I have been trying to work with BAC Home Loan Servcing, LP since April. I religiously called them on a weekly basis to advise them of my financial situation and that I was unable to make the "full" monthly payment to my mortgage. Their response was "we do not accept partial payments so don't send anything at all until you have the full amount". I wanted to send a lesser amount but was advised by the bank not to send anything at all. My financial situation was temporary and requested their assist during my hard times.
After a couple of months of not making the full payments, BAC decided that they wanted to help me modify my loan to HELP me catch up. They advised me that President Obama created a plan to help struggling homeowners get caught up with the delinquent home loan which was call the HAMP modification. When I asked the BAC representative more about the program, I was told this is all new them as banks never had to modify loan in this way so they do not have a certain guideline.
On June BAC Home Loan Servicing, LP from Pittsburgh, PA sent me letter/packet stating "Thank you for calling us recently to discuss your home loan needs. You let us know that it is becoming increasingly difficult to make your mortgage payment. We want you to help you stay in your home." With that said, they requested that I send in 1) a Hardship Affidavit, 2) Authorization and Acknowledgment (document that was included in their packet) 3) Negotiation Agreement (including in their packet), 4) Documentation supporting my financial difficulties, 5) ALL bank statements for the past two months, 6) one month of paycheck stubs and 7) recent utility bill to verify occupancy of the property. I sent in all the required documents to them within the allotted time and waited for an answer.in the meantime, my financial situation was much better as work picked up and was able to send in some sort of payment, again, they refuse to accept it.
In July of I received another packet from BAC Home Loan Servicing, LP requesting me to resend the above requested documentations, of course with all updated information like pay stubs, bank statements, new hardship affidavit, etc. I also had to call in to UPDATE my financial information with them. I resend all the documentations on July 7 and waited for an answer.
In September I finally received a response from BAC Home Loan Servicing from Dallas, Texas stating "Thank you for taking the time to discuss your loan with us. Per our recent conversation and review of your loan, you have been 'Pre-Approved' for Workout Assistance." In addition, I has to resend a letter describing my financial situation, copies of documentation supporting my financial difficulties, copy of the most recent utility bill, copies of two month bank statements, copies of the most recent two months pay stub, copies of my most recent two years of Federal tax returns with all schedules, Negotiation Agreement (included in their packet) and Authorization and Acknowledgment form (included in their packet) and a cashier check in the amount of my mortgage payment to start the process. This all sound familiar to me as I have been sending the same information for the past three months. But, no big deal, I will gather the information again so that I have a better chance of getting approved for any kind of loan modifications.
I was not sure if I was making a payment to a third party or to BAC Home Loan Servicing, LP. I was told not to make any sort of payments to a third party company due to scams. I called BAC, spoke with a representative and was reassured that the money will be applied to my loan and that there was no a FEE to modify my loan.
Mid September a representative from BAC called my house advising that he will be able to arrange a partial payment document and I must make three consecutive monthly payments on the 1st of each month to qualify for the partial claim stating October. He further advised me that this was a "trial payment period" and if the payment is one second late, all consideration for modifications will be dismissed and denied. I agreed to the process and all paperwork that needed to be signed including a breakdown of the partial claim was overnight to me.
October I received a letter from BAC Home Loan Servicing, LP from Fort Worth Texas stating "We have reviewed your request for a modification of your mortgage under the Federal Housing Administration-Home Affordable Modification Program (FHA-HAMP). Unfortunately, your mortgage is not eligible." I wasn't sure why this letter was sent to me. I thought BAC was looking into a partial claim for my loan and not a HAMP modification. Nevertheless, I continued to make the agreed monthly payment for the next three months (October - December).
On December 6, I received a letter from BAC Home Loans from Van Nuys, CA advising me "We are pleased to tell you that have received the last installment due under our 'Special Forbearance' agreement, dated September 19, and it has been credit to your account. Thank you for fulfilling this commitment. You are now up to date and current on your home loan payments. You can resume making your monthly payments." I was ecstatic! I was so happy that the long and excruciating process of gather personal information, constant contacts with the lender, sleeplessness, anxiety, fear of foreclosure, financial stress had finally paid off. Or though I thought!
On December 28, I received yet another packet from BAC Home Loans requesting that we send in pay check stubs, bank statements, hardship letter... Etc. At this point I was really frustrated! What the hell is going on? I thought I was "up to date". I called BAC and was advised I had to resend the documents again for review of modification. The representative stated the first review was for "Special Forbearance" review not for modification review and I was still 6 months behind. Frustrated and confused, I resent ALL the requested documentations in again and waited for a response. I still don't understand what the "first review" was for or if it was even necessary.
Again, I called BAC weekly to check on the status to this NEW modification. I was advised that I was missing some documentations and the modification was canceled. I have to resend new information of the same kind to them for yet another review. On January I overnight the information again to them and waited for a response.
Between the remaining weeks in January and the month of February, I was advised my account was still in review and I needed to check back in.in the meantime, I have been making my "normal monthly payments" to BAC as my financial situation was now back on track. My last contact with BAC was on March 4 in which I was advised that my application for modification was canceled on February 18 for yet again missing information. I think I have gotten used to sending these kinds of information by now. I know for a fact that nothing was missing from any of the packets. And why was not I informed way back in February?
On March 28 after not hearing any communication, I called into BAC to apply for a modification review and up dated my financial information. This time, I was transferred the "Home Retention Department" whom did not waste any time to send any request for documentation letter to me but rather just out-right DENIED me of any qualification for modifications. They said there was nothing they can do for me or the past due outstanding amounts and emphasized that I should still continue to make my monthly payment so my house will not go into foreclosure.
As good as that sound, I am concerned how this has affected my credit on a monthly basis. BAC does not have a solution to rectify the past due outstanding amount? They kept me waiting, made false claims about missing documentations to intentionally procrastinate the modification process (if any), gave me false hope that I will be able to save my house by attaining a made up "Special Forbearance" modification program, and out-right lied that my account was "up to date".
At this point, I am exhausted and truly have no hope that BAC will ever modify my loan. I am tired of forwarding any more documentations to them for their (suppose it) review. I think their intention is to foreclosure on my home, put my on the street, leave me with a bad credit so that I cannot obtain housing. It's a lose, lose situation for me. I lose all the money I put into my home and my house I want to live in. It's a win, win situation for the BAC as they received monthly mortgage payments from me for the past seven years, my out of pocket investment to update/additions made to my house, and kick me out on the street so they can resell my house to make more profit.
If someone has a better solution to address this issue, please let me know!