My Bank of America Mortgage Modification is a Joke! – Susan (Homeowner)

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My Bank of America Mortgage Modification is a Joke! — Susan (Homeowner)

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Piggybankblog posted on 03/06/13

Get Out Of Debt Guy Article

“Dear Steve, Proposed Loan Modification-Only 17 dollars less than my original mortgage. Why?

I have been trying to get a loan modification with Bank of America for 4 years now. I kept getting the run around and it seemed every time I called I got the same old story-the paperwork has expired and must be resubmitted.

I went through this for at least 4 years. I finally got a packet via Fed Ex telling me I have been approved for a modification.

At first I was happy but then I continued to read. My original mortgage was 1,037.00 a month. The proposed modification tells me I will need to make 3 consecutive payments of 1,020.47 beginning April 1 and then the 1,020.47 will be my new modified payment.

That is only $17.00 less than before. I thought modifications were supposed to help reduce a payment to a more reasonable amount.

My loan has a ridiculously high interest rate at 6.95. I am very hesitant to agree to this since I can’t possibly make that payment on my bring home income. I am very discouraged and wonder if I should do a deed in liu and bail. — Susan”

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Dear Susan,

Let me be blunt for a moment. You have no “right” to a mortgage modification and no bank is required to modify your mortgage.

Overall the mortgage modification programs out there have been a joke. Except for some people which received meaningful reductions in their mortgage amount owed, the majority of people received little significant help.

All banks that consider mortgage modifications run your conforming application through their modification policy and procedure. What it spits out on the other side is what they generate.

Mortgage modifications are not supposed to help reduce a payment to a more manageable. They are supposed to meet the internal program the bank agreed to. There are a couple of federal programs (links below) that if you are eligible for, may help.

I would suggest you immediately contact a HUD Housing Counselor and discuss your specific situation. Their services are free to you and subsidized by the government. They have experience with the programs available and can advise you if there is a more suitable program for you.

If your home is unaffordable a strategic default, where you walk away from the house and file bankruptcy, is always an option. But you’d have to evaluate that based on the dollars and cents of your specific situation and if it makes sense for you at this time to take advantage of the legal fresh start and second chance you are entitled to.

If that is something you’d like to explore then I’d suggest you click here to find a local bankruptcy attorney and talk to them for free about your specific situation. Get the facts and then you can make an informed and educated decision if bankruptcy is right for you.

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Email: Piggybankblog@earthlink.net
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You can find Steve Rhode doing what he does best at:

 Get Out Of Debt Guy Blog

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10 Comments

  1. renee says:

    I don’t get it isn’t he supposed to help people? I had trouble getting a mod also but i finally got one it cut my payment in half. why would he say that she has no right to get a mod?
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    I also had a time when they gave me a mod that was about 5 dollars less then my original payment… but i went back at them and got the mod after 15 months. the info he gives her is awful. the hud agency did NOTHING ! but fill out papers and try to collect money for “helping” me and that is a load of shit. he does not give her any hope and that what we all have and not else grrrr this makes me mad.

  2. renee says:

    I don’t get it isn’t he supposed to help people? I had trouble getting a mod also but i finally got one it cut my payment in half. why would he say that she has no right to get a mod?
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    I also had a time when they gave me a mod that was about 5 dollars less then my original payment… but i went back at them and got the mod after 15 months. the info he gives her is awful. the hud agency did NOTHING ! but fill out papers and try to collect money for “helping” me and that is a load of shit. he does not give her any hope and that what we all have and not else grrrr this makes me mad.

  3. Carrie says:

    Bank of America is NOT helping anyone but themselves. I am over 50% underwater and have tried for the last 3 years to get some type of help and i have not they blame that because i have a Fannie Mae loan there is nothing they can do to help.
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    bank of america offered us a loan mod increasing our principal balance further burying us underwater and increasing our loan terms to 40 years.mmReally now is this affordable? So now we owe 503k on a home that is barely worth 200k
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    Then they send us a letter that we qualify for us to short sale the home at fair market value and the rest of the debt would be forgiven. WTF??? Then why dont they just modify/refi the loan to us at fair market value and everyone wins?
    they keep receiving mtg paymnts, we save our home for our children.

  4. Carrie says:

    Bank of America is NOT helping anyone but themselves. I am over 50% underwater and have tried for the last 3 years to get some type of help and i have not they blame that because i have a Fannie Mae loan there is nothing they can do to help.
    .
    bank of america offered us a loan mod increasing our principal balance further burying us underwater and increasing our loan terms to 40 years.mmReally now is this affordable? So now we owe 503k on a home that is barely worth 200k
    .
    Then they send us a letter that we qualify for us to short sale the home at fair market value and the rest of the debt would be forgiven. WTF??? Then why dont they just modify/refi the loan to us at fair market value and everyone wins?
    they keep receiving mtg paymnts, we save our home for our children.

  5. One of my salon customers was granted a mod several years ago for a six dollar reduction. She and her husband refused the mod due to they needed to hold out for a better offer. Chase bank told them both they would have to accept the mod and the bank would not accept full payment of the regular payment amount due to the mod had been approved. So they paid the six dollar reduced amount for nine months, then the bank did to them what Chase did to me and unapproved them and told them since they were unapproved the mod payments were considered to be partial payments therefore the mortgage was in default. Chase litterally used the HAMP program to lure us all into alleged default when we were not, and are attempting to steal our houses now.

  6. One of my salon customers was granted a mod several years ago for a six dollar reduction. She and her husband refused the mod due to they needed to hold out for a better offer. Chase bank told them both they would have to accept the mod and the bank would not accept full payment of the regular payment amount due to the mod had been approved. So they paid the six dollar reduced amount for nine months, then the bank did to them what Chase did to me and unapproved them and told them since they were unapproved the mod payments were considered to be partial payments therefore the mortgage was in default. Chase litterally used the HAMP program to lure us all into alleged default when we were not, and are attempting to steal our houses now.

  7. LoanModKey says:

    Chase is so easy to work with. You just need the right numbers to qualify. This is the mystery question: “How much income do I need to qualify for a 2% interest rate?” … We are the only place that offers the exact income and expenses. If you still need help, please call me at: 855-9MODIFY or 855-966-3439.

  8. LoanModKey says:

    Chase is so easy to work with. You just need the right numbers to qualify. This is the mystery question: “How much income do I need to qualify for a 2% interest rate?” … We are the only place that offers the exact income and expenses. If you still need help, please call me at: 855-9MODIFY or 855-966-3439.

  9. Mark Stewart says:

    Steve also does not tell you the banks have NO RIGHT as they put nothing up for consideration when you bought your home making the contract null and void as a promissory note is not consideration as they do not own your home you do as you put up consideration and they did not this is a fact and a court case was won by a home owner in 1969 and the bank could not foreclose due to this.

  10. Mark Stewart says:

    Steve also does not tell you the banks have NO RIGHT as they put nothing up for consideration when you bought your home making the contract null and void as a promissory note is not consideration as they do not own your home you do as you put up consideration and they did not this is a fact and a court case was won by a home owner in 1969 and the bank could not foreclose due to this.

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