Posted by CentralNY on 12/7/12 2:36pm
Msg #445809
BofA Loan Mods
bos' are telling me that they are being contacted by boa to do loan mods at much lower rates. does anyone think it is due to the old CW stuff and maybe they can't find the notes, so nip it in the bud and get new recording info for boa. hate to be a conspiracy nut but just saying. kind of like the mers mess.
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Reply by ananotary on 12/7/12 2:51pm
Msg #445811
It's part of the Dept. of Justice Settement program n/m
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Reply by CentralNY on 12/7/12 2:58pm
Msg #445812
Aha, but my bos' don't seem to be hurting
i will have to read it in depth, i thought it was for foreclosures and bankruptcies. anyway, it's a good thing for sure, great rates. payback's a, well you know.
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Reply by ananotary on 12/7/12 3:03pm
Msg #445814
How do you know they aren't hurting? I can't remember all
the criteria, but I think being in default was one. I agree about payback! Big bank had to pay up!
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Reply by CentralNY on 12/7/12 3:14pm
Msg #445818
I don't know for sure but some of the comments being made
just make me think they are ok and it's just a gift. one bo actually said something to the affect that they have helped the poor people now it was his turn, whatever.
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Reply by ananotary on 12/7/12 3:18pm
Msg #445820
LOL n/m
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Reply by JanetK_CA on 12/7/12 10:19pm
Msg #445869
Re: I don't know for sure but some of the comments being made
I haven't done too many of those recently, but the last one I did, the BOs said that the bank contacted them, they weren't even looking for a Mod, so with the terms being offered, they figured, why not... My guess is that it's some kind of pressure on BOA from somewhere.
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Reply by pdl/cali on 12/7/12 11:05pm
Msg #445875
Re: I don't know for sure but some of the comments being made
BofA will contact them when they are around 45 days late on their mortgage, with options for a loan mod.
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Reply by DebMsocal on 12/8/12 9:44am
Msg #445908
I have my mortgage through Chase, tried in vain for 2 years to get a mod with a "no go". I have never been late on payments and was looking for some relief before I got to that point.
Suddenly Chase starts calling me about a mod, it's part of a major law suit that was brought on by the Attorney General where they had to go find people to mod their loans. Who am I to argue with a lower interest rate, plus my loan was interest only and now I am paying on the principle along with a better interest rate. All I had to do was take the new Note to the branch and get it notarized and within the month my payment changed.
So it doesn't have to be a distressed borrower, just one with a ridiculous interest rate. 
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Reply by CentralNY on 12/8/12 9:48am
Msg #445912
you are right. the feedback i am getting is that they are not underwater and some bos' knew of the program but most are contacted by boa to mod at drastically reduced rates. banks are trying to make something "right".
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