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Bank of America modification - Draging their feet

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I've been in the modification process for months now. We have not only made our three trial payments spot-on on-time, but I have continued to pay the trial amounts for 5 more months. B of A keeps telling me the case is still under review... How long does this take and what would you suggest I do next? I guess I should write...? I just want this done. I am afraid they will string us along and then drop the bomb on us as the fees continue to grow.

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Not to make you worry more, but I had 3 properties with loans under BofA. After 14-18 MONTHS of sending and resending the same documents that they were requesting I still never got a response. They have another branch of the company making collection calls that you will continually have to explain that you are either on a trial payment plan or under review for modification. That caller will say he records the information, but another call will come in the following day (we've probably received over 3,000 calls from them).

 

BoAs different business segments (collections, FHA lending, Conventional lending, modifications dept) do not talk to each other AT ALL and are totally disorganized and uninformed of what your loan status is. 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.

 

Good luck!

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That's the problem with robocalling. They cannot remove your number or make any notes, these frontline call center people just don't know what else to say.

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I actually was able to talk to my "Modification Manager" yesterday. He apologized and said they are really required to have the final paperwork to us within 45 days but that they have so many mods going on that they are backlogged. He said not to worry and everything is on track. He said that after the 45 day period, they stop reporting to credit bureaus so our lates don't get dragged out as well.

 

Today, however, we had a guy come by the house and take some pics and wanted to "verify the home was occupied". I've read elsewhere on the board that that is normal, is that the case? My wife was surprised when someone showed up (so was I, but I was at work). I told her it was just part of the process... Is it? (Or was that some creepy dude looking to capitalize on a potentially empty home?)

Edited by emtownsend

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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.

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I actually was able to talk to my "Modification Manager" yesterday. He apologized and said they are really required to have the final paperwork to us within 45 days but that they have so many mods going on that they are backlogged. He said not to worry and everything is on track. He said that after the 45 day period, they stop reporting to credit bureaus so our lates don't get dragged out as well.

 

Today, however, we had a guy come by the house and take some pics and wanted to "verify the home was occupied". I've read elsewhere on the board that that is normal, is that the case? My wife was surprised when someone showed up (so was I, but I was at work). I told her it was just part of the process... Is it? (Or was that some creepy dude looking to capitalize on a potentially empty home?)

 

100% normal for the servicer to verify the property is occupied and the condition. People abandon property everyday, a servicer has an olbligation to protect that asset, verifying occupancy and condition is normal in this market.

 

Banks don't drag their feet they would always rather modify to HAMP than not. Always. That doesn't mean they are going to commit fraud to modify or disregard required paperwork in an area that is everyday ground zero. It is not just the poor guy that lost his job at GM and now is living on his wife's salary from Wal-Mart applying. It is the doctor, it is the millionaire, it is the woman wanting to continue to shop at Neiman Marcus,it is the guy sending his kid to an IVY League college wanting the US taxypayer to pay it, it is the person with two aliases that committed fraud at origination applying under a new alias, it is the guy the that says he lost his job but really didn't just to qualify, it is the investor with 90 properties and applying for HAMP mods on each one claiming them to be his personal residence,it is the computer programmer making $180,000k a year who believes applying for a mod is a good investment, and once any of these are denied, they come right back and reapply again. They system is beyond it's capacity with everyone applying (hardship or not) applying and reapplying.

 

 

Although...it could be an investor checking the notice of defaults and potential upcoming properties that may be available.

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Today, however, we had a guy come by the house and take some pics and wanted to "verify the home was occupied". I've read elsewhere on the board that that is normal, is that the case? My wife was surprised when someone showed up (so was I, but I was at work). I told her it was just part of the process... Is it? (Or was that some creepy dude looking to capitalize on a potentially empty home?)

 

Yes, this is normal. My Father is a licened Real estate broker in NYS & he would be contracted by banks to do a CMA & appraisal by driving by the house & taking several pictures from the street & the outside only. If possible try to verify if it was occupied or empty. He NEVER rang the door bell, it was just a drive by. Usually it's easy to determine if a house is empty or vacant from the outside.

 

In addition to charging a nice fee for this service he would get the listing to sell after the forclousre was complete.

Edited by T77125

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You know, I keep reading, and being through all of this, with several attorneys help, I get it. But you have a man and his family that bought a home, and invested a great deal of time and money into it. Then you have the bank that is just the servicer? At least one would think.

 

Who ever this disillusioned soul is that thinks that the banks dont commit fraud, . . . . can I come and live in your fairy tail? We have a home that even if we paid it off today we wouldn't own it because the routine fraud that Countrywide and Bank of America committed deliberately processed our mortgage illegaly so they could make a bigger profit and screwed over their investors, and now we couldn't get a second mortgage for renovation because the deed is worthless and no one can find this scorned investor!

 

So please save your breath about these poor banks and all the other folks that are suffering. It's not this man's fault, not his wife's fault, they have no where to turn, and the damn bank put them in this situation to begin with. I have no pitty for the self righteous that feel better about themselves by belittling the victoms just so they can hear themselves talk. Trust me, no one really listens to the narrow minded rederick anyway. Seems to be a trend in this country.

 

I commend him for having the courage to cut his losses and move on. Just an FYI, it will come to a point when they may not do anything for a very long time, and it most certainly is not because they are backlogged. It's because they are not sure how to handle the situation. This person that came to your home is not allowed to come to your door. They are to "drive by' and if there's lights and other signs of occupancy is good enough to verify. Funny the bank charges your mortgage account about $110 each time someone does that. Amazing how it's spun to be for your benefit.

 

Trust me with this one, if you do receive a foreclosure notice, get a lawyer and challenge it. In 23 state in this country they must have the authorization of the investor presented to a county judge to get permission to foreclose. I guarantee you the tide will turn. BAC has about 66 million mortgages that they have no idea who the investor would be, so if you live in a judicial state, the buck stops there.

 

Best of luck to you and your family, but my advice to you is to ignore the narrow minded pea brains that don't have a clue and go with your gut and what you and your family are prepared to do, no matter what. You only have to answer to yourself and your family.

 

Best of luck to you.

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I'm just curious what they consider to be "occupied" when you live in a townhouse complex or condo? It's not unusual for people to come by during the day and there's no cars in the parking lot. I think the only time that you'd see cars in the parking lot during the day would be either on a weekend or a holiday.

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Who ever this disillusioned soul is that thinks that the banks dont commit fraud, . . . . can I come and live in your fairy tail? We have a home that even if we paid it off today we wouldn't own it because the routine fraud that Countrywide and Bank of America committed deliberately processed our mortgage illegaly so they could make a bigger profit and screwed over their investors, and now we couldn't get a second mortgage for renovation because the deed is worthless and no one can find this scorned investor!

 

So please save your breath about these poor banks and all the other folks that are suffering. It's not this man's fault, not his wife's fault, they have no where to turn, and the damn bank put them in this situation to begin with. I have no pitty for the self righteous that feel better about themselves by belittling the victoms just so they can hear themselves talk. Trust me, no one really listens to the narrow minded rederick anyway. Seems to be a trend in this country.

 

You'll have to forgive Cinderella, she appears to work for a bank, probably BOA in fact. She has to tell herself this fairy tale just so she can make it through another day at work. I know I couldn't work there. Man, talk about a beat-down!

 

Of course, it's also possible that she really, truly believes that the banks aren't culpable, that they didn't commit massive, systemic fraud from the top down. Either way, she is deceived.

 

The Modus Operandi for BOA and most other large home loan lenders is this: delay, delay, delay. Delay the day of reckoning as long as possible. They have taken back so many homes that they are now some of the largest sellers on the Real Estate market. To list them all today would cause the prices to plummet, which would prevent them from selling. So they are trickling them out as slow as possible. This includes the initial foreclosure process and evictions. We walked away from our home 4/1/10 and they still haven't sold it on the courthouse steps. It sits there, dark, empty, no water, no electricity, bushes and trees slowly dying.

Edited by dixonge

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Who ever this disillusioned soul is that thinks that the banks dont commit fraud, . . . . can I come and live in your fairy tail? We have a home that even if we paid it off today we wouldn't own it because the routine fraud that Countrywide and Bank of America committed deliberately processed our mortgage illegaly so they could make a bigger profit and screwed over their investors, and now we couldn't get a second mortgage for renovation because the deed is worthless and no one can find this scorned investor!

 

So please save your breath about these poor banks and all the other folks that are suffering. It's not this man's fault, not his wife's fault, they have no where to turn, and the damn bank put them in this situation to begin with. I have no pitty for the self righteous that feel better about themselves by belittling the victoms just so they can hear themselves talk. Trust me, no one really listens to the narrow minded rederick anyway. Seems to be a trend in this country.

 

You'll have to forgive Cinderella, she appears to work for a bank, probably BOA in fact. She has to tell herself this fairy tale just so she can make it through another day at work. I know I couldn't work there. Man, talk about a beat-down!

 

Of course, it's also possible that she really, truly believes that the banks aren't culpable, that they didn't commit massive, systemic fraud from the top down. Either way, she is deceived.

 

The Modus Operandi for BOA and most other large home loan lenders is this: delay, delay, delay. Delay the day of reckoning as long as possible. They have taken back so many homes that they are now some of the largest sellers on the Real Estate market. To list them all today would cause the prices to plummet, which would prevent them from selling. So they are trickling them out as slow as possible. This includes the initial foreclosure process and evictions. We walked away from our home 4/1/10 and they still haven't sold it on the courthouse steps. It sits there, dark, empty, no water, no electricity, bushes and trees slowly dying.

 

 

Of course I work for the banks, no secret here. :grin:

 

I am not disillusioned about my employer either. They are a mega US modern corporation at it's best. Bloated, saddled with politics, ineffiicient, greedy executives and eager higher level managers that would outsource my job to my "team mates" in India for one hundredth of the wage I am paid if they could find the skillset. Inefficient, bloated, and performing/producing at mediocrity entangled with massive intra bureaucracies where production is stifled with by seasoned morons adept with organizational politics.

 

No, I am not disillusioned where I work.

 

I also don't lie to myself about what I have seen working 60 plus hours a week in loss mitigation. The poster above demands their home for free. In another post, they think because of some incompetencies, they can be opportunistic, spin some stories about how the bad guy (in this the bank) jump on the bandwagon, and because of being the "victim", whatever that is and the loose accompanying definition they seem to have for "victim", they get a home for free!

 

And I am the one who is disullisioned.

 

I am all for the little guy who got laid off at the plan getting a great mod. Heck, I will work to make the numbers happen in these situations. But if you think all the people who submit requests for mods are recently laid off, out of work, feeding a family of three on meager income and barely getting by, then that is a very naive perception. :rofl:

 

To save a few bucks on an Xbox on Black Friday, some people will whip out the pepper spray on other people. Heck, for few more bucks, others last year were willing to trample a man to death at Wal-Mart.

 

When it comes to money, people will do all sorts of things, and lying to save some money on a mortgage (paid primarily by the US taxpayer, not the bank/servicer) is no different. It is more the norm than not.

 

 

The Modus Operandi for BOA and most other large home loan lenders is this: delay, delay, delay. Delay the day of reckoning as long as possible. They have taken back so many homes that they are now some of the largest sellers on the Real Estate market. To list them all today would cause the prices to plummet, which would prevent them from selling. So they are trickling them out as slow as possible. This includes the initial foreclosure process and evictions. We walked away from our home 4/1/10 and they still haven't sold it on the courthouse steps. It sits there, dark, empty, no water, no electricity, bushes and trees slowly dying.

 

I do agree with you on this. I believe some banks deliberately stall foreclosure to inflate balance sheets. A bank can keep a property on the books at the purchase price and account for the income generated on their books. Once a home is foreclosed, they have to adjust the value to market. You could imagine the Tsunami of write downs and ensuing further collapse if banks actually did move forward with foreclosure at historic rates. I don't believe they want to without cutting of their limbs and face massive writedowns.

 

If you've read my posts, I have always adovacted a drop in real estate prices. It will hurt banks, and maybe current homeowners. But it will help millions more. Our cost of living will come down, buying a home won't entail a liar loan to be qualified. Keeping prices artificially inflated helps the banks and help current homeowners, but the many more millions that do not own.

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You are correct up to a certain point, the banks should be to identify and verify who is really having a hardship, because for some that are doing this, we are all paying, I for instance lost my lob during the recession as well as my husband at the same time, and our home was going unpaid until we were able to get employment again, ever since we have been dealing with BOA for a mod yet they are not trying to work with us, now we are almost 30 payment behind and keeps on getting worse and it's wrong when we want our home and can afford it , and also went through a real hardship totally unexpected yet the bank is not willing or wanting to make an exception and help us. Now we are going through Naca to hopefully see what can be achieved that way. Even though you might be right we don't help the situation and banks have to do what they have to do to keep them afloat, yet there are stil some of us that had a real hardship and reason, yet now we need help, no one is there for us.

 

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1323205841[/url]' post='4583117']
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Who ever this disillusioned soul is that thinks that the banks dont commit fraud, . . . . can I come and live in your fairy tail? We have a home that even if we paid it off today we wouldn't own it because the routine fraud that Countrywide and Bank of America committed deliberately processed our mortgage illegaly so they could make a bigger profit and screwed over their investors, and now we couldn't get a second mortgage for renovation because the deed is worthless and no one can find this scorned investor!

 

So please save your breath about these poor banks and all the other folks that are suffering. It's not this man's fault, not his wife's fault, they have no where to turn, and the damn bank put them in this situation to begin with. I have no pitty for the self righteous that feel better about themselves by belittling the victoms just so they can hear themselves talk. Trust me, no one really listens to the narrow minded rederick anyway. Seems to be a trend in this country.

 

You'll have to forgive Cinderella, she appears to work for a bank, probably BOA in fact. She has to tell herself this fairy tale just so she can make it through another day at work. I know I couldn't work there. Man, talk about a beat-down!

 

Of course, it's also possible that she really, truly believes that the banks aren't culpable, that they didn't commit massive, systemic fraud from the top down. Either way, she is deceived.

 

The Modus Operandi for BOA and most other large home loan lenders is this: delay, delay, delay. Delay the day of reckoning as long as possible. They have taken back so many homes that they are now some of the largest sellers on the Real Estate market. To list them all today would cause the prices to plummet, which would prevent them from selling. So they are trickling them out as slow as possible. This includes the initial foreclosure process and evictions. We walked away from our home 4/1/10 and they still haven't sold it on the courthouse steps. It sits there, dark, empty, no water, no electricity, bushes and trees slowly dying.

 

 

Of course I work for the banks, no secret here. :grin:

 

I am not disillusioned about my employer either. They are a mega US modern corporation at it's best. Bloated, saddled with politics, ineffiicient, greedy executives and eager higher level managers that would outsource my job to my "team mates" in India for one hundredth of the wage I am paid if they could find the skillset. Inefficient, bloated, and performing/producing at mediocrity entangled with massive intra bureaucracies where production is stifled with by seasoned morons adept with organizational politics.

 

No, I am not disillusioned where I work.

 

I also don't lie to myself about what I have seen working 60 plus hours a week in loss mitigation. The poster above demands their home for free. In another post, they think because of some incompetencies, they can be opportunistic, spin some stories about how the bad guy (in this the bank) jump on the bandwagon, and because of being the "victim", whatever that is and the loose accompanying definition they seem to have for "victim", they get a home for free!

 

And I am the one who is disullisioned.

 

I am all for the little guy who got laid off at the plan getting a great mod. Heck, I will work to make the numbers happen in these situations. But if you think all the people who submit requests for mods are recently laid off, out of work, feeding a family of three on meager income and barely getting by, then that is a very naive perception. :rofl:

 

To save a few bucks on an Xbox on Black Friday, some people will whip out the pepper spray on other people. Heck, for few more bucks, others last year were willing to trample a man to death at Wal-Mart.

 

When it comes to money, people will do all sorts of things, and lying to save some money on a mortgage (paid primarily by the US taxpayer, not the bank/servicer) is no different. It is more the norm than not.

 

 

The Modus Operandi for BOA and most other large home loan lenders is this: delay, delay, delay. Delay the day of reckoning as long as possible. They have taken back so many homes that they are now some of the largest sellers on the Real Estate market. To list them all today would cause the prices to plummet, which would prevent them from selling. So they are trickling them out as slow as possible. This includes the initial foreclosure process and evictions. We walked away from our home 4/1/10 and they still haven't sold it on the courthouse steps. It sits there, dark, empty, no water, no electricity, bushes and trees slowly dying.

 

I do agree with you on this. I believe some banks deliberately stall foreclosure to inflate balance sheets. A bank can keep a property on the books at the purchase price and account for the income generated on their books. Once a home is foreclosed, they have to adjust the value to market. You could imagine the Tsunami of write downs and ensuing further collapse if banks actually did move forward with foreclosure at historic rates. I don't believe they want to without cutting of their limbs and face massive writedowns.

 

If you've read my posts, I have always adovacted a drop in real estate prices. It will hurt banks, and maybe current homeowners. But it will help millions more. Our cost of living will come down, buying a home won't entail a liar loan to be qualified. Keeping prices artificially inflated helps the banks and help current homeowners, but the many more millions that do not own.

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I've been in the modification process for months now. We have not only made our three trial payments spot-on on-time, but I have continued to pay the trial amounts for 5 more months. B of A keeps telling me the case is still under review... How long does this take and what would you suggest I do next? I guess I should write...? I just want this done. I am afraid they will string us along and then drop the bomb on us as the fees continue to grow.

i

 

Be afraid...be very afraid... BofA is doing is a systematic foreclosure plan and the lengthy trial modification is the first step. My husband and I got behind on our mortgage one month in 2010. We paid back every dime that we were behind within 30 days and brought our mortgage totally up to date. (BofA inherited our mortgage from Country Wide). Within one month of getting it paid back, BofA offered a "trial modification" plan in which we were to pay $500 per month less than what our monthly payment was. We jumped on it and began doing the long over due work on the house with the money saved.

 

Next, came the denial; it took 8 months. According to BofA, we didnt make enough to pay the lower amou,t so we were told to go back to paying the original amount; and, furthermore, we were to pay up the arrears of $4000 that had accrued over the 8 months of the modification! If we did not pay the arrears immediately, BofA would accelerate foreclosure. We were shocked! I told them I couldnt come up with $4000 because we put it in the house. I told them I felt like they had put me on a train wreck to foreclosue and I am not sure how I even got on. It soon became clear to us that because we have a Mers mortgage, they cannot be modified because no one knows who holds the note. I then began to pay more attention to the mortgage news and decided it was time to get rid of the house. BofA advertised a Florida short sale incentive and purported they would give Florida homeowners $5 K for every $100k they owe on their mortgage, a golden hand shake, and credit relief for homeowners who would list their house for short sale by Nov 2011. We thought about it and decided to call a realtor. The realtor listed it and we had an offer on it in 3 days. Then the new winds of chaos started to blow. We started to receive phone calls from multiple departments: Shortsale, Hofa, Collectors, you name it. Next thing you knew they were trying to confuse the Hofa program (3000k to move out and give them your house) with the Florida Incentive. Someone would call and get you to accept the Hofa, even though you signed up for the Florida incentive. All of a sudden, there is no incentive and BofA said we didnt qualify because they said we had an offer before we listed our house with the incentive program. There was no making these people understand. I finally pulled my house off the market. I have decided that I will not go gently into foreclosure. I have been beaten enough by these people. I am staying in my house, fighting for it and not paying another dime until the court settles who I owe my mortgage to and reigns this bank in. If this isn't systematic and calculated, I don't know what is. Don't bargain with this bank. You probably have more power than you know. Check your orginal mortgage, if it says MERS, ....you are up for this same thing. Do your homework and make sure you dont get taken like we did. Fight back!

 

 

 

s

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Where does it say

"MERS"

 

I've been in the modification process for months now. We have not only made our three trial payments spot-on on-time, but I have continued to pay the trial amounts for 5 more months. B of A keeps telling me the case is still under review... How long does this take and what would you suggest I do next? I guess I should write...? I just want this done. I am afraid they will string us along and then drop the bomb on us as the fees continue to grow.

i

 

Be afraid...be very afraid... BofA is doing is a systematic foreclosure plan and the lengthy trial modification is the first step. My husband and I got behind on our mortgage one month in 2010. We paid back every dime that we were behind within 30 days and brought our mortgage totally up to date. (BofA inherited our mortgage from Country Wide). Within one month of getting it paid back, BofA offered a "trial modification" plan in which we were to pay $500 per month less than what our monthly payment was. We jumped on it and began doing the long over due work on the house with the money saved.

 

Next, came the denial; it took 8 months. According to BofA, we didnt make enough to pay the lower amou,t so we were told to go back to paying the original amount; and, furthermore, we were to pay up the arrears of $4000 that had accrued over the 8 months of the modification! If we did not pay the arrears immediately, BofA would accelerate foreclosure. We were shocked! I told them I couldnt come up with $4000 because we put it in the house. I told them I felt like they had put me on a train wreck to foreclosue and I am not sure how I even got on. It soon became clear to us that because we have a Mers mortgage, they cannot be modified because no one knows who holds the note. I then began to pay more attention to the mortgage news and decided it was time to get rid of the house. BofA advertised a Florida short sale incentive and purported they would give Florida homeowners $5 K for every $100k they owe on their mortgage, a golden hand shake, and credit relief for homeowners who would list their house for short sale by Nov 2011. We thought about it and decided to call a realtor. The realtor listed it and we had an offer on it in 3 days. Then the new winds of chaos started to blow. We started to receive phone calls from multiple departments: Shortsale, Hofa, Collectors, you name it. Next thing you knew they were trying to confuse the Hofa program (3000k to move out and give them your house) with the Florida Incentive. Someone would call and get you to accept the Hofa, even though you signed up for the Florida incentive. All of a sudden, there is no incentive and BofA said we didnt qualify because they said we had an offer before we listed our house with the incentive program. There was no making these people understand. I finally pulled my house off the market. I have decided that I will not go gently into foreclosure. I have been beaten enough by these people. I am staying in my house, fighting for it and not paying another dime until the court settles who I owe my mortgage to and reigns this bank in. If this isn't systematic and calculated, I don't know what is. Don't bargain with this bank. You probably have more power than you know. Check your orginal mortgage, if it says MERS, ....you are up for this same thing. Do your homework and make sure you dont get taken like we did. Fight back!

 

 

 

s

Edited by batman23

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Many servicers are plain back-logged in loss mitigation and requests for modifications. It is a never ending cycle. A common saying in underwriting is Borrower is denied a modification today, and next month, they will reapply. It is a time situation for a servicer, it takes many hours to decision a loan, and it isn't done with a decision. Many homeowners never leave the cycle, they keep shifting documents and hardship letter, reapplying, over and over again and the process starts again.

 

A modification is a very time-consuming process. Documents required are similar to origination, and many documents expire about every three months by guidelines. In my estimate, about 60 - 70% of the modification requests reviewed are just plain garbage. They are greedy people that want their share. People who have not lost their jobs, doctors with great income, investors, programmers, people with good to descent income that are well under 31% front end ratio. Or you you have the ones underwater playing games. Maybe they make $150,000 a year on a $2000 month mortgage but are underwater by xx dollars. There is no financial hardship, they view their home as an investment and demand a principal reduction. The US taxpayer has no obligation to pay for terrible investments, yet that is who actually does most of the paying with these situations. And banks are not reimbursed for the gazillion hours thay paid out in wages and salaries to the staff involved to review these BS requests, over and over again.

 

I benefit from these guys above, not my employer the banks. They have to pay out a ton of OT and bonuses to keep the staff just to provide the mediocre service they can based on the never-ending volume. Departments in loss mit requiring mandatory overtime is quite common. I think last year I worked every Saturday with an average of 55 hours a week, not unusual for those working in loss mit. As much as I complain about the types above that are the real problem and eyesores of the housing market and responsible for creating never-ending backlogs of BS reviews, I have to be thank them for the good income I make and job security from today to the last several years. If only the folks that really had genuine hardships applied, my employer(s) would save millions!!!!! And I would lose a lot of money. :mellow:

 

As one homeowner once said to me, the banks just want to take my home! And I told him, if that were actually true, this phone call would not be taking place right now. My employer would not be paying me premium pay to be here at 3pm on a Saturday to call you to review your modification request, the bank would just take your home, this call would not be taking place. And I am not your customer service rep, I am the underwriter, I am not required to call you. The borrower had written on his hardship letter he was a "65 year old man, nobody want to hire me and if you take my home, I will lose everything that means something to me, and I will never own a home again." Pretty sad, because he is kind of right, tough to get a job at his age, and given his age, he probably won't get a home again. And, what I did not share with him is I had already run the numbers before calling him, I knew he would be denied a modification. I called him because he really did need help, and for all the files I review with liars and greed, to see a guy like this be denied just wasn't fair. For someone like myself that knows the system backwards and forward, I had no problem calling him to review his questionable income documents to get the documents needed to approve a modification, so he could keep his home.

 

My suggstion is to continue calling, keep up on NACA. Generally when you work with NACA, your servicer is prohibited from talking with you for a mod request. Make sure you income documents are updated and everything document is complete to a T, and keep copies handy to refax or resend with updated pay stubs every month or so. Eventually, they will get to you. Don't believe stories that the bank(s) are deliberately trying to get your home. Generally, they would rather modify than not, the cost of a modification is paid by the taxpayer mostly, servicers would rather have a steady income from a modified mortgage than not. But yes, there is great inefficiences and incompetence, which is not a deliberate scheme to get one's home.... :lol:

 

 

 

 

You are correct up to a certain point, the banks should be to identify and verify who is really having a hardship, because for some that are doing this, we are all paying, I for instance lost my lob during the recession as well as my husband at the same time, and our home was going unpaid until we were able to get employment again, ever since we have been dealing with BOA for a mod yet they are not trying to work with us, now we are almost 30 payment behind and keeps on getting worse and it's wrong when we want our home and can afford it , and also went through a real hardship totally unexpected yet the bank is not willing or wanting to make an exception and help us. Now we are going through Naca to hopefully see what can be achieved that way. Even though you might be right we don't help the situation and banks have to do what they have to do to keep them afloat, yet there are stil some of us that had a real hardship and reason, yet now we need help, no one is there for us.

 

1325995774[/url]' post='4602211']
1323205841[/url]' post='4583117']
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Who ever this disillusioned soul is that thinks that the banks dont commit fraud, . . . . can I come and live in your fairy tail? We have a home that even if we paid it off today we wouldn't own it because the routine fraud that Countrywide and Bank of America committed deliberately processed our mortgage illegaly so they could make a bigger profit and screwed over their investors, and now we couldn't get a second mortgage for renovation because the deed is worthless and no one can find this scorned investor!

 

So please save your breath about these poor banks and all the other folks that are suffering. It's not this man's fault, not his wife's fault, they have no where to turn, and the damn bank put them in this situation to begin with. I have no pitty for the self righteous that feel better about themselves by belittling the victoms just so they can hear themselves talk. Trust me, no one really listens to the narrow minded rederick anyway. Seems to be a trend in this country.

 

You'll have to forgive Cinderella, she appears to work for a bank, probably BOA in fact. She has to tell herself this fairy tale just so she can make it through another day at work. I know I couldn't work there. Man, talk about a beat-down!

 

Of course, it's also possible that she really, truly believes that the banks aren't culpable, that they didn't commit massive, systemic fraud from the top down. Either way, she is deceived.

 

The Modus Operandi for BOA and most other large home loan lenders is this: delay, delay, delay. Delay the day of reckoning as long as possible. They have taken back so many homes that they are now some of the largest sellers on the Real Estate market. To list them all today would cause the prices to plummet, which would prevent them from selling. So they are trickling them out as slow as possible. This includes the initial foreclosure process and evictions. We walked away from our home 4/1/10 and they still haven't sold it on the courthouse steps. It sits there, dark, empty, no water, no electricity, bushes and trees slowly dying.

 

 

Of course I work for the banks, no secret here. :grin:

 

I am not disillusioned about my employer either. They are a mega US modern corporation at it's best. Bloated, saddled with politics, ineffiicient, greedy executives and eager higher level managers that would outsource my job to my "team mates" in India for one hundredth of the wage I am paid if they could find the skillset. Inefficient, bloated, and performing/producing at mediocrity entangled with massive intra bureaucracies where production is stifled with by seasoned morons adept with organizational politics.

 

No, I am not disillusioned where I work.

 

I also don't lie to myself about what I have seen working 60 plus hours a week in loss mitigation. The poster above demands their home for free. In another post, they think because of some incompetencies, they can be opportunistic, spin some stories about how the bad guy (in this the bank) jump on the bandwagon, and because of being the "victim", whatever that is and the loose accompanying definition they seem to have for "victim", they get a home for free!

 

And I am the one who is disullisioned.

 

I am all for the little guy who got laid off at the plan getting a great mod. Heck, I will work to make the numbers happen in these situations. But if you think all the people who submit requests for mods are recently laid off, out of work, feeding a family of three on meager income and barely getting by, then that is a very naive perception. :rofl:

 

To save a few bucks on an Xbox on Black Friday, some people will whip out the pepper spray on other people. Heck, for few more bucks, others last year were willing to trample a man to death at Wal-Mart.

 

When it comes to money, people will do all sorts of things, and lying to save some money on a mortgage (paid primarily by the US taxpayer, not the bank/servicer) is no different. It is more the norm than not.

 

 

The Modus Operandi for BOA and most other large home loan lenders is this: delay, delay, delay. Delay the day of reckoning as long as possible. They have taken back so many homes that they are now some of the largest sellers on the Real Estate market. To list them all today would cause the prices to plummet, which would prevent them from selling. So they are trickling them out as slow as possible. This includes the initial foreclosure process and evictions. We walked away from our home 4/1/10 and they still haven't sold it on the courthouse steps. It sits there, dark, empty, no water, no electricity, bushes and trees slowly dying.

 

I do agree with you on this. I believe some banks deliberately stall foreclosure to inflate balance sheets. A bank can keep a property on the books at the purchase price and account for the income generated on their books. Once a home is foreclosed, they have to adjust the value to market. You could imagine the Tsunami of write downs and ensuing further collapse if banks actually did move forward with foreclosure at historic rates. I don't believe they want to without cutting of their limbs and face massive writedowns.

 

If you've read my posts, I have always adovacted a drop in real estate prices. It will hurt banks, and maybe current homeowners. But it will help millions more. Our cost of living will come down, buying a home won't entail a liar loan to be qualified. Keeping prices artificially inflated helps the banks and help current homeowners, but the many more millions that do not own.

Edited by cinderella

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As for the person asking about MERS. Look on your deed and they will be listed as the nominee. If so, then you have to question if they have the original paperwork like the note. If they do not have the original paperwork, in a judicial state, the bank will have to get permission from a judge to file for foreclosure which you can challenge, and from what I understand at this time, they are in most cases denied and then the judge will set the parameters of your modification. But I have heard it said that the loan will be released if they do not have the legal documents. Copies and microfish not accepted.

 

Good luck!

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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.

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As for the person asking about MERS. Look on your deed and they will be listed as the nominee. If so, then you have to question if they have the original paperwork like the note. If they do not have the original paperwork, in a judicial state, the bank will have to get permission from a judge to file for foreclosure which you can challenge, and from what I understand at this time, they are in most cases denied and then the judge will set the parameters of your modification. But I have heard it said that the loan will be released if they do not have the legal documents. Copies and microfish not accepted.

 

Good luck!

 

 

This is not always true. It depends on the State not all Judicial states are original document states. You need to look up your own state rules to determine if this applies or not. Also, MERS would not have the original documents but the Servicer should.

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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.

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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!

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Wanted to add we are in desperate need and only did what the bank told us too. It will all come out what the banks are doing to the homeowners, hamp was put in place to help those of us struggling and you the bank have cheated the system and the rights of us the taxpayers that allow you to still have a job at your bank!

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I am saddened that not one banker will see the inside of a jail but what about the people who are underwater and who pay their mortgage, they will never see a principal reduction but yet the same people who pay taxes and who are under water are helping those who expect the government to carry them. That's not right. I once was financed by B of A's predecessor but didn't like the way the operation ran so when I re-financed again I went to a credit untion. We are ourselves are responsible for our actions don't put the blame on taxpayers like those on welfare do. Each of use made a decision so live with it and don't pass the buck or maybe its Bush's fault.

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I am saddened that not one banker will see the inside of a jail but what about the people who are underwater and who pay their mortgage, they will never see a principal reduction but yet the same people who pay taxes and who are under water are helping those who expect the government to carry them. That's not right. I once was financed by B of A's predecessor but didn't like the way the operation ran so when I re-financed again I went to a credit untion. We are ourselves are responsible for our actions don't put the blame on taxpayers like those on welfare do. Each of use made a decision so live with it and don't pass the buck or maybe its Bush's fault.

 

 

Keep the politics out of the discussion - one and only warning.

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I am saddened that not one banker will see the inside of a jail but what about the people who are underwater and who pay their mortgage, they will never see a principal reduction but yet the same people who pay taxes and who are under water are helping those who expect the government to carry them. That's not right. I once was financed by B of A's predecessor but didn't like the way the operation ran so when I re-financed again I went to a credit untion. We are ourselves are responsible for our actions don't put the blame on taxpayers like those on welfare do. Each of use made a decision so live with it and don't pass the buck or maybe its Bush's fault.

 

I would like to see some execs and government officials go to jail that created a policy of shoddy lending practices and looked the other way on obvious liar loan. Absolutely! :yahoo: But keep in mind, many homeowners lied too. And the current modification standards make subprime look like A paper.

 

I disagree there is any wrongdoing about letting homeowners remain "underwater" or they are entitled to a reduction in principal due to the fact they pay taxes. I could make an agrument that advocating a policy of such is selfish and only serves to enrich potentially irresponsible homeowners that used their homes as ATM'S back in the bubble while enslaving the younger generation and non-homeowners, both taxpayers, with artificially propping up prices for current underwater homeowners.

 

I think most people will agree prices were inflated during the bubble. So, explain to me how any policy with government intervention, paid by the taxpayer, benefits the population as a whole by artificially keeping prices up? It benefits banks. 100% beneficial to them, and banks are very much behind any legislation to force the us taxpayer to assist in keeping home prices at artificial levels. Banks would take trillions in losses if they had to adjust their books to current market value. Banks only adjust upon foreclosure, not during default. It has been alleged there is a deliberate delay in foreclosures because delaying outweighs the inevitable adjustment to their financial statements once it is foreclosed on.

 

But what happens when a home that purchased at say $500,000 is foreclosed and eventually sells at $250,000 on the open market? Market price for comparables is now at $250,000. Instead of forcing would be buyers to purchase at higher levels, because the last sale was at $500,000, homes maybe just became affordable again, and now the renters and non-homeowners that were once priced out, have an opportunity of home ownership.

 

The principal reduction you advoctae is not a sale and does contribute to lowering prices for the market, it only helps you. It is not recorded comparable.

 

So, why should people that do not own pay higher prices because of government mandates on underwater homeowners? How does paying higher prices benefit them? I know it benefits the very same entity you would like to see imprisoned and yourself, but it hurts those attempting to buy.

 

In any other area, if prices came down, food, utilities, insurance, gas, people would be elated, except for maybe those that have a financial interest in keeping prices up. Same is true for homes, how does keeping prices up, to the point several years ago exotic loans and liar loans were created, benefit people overall, excluding the banks and some homeowners that have a financial interest in keeping prices inflated?

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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?

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