On June 13, 2011, after more than 15 months of attempting to work with Bank of America, after skipping contractual obligations on the advice of the bank, after submitting no less than 4 complete applications, after submitting many more supplementary documents, after calling the bank weekly/monthly, after being subjected to misinformation, harassment, and other forms of abuse, after coming within 24 hours of foreclosure, after asking for options including deed in lieu of foreclosure, a short sale, or a modification, we finally received our first modification offer from the bank.
Unfortunately, it didn’t offer any relief. It didn’t lower our monthly payment, it didn’t lower our balance, and it didn’t change our interest rate. It didn’t even guarantee that our home wouldn’t be foreclosed upon even if we made the new monthly payment amount.
What it did was more than double our monthly payments.
