April 30, 2011 by Filed under Loan modification advice Leave a comment One of the most tough financial institutions to deal with, it seems, when it comes to Loan Modification is Bank of America, here is the experience of successful mortgage owners when dealing with Bank of America:
“For the last year I have been working with a good friend of mine in order to get her Bank of America first mortgage modified. And they finally approved the modification. Payments are going from around $1800 to $1300. To make a long story short, your income, how much you owe and other factors doesn’t determine whether you get a modification or not. Persistance is key with dealing with these people. Another thing key is putting pressure on the bank, through complaints, repeated phone calls and letters. You have to realize that Bank of America really doesn’t want to approve any modificiations, at least in California and most of the ones they do approve are completely inadequate. So it requires a lot in order to get them to approve an adequate one.” Here is Another advice: “You are going to have to play very hard ball with Bank of America. Be prepared for to call them at least twice a week for some months. The loan modification for my friend took a year. Never take no for an answer from B of A. Continue to pressure the bank and you will achieve victory. Start by calling the office of the CEO. The phone number is 704-386-5687 begin_of_the_skype_highlighting 704-386-5687 end_of_the_skype_highlighting. If that number is busy, you can call the numbers for Bank of America headquarters. The number is 704-386-5972 begin_of_the_skype_highlighting 704-386-5972 end_of_the_skype_highlighting. When you get the operator, you ask for the office of the CEO. When you get someone on the phone, explain that you need someone to help you modify the mortgage and nobody else was willing to work with you. You have been a customer with the bank for a long time and really want to work with them, but in all honesty, you are facing financial issues and you don’t want to be forced to file for bankruptcy. You also have to explain that you want to stay in your home but you need a heavy reduction in the payment, at least 50%. I know that they most likely aren’t going to give that to you, but you have to propose something. They will transfer you to a manager who should start the ball rolling. However, even with a manager helping you, it is best, at the same time to reach out to government officials and agencies so that they can apply pressure on Bank of America. You should start by reaching out to your senator and congressperson about this situation. Write them letters and request assistance. Also file a complaint on Bank of America with the OCC, Office of the Comptroller of the Currency which is the regulator of Bank of America. One tactic which I used while helping my friend is in addition to filling a complaint myself, I reached out to one of the aide’s to her congressman. I got that person to complain to the OCC about Bank of America and our situation. Drumming up external pressure on this bank is KEY. As I said before, they do not want to help you or any homeowner but if you generate enough pressure through complaints they will eventually act. But be prepared for a battle.” For those who are finding hard to get loan modification from Bank of America, try to implement these strategies, and best of luck.
Works Rights Compliance Alliance 
Great advice and I concur!
Interesting topic. My mother was the victim of a major predatory lending travesty which began when she was given a $116K loan at the age of 70 with a 500 credit score, basically minimum wage income, with a 73-year-old husband in declining health on social security. Taylor Bean & Whitaker was the originator – of course, who else…A year later she was convinced she should refi – which she never understood as a refi. Instead, she was under the impression that she was getting a $20,000 loan to get caught up and pay for medical expenses. She recalls getting a check for $16,000 and never understood where the other $4,000 went. All too confusing for the average schmuck of us who obviously don’t know jack about financial matters beyond our banking accounts – not that we know much about them either. Things have gotten out of control. As it turned out, they “refi-ed” my mother’s $116K loan – Security Atlantic handling it – which entered into the county register a second security deed of $144,000. She has the note and security deed from the first go round. Had no idea there was a security deed for $144,000. She got scared because they couldn’t afford the new higher payments following the “refi” and their threats caused her to flee. The house has been sitting empty for 3 years. No one has ever so much as visited the property, entered it, put a sign out front. There was a sale listed in the paper but apparently it was not bought, nor foreclosed upon. The tax assessor’s office in this county lists my mother and stepfather as legal owners. The clerk’s office shows no foreclosure deeds. My mother receives statements occasionally about random matters but nothing pressing. Tell me, anyone out there got any idea what the hell if going on?
r
CONTINUED from previous comment….Forgot to mention that BOA is listed as the servicer and BAC as the investor of MERS servicer id search site…. They paid the taxes. They must know the property is grossly underwater and don’t want to fool with it in this market therefore keep it in my mother and stepfather’s name since that relieves them of any liability? I rarely leave comments. Time has come. I’m fighting to save my second house. Living here as a “tenant” or a “squatter” in my own property since a “sale” took place on October 5, 2010 – mere days prior to the moratorium. My case, along with my mother’s, is rife with fraud to the point I often dont’ know where to begin.
R
I think that the OCC is in the bank’s back pocket, like Neil says they need to fill the top position with someone who will do the job it was set up to be.