(9/30/2010) Latest Update: A few days after I posted the info below, I get a letter from Bank of America stating that my loan modification for a “Home Affordable Modification” had been denied because:
“We service your loan on behalf of an investor or group of investors that has not given us the contractual authority to modify your loan under the Home Affordable Modification Program.”
Translation: “You’re still making your payments on time every month, so we’re not going to help you. We’re still gettin’ your money!“
(So, I’m thinking they’ll start paying attention if I don’t make my payments. What do YOU think?)
So I call and ask why I’ve been given conflicting information, one day being asked for my YTD Profit & Loss Statement and a few days later being told I’m denied. Here’s what they tell me:
Bank: “We’ll transfer you to the Loan Default department.”
Me: “I’m not in default.”
Bank: “We’ll transfer you to the Eminent Default department.”
Me: “I’m not facing eminent default. I make my payments on time every month.”
Bank: “Ma’am, I’m afraid we can’t help you.”
Me: “Why did you just tell me a few days ago that you need my year-to-date Profit & Loss Statement?”
Bank: “You can still provide that information to see if you’re eligible for a different modification program.”
Me: “Why didn’t you tell me that instead of sending me the denial letter?”
(For the first entries on my loan mod pursuit, CLICK HERE)
(9/27/2010) In mid-August, I finally sent in my loan modification package. Six weeks later, I heard nothing from the bank. So I called, only to find out that they need a year-to-date profit & loss statement for my business, since as a REALTOR, I’m self-employed.
So, if anyone out there has started your own loan modification, you’d better be relentless in calling the bank for status updates. They won’t call you.