Bank of America Announces Nationwide Homeownership
Nearly 400,000 Countrywide Borrowers Could Benefit After Program Launches December
CALABASAS, Calif., Oct. 6 /PRNewswire/ — Bank of America today announced the creation of a
Retention Program for Countrywide Customers
Malik W. Ahmad Esq. is a Nevada licensed attorney. Attorney Malik Ahmad is admitted to practice in all the courts in the state of Nevada. Attorney Ahmad is energetic, extremely focused in areas of civil, business litigation, labor and employment, workmen compensation, family laws and criminal defense. Attorney Mr. Ahmad is ... Continue reading »
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malik11397
i got a letter from indy to download a financial packet . i did every think was told me but i do not find a packege to help my self
Please don’t get frustrated. Do tell them that you had filled up all the questions and filed everything. Keep on calling them, and keep a diary with the name of the person you talked, date and time, and next time remind them. Basically, they have nothing against you, they are just overwhelmed with work and requests for loan modifications.
We have been trying to do a loan modification on 2 nevada investment properties for over 12 months with Bank of America. We feel that we have no where to turn at this point. We DO NOT want to do a short sale or foreclosure on either of these homes, and will continue to make payments even though they are upside down. When we started the process over 14 months ago, we had perfect credit, and never late on anything. We had 20 yr mortgages on our investment properties. Our (selfemployment) income had dropped significantly, and the rent did not cover the paymenst. So, we wanted to refinance from 20 yr to 30 yr. Bank of America said we did not qualify to refinance due to us having too many mortgages- again, our credit was excellent and we qualified via tax returns. Bank of America told us tht the only way they could help us is if we were in default. So, if we went 30 days late, we could then submit for a loan modification. AFter much difficulty, we came to the conclusion that this was our only choice. We could no longer afford to come up with additional money each month after receiving our rental income to make the payments. We DID NOT want to lose the properties. So, we didn’t make our payment and submitted for loan modification. We did this on 4 properties with BAnk of AMerica. AFter going 30 days late, we made 1 of the mortgages current-Bank of AMerica called and said that the modification of that property was declined due to us bringing the loan current, and that if we wanted to go delinquent again, we could resubmit. THis scared us, and so, we did not bring any of the other 3 prop’s current- in order to keep the loan mod moving forward. It has now been apprx 14 months. We kept being told that they misplaced our docs, or it was kicked out of the system, delay, delay, delay. We then ended up getting loan mod papers on all 3 properties. The changed the term from 20 to 40 yr. WE were very happy, except that on the 2 Nevada properties- they added all the 14 months of pyaments to the principal, and therefore we are still 1200 negative after receiving rental income. So, we signed 1 of the loan mods (Colorado Property), and did not accept the 2 nevada properties, (BOA rep told us to resubmit financials, as they had us making too much money, and therefore we didn’t qualify for the rate reduction, principal reduction, or waiving the late payments). So, we revised our financials and have reaubmitted for loan modification. We called in today to see how things are going, and they are now saying that we don’t qualify as these prop’s are investment. AFTER 14 months of telling us that we have to be in default, and spending 100+ hours on the phone going over figures, receiving loan mod docs- etc, resubmitting~ now they tell us we don’t qualify cuz of investment property. We are now so far behind that we have no way of making up the back payments, our credit is ruined, and the low credit scores are now affecting our business- which is our only source of income. PLEASE HELP!!! WE ARE AT THE END OF OUR ROPE AND DON’T KNOW WHAT TO DO!!! We want to keep the homes, but, now we are out of choices. Is there any help for us??
Thanks for your time!
I am sorry about this situation. This, of course, is very frustrating. In fact, I meet everyday homeowners in your situations. There is no such legal help which can cure these situations other than persistence and negotiations. We have told many times to lenders that foreclosures is never a pleasant issue for anyone including the banks, and they readily agree to that, but their subsequent conduct is entirely different and contrary to that. As of this morning, the news is that they are earning another 140 billion dollars as bonus money. This is despicable. It is the taxpayers money which got rid of their toxic assets and made them profitable. They should return this money back to people i.e taxpayers. Please do not give up and continue talking to them. Try to talk to higher ups because lower folks (10 dollar hourly) have generic asnweres which read from a sheet. If you don’t have any equity, there is likelihood of any improvement in this situation (read Moody’s report), think seriously of other alternatives. There are of course painful choices, some are lesser painful