I am a Bank of America customer we purchased our house 8 years ago through Countrywide home loans. On October 2009 my husband lost his job and we were having a hard time paying our mortgage, so we decided to apply for the government program "Home Modification Loan". Bank of America immediately put our loan on a temporary payment plan that was supposed to last 4 months, but in turn it took 10 months for us to get a Home Modification Agreement. On August 5, 2010 we received a "Loan Modification" letter (see attached copy) indicating we were approved for the program and that we must sign and return contract immediately with our first mortgage payment as stated in the new agreement (see post office Money order receipts). In September I called to confirmed that my agreement and payment was received and a Bank of America representative advised us that it would take up to 90 days for our records to be updated with the new "workout plan". In October and every month to follow I would call Bank of America to find out why our records were not updated and each customer representative had a different reasons some kept telling me that the volume of customers was too large and that's why it was taking so long for our records to be updated.
On December 2010 I called Bank Of America as I’ve been doing for the past 4 months to follow up on the status of the system update and to schedule my monthly payment and I was told that the reason why my records were never updated was because there was something wrong with the interest rate that was offered to us when the Home modification loan was approved. They couldn't tell me what was wrong with the rate that originally offered. I was so upset because how could my loan modification change without any notice or reason and I would only find out about this issue 4 months later. Each month I called a representative would start by saying "are you calling to make payment arrangements? “your loan is past due since June 2010" which wasn't true as I have made my payments each month. Since the year end was approaching I was worried that the interest I had paid for those months were not reported to the IRS.
When I called Bank of America again on January 2011 and told them that my 1098 form was not correct that they were only reporting I that I paid interest for the first 6 months of 2010 the representative that I spoke with said that by January 31 all records in the system would be updated and that I would receive an updated 1098 form (which I did not receive yet). Now on February 11, 2011 I received a new "Loan modification agreement/contract" (see copy attached) with a higher interest rate than the original home Modification contract I signed and sent back in August 2010. I am very upset that Bank of America will try to scam us by giving us new modification loan agreement with a higher interest rate after we thought our home loan was already modified and approved back in August 2010.
I need your help solving this issue I am so depress with what was suppose to be 4 month process now going on to its 2nd year! and still a nightmare. I know there any many homeowners in the same situation that we are in.
Please Help!!!!!!!
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