Day 337 of my Financial Freedom Countdown
For a bank who knew how to get TARP money, they sure don't know how to pay it back. I say that sarcastically as Bank of America did pay back the TARP money they borrowed and they couldn't wait to pay it back either. Probably so they wouldn't have to answer to anyone in the end, but one thing is for sure, they aren't paying it back to people who paid taxes, who in the end provided them with the TARP loan to begin with.
Month after month Bank of America has been tooting it's horn regarding how many loan modifications they have done to date, not to mention how many they are doing every month. As a matter of fact, Bank of America has the worst loan modification track record and this month it is no different.
Today we received a later stating:
Thank you for contacting us recently to discuss your home loan needs. We understand that it is becoming increasingly difficult for you to make your monthly mortgage payment, and unfortunately we are unable to offer you a workout plan at this time because:
Loan has been reviewed for standard HUD loss mitigation and has been disqualified based on homeowner's (ability to pay/delinquency status). Reviewed for HAMP program. Homeowner does not qualify for HAMP, due to the current front end ratio being below the 31% requirement. The file was also reviewed for other workout programs and the financial information submitted indicates that you do not have the resources to support any of the workout programs available. If your financial situation improves, please contact BAC Home Loans Servicing, LP, for a re-evaluation of your request.
I find this outrageous as just a few months ago Bank of America granted us a loan modification on our investment property. I say that again, "INVESTMENT PROPERTY." The fact that Bank of America gave us a loan mod on our rental property instead of our primary residence is ludicrous. This letter is also ridiculous as to me it is saying, "On one hand you make to much money and the other hand it says you don't make enough." So, which is it Bank of America? We make to much or not enough?
It is no wonder why so many people are having problems getting loan modifications or least the answers to their questions. All this is a bunch of double talk. Does no one know what the hell they are doing? We didn't even get a phone call from the person supposedly there to help us. Just some stupid form letter in the mail. The fact that we are able to get a modification on a rental property and not our primary residence has revealed that, not only is there definitely something awry with Bank of America's loan modification department, but our Federal Government as well. Something needs to be done with these inconsistencies. I am still waiting for the "CHANGE" Mr. President. How about you?
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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5 comments:
May I ask how you were able to obtain a loan modificaiton for your rental?
It was actually easier to get a loan modification on the rental than on my primary property. The process was exactly the same as it is for any primary residence. I didn't have to hide anything. The bank new it was an investment property the entire time. The one thing I will tell you, as with any loan mod, you have to be at least two months late on your payments before the bank will help you. Hope that helps. Feel free to ask me any other questions.
Thanks for the response. One more question is that do you know how much your credit score dropped by missing two months?
Thanks again
Do you know how much your credit score dropped after missing two months payment?
Honestly, I don't know. For two reason's. First, I didn't have the heart to see my 800+ credit score go down the tubes. Second, I had also put the majority of my credit cards on balance liquidation programs, which in turn lowered my score as well. So it would have been hard to determine what lowered the score the most. I have read however that if you have a high score you could lose as much as a 100 points to your score. But you need to choose, do want to have the property go into foreclosure or let your score drop for a while and let be built back up. Foreclosure will be a much bigger hit than a loan modification.
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