Continuing the Making Home Affordable Program…

As I’ve said before, I am in the process of applying for the Making Home Affordable program. I am not looking to reduce my principle balance – I’m trying to get my high interest rates reduced to within 1-2% of the market range.

In October of last year, I was approved for the Making Home Affordable program through Bank of America. I was told I would receive the paperwork in 45 business days or less. Surprise. Surprise. It’s been over 60 business days and I have yet to see any paperwork from my lender (except the multiple pre-approvals for Home Equity Lines of Credit they send each month).

I called last week to check the status and was told to call back the next day. They continued to tell me to call back for 3 days. Late last week, I was told I was no longer qualified for the Making Home Affordable Program. After months of delays, this was disheartening news.

I called again last night to discuss my refinancing options and was told I was still being considered for the Making Home Affordable program and was told to call back in two weeks.

Based on the current progress, I should have this resolved by the time I pay off my home in 30 years.

Posted by Beks on January 26, 2010 at 5:00 AM in Making Home Affordable Program | 12 Comments »
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Another Reader responded:
Posted: January 26th, 2010 at 7:24 am
Contact your congressperson’s office and both senators. Bank of Ameriwide (B of A + Countrywide) may respond more quickly to pressure from a political source.

They are widely acknowledged as being the worst servicer in the business. Try to get a short sale through – any real estate agent or short sale investor will tell you how incompetent they are.
brooklynchick responded:
Posted: January 26th, 2010 at 7:45 am
UGH – what a DRAG! I am sending you all my best good vibes.
Kari responded:
Posted: January 26th, 2010 at 11:26 am
Another option would be to contact a local TV station in your area to see if they’d want to cover your story. Companies tend not to act more quickly when there’s the possibility of bad press…too bad it has to be that way.
Joe Dirt responded:
Posted: January 26th, 2010 at 4:30 pm
I don’t recall but can you refinance your house all together? It might be worth it. Or like I said before, sell it. Start renting and save your money for when you can afford it more.
Mrs. Money responded:
Posted: January 26th, 2010 at 5:33 pm
Good grief that is a long time! I hope you get it settled soon.
Sarah responded:
Posted: January 26th, 2010 at 5:43 pm
I’m so sorry about your horrible experience with BOA. But fear not, you are not alone! As “Another Reader” said, BOA is one of the worst banks around. In my experience alone: 1. They ruined my ChexSystems rating because they charged me with erroneous NSF fees that racked up do to an error on their part and then refused to refund them to me. I was forced to close my account with a negative balance.
2. They repeatedly screw with my husband’s checking account that he has had with them since opening a BOA Military account.
3. My husband got a BOA credit card in 2007 to begin rebuilding his credit rating. We have never been late on a payment and it has always been in good standing. They regularly upped his credit limit and we would use it and pay it down with in a 2-3 months. This past summer, we did this and they promptly reduced it to just below what we had paid it down to giving us an available credit of about $28 and upped the interest rate. We paid it down, used it some more and then 2 weeks ago they notified us that they had closed it, so now we show upside down available credit.

Hating them does not begin to describe our feelings towards BOA.

Good luck. Check with Chase Bank, they have been wonderful for us.
mem responded:
Posted: January 27th, 2010 at 3:02 pm
It’s rather odd that your previous post complains about a relatively small increase in taxes, while this post illustrates you relying on a tax-payer funded program for your personal benefit (in addition to the other tax-payer funded programs you use for education, etc.).
mikey responded:
Posted: January 27th, 2010 at 3:48 pm
One word: TURKO!!!
emmi responded:
Posted: January 27th, 2010 at 7:34 pm
mem, BoA already has 45 Billion (with a B as of Jan 15, 1009) of our taxpayer dollars. At this point the choices are they are used for principal reduction or they hand it out like candy for executive bonuses. Personally, I’d rather beks get some of it. Either way, the money is already gone out of YOUR pocket. (or your grandchildren’s pocket, more accurately)

The AIG memos have been leaked, btw, if you want to see the counterparties they paid out at 100 cents on the dollar. Mostly European banks and Goldman Sachs. (and a little Bank of America)
Nicole responded:
Posted: January 30th, 2010 at 5:40 pm
It is so ridiculous! I called BofA about that too and I have one word to sum them up, Suc***. Yep, I have a love/hate relationship with them, I love to hate them!
Jennifer responded:
Posted: February 1st, 2010 at 1:52 pm
I’d be very watchful of your credit if this goes through – I’ve been reading some horror stories on the making home affordable program

http://www.msnbc.msn.com/id/35144133/

http://www.msnbc.msn.com/id/35062033/ns/business-answer_desk/

http://redtape.msnbc.com/2010/01/for-nine-months-deb-franklin-says-she-did-exactly-what-jp-morgan-chase-and-president-barack-obama-told-her-to-do-she-made.html
Stephanie responded:
Posted: February 27th, 2010 at 9:10 pm
We tried to do the program too. My husband was out of work for 9 months and while we managed the mortgage it was putting a stain on our finances. We applied for all state benefits and were denied for everything, Health Insurance for the kids, low income, etc. We were on Unemployment for gods sake. You have to just cut your losses. I’m doing the Dave Ramsey plan and how vowed, if someone else can make money off of me I’m not doing and forging ahead trying to pay off my mortgage early. This is crazy.