Bank fo america
Trying to Take my Home

I am three months behind with my Bank of America mortgage payment and on my third application for a loan modification. My monthly income is currently $6,000 and my expense is $4,300 per month and still BAC cannot find a program to help me stay in my home. I fear that BAC’s only goal is to take my home and leave me and my family homeless. I am in a state of total disperse and helplessness.

Below is an account of the last two year’s attempt to modify my loan and BAC’s feeble attempt to help.

1. I purchased my home in May for $260,000; my income was then $96,000 per year. My loan is a mortgage ARM with Countrywide. Between 2006 and 2009 I made four separate requests to Countrywide for refinancing but to no avail. My property value has since fallen to $150,000, my monthly mortgage payments constantly increasing up to $2,400 per month and worse my income was on a quick decline.in 2009 my annual income declined to $30,000 and in 2010 my annual income was $15,000. During those rough years I exhausted all my savings, including life insurance and 401Ks and did everything a single parent could possible do to put food on the table, keep my daughter in school. I paid my mortgage every single month and not one single late payment.

2. I first applied for a loan modification March, 2 2009 and again November 15.in October my first application for loan modification was accepted by BAC. I provided all the necessary documentation and income verification they requested and followed up on a regularly basis.By the end of April I had contacted BAC 32 times about my loan. Each time I was reassured my application was in process and on my 32nd call to BAC I was told my application was with a negotiator waiting for approval by the investors.

3. Two weeks later on May 24 I contacted BAC for the 33rd time only to be told that “My application for the modification was incomplete and out of date” and I would have to reapply from scratch. During that very same conversation the supervisor took my financial information for the second time and promise the application forms would be with me within 15 days. After several calls to BAC and reassurance the application forms were on its way or they were already sent to me.

4. The first Federal express envelope arrived on my doorstep on the 15th August. A total of seven applications forms arrived on my doorstep within the next ten days that followed. I instantly completed one application and returned it to BAC, then a second then a third. You see each time I checked if the completed applications were received the answer was no. Finally one of the applications was accepted in their system as complete. Between August 18th and December 12 I submitted three sets of financial papers, w2, tax returns because each time there were items missing.

5. Out of share desperation I also contacted and completed an application with the HOPE team on the 7th October, and continued to follow up with BAC. December 23 my first correspondence, a letter arrived from BAC to say that I was declined. I called BAC for an explanation only to be told “Sorry the decline letter was sent to me in error plus several other clients also received the same letter in error. The file was still under consideration for the modification and the recommendation is that I follow up on a weekly basis”. Feb 12th I received a phone call requesting further updated financial information and income verification, which I faxed to BAC the following day, 13th Feb. I received a call from the same contact person to confirm receipt of my faxed information on the 14th Feb. On the 16th of Feb I received a letter from BAC asking me to contact them as soon as possible as they tried to contact me and they did not have a good phone number. Again I called BAC only to be told it’s a mistake, ignore the letter as they do have my contact information and the file was under review.

6. Eventually, on March 16th I received a cold telephone call from a BAC representative who informed me that she had completed the review on my file and I did not qualify for any of BAC modification.in fact she was sorry but there is nothing they can do to help me. With some persistence I questioned the representative about the information she was working with and how the various programs work. Well several of the information the representative had on file and worked with was incorrect. I appealed to her to reconsider my application and update my file. She was not interested and told me the only way to review the case further is for me to reapply and submit a new application from scratch.

On the same day March 16th I called BAC gave the representative my financial information and request the application forms for the modification. Oh! I was told “I have prequalified you for the Making Home Affordable program and the application forms will be sent to me within the next 45 days”. Now the third application process has began. How long before the application forms get to me and how long before I get some kind of relief.

Company: Bank fo america
Country: USA

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