Author Topic: Mortgage Modification  (Read 26002 times)

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15618
  • Total likes: 7710
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
Re: Mortgage Modification
« Reply #120 on: November 20, 2021, 09:06:01 PM »
I recently took out the loan. Going to call TD and see if they offer anything

Nothing to lose by asking.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Online Euclid

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Jun 2010
  • Posts: 4911
  • Total likes: 6141
  • DansDeals.com Hat Tips 5
    • View Profile
Re: Mortgage Modification
« Reply #121 on: November 20, 2021, 09:08:25 PM »
Did you ask them about a rate reduction? What did they say?
Haven't asked yet. Will keep you posted.

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15618
  • Total likes: 7710
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
Re: Mortgage Modification
« Reply #122 on: November 30, 2021, 02:27:01 AM »
I guess I should have known better.

After daily calls with various reps working out of their homes, and not reaching my account manager, I finally got frustrated enough to ask for escalations. Turns out that my file had been idle for over two weeks, after they sent some kind of a message saying that they couldn't substantiate my income without any explanation as to what that means. I was under the impression that all the documentation I sent substantiated it, but that one line from an underwriter put everything in the freezer!

I tried to reach the VP whose number I had from 2016, but I guess that was too much of a long shot, his number isn't receiving incoming calls and no response to emails.

Moral of the story: when dealing with Bank of America get to escalations ASAP. And hoping and praying is a major strategy!
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States

Offline mushkovits

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Sep 2018
  • Posts: 328
  • Total likes: 74
  • DansDeals.com Hat Tips 2
    • View Profile
Re: Mortgage Modification
« Reply #124 on: December 13, 2021, 09:04:03 PM »
So my lender M&T is saying loan modification will definitely have negative impact on my credit. Ouch

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15618
  • Total likes: 7710
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
Re: Mortgage Modification
« Reply #125 on: December 28, 2021, 08:53:58 PM »
I guess I should have known better.

After daily calls with various reps working out of their homes, and not reaching my account manager, I finally got frustrated enough to ask for escalations. Turns out that my file had been idle for over two weeks, after they sent some kind of a message saying that they couldn't substantiate my income without any explanation as to what that means. I was under the impression that all the documentation I sent substantiated it, but that one line from an underwriter put everything in the freezer!

I tried to reach the VP whose number I had from 2016, but I guess that was too much of a long shot, his number isn't receiving incoming calls and no response to emails.

Moral of the story: when dealing with Bank of America get to escalations ASAP. And hoping and praying is a major strategy!

So after escalations didn't help, I tried my old trusted route of BBB (I successfully used them before the CFPB was around).

After taking several weeks I got kind of a boilerplate response saying they reviewed the application and notified me that it was declined because they couldn't verify my income and employment. This is despite the fact that I sent in the required documentation which is paystubs and P&Ls. The issue was that they asked for a P&L for a C Corp that I own and get a tiny paycheck from. They shouldn't be entitled to that, as it has no relevance or bearing on my income, but they kept on insisting.

I responded to their response explaining that they should have never requested those documents, as it is not on their list of documents, and furthermore stated that I no longer own the corporation. That didn't help. They simply ignored my response.

So I filed with the CFPB, quoting their response and my rebuttal of their response. I shouldn't have kept my hopes high. I received an answer today from the same idiot (or maybe he's a genius, earning his pay by giving BS responses that keep BofA off the hook) saying my complaint is a duplicate and it was already addressed, blah blah blah.

My question is, do I give it another shot with a fresh application, as it doesn't seem like they will admit their error and reopen the original application, or do I move to plan B and just request a deferral (and possibly Homeowners Assitance Fund help which I believe should be opening up in NY next week). Based on my experience with BofA from the Obama Making Home Affordable days, I could be running around in circles submitting and resubmitting without end.

@cgr Any input?
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline tov hashem

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2014
  • Posts: 438
  • Total likes: 86
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Mortgage Modification
« Reply #126 on: December 28, 2021, 09:09:33 PM »
Freedom mortgage told me that based on their experience with the investor of my loan Freddie that if the loan has insurance they’ll agree on modifying the interest rate. But if not they’ll only agree to change it from 30y to 40y loan and defferall 

Offline cgr

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Aug 2017
  • Posts: 4377
  • Total likes: 1318
  • DansDeals.com Hat Tips 7
    • View Profile
Re: Mortgage Modification
« Reply #127 on: December 29, 2021, 02:07:50 PM »

My question is, do I give it another shot with a fresh application, as it doesn't seem like they will admit their error and reopen the original application, or do I move to plan B and just request a deferral (and possibly Homeowners Assitance Fund help which I believe should be opening up in NY next week). Based on my experience with BofA from the Obama Making Home Affordable days, I could be running around in circles submitting and resubmitting without end.

@cgr Any input?
I don't have any input regarding the BofA incompetence, but regarding HAF note that:
Assistance will be in the form of a 5-year, zero-interest, forgivable loan, and is only repayable if the homeowner sells, refinances, or transfers ownership of the home within five years of receiving the grant.

I'm not clear on modifications vs refis, but it's possible that modifications are excluded as well.

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30533
  • Total likes: 7829
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Mortgage Modification
« Reply #128 on: December 29, 2021, 04:41:57 PM »
I don't have any input regarding the BofA incompetence, but regarding HAF note that:
Assistance will be in the form of a 5-year, zero-interest, forgivable loan, and is only repayable if the homeowner sells, refinances, or transfers ownership of the home within five years of receiving the grant.

I'm not clear on modifications vs refis, but it's possible that modifications are excluded as well.

Sounds like an annoying restriction, thanks for bringing light to it. What are the odds they’ll be enforcing it in 4 years (for instance) for a small loan? Small IMHO.

Even if they do enforce, they’d have to notice I refinanced (e.g. via ACRIS) and contact me, in which case I’d have to pay it back. If it’s a small loan and the refi makes sense at that point, it’s likely worth the risk, especially if there’s no high interest rate or anything.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline whacked1

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Oct 2012
  • Posts: 2556
  • Total likes: 518
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Mortgage Modification
« Reply #129 on: December 29, 2021, 07:24:59 PM »


Even if they do enforce, they’d have to notice I refinanced (e.g. via ACRIS) and contact me, in which case I’d have to pay it back. If it’s a small loan and the refi makes sense at that point, it’s likely worth the risk, especially if there’s no high interest rate or anything.
I always wondered if banks have your property pinged so if anything gets filed against it, they know about it automatically (unlike outside nyc where data may not be publicly available online )

Offline TBD

  • Dansdeals Lifetime Platinum Elite
  • *******
  • Join Date: Nov 2014
  • Posts: 1316
  • Total likes: 206
  • DansDeals.com Hat Tips 1
    • View Profile
  • Location: United States
Re: Mortgage Modification
« Reply #130 on: December 29, 2021, 08:01:16 PM »
Sounds like an annoying restriction, thanks for bringing light to it. What are the odds they’ll be enforcing it in 4 years (for instance) for a small loan? Small IMHO.

Even if they do enforce, they’d have to notice I refinanced (e.g. via ACRIS) and contact me, in which case I’d have to pay it back. If it’s a small loan and the refi makes sense at that point, it’s likely worth the risk, especially if there’s no high interest rate or anything.
They are not so dumb this government. They can have you submit a forgiveness application at the end of the 5 years where you would have to certify under penalty of perjury that you didn't do this and this etc.,,,,,,,,,,,,

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30533
  • Total likes: 7829
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Mortgage Modification
« Reply #131 on: December 29, 2021, 08:16:43 PM »
They are not so dumb this government. They can have you submit a forgiveness application at the end of the 5 years where you would have to certify under penalty of perjury that you didn't do this and this etc.,,,,,,,,,,,,

Unless they’re being upfront about it, it’s a bit disingenuous to offer a forgivable loan without telling you how it’ll be forgiven. This isn’t March 2020 where people need money to pay the bills and prefer a forgivable loan over $0, so they’ll take it and hope for the best.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30533
  • Total likes: 7829
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Mortgage Modification
« Reply #132 on: December 29, 2021, 08:17:52 PM »
I always wondered if banks have your property pinged so if anything gets filed against it, they know about it automatically (unlike outside nyc where data may not be publicly available online )

There are certainly services out there that can provide the data. You give them a list of BBLs to watch and they give you all kinds of info and alerts.
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline whacked1

  • Dansdeals Presidential Platinum Elite
  • ********
  • Join Date: Oct 2012
  • Posts: 2556
  • Total likes: 518
  • DansDeals.com Hat Tips 4
    • View Profile
Re: Mortgage Modification
« Reply #133 on: December 29, 2021, 08:54:17 PM »
There are certainly services out there that can provide the data. You give them a list of BBLs to watch and they give you all kinds of info and alerts.
Exactly my point. I know these services well  ;) . Thats why I wonder about lenders, if they are signed up as well...

Offline AsherO

  • Global Moderator
  • Dansdeals Lifetime 30K Presidential Platinum Elite
  • **********
  • Join Date: May 2008
  • Posts: 30533
  • Total likes: 7829
  • DansDeals.com Hat Tips 79
    • View Profile
  • Location: NYC
Re: Mortgage Modification
« Reply #134 on: December 29, 2021, 10:15:45 PM »
Exactly my point. I know these services well  ;) . Thats why I wonder about lenders, if they are signed up as well...

Never heard of it, but certainly possible.

What kinds of things would lenders look for? DoB jobs/permits? Violations?
100% of Likes will be donated to support our brothers and sisters in Eretz Yisrael

Offline dealsrus

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Feb 2013
  • Posts: 332
  • Total likes: 37
  • DansDeals.com Hat Tips 0
    • View Profile
  • Location: ny
Re: Mortgage Modification
« Reply #135 on: December 31, 2021, 01:29:47 PM »
If was on forbearance for 2 month, now just received letter from WF, that they moved the missed payments to the end of the loan. I didn't ask never asked me.  Would this affect me from applying for the ny haf?   

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15618
  • Total likes: 7710
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
Re: Mortgage Modification
« Reply #136 on: January 01, 2022, 07:35:50 PM »
So after escalations didn't help, I tried my old trusted route of BBB (I successfully used them before the CFPB was around).

After taking several weeks I got kind of a boilerplate response saying they reviewed the application and notified me that it was declined because they couldn't verify my income and employment. This is despite the fact that I sent in the required documentation which is paystubs and P&Ls. The issue was that they asked for a P&L for a C Corp that I own and get a tiny paycheck from. They shouldn't be entitled to that, as it has no relevance or bearing on my income, but they kept on insisting.

I responded to their response explaining that they should have never requested those documents, as it is not on their list of documents, and furthermore stated that I no longer own the corporation. That didn't help. They simply ignored my response.

So I filed with the CFPB, quoting their response and my rebuttal of their response. I shouldn't have kept my hopes high. I received an answer today from the same idiot (or maybe he's a genius, earning his pay by giving BS responses that keep BofA off the hook) saying my complaint is a duplicate and it was already addressed, blah blah blah.

My question is, do I give it another shot with a fresh application, as it doesn't seem like they will admit their error and reopen the original application, or do I move to plan B and just request a deferral (and possibly Homeowners Assitance Fund help which I believe should be opening up in NY next week). Based on my experience with BofA from the Obama Making Home Affordable days, I could be running around in circles submitting and resubmitting without end.

@cgr Any input?

I got a call on Friday from a BofA. As usual and expected one hand doesn't know from the other. However the bottom line was that after being transferred to escalations because the rep couldn't figure out what was going on (miraculously she was able to see almost all pages out of a fax I sent, but page 2 and 3 were missing). Had a rather frustrating conversation with the person at escalations, but the bottom line was that she reopened the case, and told me that if I am asked for a P&L for a business from which I have no self employment income, I should just send a zeroed out P&L.

Looking forward to see what we can get from the homeowner assistance fund, though I suspect that I will need to rush to file my 2020 return.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline tov hashem

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2014
  • Posts: 438
  • Total likes: 86
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Mortgage Modification
« Reply #137 on: February 09, 2022, 08:17:49 PM »
Got today docs for trial period, down from 5.375 to 3.125 extended 30 to 40 years.  A difference of $1378 a month B’’H.
« Last Edit: February 09, 2022, 08:48:07 PM by tov hashem »

Offline ExGingi

  • Dansdeals Lifetime 10K Presidential Platinum Elite
  • *******
  • Join Date: Nov 2015
  • Posts: 15618
  • Total likes: 7710
  • DansDeals.com Hat Tips 19
    • View Profile
  • Location: 770
  • Programs: בשורת הגאולה. From Exile to Redemption. GIYF. AAdvantage Executive Platinum®
Re: Mortgage Modification
« Reply #138 on: February 09, 2022, 08:43:13 PM »
Got today docs for trial period, down from 5.375 to 3.125 extended 30 to 40 years.  A difference from $1378 a month B’’H.

What are you going to do with the $1,378?  Deploy it safe smart.
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan

Offline tov hashem

  • Dansdeals Platinum Elite
  • ****
  • Join Date: Jun 2014
  • Posts: 438
  • Total likes: 86
  • DansDeals.com Hat Tips 0
    • View Profile
Re: Mortgage Modification
« Reply #139 on: February 09, 2022, 08:46:54 PM »
What are you going to do with the $1,378?  Deploy it safe smart.
give me some ideas