Gloria
Turner:My husband and I have been piraictpants in the Bank of America HAMP 24 program for the last year and a half. The first 9 months were spent just trying to get on the program. These last 8 months have been spent trying to get the final modification paperwork. Now that we have the paperwork we are reading that Bank of America (BOA) although lowering our current mortgage payment approx. $400-$500 per month, will also be attaching a 2nd mortgage (lien) onto our existing mortgage for almost $9500. When asked what this was we were informed that BOA is allowed to collect up to 4 months worth of our old payment for doing the modification and will be adding this to our mortgage in the form of a 2nd mortgage! Additionally, although we have always been consistent and on time with our mortgage payments, the have listed us as delinquent to the credit bureau and our current credit bureau rating has dropped almost 100 points in the last year hurting our credit and ability to take out other loans if necessary. I have called Fannie Mae directly and was told that a negative rating during the 4 months of trial payments may be initiated and this should have been outlined to us in the beginning .it wasn't. BOA says they will correct errors in reporting but this hasn't yet happened. Additionally, the Fannie Mae representative stated that there is a small fee interest only for the 4 months of trial payments that can be collected for the modification, but, it should NEVER be attached as a second mortgage and $9500 seems like an outrageously enormous amount .and to call an attorney. BOA has been an absolute NIGHTMARE! We wait sometimes months for return phone calls. Customer representatives and account managers typically are misinformed and as you can see, in many ways we are getting screwed at the end of the day. If my husband were receiving an hourly wage for the amount of time he's invested in trying to get this loan modified we'd be rich! I do not yet know how you can participate in a class action lawsuit but, we may very well be part of it. It is my understanding that the modification program is available until June of 2012 .a year away. I do not understand why you cannot apply. Bank of America is crooked and I can not understand why they are still operating in the mortgage arena. Ugghh .
Gloria Turner:My husband and I have been piraictpants in the Bank of America HAMP 24 program for the last year and a half. The first 9 months were spent just trying to get on the program. These last 8 months have been spent trying to get the final modification paperwork. Now that we have the paperwork we are reading that Bank of America (BOA) although lowering our current mortgage payment approx. $400-$500 per month, will also be attaching a 2nd mortgage (lien) onto our existing mortgage for almost $9500. When asked what this was we were informed that BOA is allowed to collect up to 4 months worth of our old payment for doing the modification and will be adding this to our mortgage in the form of a 2nd mortgage! Additionally, although we have always been consistent and on time with our mortgage payments, the have listed us as delinquent to the credit bureau and our current credit bureau rating has dropped almost 100 points in the last year hurting our credit and ability to take out other loans if necessary. I have called Fannie Mae directly and was told that a negative rating during the 4 months of trial payments may be initiated and this should have been outlined to us in the beginning .it wasn't. BOA says they will correct errors in reporting but this hasn't yet happened. Additionally, the Fannie Mae representative stated that there is a small fee interest only for the 4 months of trial payments that can be collected for the modification, but, it should NEVER be attached as a second mortgage and $9500 seems like an outrageously enormous amount .and to call an attorney. BOA has been an absolute NIGHTMARE! We wait sometimes months for return phone calls. Customer representatives and account managers typically are misinformed and as you can see, in many ways we are getting screwed at the end of the day. If my husband were receiving an hourly wage for the amount of time he's invested in trying to get this loan modified we'd be rich! I do not yet know how you can participate in a class action lawsuit but, we may very well be part of it. It is my understanding that the modification program is available until June of 2012 .a year away. I do not understand why you cannot apply. Bank of America is crooked and I can not understand why they are still operating in the mortgage arena. Ugghh .