Has anyone had a successful loan modification from Bank of America?

I have a friend that called to ask about it, was bombarded with packages to apply for the mod, then has been strung along ever since he turned the paperwork in. First they said it will take 30 days, next call said 90, now he's being told it could take several months. The value of the house is well beyond the mortgage price, and he's thinking they are deliberately dragging this out...Anyone had a successful modification w/ BoA?

FWIW - His original mortgage was with Countrywide then sold to BoA...

Needless to say your friend is not the only one concerned:

http://www.google.com/search?q=BoA+modification+scam

CitiBank. She was told to reduce the amount she paid to demonstrate problem paying. Then they lost her paperwork every 30 days so she has been redoing it monthly. The interest is piling up on the amount she was told not to pay to demonstrate problems paying.
I bet she will lose her house in the end of it all.

:( Some world we live in.

:rofl:

loan modification scam is just that, a scam. They don't exist except for a few show cases to keep the feds at bay, and BofA is the worst. If you look into this you will find the same stories time and again, endless delays, lost paperwork, the handling officer has transferred/quit/been promoted so we have to start over, and it all goes back to TARP.

We are covering the banks for the full value of the reported losses and we let them count these "toxic" loans as assets which in turn allows them to create more money based on those assets in a nearly endless cycle. How do you think they suddenly had such huge gains after literally collapsing? The point is that they make far more money not modifying loans than they ever could allowing your friend to pay a lesser amount, and they still end up with the house.

Again, I'm sorry for your friend's troubles, I lost my house over two years ago and have already been down that road. The sad facts are that if the house is worth far less than the amount owed on it they need to be saving their money and talking to an attorney, not wasting time with this political window dressing.

They stole this country out from under us and "our" government sanctioned it, period.

so funny. According to you, are we not supposed to reference friends and relatives on DU?

Loansafe website a wealth of information, as well as advice and info. I spent everyday from May - Dec on the phone with Citi. Thanks to the info I found on the website I got it done. It is a hassle, lost paperwork, different answers sometimes 3X's a day. KEEP PUSHING.

I found a discussion board there with Bof A info...Apprecite this! Passing it along. :hi:

Anything to help someone out of this mess

It's predatory loan servicing. I hope your friend is very careful with those mofos.