Successful Bank of America Permanent Loan Modifications

1.We got a permanent modification agreement in July. Made our first payment in september. There was no trial period attached to it. We made five payments, our mortgage has yet to be updated. We just got or 6th payment sent back to us stating that is was not enough to cover the delinquency. (it is the payment amount stated on the modification and what we have paid the past five months and has bee accepted).

2.I finally got an offer from BofA – Started the process September 2009 and after hiring and then firing an attorney, started all over in October. It was only when I sent an email to Barbara Desoer (per instruction from this forum) on December 15th, did we get a call back from a Senior Negotiator. Still, I had to email, call and follow-up every couple of days, and was tossed around to 5 different people.

We contacted the executtive office and we got a call back from Heidi McNaught. She requested we send our hardship letter etc, so she can consider us for a modification. WTH!!! We already have a modification. We have an attorney involved now. Our attorney was told in August that everything they needed was there. We contacted the oop, but they didn’t seem to understand that we already have a modification. They wanted is us to submit more paper work so we could apply for a new modification. Our attorney sent a ceritified check for the amount of the payment they sent back to us for last month and a demand letter to BOA. She cc the oop.

3.We started our modification with BofA in April ’09(we are BofA customers from the beginning – never Countrywide customers). We did get the 3 month forebearance immediately, but after that they just seemed to drop the ball and all we got was a constant run-around from the many 800 #’s. We never missed any payments but We even started to receive “Notice of Intent to Accelerate” letters and daily harassing phone calls from the Loss Mitigation Department. So after reaching my breaking point – i searched the web for any and all information i could find regarding BofA Modifications.

Thank Goodness I stumbled upon this one because after emailing the Barbara Doesser, I got a call the next day from Claudia DeLeon – a very pleasant woman who put me in contact with my Senior Negotiator (Tammy Tipton). We had to resend our financials and 1 week later we were “approved”! I spoke with Tammy today and she gave me the details of my Loan Mod. Approval. She says we should have the paperwork by Friday and to have it notarized and Fedex back to her. Our new payments will start on March 1st.

4.Following Examples are successfully have received Bank of America Permanent Loan modifications

Date process started: July 23, 2009
Date trial modification started: October 1, 2009
Number of payments made under trial plan: 3
Was this HAMP (yes or no) Yes
Was this in-house modification (yes or no) No
Date modification became permanent: January 19, 2010
Terms of old loan: 30 yrs
My loan balance? 196,500
My interest rate? 6.675%
MY term: 30 years
Terms of modified loan: 28 years
My loan balance? 195,500
My new interest rate? 3.875%
My new loan term? 28 yrs

Date process started: Mar 2009
Date trial modification started: August 2009
Number of payments made under trial plan: 5
Was this HAMP (yes or no) yes
Was this in-house modification (yes or no) no
Date modification became permanent: 2/01/2010
Terms of old loan:
My loan balance? $251,500
My interest rate? 5.785%
My term  28 years
Terms of modified loan:28 years
My new loan balance? about the same, plus what I got behind on in escrow when they didn’t apply any of the trial payments there.
My new interest rate? 2.875% for first five years, 3.875% for year six and 4.750% for the remaining term

Old payment: $1727 including insurance and taxes
Trial payment: $1067 (supposedly was including escrow, but wasn’t applied–though they did make the payments and then showed me in the negative)
New payment: $1311 including insurance and taxes
Name of BOA negotiator: Neill Hernandez

What is about your Successful story? I am very happy you could share it, This will benefit many.Thank you for your participation.

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