During Chela’s last call to BAC, the customer service “specialist” instructed Chela that the permanent modification would take 60-90 days to process after the last trial period payment had been received. Chela sent the last trial period payment electronically on February 1st. Knowing that the computer system at BAC had traditionally taken a few days to catch up with what was happening, Chela decided not to call for follow-up on the modification until mid February.
Chela is still struggling with her loan modification. Although we haven’t heard from her in over a month, Chela has checked in and has this information to share about the ongoing loan modification vs foreclosure saga. If you have missed back posts of Chela’s Story, please take a look so you can see what a struggle the loan modification has been. Part 1, Part 2, Part 3.
The most frustrating theory seen in most loan modification applications is that it makes the most sense for the bank to modify the loan. In Chela’s case, she owes $255,000.00 on her mortgage. Comparable sales data in Dakota County shows that her property MIGHT go for $180,000.00 as a foreclosed home. (And that is being generous). It “makes sense” for the bank to work with her, but no one knows if that common sense will win out in the end.
We resume our walk in Chela’s shoes while trying to achieve a loan modification and retain her family home. To catch up, click here to see Chela’s Story, Part 1.
We left off last time in March when Chela was required to put together a whole new loan modification application. Chela updated all the documentation required.
Let me introduce you to Chela. Chela is a divorced mother of 3 living in Dakota County, MN. She owns the home where she grew up, located on a small orchard. To simplify the events that led to the necessity of a loan modification, I will put them in a time line below.
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