BOA loan mod dept calling my client after giving SS approval after a year
I finally got the approval last week and today he says they have been calling him for 3 weeks telling him he can do a loan modification. Well first wouldn't it be nice to let the agent know, who has been working on it for a year???? And part of the reason he got approved for the ss was because of deportation, so if he is not supposed to be here, how can they give him a loan modification? I think these departments need to communicate with each other.
Replies to This Discussion
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Permalink Reply by joe beauchamp on
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BofA depts pay little attention to each other. Getting garbage letters from other depts is common with BofA. If it screws up a short sale, that makes corporate happy - they continue to collect maintenance money from the investor for that account, so why fix things? I suspect that this loan mod has no basis and that it is as good as "you are prequalified for up to $200,000 on this credit card." Just BofA dept marketing.
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Permalink Reply by Anna "Banana" Kruchten on
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Valerie - no way! That would make it way to simple and easy for all of us to figure out and deal with. Where's the fun in that? Just kidding!!!
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Permalink Reply by ElizabethWeintraub00697006LyonRE on
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I ran into something similar. We were in the middle of an FHA short sale, trying to get the ATP, when Bank of America called the seller to say he could qualify for a loan mod. Which was completely and utterly impossible because this was a rental property for the seller, and you can't do a loan mod on an FHA loan if you don't occupy the property. I even sent the seller the FHA guidelines from HUD that clearly stated such.
Still, he wanted to pursue the loan mod. He was hoping for a miracle. That's how desperate some people are.
Of course, there was no miracle and it's now a year later, he's deeper in debt and he has no loan mod. Now, we start the short sale again. At least getting the ATP will be a breeze this time around.
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