Well, after all this time I can finally say that my modification is complete!
It took a lot of work, it is definitely not for someone who is easily discouraged. Let's see, I started applying for modifications back in 2009 since I had lost my job in 2008. I sent, and resent them papers for a year then got denied. The first time I was denied for 'poor credit decisions' so I guess I was suppose to know I was going to get laid off in their opinion.
Then I reapplied, and got denied for not having a job.
Then I found a job and re applied, and got denied because my income was too low after I was told all I needed was a job, any job would do but I just needed a source of income.
So, after some time I waited and applied again, this time I got denied because they lost my paper work I sent several times to them.
I went (finally) to the credit counselors thinking I was just not doing something right, she sent my paperwork to Pennsylvania housing and I got denied. She then advised me that if they could not help no one could.
O.o
So I did some research, I found websites that had people claiming they contacted the OCC (Office of the comptroller of the currency) so I wrote to them and told them how I was getting the run around and contradicting statements from the bank, my main problem was that too many people had their hands in my file and were asking me to send them stuff but it was never getting in my file, then someone else would look at it and say half this same stuff was missing and then they wanted extra paper work the first person did not even ask for, it was frustrating and unprofessional that it seemed as if each rep made up their own rules.
I also wrote to my local attorney state general office, and the US Department of Treasury just to make sure I had all my bases covered and I figured one of these places would help me.
So it turned out to be the OCC, they got in touch with the bank and the bank called me personally from an escalated division that introduces themselves as working in the presidents office. They assigned me to a specific representative that would handle my case personally. My first time doing this the woman was OK but I told her I was starting a new job and she told me that was ok just to send the offer letter then when I got pay stubs to forward her those. So I did that and right before I got the first paycheck I got a letter declining me saying I did not send a paystub. Very frustrating because she was the one who told me it would be okay and to send the letter that was my offer until I received my first check. So I waited, got myself a few paychecks then reapplied and reported them to the OCC again so I could get a personal rep. I got a call and was assigned to a very nice and very thorough woman, she was also an underwriter which was terrific.
She sent me the paperwork & I sent her everything (maybe the 12th time I sent all that paperwork to this same bank) and she got in touch with me every step of the way and I had her personal line. She walked me through every step and got me the preapproval. She assured me that was the hardest part to get past.
Then we moved along, she was transferred to another department so in the end I got another gentleman and he was nice, seemed like he knew what was going on and he finished the rest up. Only a couple times they contacted me to ask for my current home owners insurance which I thought was odd since they were the one paying it they knew it was paid but I guess things that make sense don't matter.
So I went onto a trial payment plan, I made my three payments right on time or a day or so early. After that I had to wait about 1 month for it to go through underwriting again, it did (they were who requested that insurance paperwork) then I got my fed ex package with the closing papers. I took it over the same day to one of their branches and had them notarize it as I signed it and sent it off.
I contacted them when I seen it was received and he assured me everything was okay and that it would take 60-90 days for it to finalize and go through closing. It all came together between the 60-70 day mark it seemed (as I followed my account closely online) small things changed every few days, the final adjustment was the past due balance disappeared and the monthly due amount showed the modified amount.
At this point I had about $900 in limbo land that was not applied anywhere so he put through to have it applied to the late fees since (although the paperwork indicated it was in the modification,although the wording there was a little vague) it apparently was not included in the modification. So he had applied it to that amount and then we were all on the same page.
I was still listed with the escalation department for 2 months after this to ensure I had no more questions or help that I would need to contact him directly for and today he called me to inform me that he was releasing me back to the regular customer service in the next two weeks since everything was finalized and going smoothly.
So, in closing let me say this was a HUGE process, took me about 3 years I was behind about 6 months of payments and it went up to 8 months while waiting through the process to start making the trial payments. Once all was said and done it cut my mortgage in half and that now includes my taxes and home owners insurance . The way it works is that my interest rate which was 9.750% is now 2.125% & will remain fixed for 3 yrs then increase over the next few years but will not exceed 4.12% then at the end of 480 months I will have a balloon payment of 43k. I obviously do not plan to allow that all to go that way, I would either refinance in a few years or sell the house but that is far down the road for me, I am just happy I can afford it for now and afford to feed my kids at the same time. I should also mention I did not qualify for any federal modifications, this was an in house modification with Bank of America.
All in all, if you are on this journey definitely file with the OCC and get yourself a personal agent - the man did tell me they were making it their policy to have everyone deal with one person from there on out but I don't know if I believe that, I think you have to cause some commotion to get noticed and get a personal rep but I hope they are really making that change because that would streamline the whole process.
It is definitely worth it if you can be patient - very patient and learn to not take no for an answer, just keep trying. You have nothing to loose because while you are in application status for the modification they cannot foreclose so you buy yourself time if nothing else.
Best of luck to anyone out there and if anyone has any questions feel free to ask and I will help if I can, I know how frustrated I was and the only guidance I could find was through blogs and online forums and reading peoples personal experiences. I even tried my local non profit legal office but they could not do much but offer to represent me in the foreclosure. Glad it did not come to that!
Now if I could only exercise this much determination in exercising haha!
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