Bank of America
Modification Loan

My husband and I started a modification process with Bank of America on August 28. We met the qualifications for a trial period and those payments started in October - December. We paid the notes on time and according to paperwork that Bank of America sent to us, our loan modification would be final within 30 days of the last trial period payment. It is now the end of May and our modification is still not finalized. It was just yesterday, May 26 that we were told that we would be receiving a letter of denial for the modification because one of the investors said "NO" to the final approval. "Why", we asked and were given the answer..."Bank of America" can not release that information to you. It was then told to us that our modification is now in the hands of Fanny Mae and if they can not approve us, then the modification will go to "in house" with Bank of America with still no guarantee that we will be approved for our final modification. We have continued to make the trial payments every month since October 1 but Bank of America keeps that money in a reserved account which is not applied to our loan, charging us late fees and reporting to the credit agencies that we are now 10 payments behind, when in fact, we are only 3 payments behind. We currently have a interest only adjustable rate mortgage that we are trying to get out of and be placed with a loan that pays towards principal and the interest does not adjust. Reading all of the stories and lawsuits against Bank of America has made us question the Bank and if we are just being tricked into making those trial period payments (which in our case is higher than the original note), only to deny and then foreclose on us? This seems to be the way that the Bank works when in reality they have no intentions of finalizing anyone's modification loan. Even those that qualify.

Company: Bank of America
Country: USA
State: Texas

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