We're finding that the 'trial' period for getting a loan modification is often at a higher monthly payment then the homeowner was originally having difficutly making. In your example they collected, assumably, 2 years of payments instead of the alternative which would be having the house go into foreclosure. It's a shame and darn near a 'bait and switch'. My advice is to contact HAFA/HAMP and have them look at your situaion. Google government plans in your area for modification help while staying away from 3rd party individual companies. Sorry but there are too many giving the good ones a bad name that I would avoid anything that isn't sanctioned.
Also, keep trying with your current lender. Their story seems to change every 30 days when different reports are due. Don't give up. Good luck to you.
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
Continuing a charade of pretending to offer loan modifications serves the primary goal which is delay. Delay is the goal of the higher ups in bank management, even though it is not in the best interest of their stockholders, the public, the borrowers, the nation, nor even in the best interest of the bank itself. This is the rational choice for the executives to make, considering the fact that the top executives continue to pull in gigantic salaries and bonuses.
The lower level employees handling the borrowers requests are lied to by the executives so that they unknowingly rebroadcast those lies to the upside down borrowers.
Some loan modifications do get made, despite the odds being stacked against the consumer, but only in token numbers.
Unfortunately, banks really seem to be putting innocent people through the ringer with these loan modifications. I have yet to meet someone who has successfully completed a loan mod. If you'd like further information on the short sale process check out the referenced page below. Or, if you'd like to know other options on slowing down the foreclosure process shoot me an email or give me a call.
I have experiance with this situation. first do not accept any forbearance agreement with BofA. this is usally a 3-6 month plan. After the 6 months, you are forced to make your normal payment plus a portion of the payments in a arrrears, makes no sense. BofA is one of ,maybe the worst with short sales and modifications. Thier internal systems and processes are a total failure. You are correct, if you get a modifcation package and can get it into the right persons hands, they wil bury you in paperwork and re-faxed/re-mailed duplicate paperwork.
if you are in forclosure, 1st, Do not trust any thing BofA says on the phone. 2nd, you need to speak with a real estate attorney, 3rd, you need talk with local short sales real estate agent. 4th, you need to determine if the loan you have is recourseable or non-recourseable.
I am local to you and can put you in touch with local agents.
all my best to you, stay strong.
The pn# is 704-386-5681. Please call them. If you need further help, please let me know.
Best of luck I know it's a tough situation to be in.
Realtor, GRI, CSSN
John Hall & Associates