Home Loan Modification – Will Wells Fargo and Bank of America Step Up?
Posted on | January 5, 2010 | 3 Comments
The home loan modification process was created to help homeowners avoid foreclosure and stay in their homes. For much of the first year of this program many lenders have had great difficulty getting home loans modified. Wells Fargo and Bank of America have stated that they are going to work harder to get loans modified in the year 2010. The question is will they step up?
For those of you who are currently going through the home loan modification process you know just how difficult it can be. Many hours of homework must be completed and many documents must be submitted to your mortgage lender. Even if you do all of this you are not guaranteed to get a home loan modification.
Unfortunately, mortgage lenders are also finding it very difficult to do the necessary steps to get home loans permanently modified. Many home loans are currently in the trial period of modifications but very few of these have gotten into the permanent status. If you are currently in the trial modification then you will want to do everything possible to get your mortgage permanently modified.
The Making Home Affordable website is a great resource to use to find out everything you need to know. This website is quite extensive and can give you some statistics that you never dreamed were even available. It would be a very good idea to sit down with this website and do in depth research to find out everything you need to know about your position and your lender’s position.
If you currently hold the Wells Fargo or Bank of America mortgage then there are options for you. It might be a good idea to access the company’s website and see what they can do for you before you go to the Making Home Affordable website. It is also a good idea to contact your lender directly.
Author: Alan Lake
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3 Responses to “Home Loan Modification – Will Wells Fargo and Bank of America Step Up?”
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January 5th, 2010 @ 11:10 pm
I have tried for 9 months to get our loan modified. We were originally a Countrywide loan and B of A bought it out in April. I have tried since then to get a modification. We qualify due to loss of income due to job loss, primary residence, owe less than $700,000, Freddie Mac loan. I have went as far as complain to the treasury department who is investigating them, still my file sits on a negotiators queue where it has been for a month. No calls are ever returned, I cannot afford my mortage at this rate that I have tried to pay for over a year missing a 2nd income to help pay it. December was the 1st month I did not pay it hoping to get someone’s attention. Still they do not return calls. Now what do I do?
January 6th, 2010 @ 9:10 pm
contact Home Free USA or go to NACA. They REALLY can help especially because it is a freddie mac loan. I also hear they are good at getting Bank of America to step up to the plate. Also go to the Fannie Mae website and call the number. I have heard from others that the only way Bank of America will help directly is if you are close to forclosure so the aforementioned suggestions are your best solution.
January 7th, 2010 @ 9:07 am
I experienced the exact same problems as L. Howell with a Countrywide loan assumed by Bank of America on behalf of my senior parents. The loan modification sat and then tossed around for approx. 4 mos! No one ever called back in response to inquiries. It took me 3-4 hours and conversations with 4 different offices before I could get any information. Only to be told they can’t qualify for any of the programs because the value of the homes in their area had dropped so much lower than their original loan and to keep checking back if the value of their home should increase. I am now at a loss as to how to help them.