http://www.bnet.com/5799-19696-0.html?type=18 Blog Recent Discussion Activity http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92180 I am with Wells Fargo and since February 2009 I have been trying to get a loan modification. It is a complete joke ! First they offered forebarance and of course that does not help you. Then from May till August the loan just sat in ther office with no one doing anything. So then they said ok we got and offer for you , now I have a payment of $3850. They said mail in $3000 dollars for 3 months then after you do that we will take a look at modify your loan. Man what a deal. So they were set up to foreclose on September 16 2009. I sent in the $3000 then 2 weeks after that I got a letter from them indicating you may qualify for the Home affordable plan call us, and I did. I set up the first payment then they did nothing else nothing they were to send me a packet of info in 7 days and did nothing. So I called 4 time and they said they sent it out and no package a month now has passed. I called Hope now for help well she put me through her couseling course and sent it to the lender and so what. Then I call Wells and they said well you been kicked out of the program I said why and they said you were to complete a couseling program. I told them I never new Iwas supposed to. She said let me see here oh! I see that you have I said I did ok well by the sheer luck I did. So she let me submit it. I ask if they were oing to draft they said I been kicked out. So me and the Hope now person called them they said that the letter was sent out to drum some business and interest in the program and that your file was never pre qualified. Wow! I am a commecial mortgage broker and business has been very slow buy I know what I am talking about and I have never ever seen such a mess in all my life. I am hoping they get it right not just for me but all of us. Mon, 23 Nov 2009 21:20:49 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92180 2009-11-23T21:20:49Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92062 How to Find CEOs and Corporate HQs of Publicly Traded Companies:<br><br>Go to this page on <a href="http://finance.yahoo.com/q?s=BAC">Yahoo Finance</a> and type in the name of the company in the "Get Quotes" search box.<br><br>I typed in "Bank of..." and Bank of America popped up.<br><br>On the left navigation (blue bar on the left side of the page) look for <b>Company</b> and then choose <b>profile</b>. <br><br>Under <b>Profile</b> will be the company headquarters. Middle of the page, on the right, will be <b>Key Executives</b>. You should address your letter to the President and CEO of the company. <br><br>Hope this helps. Mon, 23 Nov 2009 13:04:26 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92062 2009-11-23T13:04:26Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92061 Ken Lewis, President and CEO<br>Bank of America Corporation<br>Bank of America Corporate Center<br>100 North Tryon Street<br>Charlotte, NC 28255<br>United States - Map<br>Phone: 704-386-5681<br>Fax: 704-386-6699<br>Web Site: <a href="http://www.bankofamerica.com">Bank of America.com</a><br><br> Mon, 23 Nov 2009 13:00:28 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92061 2009-11-23T13:00:28Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92060 From Nicole and Troy, Via EMAIL:<br><br>Words do not do justice explaining how we feel right now. I just thank god my husband still has his job. I think at this point, since my husband and I will lose everything we have worked for in the past tens years - in the next two weeks, your reply is helping us fight a little longer. We feel as though we may get some answers now, but there will never be closure. I tried to research the BofA headquarters on-line and there are at least half a dozen addresses. If you could forward me the most effective I would greatly appreciate it. Also, we will try the Making Housing Affordable government hotline again as they are not open on the weekend. I will do my best to stay in touch and follow up with you as to how we will be doing, since we still do not have anywhere to live with our two year old beginning December 11th, 2009, right before Christmas. Mon, 23 Nov 2009 12:58:05 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92060 2009-11-23T12:58:05Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92039 @anderscca:<br><br>Yours is just about the first rental loan modification I've heard of. And, while I don't like a 40-year loan (and WF will do fine out of a 40-year loan interest-wise) 4 percent should make that rental much more doable.<br><br>Congrats. Kudos, Wells Fargo. Mon, 23 Nov 2009 12:57:36 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92039 2009-11-23T12:57:36Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92027 After being 6 months delinquent with our rental property, Wells Fargo offered us a modification at 4% for 40 years.<br> Mon, 23 Nov 2009 03:52:18 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_92027 2009-11-23T03:52:18Z http://moneywatch.bnet.com/saving-money/blog/home-equity/recession-over-not-with-21-percent-unemployment/1194/#18097_91984 @matilda:<br><br>Thanks for your comment. I agree that the so-called GDP growth was a tricked-up number, thanks to Cash for Clunkers - as misguided a program as I have seen in awhile. All temporary sales, pushed forward from 2010 and 2011.<br><br>I also agree that what we're in now is no ordinary business cycle contraction. As I've been saying for awhile, when you have unemployment still rising (and we're at the high end of most economists estimates at this point and it's still going up), and companies announcing layoffs of 2500 workers each week, we're not yet turned in the right direction.<br><br>This week, new numbers indicate that 14 percent of Americans are delinquent in their mortgage payments or in foreclosures. That's about 15 million Americans. We already know that we'll see another 7 million foreclosures in 2010 and 2011, but how many more will we see? <br><br>Who will buy up all these homes? And, when will the U.S. Housing Market be ready to stand on its own? <br><br>Until you fix the job market, get real growth happening, and start to steady the housing market, we won't be able to see light at the end of the tunnel for this recession - no matter what Washington DC is saying.<br><br>Thanks for your comment.<br> Sun, 22 Nov 2009 19:38:24 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/recession-over-not-with-21-percent-unemployment/1194/#18097_91984 2009-11-22T19:38:24Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91983 @Mitchell:<br><br>I don't really hear stories about lenders modifying rental property loans. The lenders feel that if it's an investment property, you're stuck for what you borrowed.<br><br>You might get your primary loan modified, but it depends if you qualify with income and how much underwater you are. <br><br>Contact your lenders by calling the toll-free number listed on your statement. If you don't get a response (either a yes or no) then follow the advice and links in comment #79 for information on how to write an appropriate letter to your lender.<br><br>Let me know what happens. You can follow my updates on Twitter @Glink. Sun, 22 Nov 2009 19:27:54 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91983 2009-11-22T19:27:54Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91982 From Mitchell via EMAIL:<br><br>I have a primary residence and 2 rentals. All with 1st and 2nds. 2 are probably negative equity. lenders are Wells fargo, Citi and GMAC. I can't refinance and hear different stories about modifying rentals. Can you help?<br>Thank you. Sun, 22 Nov 2009 19:25:24 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91982 2009-11-22T19:25:24Z http://moneywatch.bnet.com/saving-money/blog/home-equity/feeling-poor-try-losing-96-percent-of-your-wealth/921/#15784_91975 @marc_b:<br><br>Thanks for sharing. McAfee sold his product (and made his millions from it) years ago. So, if you hate the current product marketing, it's hard to pin it on him.<br><br>But, thanks for your comment. Sun, 22 Nov 2009 18:30:29 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/feeling-poor-try-losing-96-percent-of-your-wealth/921/#15784_91975 2009-11-22T18:30:29Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91972 @Nicole and Troy:<br><br>I have pasted your comment that you emailed to me into this blog because I know there are folks at Bank of America who read it. I have also deleted your contact information because I don't want you to be bombarded.<br><br>The treatment you describe is what I call CUSTOMER NO SERVICE. I suggest you write a letter to Ken Lewis, the current President of Bank of America detailing the treatment you've received. Ask why you are not eligible for a loan modification.<br><br>I'm going to say that if you don't have any income, you won't qualify because you need to have some income coming in. But if the lender believes that it will make more money by forcing you into foreclosure, then you won't get a loan modification. Why? Because HAMP is voluntary.<br><br>Here are some links to explain things:<br><br><a href="http://moneywatch.bnet.com/saving-money/blog/home-equity/foreclosure-mediation-programs-arent-working-because-of-net-present-value-npv-calculations/1067/?tag=col1;blog-river">Foreclosure Mediation Aren't Working Because of Net Present Value (NPV) Calculations</a>.<br><br><a href="http://moneywatch.bnet.com/saving-money/blog/home-equity/calculating-the-net-present-value-npv-of-a-foreclosure-vs-a-loan-modification/1063/?tag=col1;blog-river">Calculating The Net Present Value (NPV) Of A Foreclosure Vs. A Loan Modification</a>.<br><br>And, if you want to know how to write an effective letter to the President of your loan company, try <a href="http://www.thinkglink.com/article/2009/11/13/loan-modification-help-get-some-answers-from-the-bank-ceo">try this suggestions in this article</a>. <br><br>Good luck, and let me know what happens. Sun, 22 Nov 2009 17:53:30 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91972 2009-11-22T17:53:30Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91949 From Nicole and Troy via EMAIL:<br><br>Our family (Myself, husband and two year old daughter) face foreclosure in December 2009. We are a middle class, hard working family who strived for the American dream. When the recession hit, one of us was laid off, and we scraped by on one salary and unemployment. <br><br>Now, we can no longer scrape by and have been refused a loan modification from our mortgage servicer, Bank of America. We sent the paper work to Bank of America in August 2009. Every week they stated our application was being processed. <br><br>Finally-4 months later, I called BofA and got someone in India. I demanded to know what was taking so long with our pre-approved loan modification application and they stated our application was cancelled due to information they requested from us but did not receive. I informed them I received no requests and we mailed them a completed application via USPS overnight return receipt! So, basically they stated we are facing foreclosure December 11th! <br><br>With no place to live and no family to turn to - our American dream has become a nightmare. We want to know why no one is reporting about the illegal acts of the mortgage companies?? <br><br>This situation is getting worse and the papers and media are setting forth biased reports or nothing at all. We would like to speak candidly to a reporter about our experience with Bank of America. <br><br>We have included our contact information below. If we do not answer, please leave a voicemessage with number and we will call you immediately. Sun, 22 Nov 2009 17:23:23 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91949 2009-11-22T17:23:23Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91948 @Kimbow:<br><br>Thanks for sharing your story. Let me know what happens.<br> Sun, 22 Nov 2009 17:21:19 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91948 2009-11-22T17:21:19Z http://moneywatch.bnet.com/saving-money/blog/home-equity/recession-over-not-with-21-percent-unemployment/1194/#18097_91951 The GDP growth in the last quarter was mostly due to Cash not Clunkers. This isn't a recession, it's a depression. Maybe not as bad as the Great Depression, but also not an ordinary business cycle contraction. It's global, it's deflationary, and the stock market is behaving very similarly to what happened in the US in 1929-1930, and what happened in Japan at the end of their bubble. Sun, 22 Nov 2009 04:37:10 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/recession-over-not-with-21-percent-unemployment/1194/#18097_91951 2009-11-22T04:37:10Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91896 We have been in loan modification hell since February 2009. <br>My husband was laid off in January. Thus the reason we <br>applied. We were never late on any of our payments. In <br>August 09 we started the 3 month trial period payments <br>which was half of our original payments. In October I kept <br>calling to find out where our package was on the loan <br>modification (which we never got). Asked them what to do <br>for the November payment and they said to pay the trial <br>payment amount if we did not get our package. Called the <br>bank November 2nd to pay the mortgage and were told we <br>had been denied and we were behind now by 2 months. <br>There goes the credit rating. The reason being they had <br>used my husbands unemployment check as his income and <br>now he only has 9 weeks left of unemployment which is not <br>satisfactory, he must have 9 months worth when applying. <br>He did when we started the process. Fortunately, one of the <br>people at the bank called us back the very next day (which <br>is the first time that has happened) and said we could <br>reapply but we would have to do trial payments again for 3 <br>month, but it won't start until January. In the meantime he <br>got a job, although his pay is half of what he was making. <br>So we are continuing the loan modification process. Will <br>post more after we talk to the bank again. Sat, 21 Nov 2009 18:26:27 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91896 2009-11-21T18:26:27Z http://moneywatch.bnet.com/saving-money/blog/home-equity/feeling-poor-try-losing-96-percent-of-your-wealth/921/#15784_91765 I don't feel a lot of sympathy for McAfee. His product borders on terrible and, if you get the free trial, will relentlessly bug you with requests for (paid) updates. When you try to remove it, you'll generally have to endure a forty or so minute process because you need an uninstall tool from the site and will need customer support to point you to the right one. I've known a few people who tried just removing McAfree from their computer without going through this prolonged process only to basically wipe their computer (or as good as wipe it; the only fix was a reformat). In addition, McAfee's hi-jacking of my inbox and setting up a separate junk mail folder cost me a few job opportunities as I completely missed the emails because they ended up in McAfee's hidden box. I couldn't be rid of that thing fast enough. Fri, 20 Nov 2009 19:31:29 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/feeling-poor-try-losing-96-percent-of-your-wealth/921/#15784_91765 2009-11-20T19:31:29Z http://moneywatch.bnet.com/saving-money/blog/home-equity/time-to-refinance-im-thinking-about-it/1300/#18925_91699 From Dick, via email:<br><br><br>"I agree that folks who have ARMs should take a serious look are refinancing now. My concern is that we are sowing the seeds for very serious inflation. We may not see these rates again for many years." Fri, 20 Nov 2009 15:17:17 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/time-to-refinance-im-thinking-about-it/1300/#18925_91699 2009-11-20T15:17:17Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91697 Kathy -<br><br>This is not supposed to be happening. Your payments in the permanent modification are NOT supposed to be higher than your trial period loan modifications.<br><br>I urge you to contact Jamie Dimon's office (he is the CHASE CEO) immediately to let him know that this isn't right and you are perfectly happy to continue with the trial modification amount on a permanent basis. Let him know you cannot afford the higher amount and will otherwise have to go into foreclosure.<br><br>Here is the contact information for Jamie Dimon:<br><br>JPMorgan Chase & Co.<br>270 Park Avenue<br>New York, NY 10017<br>United States - Map<br>Phone: 212-270-6000<br>Fax: 212-270-1648<br>Web Site: <a href="http://www.jpmorganchase.com" target="_blank">http://www.jpmorganchase.com</a><br><br>Send the letter return receipt requested, or overnight, and copy the Treasury Department and the OCC on it. Let me know what happens. Fri, 20 Nov 2009 15:13:33 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91697 2009-11-20T15:13:33Z http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91695 From Kathy via email:<br><br>I have a home loan with wamu/chase. I started with a loan modification back in may 09. I was asked to continually send the same things in over and over again. Also when I called I had to talk to several different people, and most of them didn't even know anything. To make a long story short my modification papers arrived today to sign and send back. Guess what? My payments are higher than before the modification. And the interest rate stayed the same. Big Help they were. The trial period my payments were 542.50. My payments before were 880.32. and now they are 900.00. I guess they will just have to take the house. Fri, 20 Nov 2009 15:09:13 GMT http://moneywatch.bnet.com/saving-money/blog/home-equity/are-you-in-loan-modification-hell-join-the-club/971/#16311_91695 2009-11-20T15:09:13Z