by Beks
For some crazy, nonsensical reason, I’m still working with Bank of America on my loan modification. I swear, it’s like I’m in a boyfriend/girlfriend relationship with them and I keep hoping there is a smidge of love somewhere, meanwhile, he’s out dating more fiscally attractive ladies and has completely forgotten about me.
I mailed the ‘Oops we’re sorry, you actually do qualify for the program and we lied to you for ten months’ paperwork they requested back in September. You may have to sit down for this shocking bit of information…
They haven’t replied.
I called them this afternoon. After five transfers, I was finally connected to the ‘Status Queue Home Retention’ line. He said, ‘It’s been more than 60 days. I’m not sure why you haven’t been assigned a staff member yet.’
I wanted to ask, ‘Maybe it’s because I haven’t called before now and you guys never get moving until someone complains?’
He ‘forwarded my application to his supervisor’ (if you believe that, I’ve got ocean front property in Arizona to sell you) and asked me to call back in a few weeks for another status update.
Funny, this is exactly the same process I went through last October. I’ll hold on until January and then make an attempt to try out the HARP program recommended by a kind reader.
Isn’t the definition of insanity – someone who repeatedly does the same thing and expects a different result?
Beks is a full-time government employee who enjoys blogging late into the night after her four kids have gone to sleep. She’s been married to Chris, her college sweetheart, for 15 years. In 2017, after 3 long years working the Dave Ramsey Baby Steps, they paid off more than $70K and became debt free. When she’s not working or blogging, she’s exploring the great outdoors.
Yes, B of A stinks! I hope you get to the bottom of this soon. It would have been a nice Christmas gift to get it resolved. I bet B of A is on the Naughty List! : )
In regards to the mortgage business, they are the worse. I have heard similar stories from others. I have my personal banking with them, but I have not had any issues with them at all in that respect. But I will not get a mortgage thru them. I have heard horror stories.
The only people I know who have had successful results at all with either BOA or Wells Fargo, have all had to hire attorneys to get it done. Sad, but true!
It’s an expensive route to go, but it does seem to be the only thing that works with them and it can save you more money in the long run.
BOA is truly a criminal organization, which has been proven by them illegally foreclosing on millions of homes that were not in foreclosure. I will never do any business with them and I advise others to stay away from BOA!
If you do the HARP, take the opportunity to change servicers! Then again, they do provide blog fodder… 🙂
Oh Beks I am sorry to hear this but what ever you do, DO NOT go anywhere near WELL HELLGO! I hate them they are going to be the death of me we are on 8 months with them and we had to come up with a $2400 balloon payment for our modification to begin after our moratorium payment were done GRRRR!!! Good luck and know that you aren’t alone in this there are several of us that feel your pain! The transferring or dropped calls are the worst too!
My goodness, thanks for the glimpse into my future. I guess I should get the attorney on the phone soon. But you are correct about the definition of insanity. It hurts to read this.
I have PHH Mortgage Services and am still waiting to hear back from them. Mortgage companies suck. But I did read an article about a woman that prevented foreclosure on her home for almost 25 years by taking them to court and pointing out the multiple mistakes in their paperwork!
I am so sorry to hear you have to slug it out with B of A. Last year, they were my third refinance attempt (and they had to deal with me because they accepted TARP funds). I have a FICO of 793, no credit card debt, no car and thus no auto loan, and only student loan debt and a fixed-rate mortgage. Further, my existing mortgage was not crazy (30-year-fixed at 6.5%) and my appraisal (in Chicago) wasn’t for much less than what I’d paid.
So you’d think it would be easy, right? Oh no. I fought them for 10-22 hours/week (I tracked it), every week, from November (when I began the process) to the last week of January (when I finished it). Just when I thought I was getting somewhere, they’d pull some other “requirement” out of the air that turned out not to be, and so on.
I recognize they have no incentive to lend me money at the low 30-year-fixed rate of 4.75%, and they fought tooth and nail so they wouldn’t have to. Ultimately, I screamed and said they owed me my TARP money, and it became much easier after that. Saving more than $300/month for the life of the loan has been worth it, I suppose, but oh the agony they caused me. Shut ’em down!
A little over a year ago, I started applying for loan modifications on my 1st and 2nd mortgage, as well as offering to apply for several friends. In all, I probably filled out applications and called once a week on about 10 mortgages. BY FAR, the worst one has been B of A. It’s been 15 months, and they’ve made a “mistake” twice that has caused me to have to start over from scratch. At one point, they said they had a computer glitch that caused B of A to approve people who hadn’t applied, and delete applications for people who HAD applied (apparently I was one of those people).
It has now been “under review” for 4+ months, and doesn’t seem to be making any progress. All this to say, I FEEL YOUR PAIN! Please let me know if you are able to get it go through.. I’d love to learn the secret.
This is really sad, my sister-in-law had some personal banking issues with B of A. But managed to sort it out after a lot of tears. Getting a loan modification shouldn’t be rocket science. Thinking about getting an attorney seems a viable option but you have to consider attorney fees, etc. Guess b of a better sit up and focus on satisfying their customers. Also getting professional help and looking around the internet for free consultations will help you know what others have to offer. It can’t be easy in this economy to be in debt but doing something about it no matter how little will help you in the long run. Hope it works out for you. Goodluck. Cheer!