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Mortgage Nightmare....when will it end?

Tuesday, April 30, 2013

A major set back happened.
After a long and harried 18 months of trying to re modify our home back in June of 2012 we finally got an approval for trial payments. We made them on time, never missed one. I kept in contact with BANK OF AMERICA and they always said "they are working on permanent modification."
December, 28 2012 we got an approval letter with documents to sign by January 5, 2013. We didn't have a week to get them back. We signed them and not only sent them back over night, we faxed them in too. We were so happy this was finally moving forward.
We had been making our new modified payments. I kept calling Bank of America to find out why the internet wasn't updated. The rep assigned to us (we have had over 12 reps assigned to us. Each one said they would see us through to the end of this process. )
The local bank wouldn't take our payments because the modified amount wasn't in their computers. I would have to call the rep and get it auto deducted. They only let you talk to your rep assigned to you. I had to call only him to make the payments.
I thought everything was going just fine. Never missed a scheduled payment the past 12 months. Was in constant bi-weekly contact with the rep and then....... March 27 we got a letter saying our escrow was short??
How could it be short when they were supposed to roll every thing in?
We had 5 days to pay it or it would be added on to our payments. I called the rep AGAIN. He told me that the modification is in escalations and they were working it out. Not to pay the shortage.
LAST week we got a whole new package!! The same letter head and everything welcoming us to modification. The documents say we must accept by May 1 and make our first trial payment by APRIL 1 2013. Hello???? Isn't April almost over? Then the interest rate is higher! and the payments are higher, we can't afford it. Every one I call doesn't know what is going on.
Some how we owe 7,000 more than we did on our mortgage.
I was so frustrated that I actually wrote and sent an email to the President of the United States and The Federal Consumers Agency.
So we wait. Unable to fix our home up because we don't know if we are going to be here this Christmas.
After all of this I don't even know if I want to stay in this home but we owe more than twice than what the homes are selling for in our neighborhood.
Thank-you for reading this and letting me vent. I could have wrote a novel at ALL that has happened over the past 2 years, but I kept it to the short story....LOL emoticon

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Member Comments About This Blog Post
    I had other, totally non-mortgage related reasons for leaving BOA, and I'm happier with every passing day that I did so........sad thing is that, as a one-time employee of one of their former affiliates (no, NOT Countrywide!), I get a small pension........sheesh, I probably shouldn't bother with it when that time comes(and may not, just on principle)!

    1769 days ago

    Comment edited on: 6/17/2013 5:57:20 AM
    What seems so silly about all of this is that you would think the banks would be happy to work with anyone who is willing to refinance and make payments. Computers don't make it easier sometimes. Carol
    1811 days ago
    You are a better person than me-I had to walk away.I couldn't make the payments that kept going up every month.I needed double hip replacement,was forced to retire from the county prison career I had for over 27 years.I think over 75 % of the the homeowners have to go into foreclosure.It is better to start fresh.I had trouble with Country wide and BofA .Now there are class action suits going on with them.Good luck!
    1815 days ago
    Oh how I can relate to this...went through the same thing with a trial modification ..making payments and suddenly after about 8 mos of making those payments and waiting for permanent mod, we got the same 2nd trial mod like you did. Higher interest and higher payments. We finally managed with an attorney's help andwith getting a Bank of Amer rep who seemed to know what she was doing to get a permanent modification. I just don't know about those people. Sure hoping yours can be worked out. Hugs to you.
    1816 days ago
    We have apt. With attorney Wednesday @ 11,
    The problems started then Country Wide mortgage
    Sold our loan to Bank of America.
    1816 days ago

    Comment edited on: 4/30/2013 9:23:31 PM
    So many people have had these problems with Bank of America. their goal is to get people's houses or make them pay huge amounts of money.

    So glad I've never done business with them and I don't intend to either.

    1816 days ago
    This is horrifying. I'm so sorry. My Honey has pain insurance with no claims on house insurance and got a letter this week from the insurance company cancelling his insurance because they said he needed a new roof and a door jam replaced. He's covered until August...has had inspectors out to check the house who disagree with the person who did the surprise inspection for the insurance company and will have to find a new company before this policy lapses.
    We live in such a deceitful society. Shame on them!!!
    1816 days ago
    Oh my - have you talked to a lawyer?
    1816 days ago
    So sorry to hear that you are going through this and will pray that God opens a door for you to get the right assistance and answers that you need.

    A friend-girl had her mortgage with Bank of America and it was a nightmare for her as well. I pray that you have a better outcome than she did.
    1816 days ago
    Most people in your situation go for the short sale. It's what the banks say they want to avoid, but hard to believe when they treat customers the way they have treated you.
    1816 days ago
    emoticon Terrible and Frightening to say the Least. I am simply Praying for you and others - Like Myself! - to find a way through this Bureaucracy Mess. The "American Dream" of Owning a Home is certainly NOT all it was cracked up to be when we were young.
    1816 days ago
    I feel your pain. My son and his wife are underwater in their home and they have both been underemployed for 2 years. We have been helping them make their payments but it is getting old. Burocracy!
    1816 days ago
    I have talked to supervisors and they do not know what is going. It's always another department. I forgot to mention I also emailed the CEO yesterday. I hope their office gets it cause it sure is hard trying to find how to send email to him.
    1816 days ago
    Wow, what a story. Your escrow account can go up (or down) depending on a) your taxes and b) your insurance company. Bank of America is not know for efficiency but think you might have been better off sending a letter to the ceo then the president lol. If your rep can't help you demand to speak to his supervisor and work you way up the line. I wish you much luck sorting thru this problem.
    1816 days ago
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