I went through mediation with BofA and their law firm, Potestivo to secure a home loan modification. I was granted a trial mod with the Home Retention dept. I completed the trial mod exactly as ordered, but was later denied a permanent modification. I was told by my "Negotiator" (Andre) that I was $600 short in income per month to qualify. 3 months ago, when I started the mod my income was right on. My financial situation has not changed since the trial was granted. He said that there were "no guarantees, " and that I was told that my "final modification would 'probably' be the same as my trial - key word probably". But, hey, I could begin another "brand new" trial modification with Making Homes Affordable, and pay a trial payment of $1,160.00 instead of the $820 payments that had been agreed to in mediation. $340 MORE per month than my previous trial payments. So let me get this straight-I have to make MORE $ to pay LESS, but if I make LESS $ I have to pay MORE. The Home Retention program is based on your NET income, but the MHA program is based on your GROSS income. A third grader could figure out that this doesn't make any sense.
It is a huge scam and we, the taxpayers have given the bank the tools to manipulate this economic crisis for their own benefit. I have been led around like a dog on a leash by this bank. I have faxed them close to 1000 documents over the past 1 1/2 years, duplicates over and over because they claim they don't have them. They are either incompetent or criminal. They are not helping customers with modifications. Look online at the complaints about BofA and home loan modifications.
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