Looking up

So, things are looking up.

Tamika and I remembered that I had some money saved up in our 401k that I started last year, and so I talked to Stacey, my day job’s accountant, about how to use that money for the foreclosure.
Stacey told us that, fortunately, 401k lets you take you money for foreclosures without much in the way of fees. She did, however, need proof faxed over that we were indeed in foreclosure, though.
No problem, I’d call Bank of America.

So, I call them up.

A little background, we’ve been in foreclosure before, last year. We paid them off somehow, and were good for a while, but then slipped back in because I’m not making enough.
This time, we were 5 months past due. Basically, we make enough money to pay for all bills except the mortgage. Typically, I work harder at Zerflin, make up some money, and pay it back. In the meantime, we spread around the damage, missing a month on some bills, then paying them back the next, and skipping out on some other bill. But with our Bank of America loan, (we have two) it’s over $1000 a month. My 2 week paycheck is just barely $1000, and on top of that, they won’t let us make a partial payment.
Simple math; we’re stuck in a really bad rut.

In addition, we had gotten letters from a law firm, saying that they were a collection agency for Bank of America, but because we’d gotten LOT of scam letters and hadn’t heard anything from Bank of America, we thought that they were fake.

So, I called them to ask for the documents.
They said sure, they’d send over the documents, but when I ask them how much I owe at this point, they won’t tell me.

Me: Why not?

BoA: It’s our policy. We have to go over your financials first.

Me: Seriously? I’ve done that nearly every month for 5 months… nothing’s really changed about my situation. Can you just tell me how much I owe?

BoA: Well, if we could go over your financial information–

Me: Fine. Let’s do it.

BoA: Ok. Thank you sir. Your bi weekly paycheck, is it still–

Me: Same.

BoA: Your electric bill–

Me: Same.

BoA: Your water–

Me: Same.

This went on for a while.

BoA: Thank you sir. You’ve been pre-approved. I can send the foreclosure documents over right away. What number would you like me to fax them to?

Me: Wait… pr-approved? What does that mean?

BoA: It says here you’ve been pre-approved for a loan modification on your mortgage with us.

Me: It DOES? How? Wait… are you sure?

BoA: Yes sir. Your monthly mortgage payment has been temporarily reduced and is up for review.

Me: How is that possible? Listen, no disrespect, but I’ve been calling you guys for over a year trying to get this mortgage modified. Nothing about my financial information has changed since the last go around, so…

BoA: Well, sir, the computer tells me you’re pre-approved, so…

Me: But how?

BoA: I don’t know, sir.

Me: Ok. So, um… So, yeah. Now what?

BoA: Well, we put you on the temporary reduced payment of… $918 a month, just about $200 less. Then we’ll assign an adjuster to your account, who will review your mortgage in detail.

Me: $918 for how long?

BoA: Well, usually it takes about 3 months, but to be honest, we’ve been kinda swamped here with mortgage foreclosures here, so it may take longer than that, perhaps 5 months…

Me: 5 months. Ok. So, what happens after that?

BoA: Your mortgage will be reviewed.

Me: And?

BoA: If you’re approved, your mortgage will be modified.

Me: And if not?

BoA: Well, you’ll go back to your old amount.

Me: Ok. So, you still need me to pay the balance? What is it, by the way?

BoA: Over $5,000. But you don’t need to pay that now. It’s been absorbed back into your loan.

Me: Oh wow. oh wow. Uh, that’s good.

BoA: Now, if you’re not approved, you’ll owe it again. But we’re not putting any interest on it during your review period.

Me: Great. Wow. This is really good.

BoA: Very good, sir.

Me: Now, I got this letter from this law firm…

BoA: A collection agency?

Me: Yeah. Do you need to give them a call.

BoA: Actually… no…

Me: Why not?

BoA: Well… to be honest, they weren’t actually going to kick you out…

Me: Wait, what???

BoA: We never gave them the order to forclose.

Me: So, all those letters…

Boa: Were just to scare you, yes.

Me: Oh.

Yeah. Oh. So they were only messing with us.

Thanks, BoA.

And please modify our loan…