MAJOR Mortgage Modifi Rip-off!!

We actually tried to modify our mortgage last year,the process went on and on and in the end nothing ever came of it,after month of submitting and resubmitting paperwork several times over.Now we get a letter from the bank stating that we owe them $125 for a title search and $225 for an appraisal.I just talked to someone at the Loss and Mitigation Dept. and told her that we never had an appraisal done for the modification,so she tells me that it's a so called "drive by appraisal" where someone just drives by your property,$225 for THAT???:banghead::banghead::banghead:
What a major b...h!!!
Prior to us trying to modify we were on that 3 month long forbearance agreement during which we were not required to make any payments but could if we wished.We made 1 pym. in full and 2 partial payments during that time,as soon as the agreement ends we find out that they reported us 60 days late,since they don't accept partial payments :banghead:
What a rip-off company!!

 

Is this part of the Obama mortgage modification program? I am hearing more and more that this program is not what it is made out to be.

 

No it wasn't.

 

I hope yours finally works out, mine is suppose to close in the next week or so

 

Thanks! Good Luck to you as well!
Actually we finally gave up on it and closed the modify account earlier this year but yet we are still expected to pay the fees.

 

Good luck Hught, ours took 10 mos to finalize, we started last September and everything was finished in July. It was a lot of back and forth of submitting the same thing over and over again, and we were relentless about calling at least once a week to get a status update. Painful process!!

 

Thanks, the BoA representative emailed this morning and indicated it should take less then a week to close.

Or initial BoA representative wasn't very good, I complained and they got me set up with some good folks. Wasted a month on the first guy but this group has pushed it though in less than 2 months.

 

I have been In the process for a couple months now...

 

It was thanks to RBC Bank.

 

That's not part of the Home Affordable Modification Program (HAMP)? Are you just refinancing?

 

this is a bit of a diversion from the topic at hand -

We also have BoA. I signed up more than a year ago to have mortgage payments set up so 1/2 of our payment comes out of our bank account every other week. It has taken nearly 13 months but they have Finally had 2 of those payments in a row drafted correctly.

Either they would not take out the payment or they would take out the payment and apply the amount 100% towards my principal and not my payment due.

Every 2 weeks I have had to call them and go behind them to make sure their errors are corrected.

OH! And in the very beginning they said they would gladly accept me on the accelerated program at a fee of 8.00 per draft (8.00 x 26 payments in a year). Let's just say that Definitely didn't fly with me. $208.00 for the priviledge of paying them back the money I borrowed and the interest on the loan. I Don't Think So.

now back to the topic -

I wish I could call BoA and not have the second question on their automated answering machine be - Are you interested in the home mortgage modification program?

Just Let Me Talk To A Stinkin' Representative Please!!

 

Quote: "I wish I could call BoA and not have the second question on their automated answering machine be - Are you interested in the home mortgage modification program?

Just Let Me Talk To A Stinkin' Representative Please!!"

I hear you!!

 

No.
Our loan did not qualify for HAMP because it was not a Fannie May or Freddie Mac loan.It was just supposed to have been a modification of our original loan through RBC IF it would have ever happened in the first place.
When my husband was laid off for nearly a year the help we could have used then didn't occur and by the time RBC finally came around to speeding up the modify process this year our financial circumstances had changed and therefore we no longer qualified, they should have been a little quicker about it last year when we needed it,instead of prolonging the process hoping that by the time they finally got ready my husband would already be back to work.
Complete waste of time,for us anyway! God only knows where all that personal info is floating around by now or is being sold to,I must have resubmitted all that crap about 4 or 5 times the next time I called we would have already gotten a new caseworker who could only find parts of his predecessors paperwork :evil:

 

US Bank is trying to do the same thing with me. Why the extra charge? Are they working that much harder taking my money?

 

Are you ready for this one?!? -

In my situation I was already having my payment drafted @ 1/4th of the payment every Friday, a month ahead of schedule. In July I was paying my August payment. In a month with a 5th Friday I had no payment drafted.

Well, BoA contacts me and tells me that they are no longer going to allow me to do this on a voluntary basis. I HAD to sign up for one of their accelerated payment programs. OK. No Problem. I'll sign up.

As I am talking with the Representative while setting this all up per their specifications (this is back in early 2009) and I agree to have 1/2 of the payment drafted every other Friday a month in advance - I am informed that a fee of 8.00 will be included with every draft. I will give you the "G" rated version of the rest of the conversation - I inform the Representative that I have been having drafts taken out every Friday for almost 10 years and have no intention of paying BoA 8.00 every 2 weeks for future drafts.

I was told that if I plan on accelerating my payments and paying off my mortgage early then I was "CHEATING" BoA out of interest I agreed to pay when I accepted the terms of my mortgage. Let's just say that phone call went down hill and last more than an hour and I spoke with approximately 5 individuals before hanging up.

BoA agreed to waive the 8.00 per draft since I was such a good customer.

 

Cheating BoA out of interest? What a complete crock!

 

I think we should all buy her a lottery ticket... and with the winnings she could pay them in full. LMAO.

 

Just curious - do you HAVE to have them draft it in order to pay like that? I ask because we have ours automatically set up (through our online checking) to send half the payment every other week, so in the end we make 1-2 extra house payments per yr. Doesn't cost us anything extra, we looked into doing their accelerated mortage, but didn't want to pay them for something we could do ourselves - our mortage is w/ Chase.

 

The way it was explained to me over the phone was that if I made the decision to do the same thing on my own without participating the accelerated program that the money sent to my account via my bank account online banking is accepted by BoA but just sits floundering or will be applied as principal only and not towards a payment.

I have spent the past 12 to 13 months having to call every other week and checking behind them to make sure my payments are being applied correctly.

More times than not I am told that they have my money but that it was not applied to the current monthly payment I was paying on.

I never get a letter in the mail or an email asking why I am behind on my payments.

One time I called and was told the entire amount which was drafted was applied to my Escrow account and did not get applied to my payment.

You can ease your mind by simply making a phone call and asking a Representative if your mortgage payment is showing as current and on time.

I loved paying 1/4th each Friday via my online banking. I set up an auto draft via my bank. Then BoA contacted me and said that they would no longer allow me to pay it that way. I was very happy with the way I had it set up.

 

Sounds like BoA does not understand the meaning of "no prepayment penalty".