BAC Home Loans Complaint - Modification Nightmare

Review by dontbelieve on 2010-02-18
SIMI VALLEY, CALIFORNIA -- We completed our modification loan in August 09 and our interest rate at the time went from 6.75 to 4.75 and payment went from $839.00 per month to $802.38 per month. Both of these amounts included escrow. At our original loan amount we were with Countrywide. With all the interest and fee's added onto our loan it increased from $121,000.00 to 132,000.00. Our first payment was due in Sept 09 at the new rate. We made the first payment at the new rate, we then recd the 2nd statement with a different amount showing owed of $907.58 due in Oct. This was odd as also there was several different amounts on the statement for several thousand dollars as well, I called and was advised by BAC to pay my $802.38 that was signed on my modification papers. I did so.

The next month my statement had another amount of $958.28. I again paid $802.38. This continued. Now the kicker is I get a call the end of Jan stating that I am delinquent and owe $4697.96 in "fee's" and late payments when am I going to pay these. I said I am not behind, you have never once sent me the right statement amount since I did my modification and you need to get this corrected as I have asked you in the past, contact your modification department. I was then transferred and hung up on 4 times and had to call back and be placed on hold each time 20 min. I finally gave up for the day. When I contacted them the next day I was advised the fee's are from when the modification was done. I stated that was added into my loan, there is no fee's, they said that not all the fee's were added in. I said that is not true, I signed the paperwork. They then said that not always are they all added in. I said that is not what the paperwork stated, you cannot just add in fee's when you feel like it. If that is the case then I was delinquent as soon as they did the modification. Then I was told there also is a increase in my escrow and I have not been paying that so my payment was not in full since I did my modification.

I said I was paying as I was instructed to even when I called I was told to continue to pay as I signed the paperwork. I said I cannot see how my escrow increased that much, Even at that, if raised in October 09-Jan 10 payment 4 months is $420.00 not $4697.00 again with the fee thing. I did some checking myself and was advised my taxes did not go up but actually are estimated to go down $100.00 next year and my insurance will stay the same. This would not justify any increase in my escrow. I stopped my payment on my Jan 10 check right away because I am not going to be making even one more payment on the banks house. I have only been told horror stories about BAC modification loans and I know of 2 other families that have thought they did modifications and have already just walked away and are very able to pay for their homes just as we are.

Instead another house will sit empty because the bank has stolen another house. My husband and I have already decided to pay cash for our next home in 5 years, we are putting our money away each month and will never deal with another bank again.
Comments:1 Replies - Latest reply on 2010-02-18
Posted by saj80 on 2010-02-18:
You need to find a good real estate attorney and have him / her review all of your loan documents and payment information.

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