10 Responses to “Bank of America and Wells Fargo Mortgage Loan Modifications – Has it Gotten Better?”

1. Ken Beckman
   November 17th, 2009 @ 12:34 pm

   Origional loan with Countrywide. My wife tripped on a metal unbrellia stand in a dark restraunt walkway and landed on the 2″ pipe shattering her knee in December 2008. With medical bills pilling up I called in Feburary 2009 Countrywide told me it would be six weeks befor they could do anything, I submitted all paperwork requested. April 2009 Countrywide tld me the funds had not been dispersed from goverment and they would call me. June 2009 Countrywide said unable to process and I would be contacted by Bank of America. June 2009 went back to Orthogroup knee had not healed, Insurance maximum payout in APS/CNM Prespertain Health plan had been reached, MRI ordered, we have paid nearly all medical expenses from this point out of pocket. Contacted Bank of America early July 2009, re-submitted paperwork. August contacted Bank of America not able to find file, no loan officer assigned to us, just show missed payments and asked to bring to date. September, received letter from Attourney representing Bank of America. October Forclosure filed in court.

2. Ex Employee
   November 17th, 2009 @ 12:34 pm

   I am an ex-employee of ML and I couldn’t get my bank (BAC) to modify my mortgage through Countrywide. I waited many times just to speak to a rep and all they could offer was a refinance. If my LTV is 115%, I couldn’t refinance it without brining it down to 90%. Thanks to the market, there was no bonus in 08′ so no money to pay down.

   So I did quality for the Hardship conditions. The process was going to take 4-6-weeks but took over 10 weeks when I got first call.

   I was 4 days into my new job at another company and I was disqualified for Hardship since my financial situation had changed a bit. What a rubbish!

   My fault was to buy in the high market. And my fault is keeping current on my mortgage!

3. Ken Beckman
   November 17th, 2009 @ 12:41 pm

   I beleive that the 8 Billion in loans to Bank of America should be called in. Criminal investigation into one of the largest mis approatation of federal funds and land/home grabs. Probably using funding to creatively sustain bank to profit where they can then pay back and get out of the goverment loans and end up with hundreds of billions in assets.

4. rick george
   November 17th, 2009 @ 7:46 pm

   making home affordable with boa does not work the boa web site says that they will bring your payment to 31% of your gross. I make 53k a year, 31% would be about 1374.00 a month my payment under this progam is 1670.00 about 38% I have no choice but to walk away from my home.

5. Jennifer
   November 18th, 2009 @ 7:44 am

   My mortgage is with America’s Servicing Company, but financed by Well’s Fargo. I applied for a modification back in May. They put me in the wrong program, then I had to resubmit and update all paperwork to get into the Obama program. Everytime I would call they would say I needed to send something else, then enough time would go by that I had to resend my paycheck stubs. They denied me because I never sent in something that they never asked me to send in. I complained and they put me back in the program. Then they denied me again, because they used my net pay to calculate my payments stating I couldn’t afford my expenses. I mean seriuosly this is my home and my life and they make the mistake to use my net pay instead of gross? Finally it’s Novemember and I just got put on a three month trial period. Who knows what will happen now.

6. otis
   November 18th, 2009 @ 11:03 am

   This letter is to request a loan modification for the fore mentioned loan number.
   This is my fifth request dating back to September 2007. I have not received any answer or acknowledgment of you receiving such a request. I have submitted two such request through Housing Counseling (Hud Approved), but still no answer. It is now Nov. 2009 w/foreclosure imminent.
   I would with all humbleness again request a loan modification. I got behind in my payments due to family illness with a loss in income, family illness which caused considerable financial strain, an ill fated advised bankruptcy and faulty legal advice.
   I have a 40 year 9.75 arm Sub-prime which is about as bad as it can get. Most of the homes in my area has fallen drastically in value almost to the tune of 50%. You sold one of your REO’S recently in this area for 60,000.00 that was once 100k plus.

7. Jack
   November 20th, 2009 @ 5:08 am

   I applied for a modification in August (28).
   the bank has not approved or denied the request but the loan has been sent to a collection agency.
   My account number was changed without my knowledge.
   This caused the last payment to be lost.
   I am no longer able to talk to anyone in the loan modification department
   IF IT EVER EXISTED..
   All the phone numbers to Bank of America
   are answered by aCS a collection agency
   at a call center in India.

8. Mr. S Pawlak
   November 20th, 2009 @ 7:35 am

   My wife and I have were pre-approved for a loan modification and we were asked to pay 3 months in advance. We did and then the following month the money was all returned to us by Bank of America with a denial letter. We then re-applied and we were told that with the new programs and with the financial data sheet we provided we would qualify. We were denied again with no specific reasons. We were told to apply again and now it is the 3rd time, we do not know what to do anymore, we get letters of threats from Bank of Amrica if we do not pay, we will be sent to foreclosure. I lost my job, I am over qualified and no one wants to hire, my wife has a small job and we are expecting a baby soon. Where is the baby going to live? Our credit is bad, all rental communities are asking to check credit scores, or people want 3 months in advance plus security deposit. We do not think that Bank of America is going to qualify us, because so far nothing has been done. Impossible to reach someone on the phone, letters are not answered, and yet they got Billions from the government, what are they doing to help? We more than qualify like many others, we offered to send a payment to show good faith and we were told it would come back to us. What should we do?

9. Mr. Vallon
   November 20th, 2009 @ 7:42 am

   We have been waiting almost a year to hear back from Bank of America. We went through the same stories as the others. We were pre approved 3 times and denied 3 times. No logical reasons were given to us. We recently received a call asking to provide additional information. We do not know what additional information means! What are they asking for? We tried to call to ask what does Bank of America needs from us and it is impossible to talk to someone. Or we are now talking to people from India that have no clue what’s going on because they do not have any additional information. This is a Joke! We are trying to pay something instead Bank of America wants to foreclose on the property. Does it make sense to Anyone?

10. Young
    February 27th, 2010 @ 8:29 am

    We have been in the pre modifaction plan with B of A since Oct. 2009. Yesterday we got a letter saying within 20 days you will be told what is going on. Does that mean they will forclose. We have been making the payments they told us to make since Nov. and all I hear is keep making the payments and we are working on it. What next?

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