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Home modification loan complaint?
My husband and I were approved for a loan modification in September of 2010. At that time, we were to send in our first payment and the new loan would be in effect as of December 2010. I called Bank of America and asked them about payments during the interim. I spoke with 3 people and they all assured me that the payment that I sent in was my December payment and the next one was due in January.
Today, I received a phone call from a debt collector that said my loan was overdue and a payment was due. I told her that I was told by B of A that my first payment was not due till January. She disagreed.
I then called B of A directly. After 4 transfers and over an hour on the phone, I finally found out what has happened. The person I spoke with last said that even though everyone said my payment that was sent with the loan docs was actually my December payment, it was actually applied as a "Gap" payment. As a result of the misinformation, I am now behind a month before I even started with the loan. Has this happened to anyone else? I am so frustrated because I was told no payment was due till January, so the extra funds were used to pay off some other debts. I am ready to just walk away from the house and let the bank have it.
I have been approved already....just to make myself clear. We can afford the payments. The problem (If you read through the whole thing) was that we were misinformed as to when our first payment was due. We were told by 3 people at B of A that our payment was not due until January, so we did not make a December payment, but used it to pay off some other debts. If we had known, we would have made a payment. We were misinformed by the bank on 3 separate occasions.
2 Answers
- acermillLv 71 decade agoFavourite answer
Sadly for you, your lender is NOT required to follow whatever it was you 'heard in phone conversations'. When working with a loan mod, you MUST get any agreements in writing. If you do not do such, you can only claim "He Said, and WE said". You have no proof of any arrangements.
And YES, this has occurred with endless thousands of borrowers seeking loan mods.
- David14Lv 71 decade ago
You're not entitled to a modification. Either you can afford to pay or you can't. Sorry, but that's life.
