March, 2010:

Here are some samples for Wilshire loan transferred to BOA.I hope this might help you on dealing with BOA.

Sample1. I had my loan transferred as of 3/1/10 as well. I think by the 8th of Mar they had my loan in their system. But my modification pkg had not even been worked on at Wilshire. When I questioned BofA about the mod, they  claimed that my mod is scheduled for completion 4/20. I know, I know, don’t laugh that’s just what they told me.

As for Wilshire, oh god I absolutely hated dealing with Wilshire. I just had a long bad experience with them because I always felt like when you called them, they treated you like stole something by asking about 50 questions of verification from you. I would cut them off after about the 10th verification and tell them enough of that and that I needed a question answered. It worked every time for me , but that didn’t stop me from being aggravated with them.

Sample2. My loan was with Wilshire and transferred to BOA effective 3/1/10. However my HAMP mod was completed about 2 weeks prior to the transfer. The issue I am having with BOA now is that they have the incorrect payment amount. They show a payment of about $5 more than what my SIGNED loan mod states.

Granted it’s only $5 but it’s my 5 bucks! I have had nothing but headaches from these people. I have faxed my signed mod agreement about 3 times to get this corrected. Everytime I call the customer service dept, they have no clue. They are complete IDIOTS!!

I have to be honest, I had no trouble with Wilshire in regards to getting my mod done. It took about 4 months, but everytime I called their customer service they always knew what was going on and very helpful.

I had completed my trial payments as of Dec 2009 and made 2 extra trial payments for Jan & Feb 2010. The first week of Feb. I received my permanent paperwork and I signed, notorized and sent back via FedEx.

I received those same documents back via regular mail signed by Wilshire on Feb.12th. My loan was sold to BOA effective 3/1/10.

When I check my account online with BOA everything is correct (interest rate, escrow, etc) except my payment is more than what is on my modification paperwork.

First-Time Home Buyer with Bank of America FHA loan.

Im a first-time home buyer. I fixed my credit and Bank of America gave me a pre-approval for 84000.00 at a 5.250% and now there saying that they cant gave me the loan. I saw a home and i was going to put a offer on a townhouse thats 75000. Im so confused,the reason why they are unable to approve my loanare :insufficient credit references and obligations currently or formerly past due. Remind you they told me my credit was at 648 being the middle SCORE. And they advised me,as long as you have higher then 600 you can get FHA.

I dont have anything on my credit…..but,Equifax has a settlement that i paid and have the proof……it was paid. tranunion and experian took it off but equifax is so hard to get on the phone.

Should i try a different bank……the bank said,i shouldnt have any problem with the settlement…….the settlement was a judgement from Bank of America for 5000 and the settlement was for 2500…….WHAT SHOULD I DO???

Answer: If you don’t have any active positive trade lines at least 4 and you have allot of settled or derog accounts. It’s likely you wont get approved. The credit score might be high enough to get you approved by their scoring matrix, but that’s about it. If you cant get equifax attention by the phone send them a certified letter and use your right under the FCRA (Fair Credit Reporting Act). I have provided a link that will answer all your question in Reference to all your questions in repairing your credit and the process and requirements for the approval of an FHA. Hope this helps!

http://www.creditinfocenter.com/mortgage/guidelines.shtml#credit

http://www.hud.gov/offices/hsg/fhahistory.cfm

FYI Do not continue to pull your credit with other lenders, Realtors, or brokers. This will only make matters worst since its more inquiries in your credit. Unless you recently pulled your credit you have 7 days from that day and your score wont get affected. I would not risk it though.

FHA mortgage insurance provides lenders with protection against losses as the result of homeowners defaulting on their mortgage loans. The lenders bear less risk because FHA will pay a claim to the lender in the event of a homeowner’s default. Loans must meet certain requirements established by FHA to qualify for insurance. (Federal Housing Administration)

FHA loan for Bank of America interest rate

The interest rate I got approved for is 5.25% thru Bank of America. Is this a good ARP? It’s a 30 year fixed. Whats the lowest possible ARP on a FHA loan?

Answer: That’s a good rate. Also would depend on your credit rating and weather or not you are paying points on the loan to get that rate. Or are you paying just the 5.25. Watch out even though they state sometimes no points they sneak in the extra cost and call it loan origination. Check your estimated settlement statement.

I started the process in April 08 and it ended in Aug 08. I got an FHASecure Loan with Bank of America (B of A) for the appraisal value amount of our home which is $245K. The current loan balance with CW is approx. $377K. We are asking CW to accept the FHASecure loan of $245K and to modify the current balance. My understanding of the law is that with an FHASecure Loan there cannot be a second mortgage from Countrywide but loan forgiveness of the balance. I mailed my B of A FHA Secure Loan pkg to CW on Aug 15, 2008.

Bank of America FHA loan Relate post:

Bank of America Loan Modification
Successful Bank of America Permanent Loan Modifications
Bank of America Mortgage Refinancing and Modification Options
Sucessfully Short Sale with Bank of America

If you have a mortgage with the FHA with Bad credit, California, you can worry about refinancing. Most people who care about refinancing fears that binds to a very much higher. Cost recovery is possible through FHA Secure, a new option for the mortgage refinancing FHA began in August 2007 looking to homeowners who are now with a loan or mortgage foreclosure assistance.You can refinance your FHA mortgage with bad credit California. It just takes a little perseverance and effort, but can do it.

The FHA Secure loan is ideal for someone who arrives late and / or behind on their mortgage payments. Or if your interest rate increases and then run the possibility of foreclosure on your home or mortgage in California examined. The FHA Secure loan can also be an alternative for those who have little or no equity in their homes. The loan allows you to refinance at a good price, even if the lender did not tell his family. In addition, certain guidelines must meet to qualify for these loans.

If you are not surprised, do not offer FHA direct loans to people who need them and not to regulate the process of obtaining credit by establishing appropriate rules and regulations. Although each type of loan is quite difficult to achieve if you have bad credit, can not have their expectations too high. Keep working hard to improve their creditworthiness and to find some financial assistance if needed. FHA loans for people with bad credit is not impossible to get, but definitely not easy that you will not either.

They must meet certain criteria to qualify for this loan FHA Secure to help California home. The rate mortgages will be reset in June 2005 until December 2009. Equity in your home must be at least three percent or three percent cash. Need a loan to the story ended on time payments before the mortgage is,and  teaser rates reset. A history of employment during the past two years, is also required. Several income only pay the FHA Secure mortgage payments also required. New amount of your loan may not exceed the limits of the current FHA loan

Refinance FHA Mortgage with Bad Credit in California Relate post:

The Process of Completing an FHA Application
Owing Back Taxes And Applying For A FHA Loan
FHA Housing Loan – 203k FHA Rehab Loan
Minimum Credit Score For FHA Loan

For Bank of America Short Sale,The borrower must have a current or eminent financial hardship and the loan must be delinquent.

Sample BOFA Short Sale Success

1.Sounds to me as if BofA and Countrywide are still slightly different departments. I have just had an approval for a short sale with BofA and am pursuing a modification with Countrywide and they are definitely different folks, numbers, proceedures, etc.

For my BofA short sale approval, it was purchase money on a vacant lot. Details are as follows:

- Pretty sure there will be no deficiency judgment based on the above.
- They will issue a 1099c.
- We are paying off just under 70% of the loan with the sale.
- We are not having to come up with any cash ourselves.
- Purchase money in CA and I believe it stayed in house and wasn’t sold.
- They have agreed to “settled paid in full for less than the full balance”.
- We got the approval in less than a month from the time an analyst was assigned.

We are really lucky based on what I am reading elsewhere but we did have some leverage because there were some legal situations that needed our cooperation in order to solve so we used this to negoatiate and get the approval fast.

2.Here is the latest with our short sale attempt with Bank of America, in case it is useful to anyone. The day after I sent an email to Patricia Pikul (V.P. Bank of America Loss Mitigation ), I got a phone call from Rick Shults. I explained again about Arizona being a non-recovery state, and that we would be giving up our rights and protections under Arizona law if we were to agree to the collectible debt letter. He insisted that we would not be giving up any rights or protections, and that if the Recovery department ends up not being able to recover anything, than that the way it will go.

This sounded good, but I was still very leery. So, I went back to my attorney, who practices in Arizona and is familiar with these laws. I sent her copies of the collectible debt letters, called her up, and discussed it in detail with her. After studying the letters, she was very strong in her recommendation that we should NOT agree to make our loan a collectible debt. She said that despite the assurances of Mr. Shults, we would indeed be giving up our rights and protections under Arizona law if we agreed to this letter.

So, back we go to Loss Mitigation to see if we can get anyone there to understand that this collectible debt letter is NOT appropriate for a property in a non-recovery state. Frankly, there is a part of me that feels that BofA is being very, very deceptive in trying to get people in non-recovery states such as Arizona to agree to these collectible debt letters. On the other hand, maybe the Loss Mitigation folks just dont know about this, especially since the Recovery department, which does seem to know, is a completely separate department, and there does not seem to be much communication between the two.

Tips for BOFA Short Sale

I had a short sale with Bof A that closed in December of 2008. I also at received that first letter, where they wanted to charge it off as collectable debt. I told them to go eat something….that I was in AZ, an anti-deficiancy state, and would thus be giving up my protection under Arizona law, and it’d be better for me to have them just foreclose on the property, and lose MORE money in the process.I KEPT to my guns, and ended up finding the phone number and email address to the VP of the Loss Mit department at BofA. I was pissed, because my loss mit, supervisor, and manager would NOT return phone calls.

Make them get the Recovery department on the phone, and have them listen to the outrageous repayment plans they want you to do. I proved to them, with their repayment plans, I would have just KEPT my house if I could have afforded that.

The most important thing in a short sale is your relationship with the real estate agent. Is he a specialist with short sales? If not, that can be a problem. Also, since you have listed all that he has brought up that you’ll need to pay, it makes me wonder if he has listened to you – like, “Hello, we’re broke! We need to short sale the house because we’re trying to do the right thing!”

Contact numbers for BOFA

Here’s the contact numbers, mailing address of CEO, Pres And Executive of BA and their negotiators and senior management.

Negotiators:
colleen.haggerty@bankofamerica.com,
britney.w.sheehan@bankofamerica.com,
nicole.nastacie@bankofamerica.com,
keith.banks@bankofamerica.com,
michael.jones@bankofamerica.com,
bradford.r.dinsmore@bankofamerica.com,
michelle.shepherd@bankofamerica.com,
maryellen.baker@bankofamerica.com;
kacie.miller@bankofamerica.com;
david.kozik@bankofamerica.com;
melissa.a.henderson@bankofamerica.com;
bitha.mackellar@bankofamerica.com;
annabel.lopez@bankofamerica.com;
juanice.neal@bankofamerica.com;
minerva.roman@bankofamerica.com;
jeremy.roberts@bankofamerica.com;

EXECUTUVES-
brian.t.moynihan@bankofamerica.com;
steele.alphin@bankofamerica.com;
joe.price@bankofamerica.com;
walter.e.massey@bankofamerica.com;

BA Customer Advocate:
William De Leon – william.deleon@bankofamerica.com

Negotiator:
Jamie Garnett – jamie.garnett@bankofamerica.com
Senior Management –
dan.b.frahm@bankofamerica.com
adam_herson@bankofamerica.com;

Customer Advocates:
Khara Turner…800-601-2522 ext 8560, khara.turner@bankofamerica.com
Kacie Miller …800-601-2522 ext 8559, kacie.miller@bankofamerica.com

Negotiators:
David Kozik…800-405-0078, ext 3047, david.kozik@bankofamerica.com
Pam Preciado 800-669-2443 ext. 5105
Cesaer Ramos 800-669-2443 ext. 3592
Clint Vale (negotiator Andrew Kane’s supervisor) (972)498.2561
Heidi McNaughton—1st contact of President Barbara. Desoer
1-800-669-2443, ext. 3392
fax—1-805-520-5414

Melissa A. Henderson (Negotiator)
Senior Operations Analyst
Office Of The Chairman – Home Retention Division
Bank Of America
LA-LM ADMIN PL
800-405-0078 x 3057 Office
866-619-4249 Fax
450 AMERICAN ST
Mail Stop: CA6-921-01-09
Simi Valley, CA 93065
melissa.a.henderson@bankofamerica.com

Cynthia Cutarez HEAD OF HOME RETENTIONS (CA) Direct Line
661-951-5939

Tabitha Mackellar…Senior Collector…(800) 405-0078 X5583
tabitha.mackellar@bankofamerica.com

Annabel Lopez…Customer Relations Advocate..(800) 669-2443 X2710
annabel.lopez@bankofamerica.com

Juanice Neal…Customer Relations Advocate..(800) 669-2443 X5034
juanice.neal@bankofamerica.com

Steven Nielson Customer Relations Advocate..(800) 669-2443 X7810
Customer Relations Advocacy… (800) 669-2443 X2773
Jessica Gadeng (not sure of spelling)…Senior Collector..(800) 405-0078 X5667

Here’s some FHA Negotiators numbers…I think they are located in Texas..
Minerva Roman (972) 498-6485
minerva.roman@bankofamerica.com

Jeremy Roberts (972) 498-6701
jeremy.roberts@bankofamerica.com

Bank of America’s CEO
Mr. Kenneth D. Lewis
100 N. Tryon Street
Mail Code NC-1-007-18-01
Charlotte, NC 28255
CEO – ken.d.lewis@bankofamerica.com

President – barbara.j.desoer@bankofamerica.com

Successful Short Sale with Bank of America Relate post:

Successful BOFA 2nd Loan Settlement
Successful Bank of America Permanent Loan Modifications
Bank of America Loan Modification
Bank of America Mortgage Refinancing

How does Chase Deed-in-lieu of Foreclosure work?

Chase mortgage modification works with many organizations to help clients avoid losing their homes. In fact, it is one of the biggest, most reputable lending institutions in the United States.Deed-in-lieu of Foreclosure is one of Chase bank (Chase Mortgage Loss Mitigation)offers options for their borrowers.others including Repayment Plan,Partial Claims (FHA only),Short Refinance,Pre-Foreclosure Sale and Loan Modification.

On the chase site we could clearly see that Deed-in-lieu of Foreclosure,essentially a transfer of property to the lender for possible forgiveness of the entire debt. The advantages are that Chase may waive any amount you still owe if the property is subsequently sold for a loss, and you avoid having a completed foreclosure in your credit history. Although, a deed in lieu may be noted on your credit bureau record.

The lender benefits because the time it takes to resolve the matter is greatly reduced. The lender also saves a substantial amount of money in legal fees than if it went through the more formal process of foreclosure.You must provide a written offer to the lender in order for the transaction to be valid.The parol evidence rule applies to contracts, which is what you are creating with a deed in lieu to foreclosure.

The deed in lieu of foreclosure provides numerous benefits to you and the lender. The key benefit to you is that you are immediately released from all or most of the loan, depending on the terms.You also may receive more generous terms than if you went all the way through foreclosure.

Get a Chase deed in lieu of foreclosure approved.

I just finished a deed in lieu with Chase. It depends on the lender, but you must not attempt in good faith effort to sell the show house. My house is on the market for five months. I contacted my lender and they insisted that I make the first short sale. And tried to get some movement. Finally, one day, I suddenly got rather than writing paper. Took in his papers, he will be two weeks out of the house. There was a problem. The reality is that it took three months to the process and would actually still at home.But he does. I had been put through the process of foreclosure on my credit card. They did. But this was many months behind, still in my registry. I do not know how to remove it. But I owe him nothing. It has been reported on the credit I paid in full. Therefore, the aim of the lender in writing and attractiveness.

A copy of a deed in lieu can be found by looking in any clerk of courts records search. Go through a month of”Deeds” and pull out samples from various lenders. Most contain the wording attorneys are looking for as samples. Do a trace and you will also see a satisfication of Mortgage filed along with the Deed in Lieu. Some are filed as Warranty Deeds but you can tell it is a deed in lieu. Great alternative to foreclosure.One note, some lenders will make contributions to the seconds to release the lien. I know of a Countrywide who paid $$$ to a second to release the lien for a DIL.

Chase Deed-in-lieu of Foreclosure success Relate post:

Wells Fargo Deed In Lieu of Foreclosure
Chase Mortgage Modification – An Attempt to Prevent Foreclosures
What is a Mortgage Modification Loan
Qualifying For Bad Credit Refinancing