Our Loan Modification Paperwork Has Been Sent by Bank of America to the Investor

by roz naeem
(San Rafael, CA 94903)

We have been in the loan modification hell since April of 2009 and after sending complaints to OCC, finally they assigned us a negotiator and after many calls and pushing from the president's office, today she told me that she has uploaded my info in to the computer and the investor is going to verify the income!? What does that mean? Should I try to find out who is the investor and try to contact them? Please help!

Roz

Mortgage Loan Modification Answer:

Hi Roz,

It sounds as though Bank of America is just the servicer for your loan. There is a different investor who actually owns your loan.

Good for you for going up the ranks and driving your loan modification application through the quagmire of your bank's inefficient loss mitigation process.

The fact that the B of A rep has sent your file to the investor signals that a final decision will soon be made. As she said, the investor will just need to verify your income, probably through most recent paystubs, etc, to make sure nothing has changed since you intially applied.

Unfortunately, you will not be able to speak to the investor yourself. Servicing banks will not give you the investor's identity or contact information.

The best thing to do at this point is to continue to follow up everyday on the progress of your application.

The good thing is your loan modification is now in it's final stage.

I wish you all the best. I hope you will hear very good news very soon.

-Grace