMC are running around trying to dodge loan mods. They are doing the exact opposite of what you claim, pushing modifications. Many other private investor who are not required to follow MHAP have willingly agreed.

You claim it is "greed" they won't modify, when the reality is under MHAP, it isn't the lenders/investors footing most of the bill, it is the US taxpayer. Investors have huge financial incentives to modify, a good chunk will be paid by the US taxpayer.

Now, if you actually read any of my posts and were fair instead of coming out swearing and creating words and opinions I never wrote but you manufactured, then you'd know I support modifications for those that need and there is realistic chance their income can support the modified payment.

I have no problem with a investor following federal guidelines - MHAP - and refusing modifications on those where there income is not an issue (excluding revolving debt).

I deal with homeowners everyday - I've probably dealt with thousands. It is a great thing to see a person that really needs it have their loan modified, but on the flip, it would be incredibly wrong to say that every homeowner seeking a modification has an income issue, many don't have income issues.