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What to expect when trying to modify under Making home affordable Obama plan with Bank of America.?

Actual Script used by Bank of America. Hope this helps

Date: July 9, 2009
Title: Current Customers Requesting Payment Assistance and Eligibility Checklist
Overview: Our call center and home retention area are all receiving a large number of inquires in reference to the recent financial crisis.
Some of these inquiries are from customers who are experiencing financial hardship. However many of the inquiries are from customers who are not currently having financial difficulties but who want to know if any of the programs, perhaps ones they have heard about in recent media coverage apply to them.

Example of Programs with extensive media coverage

Homeowner Affordability and Stability Plan (HASP)
Making Home Affordable (MHA)
Hope for Homeowners Program

Key Points: Keep the following in mind for handling these inquires
If the caller is current, be firm and keep handle time to a minimum. All of our programs and tools and any programs in development are foreclosure avoidance tools.
Your role as an associate handling these calls is to direct customers to programs that best fits their situation. It is important to refer only those customers with the ability to make some kind of payment. Those customers with extensive credit card debt or no income are not seen by HRD as good candidates for workout. These customers should be referred to the counseling agencies for assistance regarding their overall credit obligations.
If callers have the ability to pay their mortgage, they need to make their home loan payments a priority. If they stop paying their home loan payments therefore causing themselves to become delinquent, they are not automatically eligible for these programs. Excessive credit card and related debt undermines a customer’s ability to repay their mortgage and stay current. HRD identifies this reason for default as an “improper regard for obligation,” and is not able to provide these customers workout assistance until they have reconciled or consolidated this outstanding debt.

Action to Take: So that we can direct call volume to the area that is best equipped to assist customers based on their specific circumstances and prevent needless transfers, please follow the guidelines below:
CCRD associates should use the Eligibility Checklist for Current Customers to determine whether or not the MHA criteria are met. Check documentation to determine if the Eligibility Checklist has been used before proceeding.

If any of the conditions within the MHA eligibility checklist equals “No”, stop. DO NOT transfer to Home Retention (HRD) for Making Home Affordable (MHA).

Opening Script: “I see that your loan is current, are you experiencing a hardship or has your income changed since the origination of your loan?”

Making Home Affordable (MHA)
Current Customer Eligibility Checklist
Criteria Met Criteria

Yes No
1. Current customers should be reviewed for a refinance first, only if the customer is POWER Refinance eligible.

In order to confirm if the customer has spoken to the refinance department, use the following scripting:

“Thank you for your inquiry Mr/Mrs________. In order to provide you assistance, and better direct your call to the correct dept I will need to ask if you have already spoken to our Refinance Department.”

If no, follow the Making Home Affordable (MHA) Refinance (Previously HASP) procedure, and use the following scripting to transfer the caller:

“Thank you for your inquiry Mr/Mrs________. Unfortunately Customer Service does not have the expertise to discuss the potential options available to you. I will need to transfer you to one of our trained sales associates. This mortgage loan officer will review your current financial situation and discuss with you the refinance options you may be eligible for.”

If the customer inquires why they must be transferred to refinance, explain that according to the rules of the government program, customers interested in pursuing MHA assistance must be reviewed for refinance eligibility first.

Note: If the current customer is adamant about being transferred to Centralized Sales and does not appear to be POWER refinance eligible, please follow business as usual processes when transferring a customer to Centralized Sales, as found in the Making Home Affordable (MHA) Refinance (Previously HASP) procedure.

If the customer is not eligible for refinance, or already reviewed for refinance, proceed to step 2.

2. If the customer is not POWER eligible or has already been reviewed for a refinance and is asking for assistance, you must determine the customer’s reason for hardship by using the scripting below:

“Is the hardship due to lost income as a result of Disability, Illness, Divorce, Death, Wage Reduction, Forced Relocation, or Disaster?”

If no, close the call using the following script:
“The programs available require that you have a financial hardship rela

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If I declare myself bankrupt then a few months later get married can they take anything from my husband?

Me and my partner want to get married as soon as poss, unfortunately my ex hubbie left in absolute financial difficulties, I couldn’t afford the mortgage so I surrenderd the house which was a big mistake the house is seriously in negative equity which will mean once the house is sold I will owe over 50K when i say me i mean me and my ex hubby but no body knows where he is so the mortgage company on seem interested in claiming the money from me! he also ran up my credit cards conned me into putting my name down with his on joint loans which he hasn’t paid so now i am left with them too! (he is a gambler btw) my lovely new fiance owns his own home and has money in the bank he is prepared to stand by me regardless of my problems. I’m thinking of declaring my self bankrupt but how will this effect my fiance if we later get married? can they take his home as an asset? will this affect his credit rating???? thanks so much for any advice you can givexx

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