Doing Better, But Bank of America Can Still Suck It When It Comes to Loan Mod's

Day 341 of my Financial Freedom Countdown

Here's an update to "Bank of America Can Suck It, When it Comes to Loan Modifications." So right after I called my wife and told her we received a letter declining our loan modification with Bank of America, she immediately called the customer advocate that has been assisting us with the loan mod request on our primary residence. Surprisingly, the advocate answered, but promptly told my wife, "Yes, your request for a loan modification has been declined." That was that. First some generic, cut and paste, impersonal, unfeeling, decline letter and now a "So sad for your luck" you don't qualify from our supposed "customer advocate."

My wife had enough with this and promptly asked for her manager's name, which the advocate did provide. Shortly after my wife hung up, she received an email with the customer advocates manager's name and hold on to your butt's for this one. She stated that she was going to re-submit our paperwork for the loan modification.

What were they possibly going to find that they didn't the first time. Well, the next business day, my wife emailed the advocates manager asking specifically why we were turned down and how the hell did we get a loan mod on our rental property and not on our primary residence. Not long after she sent the email, I received a call from our customer advocate to review items from our credit reports. Here's the best part, She read off to me three credit card debt's that were not ours. Whoops, I was wrong. That wasn't the best part. The best part was those three debt's had payments totalling $2,600. I knew this information was incorrect because:

1. We don't have any debts with those kind of payments and...
2.  I had just run our credit and those debts weren't reflected.  

So, surprise, surprise. Debt that was unverified that was going to cost us getting a loan mod. This also explained why there was no problem getting the mod on our investment property. The investment property loan had been sold to Fannie Mae and when it comes to loan mods, loans that had been sold to Fannie Mae don't take into consideration debt. Since our primary residence has a FHA loan, the debt into income ratio is looked at.

So, Bank of America's over site with this unknown debt reflected, had put an end to our hopes of getting a mod. Until now. The customer advocate re-ran our credit and these charges were no longer reflecting. Wow! It's amazing how things happen. So with the new credit report and those debt's removed our request for a mod is being re-submitted. Maybe now we can get somewhere. I will tell you right now, if you are denied for a loan modification, don't take no for an answer. All you have to save is your home.

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

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