A Sacramento Loan Mod Horror Story with Bank of America

3 Aug

“In the long run it [the loan mod] was garbage…and a complete waste of time….”

-John & Tanesha Chuma


Listen to some of my clients candidly discuss their experience trying to get their loan modified by Bank of America.

2 Responses to “A Sacramento Loan Mod Horror Story with Bank of America”

  1. Peter August 5, 2011 at 10:24 pm #

    That is exactly what they did with me. 7 months of trial payments then you get the “You did not qualify for HAMP” Now they can sit back and charge late fees on the unpaid balance. I did appreciate the lower mortgage payment, I was in trouble at the time and still am but now I’m paying my old mortgage payment. They can foreclosure on me at anytime because of the unpaid balance. I haven’t seen any paperwork though. The trial period started April of 2009 and ended sometime around November. So they are happy with the fees and the sword against my neck. Does anyone out there have a line on 10,000 dollars at a zero interest rate? And a limitless payoff? Not for me it looks like. The bank gets that from you and me, the tax payers.

    • Peter Parker September 17, 2011 at 2:42 pm #

      Peter – Yours is a sad, aggravating, and all too familiar story. I am concerned that now you are truly in limbo, with, as you put it, “a sword against your neck”, and I question what paying any $ to B of A now is buying you in terms of long term security.

      If you cannot reach some kind of reliable long term solution with B of A that will work for you (HIGHLY unlikely, based on what you posted – what other avenues are left for that? None.), then I expect that B of A will indeed foreclose on you whenever they feel like it. Most likely, you will get no more warning than a notice of trustee sale, which usually will give you as little as 21 days until the trustee sale; fewer days if you do not receive it right away. I have seen this happen again and again, and not just with B of A, who, by all indications, including a huge increase in their foreclosure filings over the past 45 days, is moving to push the process of getting rid of their defaulted loans.

      I have suggestions and ways that I can help you make the best of your current situation, buy you more time in your home if that is what you want, most likely without spending any money, and keep B of A from trashing your credit as badly as they will if you don’t take the right steps soon enough. Call or email me while you still have some time on your side. I will not take a lot of your time and I can keep this simple and manageable for you – unlike what you have been through with B of A. Not sure if I can help? Watch my clients talk about what I did for them. Again, don’t let too much time go by; you are on your 9th life already.

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