Loan modification turns into nightmare for Valley couplePosted: Updated:
Tony Khunpannya and his wife Mayra love their home, “I'm finally able to get a place we can call home, a place where I can settle, raise my kids, a place to start off at”.
But Tony says an unexpected bump in the road really put the brakes on things, “I lost my job and that's when the financial hardship started”.
When that happened Tony says he immediately contacted his home mortgage company, Bank of America, to see if they could work with him. “They came back and responded that we were able to work with you”.
Tony and Mayra were relieved to hear that Bank of America would be modifying their loan. “We felt good about it because it was something we could handle we could deal with, and we weren't going to lose our home”.
Tony says the new modified payment was about $960. They accepted the modification and have been paying that payment for almost a year, and then Tony says they ran into some problems. “A whole year went by and these errors are repeatedly occurring”.
Exactly what errors? Tony says that even with all his documentation confirming his modification, Bank of America told him it actually did not go through and all of those month's worth of modified payments he made could not be located.
It is as if the money vanished, meaning Tony and Mayra were delinquent. Bank of America claims the couple is delinquent and will have to pay again.
“They knew exactly what they sent out to me and yet they won't honor any of it”, says Tony. 3 On Your Side contacted Bank of America which immediately looked into the Khunpannya's situation.
Although Bank of America would not give details due to privacy reasons, they did find that Tony and Mayra are not behind at all in their payments. Bank of America tells 3 On Your Side, "(We) have taken the necessary steps to address their concerns, including correcting our system to show their account is current, waiving late charges, completing their request for modification, and reporting this credit correction."
It is great news to the Khunpannya's, who claim the ordeal has been a nightmare and they credit 3 On Your Side for saving their home. Tony says, “That's great knowing that I was gonna be able to keep my home and be able to afford my payments”.