This is just an incredible site!
This is kinda "off the wall" dont do loan mods, but I have an elderly family member that I am trying to
help. BOA/FHA . (I am involved just because it very close family!) If anyone can shed direction I would appreciate your input. I had a very "bad" conversation with the"who ever he is" person " today! (been doing this 8 mos now!
Ya Know, this is sad, I am begining to believe, there is no such thing as a loan modiication, and they just beat he hell out of peopl!
Any input would be appreciated. Feel free to contact me pesonally!
Thanks!
Bev
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Replies
Beverly;
Here are some tips:
FHA Loan originated in 2009 might be a automatic disqualifer check the HAMP guidelines manual.
After 8 months in process you can file an OCC Complaint and reference the BAC federal consent order from April 2011 that required BAC to improve their loss mitigation processes. BAC has not complied. This will get your family members file transferred to the Banks Office of Executive Compliance. This will get a higher level human name attached to the file.
Default is important must be 2 months and its auto DNQ after 12 months.
Quicken origination then MERS to BOA? You or I may be interpreting this incorrectly. Do you mean their FHA loan was transferred or assigned? If assigned you may check the title and search recorded assignments after 2009. Examine that document carefully by running every name on that assignment through google. If this doc appears to be fraudulently conveyed then mention that in your OCC complaint.
Bank of America has a "get out of jail free card" with all federal agencies and regulatory authorities and it is not a level playing field. They will fake compliance for up to a year then slam shut the file with a DNQ and "do the math" does not compute with them.
Stubborn works in loss mitigation stupid does not. With the get out of jail free card even the most experienced and intelligent people end up with egg on their faces with BAC loan mods.
Beverly;
Loan Mods with Bank of America are a waste of time. Remember they have $200 billion worth of Countrywide loans to dispose of and they aren't going to do it by modification. Their process will take 8-12 months and then you'll get declined 98% of the time.
80% of all other lenders will and do write loan modifications and their processes have improved to 90-120 days for the most part.
Well, I am not getting any "good news"! Once again, I am a REALTOR and dont do loan Mods, I am just trying to help a very close ( 70 year old) family member. I am hoping someone has a good FHA contact that can help! Because yes, the BOA (home retention, etc, etc, is just what he is, not even sure!) Is a (never mind)! I never quit on a short sale and trust me I will take this to the max, just because a member of my family! Heck, I cannot even do a short sale, because of the Arms length stuff!. I know we are not "Loan Mod" superstars, but there is a heck of a lot of tallent and knowledge on this site! This is a recent 2009, quicken loan deal, Mers to BOA, Ha! Do the math, Someone on SS retirement, didnt even qualify, Gee FHA appraisal (in 2009) . Sorry just venting! I am sure we all have SS under similar situations.
I believe that the actual success rate is about 1% for loan mods, those people that actually get a mod and dont end up with a short sale or foreclosure are lucky like lottery winners