Update On Loan Being Transferred To Carrington While Trying To Get Assistance

jwa81

LoanSafe Member
Jun 23, 2014
103
20
18
38
Hi everyone,

I had posted another thread on here a few weeks ago about how we were in the middle of trying to get either a second modification or formal repayment plan from when we had fallen behind on our mortgage payments this spring due to my husband being temporarily out of work due to an injury and me taking a pretty drastic pay cut at my former job. Fortunately, those 2 situations resolved a couple of months ago when I started a new, much better paying job and my husband finally was able to return to work.

After waiting since early May, we found out about a week and a half ago that we had been denied for a second modification or a formal repayment plan. After looking at the documents they sent us, it discovered that they failed to include my husband's income and they were somehow about $700 short on my grossly monthly income. On the same day we found out that we had been denied the assistance, we also found out that our loan was going to be sold to Carrington Mortgage effective August 1st. I had already been dealing with the Office of the President at BOA, but I sent another complaint to the email address of the CEO and I was put in touch with my CRM's supervisor, who had us start the entire process all over again and this time had me send in my husband's pay stubs and had my husband write a letter stating that his income is part of our household income and goes into the same bank account that my paychecks do (only my name is on the mortgage). I was told that a rush request would be put on it this time so that we could get a decision before our loan was transferred to Carrington.

Well, today I got yet another letter from BOA via FedEx stating that we had been denied AGAIN for assistance. Come to find out, they once again didn't include my husband's income and they were still $300 short on what my gross monthly income is! I got right on the phone and called my CRM. Apparently, USDA (our investor) won't count anyone's income if their name is not on the loan. Why did BOA not know this when they had me send them all of my husband's pay stubs and had him write that letter?! I was about ready to spontaneously combust.

Finally, we were able to come up with a solution. At this point, we are only 2 payments behind (June and July), so I worked with my CRM today and we came up with a 5-month informal repayment plan that we can easily afford, which will get us totally caught up in 5 months. They are going to do what they called a "soft transfer" to Carrington. My CRM at BOA is going to contact Carrington tomorrow and explain the situation and make them aware of the repayment plan that we came up with that will bring us current in 5 months. They are going to try to get me a single point of contact at Carrington so that I will be able to contact them directly to make payments each month until we're caught up. Hopefully this all goes smoothly. My CRM at BOA is going to call me on Thursday to let me know if she was able to get me a direct point of contact at Carrington and provide me with their contact information.

A simple repayment plan was what I have been requesting for almost 4 months now, but BOA insisted that I jump through all these hoops to try to get another modification or a formal repayment plan, even though I told them over and over that we don't need or want any of that because we could easily afford to get caught back up fairly quickly if we were just set up with an informal repayment plan that would allow us to pay a little extra for a few months until we were caught up. Hopefully this nightmare is about to be behind us now!

Just thought I'd share our experience.
 

pennygram

working for consumers
Sep 29, 2010
583
88
28
thanks for sharing your story... I am so sorry this is how the plan works... proves nothing changed in the years...