Bank of America
Trial Payments Not Applied Until Months Later, No Principal Reduction

I tried on my own to qualify for HAMP with Bank of America. I had no success. I missed a payment and found a cheap lawyer to help. Finally was entered into they trial payment/loan modification. My first trial payment was Aug three months later I started calling and asking where my documents were since I had successfully made my three payments. They told me to keep making payments that they were behind and would get the documents to me as soon as possible. A year goes by and after dealing with multiple phone calls stating I was in default or people showing up at my door to see if I was in residents or letters stating they were accelerating my loan I finally got my loan modification. They wanted me to back date it to Nov which is when my 3 month trial period ended. I was so tired of fighting and dealing with them I said ok.

After signing the documents I started to monitor my loan to make sure all my trial payments were applied and that my credit would be fixed because it showed I hadn't made a payment since aug because the trial payments were kept in a separate account. I waited and waited all the while paying my now new loan payments which were half of what my trial payments were.

Several months go by and I start receiving statements saying I don't owe another payment for 3 months. I call and question this and they say because I overpaid during my trial period I am ahead. I still continued to make payments because I did not trust them. By January my next payment due was july. I found this weird so I printed out all the transactions from my account and couldn't believe what I saw. Augs 2009 I paid almost 1500 in house payments and continued to do so until nov. Under the modification my payments were only 757.00. So I was basically making double payments. I was only credited 757.00 for those months and I couldn't figure out where the rest of my payment went.

After months of arguing with Bank of America and them threatening to foreclose on my house even though I was owed money the legal department finally cut me a check for the amount they couldn't find but agreed I had paid in. By the way one person said I was lucky because someone else just called and they lost 40,000 dollars of their trial payments. My account was current and I had legal documents to prove it and then four months later I have late fees show up on my bill for the missed payment in March.

Three years ago one lone modification and one settlement later they attached those fees again. This is fraud. They have ruined my credit keep making me fight for fees that aren't mine and probably ripped off a lot more people than just me.

Everyone tells me I should feel lucky I got the modification but at what cost. If you have gone through the HAMP program check your transactions. Also why didn't my principal get paid down the extra money the dates I made the payments.

Company: Bank of America
Country: USA
Site: bofa.com

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