I have been attempting a mod with boa since April 2009,
just got a trial mod Jan 2011 for $200 less WTH?
Contacted them when i knew my husbands hrs would be reduced.
His hrs unbeknowst to us went to 0.00 hrs.
Make long story short after much back and forth,
stopped paying them Aug `10.
We were never late,
never missed a pymt.
When we bought house we could afford it.
When I was laid off in 2007,
we were never late or missed pymt.
A yr and some months later borrowed from my 401k to keep making the pymts as I figured it wld be no more than an additional 6 months bfore mod was done WRONG.
First they said 30-45 dys,
which became 45-90 dys,
which became could be 120 dys.
Anyway my husband got a job making much much less on other side of town.
we have one vehicle my job has not given increases in last 2 yrs,
finally after initial contact to boa,
could not pay back loan and pay other bills.
Reduced our monthly bills where we could,
I should have just paid off
our other debts.
Had to declare bankruptcy.
Our credit score previously was in high 700`s.
Just called them to say still cannot afford I waited almost 2 yrs for $200 reduction,
that they still tie what I owe onto back end of loan,
my house is under water.
the rep told me,
they still cant tell me who is negotiator on mod,
but they need 72 hrs to research.
My options are I can opt out of mod,
but would have to start all over again.
This is crazy.
Sad part is they still get the full amt of the loan so why cant they reduce monthly pymts to where it is affordable.
Someone else I know got a mod with a $100 reduction,
The many hrs i have spent on the phone,
mainly on hold because no one knows what the heck is going on,
I spent more than $200,
then they want to tell me how much of a valued customer I am,
and its not them,
its the investor who is holding things up.
Not a good look BOA.
Shame on you.
In most cases most of us would not be able to truly qualify for loans as when you initially seek approval,
you base it on 2 incomes unless your single.
So even ppl buying up the cheap homes now a days may not truly b able to afford
these "cheap" deals.