Day 268 of my Financial Freedom Countdown
When is a time on a clock like the whistle of a train? When it's two to two. Toot, Toot, Toot! I have heard so many horror stories with people trying to get loan modifications through Bank of America and yet it seems Bank of America covers it all up by tooting their horn as much as they can.
Rebecca Mairone, Bank of America Home Loan's default servicing executive had this to say, "We continue to help thousands of homeowners through the HAMP and the use of other programs when customers are not eligible for a government supported modification. Our HAMP results in recent months show a reduced number of customers starting new trial modifications, due mainly to the implementation of a full documentation requirement. As a result, we are seeing a smaller increase in completed HAMP modifications month-over-month at this time."
I haved had mixed experiences with Bank of America's loan mod programs and I look at Bank of America's loan mod program as being just plain inconsistent. I received a loan modification on my investment property in a little over two weeks from beginning to end. However, I also have a second mortgage on this property, which they offered no help whatsoever. They tell me the loan had mortgage insurance on it and their claim has been approved so the loan will be going to who knows where. My concern is, now what happens?
What becomes of that second mortgage? Can they still foreclose on the house? I can't find any information on mortgage insurance on second mortgages and what happens if you default on one. Why give me a modification on one loan if you are going to let me default on another? We'll have to see how this plays out.
I have also not received a loan mod on my primary residence as of yet. The bank has been working on this since March and we are no further along then we were when it all started. How am I able to get a loan mod on my invest property, in a matter of weeks, and nothing on the second mortgage attached to the same property and not to mention my primary residence? Does anyone else smell a rat here?
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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