Making Home Affordable Program

02/08/2012

Dear Mr. President,

I was recently moved to reach out to you to tell you about the disparity of assistance this program has given me as administered by Bank of America (BOA).  In 9/2011 my daughter was hospitalized for 10 days, this caused me to file for FMLA and lose pay as a result since I did not have enough sick leave to cover my absence at work.  As a result of this and the numerous follow up appointments and bills for her care I could not make my mortgage payment.  I called and spoke with a representative at BOA who told me I qualified for a 3 month deferment, at which time based upon a loan modification approval I may or may not be entitled to the deferment.  Meaning, I may or may not have to make up the 3 months’ worth of payments or I would be approved to have the 3 months payments placed to the back of the term of my loan.  I took the deferment since I had no other choice. 

Interesting enough I received no less than 20 copies of the Loan Modification paperwork sent via Fed Ex and USPS.  I was assigned an account manager, who is never available although regardless of what number I call I get routed to her.  I received about 10 advertisements about meeting places that were local where I can make an appointment to have someone help me complete the confusing paperwork.  The paperwork I might add required you to handwrite in 8 font and was not inclusive of numerous things.  This local office visit was really unnecessary for me since I had previously completed the paperwork 2 other times. The first time it was received and denied with no reason or notice and the second time it was inexplicably lost, even though I utilized the prepaid Fed Ex envelope to attach this barcoded documentation. 

I submitted the paperwork in 11/2011 and have since received more applications, numerous and sundry letters stating my account balances, information about this program and my rights under this program.  I’ve heard from several people that they have had the same experience and have never met anyone who has been approved for this loan.  I am quite disturbed about the administration of this program through Bank of America, I think this program should be audited for quantification of actual administrative costs versus actual home owner assistance. 

Further I am concerned that my loan will now be turned down since they are the first holder of my mortgage and my house (compared to others) is equal to what I owe to both mortgage companies.  My second mortgage is with CHFA, since a foreclosure or short sale will definitely satisfy BOA, I wonder how motivated they will be to keep me in my home?  Where does this leave CHFA, another government program? 

My loan application is with the underwriters at this point, I have to continue to call to check the status to keep them on task, each time finding out they need additional information from me, i.e. a letter stating a IRA disbursement in 2009 was a one time deal, my monthly paystubs(3 months running), etc.  I have never been contacted for these things I only find out about them when I call in.  Out of frustration, I have begun at this point documenting all my communication with Bank of America and requesting a firm call back time/date location from my account representative. 

It would be really interesting to see data related to the success of this program wouldn’t you agree?