BOA Loan Mod Question

[Bethm1026]

We applied for a loan mod back in December due to job losses on both our parts. We both worked together & lost our jobs in October 

Hubby was out for about 2 months while I was out of work for about 3 months.

We have been turned down for every mod through the gov't. HAMP etc.

Now they say they are considering us for an "in house" mod.

I am clueless on how this all goes. We did get behind and are now in the midst of foreclosure.

I had the money together to make the payment, went online to make it & it wouldn't let me.

Called BOA to ask why my I couldn't make my payment online & was told that the foreclosure process started Dec 5th.

I just went to the court hearing yesterday & they said that BOA had all their paperwork together to have the sale date on June 2nd

I have over 7k in the bank to get caught up but I can never get anyone on the phone at BOA to talk with me.

What do I do now? I have been on hold with BOA for DAYS at a time it seems!!!!

ANY help I'm willing to listen & take. 

[Anonymous]

ssuming you are calling the 800-669-6650 number?  I have been able to get through to a CSR without to much hassle on a regular basis (yeah, there is sometimes a wait though).  Once in foreclosure, you have to pay all the back mortgage payments and all the legal fees, etc to get it out of foreclosure.  Any CSR should be able to send you to the right people to pay that amount (they want you to pay, not to loose the house)

If you can not get satisfaction that way, put a request in for the negotiator who is working on a loan modification for you to postpone the sale date pending the approval/denial of the loan mod.  Request that it be made aware to the negotiator that you have the funds to clear the account as well. 

If neither of these options seem to work out and you really want to keep your home, you may need to seek BK protection to save the home and stop the foreclosure process.  Being that you sale date is in about 3 weeks and I believe you may hvave to have any issues settles 5 days prior to the sale date, You need to look at all your realistic options.

[Anonymous]

We just got approved for a loan mod today and the deciding factors (I had a long talk with the negotiator)

Willingness to repay/ability to repay (back payments were rolled into loan and loan extended back out to 360 payments)

My injury (fell and tore all 4 ligaments in Rt knee.  Been on disability since last June)

Bank mismanagement ( we had 2 mortgage companies file BK and in both cases funds went missing which led to our delinquency)

We are still taking a hit for getting reported late

We still have to pay 4K up front by the end of next week

As of the 1st of this month, we will be reported as on time and paying as agreed

[Lel]

mickie, I'm glad to hear that your modification has been approved. Be advised that it can take a long time for it to be finalized.  You will probably be instructed to start making your reduced payments, but they won't immediately get applied to your account balance - they might be held in a suspense account until all the paperwork can be signed and the changes entered into their system.

Since the lates were not your fault, I suppose at some point you could ask for them to be removed.  However, you may want to wait until everything is final before making any more waves.  Having the reduced payment and being reported as paid as agreed (that is, not being on a partial or modified payment plan) are already big positives for you.

[Anonymous]

Fortunately, mine is not a gov't modification.  So I will sign all the paperwork next week and my next payment (after I pay the 4K upfront) will be July 1.  It will all be finalized by the 1st.