Bank of America Complaint - Koan modifaction headachea
We applied for a loan mod in May of this year and sent in all the paperwork bofa required. We fit into the criteria we owe more then our house is worth my job isn't steady and our house payment is more then 40 percent of our monthly gross income. Well I called weekly for seven months. I always got the run around its in review and then it was in the underwriters hands. I thought it was a timely process, but I felt we were making progress. At one point I was told by a bofa representative that our trial papers were on the way. We had an exact date when they should arrive by. Then came the Fed Ex letter only to find out we were denied and when I called them to ask why they told me because I was current on my payments, well being current on our payments is a guideline to enter into the program. I was in shock and here is the kicker, before we entered this mod process we paid our taxes and insurance separate, we would charge those so we could have a lower monthly
payment. Well during the process bofa started an escrow account for us and now that we got denied we are stuck with a higher payment then before $300 a month more than our original monthly payment. How is that going to help us. This is a scam and the program would have helped us now instead we might lose our home!!