predatory lending???

[shrlook]

Hi
I am looking for some answers that I hope someone has. In May 2008 I did a loan modification with Bank of America. I was over 6 months behind. They offered to add my overdue interest payments to the end of the loan, extend it for another 5 years and and lower my interest rate by 2 points.
Can a loan modification be a predatory lending loan? Though my paperwork states my payments will go to interest and principle, I have noticed that my entire payment is going toward interest only. I spoke to a rep who stated that I still owed over $2000 in late interest and that is why. But they added that amount to the total loan amount due in May and now it looks like I am paying it twice. I never got a TILA document for the modification. Is that form required? What can I do? I cannot afford an attorney.
Thanks. Sharon

[Moe Bedard]

Hi Sharon,

The TIL is not required as part of a loan modification because it is modifying the existing loan.


Put together a QWR (Qualified Written Request) click on the link below for more info..........

Free Foreclosure Help, Stop Foreclosure, Short Sales - Loan Safe


In that letter demand your Life of Loan History and how and to what are the payments being applied.

Make sure you send it certified mail return receipt required to address below:

Bank of America Corporate Center
100 North Tryon Street
Charlotte, North Carolina 28255



They will have 20 business days to acknowledge your request in writing and 60 business days to comply........
By doing this you will be able to see how the payments are being applied.

[shrlook]

Thank you so much. I will follow your instructions and let you know the outcome. Sharon