We have a fannie mae loan that is serviced by Bank of America. Last year when we realized we were not going to continue with payments we contacted the bank and filled out a modification form.
We were turned down because our loan was not imminent. We were then told by our customer service rep that we might qualify for HARP and to contact the finance department. According to the finance rep the only reason we did not qualify for HARP at that time was because we had been over 30 days late with the previous month’s mortgage.
We were advised to make payments for the next 6 months without being late and we would then get HARP. (By paying for the next 6 months on time we fell into the only one late payment in 12 months and none in the past 6 month category).
I borrowed money from my parents so I could continue to make the payments. In the meantime we started racking up credit card bills because of the mortgage. I called BoA in Nov to make sure their were no changes to the HARP program and that we would still qualify when we paid December’s mortgage (this would be the 6 months).
A woman told me to pay December’s mortgage and to call her back. I called the BoA rep in December and she told me to call back in January. She said I had to wait for December’s payment to be recorded (something like that) so that my credit report would show that I paid Dec’s mortgage.
I called back in January and she said that since I hadn’t paid January’s mortgage yet (I was not late) December’s payment still would not show up on my credit. She said that until the next payment was made the previous payment wouldn’t show on my credit report. In January she told me to call back in Feb and told me that according to th e HARP program the only reason I was not approved for HARP at that time was because I had been late June the previous year.
I called this same woman in February and left her a message. When I hadn’t heard from her I sent her an email. She responded back that she was changing business. She would be in training for the next week but call the BoA finance department and anyone can help me.
This opened up a new can of worms because suddenly I’m being told that BoA sold the loan and Green Tree was now the servicer. No one could confirm that I was sold or not. Everytime I spoke to someone at Boa (supervisors included I got a different answer. (In fact one evening the BoA rep who told me to keep paying and suddenly couldn’t help me with HARP once I qualified- left a message on my machine stating she was “confirming that I was no longer with BoA and to contact Green Tree for help.
Two days later I got a letter from BoA telling me they were my servicer.) I didn’t know who or what to believe. Green Tree was no help because they couldn’t find me in there system (and even if they could it wouldn’t help me because they are not licensed to loan money in the state of New York)
Finally after my calls went into “escalation” a manager at BoA called me-first he said I was a confirmed customer of BoA then got back on the phone with me and said he was running into the same problem I was running into because when he asked another rep that rep said that I had been sold. The manager called me back the next day said I was with BoA and he was going to see if I could get HARP and would call me in a few days.
While all this was going on I was calling other banks and programs to see if I could get a HARP. I ended up speaking with a family friend who is a mortgage broker. He told me this was not his area of expertise but after taking my financial details he told me I couldn’t get HARP because my credit card bills were to high.
He referred me to a close friend of his who is a BoA rep. After speaking to this gentleman I was told that I couldn’t get HARP because of the type of loan I had. Is that even an answer? He then told me to try for a modification. We were already turned down for that once. Anyway the manager who was suppose to call me back is suppose to be doing this tomorrow. I hold no hope.
Just a side note I called another company (RH Finance) and he told me I didn’t qualify for HARP because we didn’t make enough money. I’ve been told so many different things. The only thing they all agree on is that we don’t qualify for help. Each person has given us a different reason.
We have put a lot of money into our home. We made a lot of costly repairs that had to be done and prior to that we made a lot of cosmetic improvements. (We put in 19 new windows 2 years ago. I mean we spent a lot of money). We figured we were investing in our future. Our goal is to stay in our home.
My question is what can I do? Are there any programs out there for me? I forgot to mention that I have an upside down mortgage. (I also have been unemployed for almost 3 years). Do I need to get a real estate attorney? Can an attorney actually help me? My husband and I have just done the bills for the month and if we do not spend ANY money in the next 3 weeks and are able to scrounge up $300.00 we might make it another month.
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Update March 7, 2013
Here is a PDF copy of all of the loan workout options from FannieMae.My Bank is Stringing Me Alone to Modify My Mortgage in HARP. - Maryanne by Steve Rhode