Calling all homeowners who have received a modification from B of A's subservicers since being trans

stephanies

LoanSafe Member
Jan 24, 2011
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Hi Fellow forum members... I am doing a poll and would be very interested in finding out who has received a permanent loan modification from the sub servicer that B of A has transferred you to since the National Mortgage settlement went into effect in 2012?

B of A has been selling off its servicing of millions of loans that were in default with B of A to subservicers since the National Mortgage settlement went into effect, but I have not come across any one yet who has been successful in getting their loan modified since they were transferred?

Please prove me wrong that the only reason that most of us have been transferred to B o f A 's sub servicers, is to expedite the foreclosure process and keep B of A's 'hands clean' per the terms of the settlement?
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Hello Stephanies,

You bring up a good point here because BofA has been transferring countless loans this past year over to other servicers. I remember when I saw one of the first posts were a member had their loan transferred to SLS almost immediately after they had been contacted and "pre-qualified" for the National Mortgage Settlement. They are well aware they can transfer a mortgage at anytime and you can tell from the statistics of the settlement that a lot of the funds obtained have been focused on short sales and not necessarily principle reduction (modifications) or short sales.

However, as you know some members were sent letters from the new servicer stating that they may still be eligible for the settlement even though BofA no longer owns their mortgage. And yet they have continued to deny many people even though they meet all the requirements for the settlement. This could very well have been a tactic to avoid forgiving billions of dollars on accounts they can simply transfer and the new lender is technically under no obligation to offer assistance under the terms of the settlement...

http://www.loansafe.org/forum/bank-america-home-loans/50994-update-specialized-loan-servicing-sls-deceit-lies.html
 

StuckInSeattle

LoanSafe Member
Aug 2, 2012
169
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16
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I was not even offered anything, nor contacted, before Nationstar issued a NOD. I'm convinced BofA sold off the loans to sub servicers to make themselves not look bad, too late in most eyes, and let servicers like Nationstar foreclose.
 

geedub

LoanSafe Member
Jun 4, 2010
61
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I just received a Trial Mod offer today from SLS. It's through the National Mortgage Settlement and includes a principal reduction once trial payments have been made. The trial payments seem a bit high to me, and as I was told today it is an estimate of what to expect with a final mod. Not sure I could accept that payment, and now I wonder if it should be less, especially with the reduction in principal ?
It's been almost a year since I began this process with SLS.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Thanks for sharing this geedub and it is great to see SLS honoring the modification under the National Mortgage Settlement. Do you happen to know any other details of the agreement such as your new interest rate or the amount they have agreed to reduce from the balance?
 

geedub

LoanSafe Member
Jun 4, 2010
61
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0
Thanks for sharing this geedub and it is great to see SLS honoring the modification under the National Mortgage Settlement. Do you happen to know any other details of the agreement such as your new interest rate or the amount they have agreed to reduce from the balance?
Evan - no mention of reduced interest rate, only principal forgiveness that is about 25% of the current balance. Years remaining will stay the same, and it states that the payment amount in based on my current gross income. Once approved, the monthly principal and interest rate will be fixed throughout the life of the loan.
Not sure why they wouldn't reduce the interest rate as well, seems that would greatly help with the affordability.
 

4mykids

LoanSafe Member
Mar 16, 2010
33
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0
I have shared my journey with SLS and their shady tactics from the beginning. I was denied the many loan mod avenues I tried and was only offered an in-house mod that raised my payments more than $1000 a month. I refused to accept and instead opted for a short sale. After many battles with SLS, my journey ended in the successful completion of my short sale last month including deficiency forgiveness, after a seven month battle with them and 9 months before that with BOA. Almost a year and a half later, I have now moved on and I'm in a happier place with my family since I vowed that SLS was never going to see a red cent of mine. I will admit they handled my short sale admirably not sure if that was because of the well over asking price offer I received, if that was their angle from day 1 (short sale or foreclosure) or if it was just to quiet my complaints to the many oversight agencies I contacted. Either way, I am now stress free and loving it.