Loan Modification scams

I originally had a Countrywide ARM that adjusted, and at the same time my income decreased significantly.  I asked for a modification as they merged into BofA.  They gave me a forebrarance on payments for four months, and dropped the interest rate by 0.1% tio keep the payment the same.  For the last six months I have been sending BofA information and requests to modify the loan to get the payment, even interest only to where I can actually afford it short term.  Has anyone had any success on a workout directly with BofA?

Many months ago I tried my own loan mod twice - with Chase. I was turned down twice. After spending 100's of hours and 3 month trying to decide where to put my money and who to trust I allowed myself to feel confidence in the postings of an individual that was working for a loan mod company.

Just on 2 months after contracting with them they had a loan mod worked out for me. It was a "temp mod" that required me to make 3 payments after which time it would be made permanent so long as I made the 3 payments and nothing material changed in my circumstance. December will be the 6th payment I have made.

This is not the fault of the loan mod company. They did their job and remained engaged to this day helping with advice as the forms and requirements continue to come from Chase while they just say they do not have software or guidlines yet to make the mods permanent.

It looks like the temp mod will soon be made permanent as they have just requested all my financials again.

In summary - though it's possible to do this on your own I know many who have failed. Myself included.

I have referred two friends to the same company. Both had tried already on their own. One had his loan mod with Wells Fargo in about 4 weeks. The other decided to continue going it alone. His has now been formerly declined.

I don't know if this is an appropriate forum to make a recommendation or not ??? 

The company I used is American Mortgage Relief.   http://www.amrsite.com/   The contact there is Paul Horvat.   949 859 0362

You're welcome to contact me direct if you wish to discuss any aspect of my loan mod. My payment went from $2207 to $1145 ..... quite a significant change and it made all the difference to me being able to stay in my home.

Geoff

geoffgow@yahoo.com

I hired a local modification company in 6/09 to assist me with a Bank of America loan modfication.  For six months they claim that the bank was working on it.  At one point the modification company even gave me a hard date as to when everything was to be completed.  Well, when that day came and nothing happened I began to ask alot of questions. 

After waiting for two additonal weeks, I decided to call BOA myself.  I contacted the Office of the President and CEO of Bank of America.  After I explained my issue and that I have waited many months, they put me on the top of their list.  I had the loan modifcation in three days.  I was told the following by the BOA loan rep:

1.  The loan modifcation company should not be doing the follow up.  The homeowner should do it.

2.  You need to specifically ask them for President Obama's Making Homes Affordable Program.  They will not volunteer it and you mght get a higher interest rate.  (They lowered mine to 2%).

3.  You do not need a loan modifcation company to get the modification.  They did recommed having an attorney look over the final paperwork.

In the end Bank of America has followed up four times to make sure that everything is okay.  As a result, I haved learned that the bank does care.  Thank You Bank of America for saving my home.

Call me a skeptic if you like, but ...........  Really! The office of the Pres and CEO and 3 days later ... big puff of smoke and  ..... just like a magic trick?

I too have a BofA loan. Would you be kind enough to share his phone # and extension?

Thanks very much :-)

Geoff,

The initial work of collecting all of my documents was done by:

Christina Villaneuva  (972) 608-6482-  Customer Advocate Office of the CEO and President

All the followi up was done by: (Christina went on vacation)

John Tillis (972) 526-6975

In addition, BOA Loan Modification Manager Alex Evans helped as well.  (972) 498-6186

If these people won't help you directly, call the BOA general number and ask to speak with the President and CEO.  You should get immediate help from someone.

Lastly, the company that I hired that did nothing was DSB Loan Modification.  They were useless and refuse to give me a refund.

My parents hired a SoCal firm to help with a loan modification in December of '09.  Paid $2,000 up front as a "Non-Refundable Retainer."  Long story short, the attorney's rarely returned their calls (a HUGE no-no for attorneys) or e-mails.  As well, they did not properly explain the process or the limitations.  After 3 months of telling them to stay the course despite my parents' apprehension, having told them improperly what amount to pay and what not to pay, their loan modification was denied.  My parents' "bullet-proof" credit was ruined.  They started talking to me about it and I immediately became enraged.  Attorneys should know better.  Unfortunately many only see the bottom line being the dollar bill.

Attorneys in CA must EARN their fees.  There is NO non-refundable retainer unless it is a "true retainer" (i.e. they have taken you on as a client and foregone other work as a result).  This is a tough thing to show.  So, in essence, there is NO such thing as a non-refundable retainer.

I helped my parents write a letter outlining their errors and how they had violated their professional responsibilities and were required to present my parents with an invoice of billable hours.  We got a return letter offering a half-refund but not showing billable hours.  AS well, they apparently violated new law which does not allow them to collect up front fees.

I am trying to get my parents to pursue further action against the firm, as there appears to be a massive problem with fraud in this area.  The AG is dropping the axe and attorneys better start being more careful or their necks will wind up on the chopping block.

In the end, my parents are working directly with BofA to help restore their credit.  If they had only talked directly with BofA in the first place.  Perhaps standardize a form to help consumers/home owners and eliminate such business as Loan Modification agents.  Attorneys do not need another way to rip off clients.

You seem pretty stand-up, Nathan.  Keep it up.

Any tips or pointers for repairing credit?

Anyone know about Oppenheim Law - http://www.oppenheimlaw.com/ or any other reputable law firm here in South Florida.

They're offering a free workshop tomorrow evening:
 "Get Paid to Leave Your Home? Florida Real Estate Workshop Tells All April 7"

Bank of America - HELOC - Short Sale.

I have an offer on a rental property. Both 1st and HELOC are with BofA. The offer is for enough to pay off 100% of the 1st and 63% the $24,500 HELOC. The deal will be just over $9K short.

BofA have said to apply for a short sale with expected processing time of 15 business days. They offered to settle for 85% of the HELOC balance and said they would come down to 75% in cases of severe hardship and hinted that even further might be possible.

Does anyone have any experience dealing directly with BofA on HELOC short sales?

Is a 15 day processing time realistic? The closing date is for 8/20 and the buyers will not wait for a more conventional short sale process of 3-6 months.

Thanks - Geoff

I am also a victim of Wells Fargo and I filed my case with attorney general and other authorities. They sent my complain to... Wells Fargo!!!

I see the root of the massive modification fraud that major banks have committed for almost TWO years in the government. The job # 1 of a government is protecting the citizens from external an internal enemies, but this government itself is an enemy of the people because it has organized this scam driving people from their homes in order to replace weak mortgage payers with strong ones by means of this fraudulent modification. If it were not a government's scam then media's moth would not be shut up. This information circulates only on private websites. There are thousands of such stories, but matter does not go further. Indeed any nation is worthy of its government.

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i Wanted a loan modification .I trusted EM LYNCH to do the loan mod.paid in advance 1.050.00 hoping they could do theilr job.Ithought on well .the co. promiced my money back .if the job was not done in 1 year. I was mislead all the time i talked to my associateJANE. When the year was oiver EM LYNCH refused my refund.They said not enouogh paper work was sent.Believe me they could wall paper theilr expensive office with all the documents I sent them.I am a senior and they stold lmy money SHAME ON THEM. One day this cheating old people will come back and bilte lthem .Ibeleive in carama.

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