I was so embarrassed about the modification until I read stories on the web site. We began the modification 10 months ago with an agency that said they could do all the grunt work and we would only have to keep track of our loan. So we paid $2600 up front to have them do the grunt work. Within one week, the broker/loan agent, had a trial payment that would be for 3 months. Yeah but alas it was not so. We started on the collection route on Nov 1. Having never had a bad credit score. Phones rang night and day with creditors (Bank of America collections BAC) We were told that this was a stand procedure that was automatically sent and did not reflect reality.
We paid less than $200 below out original payment $2463. late fees kept coming along with collection calls. On February BAC sent a registered letter or intent to continue foreclosure at their discretion. My husband got 10 days furlough and I cannot work anymore.
Frantic with the notice I faxed it and a letter to our hired people. They said don't sweat they were on it. Initially in Aug we were told there was a supervisor who started the process. Needless to say this supervisor was not authorized to do any negotiating and was moved or let go. Our application was basically tossed and collection started. We didn't know and kept on paying the trial payment.
Jump to February and a negotiator was found and had a phone conference with me and our hired people. Everything was gone over my illness, my husbands furlough days all the paperwork that we submitted 8 months ago. Our Negotiator told me that I would be either assisted by Making Homes Affordable or a modification or our original loan.
Was approved for Bank of America modification so did not pursue the MHA application. Loan papers were fed exed and we signed and got a notary and a cashiers check for the first payment. Sent them in 5 days before April 1st. Paperwork said first payment was due May 1. We sent in the agreed amount.
The B of A web site (our personal online) Erased the completed loan, the loan approval and the completion. I was scared and called both B of A and our hired hands wanting to know if a problem existed. I received a phone call from hired hand and looked on the website and every good thing was back.
The NEXT Sunday I looked at it again and all the good information was gone again and I spent 2 + hours on the phone. I even emailed them. The next morning I looked again and partially good was back. Approved was, completed was NOT. And they said don't call back till June 16th or it will slow down the process. Been there and done that in October when we were told to wait till Nov 15 for further instructions.
Today I sit here reading your site and crying the tears of all who have gone through this Hell. I am not sure what is happening with our loan. I really am only $1600 short on my payments but it is listed on the website for $7300 which is supposed to be interest and late fees. Our Payments were just held by B of A and not put on our account. I'm scared and my husband who has been suspect all along says we cannot do anything to our house till we get this finished. He is right but we have lived in our home for 14 years and I don't think I can physically move and cannot afford help. I have been praying and crying my eyes out to get this accomplished. My Capital One credit account was lower to $300 above my balance. I asked why they said it was a periodic check on their customers. I asked to be looked at again and they will not raise my limit. Additionally American Express lowered credit line by $7000 and who knows what's next?
Thank you for letting me vent.
