I'm sure you all have heard of the ever clever " Loan Modification" plan offered by just about every bank, if you have ever tried to get a Loan Mod- you also know what a pain in the ass it can be.
Our primary residence is financed through Bank of America, several months ago I contacted them and said that we would like help in getting our payment lowered due to rising credit card bills and decreasing income. I was told very nicely that my mortgage was current and there was nothing they could do, I hung up the phone flabbergasted- you won't help me because I'm current? What crack pipe are those employees smoking?!
After much research on the Internet I found that until you have missed at least one payment they will not even look at you for a loan mod, so guess what we did we stopped paying our mortgage and amazingly enough when I called the next time, we met the qualifications for a loan mod and I was told that paperwork would be sent to me in approximately 45 days, so about 45 days later a Fed Ex package shows up on our door step, and its the initial paperwork to fill out and send back. So John and I fill it out, send it back with pay stubs, bank statements, all the usually crap they need, that was on March 12th.
So around Easter time I decide to call and check on our loan mod process. I called the 800 number that was listed on our loan mod paperwork and I speak to a representative from the HOPE team, which is who deals with the loan mod. I tell him that we sent our docs back and I was just calling for a status update- he says that he sees that our docs have been received, and that it is in the processing phase, and then he puts me on hold, I then get transferred to a different person. Guess where he's from, that's right customer service!
He starts telling me that we need to pay our mortgage and blah blah blah- I immediately cut him off and say that we are in the process of trying to get a loan mod and why was I even transferred to him, I was speaking with the HOPE team. He tells me that he has no idea why I was transferred to him and I need to hang up and call the HOPE team back.
So I do that, and get another HOPE team member, who tells me that we are in the processing phase and we need to sit tight, it can take up to six months for the process to be complete, wow, sounds like the HOPE team needs a little more help over there!
So overall our loan mod experience has not been too bad, yet! I do get sick of being transferred around to different departments. However, I have discovered that once you say you are trying to do a loan mod, they get very nice! We did get a call yesterday that they need updated pay stubs and a hardship letter- so we will get that over to them ASAP. Hopefully we hear something soon!
There are a lot of people who are trying to get loan mods by lying and trying to make it look worse then it is, my advice- be honest, be sincere, and be up front with your troubles. These banks are helping people, people are getting loan mods left and right, but to be one of the lucky ones you have to play the game. That's all this is, a game, so suit up, because it's one hell of a ride!
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