Everyone has heard the stories about how poorly banks are fairing when it comes to processing and granting loan modifications. There have been complaints filed against virtually every lender, but Bank of America leads the pack.
When loan modification programs began rolling out, first during the Bush Administration (the HOPE) program, and next with the Obama administration Home Affordable Modification Program (commonly referred to as HAMP), there were high hopes that modifying loans would stem the rate of foreclosures and would provide much needed relief to those who seriously needed help to stay in their homes. It was hoped these programs would stop the precipitous drop in home values across the country.
The modifications were never intended to lower rates or payments for those who were not dealing with a financial hardship, which is why a "hardship letter" is one of the required pieces of paperwork to qualify for a modification. Some banks have truly reached out to help home owners in need, which largely includes people who have experienced a reduction in income (due to job losses or reduction in pay or hours)or have had to deal with ARM (Adjustable Rate Mortgage) rate re-sets which resulted in significantly higher payments.
Bank of America has a dismal record of assisting home owners. They have offered one excuse after another for their failures, but the bottom line is their system is wrought with issues that are not acceptable, either to those trying to get a modification, nor to regulators who are investigating the complaints against the bank.
Initially Bank of America ignored the guidelines about debt ratio, and denied modifications citing "too much income" even when debt ratios were above 60%.
Even today, IF a home owner is told that they qualify for a modification program,the borrower receives nothing in writing from the bank about the terms of the trial modification, or the final modification terms. Borrowers are expected to call in payments monthly, with no way to track where the funds have been applied. The bank continues to call these same homeowners, basically harassing them, and sends out notices of intent to foreclose, in spite of collecting trial modification payments. In addition, they continue to report delinquencies to the credit bureaus for payments received. There have even been cases of foreclosure auctions taking place on homes when the home owners were paying trial modification payments.
Some states are taking action against Bank of America to force them to be accountable to the people. The state of Florida Attorney General reports that his office has spent approximately $4 million over the last two years just investigating complaints and trying to help home owners. One South Florida mayor has announced that he wants his city to reconsider doing any business with Bank of America.
The issue regarding loan modifications and mistreatment of home owners has gotten so bad that state and federal regulators are investigating all complaints to determine how many people have had modifications denied who were actually eligible. The U.S. Treasury Department has begun auditing all lenders now.
If you believe you were erroneously denied a modification, or were otherwise mistreated during a modification attempt, perhaps you should join the masses and file a complaint with your state regulators.
Since the economic crash began, Bank of America has had class action lawsuits filed against them in several states for issues dealing with credit card fraud, racial discrimination, and of course, failure to deal in good faith with home owners in need of assistance.
For their part, Bank of America is finally stepping up and starting to actually modify loans. Is this a case of "a day late and a dollar short?"
Check out Regulators ramp up efforts on loan modification complaints
Written by Shelby Bateson
HULIQ.com
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Comments
#1 BofA Lawsuit
am in a lawsuit with BofA for a nearly identical situation. I paid my mortgage payment on time for nearly 5 and half years until the economic crisis and housing crisis hit and cut my 25 year small business revenue in half. Which incidentally cut my income in half. These greedy banks caused this by flooding the markets with loans where people did not qualify. They caused this whole thing and we all lost all our equity. But I would appreciate anyone who would like to support me in comments in regards to my lawsuit at :
http://news.yahoo.com/s/prweb/20100323/bs_prweb/prweb3766544_1
I have been told that some of the higher ups at BofA read my article. So it would be a perfect opprotunity for you to express what you feel about BofA.
We need to all stand together on this! It reminds me of that song by John Lennon and George Harrison titled "Piggies" I invite you to listen to this song on youtube and see if it appropriately fits.
Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.
Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.
In their ties with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.
Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.
#2 lawsuits agains bofa
My husband and I are in the same situation we were denied loan modifications with no reason 3 times 1st time we made all trial payments the told we dont' qualify and to reopen the process. Then we were going to do another trial which then was increades by another 350.00 which we were barely able to do the first time but did since it was a trial and would be modified it didn't we have stopped paying and are doing a short sale but if there is any hope I woul like to try it a last time. My situation was the decrease of income from my husband who was in the realestate and I parttime work. The banks are just pulling a string to string the people along as far as they can . Send me emails of any infor that would help us and or other to break down the banks crap.
#3 BANK OF AMERICA IS A SCAM
I can't read anymore stories on Loan Modification because they all sound like mine. SOMEONE IN OUR GOVERNEMENT SYSTEM NEEDS TO TAKE CARE OF THIS
#4 Just asking
Have you written letters to anyone?
#5 Piggies!
Please,help me and United Law Group send a message to BofA which states, that we will no longer tolerate their potentially irregular, fraudulent and abusive business practices. In the end, the American tax payer did not fail to deliver the BofA bail out in record time, but BofA failed to deliver the American Tax Payer’s bail out in the form of a loan modification. It reminds me of that song by John Lennon and George Harrison titled "Piggies" I invite you to listen to this song on youtube and see if it appropriately fits.
http://www.youtube.com/watch?v=MIopI2isIKc&feature=related
#6 Same thing happened to me!
I totally agree with you! I just received the denial call for the third time after I had to re-submit my paperwork so many times I lost count. Each time they "did not get it" or "I submitted it late and need to wait 30 days"..... where do I join this lawsuit and how can I help crush their monopoly? This is absolutely ridiculous!
#7 Same thing happened to me!
I totally agree with you! I just received the denial call for the third time after I had to re-submit my paperwork so many times I lost count. Each time they "did not get it" or "I submitted it late and need to wait 30 days"..... where do I join this lawsuit and how can I help crush their monopoly? This is absolutely ridiculous!
#8 John Wrights Comment Regarding Citigroup Apology
Look! One of the little Piggies was before a commission yesterday! Guess what he said in regards to himself and his management team? "We all bear responsibility for not recognizing this, and I deeply regret that"
My Answer:
NOT HALF AS MUCH AS WE ALL REGRET WHAT YOU DID! I mean after all, I am sure his mega mansion is not in threat of foreclosure. I wonder if the CEO of Bank of America and Citigroup live in the same neighborhood? Because I know they do not live in ours after I read this:
“Prince left the bank in 2007 with almost $40 million in bonuses, shares and options. Citigroup paid Rubin more than $120 million for his work at the bank over several years.
Bad bets on repackaged debt securities, consumer loans and other assets forced Citi to take three separate government rescue packages totaling $45 billion, more than any other major bank. When the dust settled, taxpayers held about a third of Citigroup's common stock and $27 billion of its debt.” See guys, shameless luxury! (Yahoo News)
My Answer: See! They did too do modifications! THEY MODIFIED THEIR INCOME! So lets not say they did not do any modifications.
Here Comes The Apology!:
"Chuck" Prince, former chief executive of Citigroup, apologized for his role in the crisis that roiled the U.S. economy." (Yahoo News)
My Answer:
Does that mean if Bin Laden apologized, we will forgive him and he can go back to his palace too? Because the last time I checked, Bin Laden played a part in a crisis that roiled up the U.S. economy.
What did the Commission Think Of His Testimony?
“Some members of the Financial Crisis Inquiry Commission -- charged by Congress with explaining the origins of the worst U.S. financial crisis since the Great Depression -- did not buy the two executives' half-hearted mea culpas.” (Yahoo News)
My answer:
AND NEITHER DO WE!
“Vice Chairman Bill Thomas pushed the Citi executives for some explanation of how they personally square the bank's financial calamities with their own lavish compensation packages, “saying, "Behavior has to have consequences.” (Yahoo News)
YAH LITTLE PIGGIES! HOW DO YOU ANSWER THAT QUESTION?!
Please feel free to support my lawsuit against BofA with your comments at:
http://news.yahoo.com/s/prweb/20100323/bs_prweb/prweb3766544_1
#9 Bank of America executives are common criminals and thieves
To anyone reading this, do yourself a favor and boycott this bank. If you are an existing account holder, close the account and go somewhere else. If you are not, do yourself a favor and NEVER have anything to do with them. They are a lot of thieves, and that's all there is to it. Bank of America executives are thieves, and should be in prison.
#10 Truth of Dare Bank of America?
So I would like to play a game of truth or dare with Bank of America concerning their press releases.
Truth: Did Bank Of America make any money on the 25 billion dollar bail out the Tax Payer gave you?
Dare: I dare BofA to give the following press release: "Bank of America is one of the world's largest financial institutions giving modifications to the American Tax Payer!"
Never the less, let us give our press release for BofA to read:
Which one do you guys think they will pick? I think they would pick Dare Before they would ever pick TRUTH.
John Wright Vs. Ban of America Home Affordable Modification Program
www.unitedlawgroup.com/news_ULG_files_suit_bofa_behalf_john_wright.html#comments
Sincerely,
Johns-wright [at] hotmail [dot] com
#11 OnlinMortgage payment lost Bof A shows no pymts since Aug 2009,
Have a Home Equity Loan that was with Countrywide and now with Bank of America. I had been making payments on line to the Home Loan and two months ago I realized that even though the payment history shows my payments on their website, they have been applying them to some other account. After many phone calls they state the money is going to a gold option visa/mastercard but cannot find who\'s for I don\'t have a credit card with them. I was doing paperless billing so was relying on the payment history on the website, then when I got a notice in the mail for all the months of no payment, that\'s when I called and found out the mess at the beginning of April 2010. And here we are May 14, 2010 and they still can\'t figure it out. My Credit Union was even bridge on the phone with Bank of America to provide the Raw online payment files and they still can identify what account the funds are getting posted to. Meanwhile this is killing my credit and my second job (the Census Bureau) ask if I was delinquent on a federal loan, which happens to be a home loan. And it all adds up to a mess due to Bank of America\'s screw-up. They still can only tell me they are researching and that their payment research department has found the payments being applied to a gold option visa/mastercard. But one problem with that, I don\'t have a credit card with them. It has been so frustrating calling them every day and speaking to many supervisors who insist the research is being done but cannot give me a letter explaining they have received payments and that credit report will get corrected once this research is complete. That would be enough to give my employer to show them I am not 9 months deliquent. I\'ve had to take days off work and now my second job is on hold and Bank of America still can\'t get it together. I HATE: BANK OF AMERICA. My Credit Union even emailed me the raw data files on the online payments after a second call where Bank of America asked to bridge Bellco Credit Union on the line and Bank of America still could not provide explanation of the funds, So on the send call with both Banks. Bellco agreed to email me the file as well an refaxed it to Bank of America. So the proof is in my hands but how does that help me when the Bank of America who is responsible is taking their time and is putting the burden on me and my bank to help them. So after many calls Payment Research, they are just telling me they need to research and will correct it as soon as research is done. So when I ask how long that will be for it\'s been over a month of me working with them and they cannot say for this takes time. I finally paid an attorney to help me. Didn\'t know what else to do.
#12 Countrywide to Nightmare at Bank of America
I too have had horrible experiences with Bank of America in the past and will never do business with them on my own but you can imagine how I felt when they ended up with my Countrywide 30 year fixed loan...For many years I paid my 2280 to them with no issue and converted to over paying the monthly to 2400 just to get ahead...Once Bank of America took over I immediately noticed that my payment on my statement went from the original amount to 2400...I wrote a note on my statement to clear it up and sent it to them with absolutely no reply...before long it went up again and again up to 2700...once again I sent my 2400 and noted my statement with a full explanation of how the original amount of approx 2300 was my contracted payment and even with a late fee, 2400 would still cover all...and again no response...I have continued to pay the overpayment of 2400 and now Bank of America has fee'd me so much that they are threatening me with foreclosure...How can they get away with this...All they have to do is service my account but instead they are setting me up for foreclosure...I have been in my home fifteen years and have had a late or two but never a missed payment, ever...THIS IS CRIMINAL! I NEED COUNCIL,TO PLACE A LAWSUIT, SEEK PAYBACK OF FEE'S AND FIND A NEW LENDER ONCE SETTLED...What a waist of my time, money and court resources as this is just one of 100 schemes they are applying to their mortgage holders...Just like the tabloid in Europe that was knowingly breaking the law, the authorities should make arrests, investigate the books and prosecute those responsible...Anyone who has a similar situation, please reply ...
#13 please email me if you know who can help? ( I have a lawyer )
To whom it may concern,
I am writing you as well as sending you the attachments to show the history of what Bank of America has put me through over the past year. I found myself going into a hardship the middle of last year 2009 and it got harder for my to pay my high mortgage payment each month. I had requested directly to B of A for help with my mortgage and started the paperwork for modification assitance. I was granted the modification with a savings of $500 per month. I wastold by one of the agents ( Majuana) to not pay my mortgage for 3 months to quilfy for the modification. I had quested this many times withthat agent andeach time was the same. ( don't pay and you will get your lower payments) I was asked not to pay for: NOVEMBER & DECEMBER,2009 & JANUARY 2010.
i WAS TOLD TO MAKE THE LESSER PAYMENT ON OR BEFORE :FEBUARY 1,2010 ( As I did )..
about 1 week later I was denied the modification and was sent a letter for being 3 mos behind. I was only behind due to the agent @ B of A telling me to be late. After going to the top managers ( see letter) I once again was told that the process would start all over again for me. I was once again denied as of today 05-17-2010.
I really need help with all of this. I understand that B of A is under going a Class Action Law Suit for dishonest practices of other mortgage holders such as my self who went through the same thing as I am. This is not fair!!
I can not tell you ( I can show you) all the letters stating that B of A was working on my modification again. they would contact me in 20 days,,45 days,15 days,10 days,45 days..ect....With never more then letters. Never a contact.
I get notices that my home will be taken away if I don't pay $5,000 from the 3 months I was behind ( Thanks to the Agent asking me to be late. ) I tried to contact the agent. she is now gone or moved from B of A home retention dept.
Each week I would get another agent helping me.there has been many..It seams like it's all about passing the buck. Is there any REAL HELP?
Please take time to read the attachments and send them to someone who may be able to give me REAL HELP.
I have contacted a Law firm at this point becuase I don't know what to do anymore. I thought the modification was to help good people stay in there homes and be tossed out of them?
I just don't know anymore what to do. I don't want to lose or walk away from my home. I put lots of money in my home and my two grandchildren were born to this home. It's were I put my head at night..
I am employed for 23 yrs now and the UNION JOB has allowed me to keep my job. My hours are less then before and my bills keep going up (untilities ). I already loss my car to a repo for no pay. My Credit Cards are way behind and my Credit is bad since the B of A Rep asked me to fall behind on my mortgage so I can get the modification. No one at B of A seams to care about my Credit Score.
Please help me.
Thank you
Mike Perretta
702 287 3934 - Call after 12 noon ( PST)
#14 bank of america scams
call your state reprsentatives. Not a lawyer group all part of the scamming also
#15 Bank of America Sttringing me along
My journey for a modification started in the summer of 2009 when I was continuously told there is no help for you right now call back next month there might be another program. Finally by January 6th I heard those words I was longing to hear, we have a new program available to you. I was so excited I gave them all of our information and was told a packet would be on it’s way. I received my modification packet on January 10th and we sent it back in their overnight envelope on the 14th. I followed up with a phone call on February 17th making sure that they received our packet and all was well and they told me I was assigned to a case worker on February 8th. I was pretty exited by those words even though it took me 4 tries and not being hung up to received that response. When I got home from work on February 24th I had another envelope from Bank of America and when I opened it, it was the same exact paperwork I already submitted so I immediately contacted Bank of America to find out if this was a duplicate or if I did need to submit this again. I was advised by the Customer Service rep that I was not the only person who received a duplicate packet and to disregard since she showed having all of my paperwork and it was at the underwriters. So I put the packet aside with the rest of my documents and notes. I called 3 different times on March 1, 4 and 17 which all reps advised that everything looked great and that I should be contacted soon with our modification. I called back in on March 29th for another update and was advised that we were denied since we did not turn our packet in that we got in February. I advised them of everything that had happened and they decided to escalate our account to find the error since they could not locate our original documents in the system from January. I was hung up on a total of 6 times during the transfers to the different departments which just made me even more mad. Seriously…..After all my follow ups not a single person caught that there was an issue. They told me to call back in 10 days to find out the results form the escalation. I even called back to speak to someone different and they refused to answer any of my questions that I had in regards to my account. I called back on April 12th and was directed to the Default Prevention Team who was handing ling the escalation and the rep advised me that the reason no one caught the 2nd packet issue was due to the fact that it was an FHA loan and they were probably not aware that you are supposed to get 2 packets. OK I can understand the confusion just send me out another packet that has to go to the government negotiator. I was advised that she was sending out another packet and I should receive it by April 19th. Well…. On April 14th I received a declined letter from Bank of America for not submitting my paperwork. I called Bank of America to tell them that I did not get a packet and that I got a decline letter instead. They swore up and down to wait and that my 2nd packet was on it’s way. I contacted them again on April 15the just to make sure that I received the correct information and the rep advised me to send in the packet that I had gotten from February. I used their envelope and sent the packet out on April 16th. I followed up with another phone call to Bank of America on April 28, 2010 to make sure they received my packet and they showed nothing on file. I was given a direct number now for Imminent Default who was going to be handling our account. They put in a request to find our 2nd set of papers that I submitted. The kept asking me if I got our packet that was mailed to us on April 12th and I advised her that it was a decline letter and not our packet which it was supposed to be. She advised to call back in a couple of days to get the results of her request. GRRRRR. April 30th contacted Bank of America again to find out our status and actually asked to get a Supervisor on the phone. After I explained the situation she told me that she was sending out a new 2nd packet out today. HORRAY!! I called on May 5th and the rep advised me it takes 10 days to receive the packet and that it was sent out on April 30th. Ok now May 11th and still no packet…. I contacted BofA again and now it is just getting old. I spend now 15 minutes going through our whole timeline just to be put on hold for 20 minutes and then for them to try and send me to another department that is not handling our acct so now I take them along with me on my journey through conference calling so they can start hearing all the crap that I am going through just to be transferred to another department that again would not handle my account but needs to go back to the original department that I have sitting on my conference call. She now decides to escalate my account again to get me another 2nd packet. My spirits and trust at this point have gone completely out the window. I swear if I could afford to buy alcohol I would be an alcoholic by this time from dealing with all this BS. Today May 18th I was feeling slightly lucky and see that I used the term slightly, decided to call BofA to check the status on my 2nd packet and escalation. No tracking, nothing noted in the system, escalating my account, trying to put me to the same departments that I had already gone through above, asked for a supervisor. I gave up after being on hold for 30minutes.. My deadline for a modification is by the end of May and I told them that back in January. I have not been to the grocery store since March and we are out of food, out of money and out of time, Thank you Bank of America and HOPE for failing to help families in need of assistance, for being incompetent and constantly telling me that there are just so many customers well guess what I’m a damn customer too. All during my transfers you had no problem asking for a payment which I have no choice to give but you have a choice to screw around with my families life...
#16 Bank of America Sttringing me along
There are so many of us out there this has happened to! The number one reason is GOV. LOAN!!!!!!!! BOA can make more money taking your home and reselling it. They say they only service your loan but yet the wont give you the investors name, THATS BECAUSE ITS BOA! The standard loan most gov mortgages get is a drop of $100.00
and less than 1% rate drop. A setup for failure! Then before you know it they take your house. How many people out there got strung along forever and got this better than nothing offer! Take it or leave it?
#17 SIMILAR
Your story is so similar to mine. I started mine in 2011....I have gotten the same exact run-a-round you have with the duplicate paperwork, disregard it, dont worry about payments until were done, etc...blah, blah, blah......then I call again to make sure my packet arrived and they said it came too late and I'm denied. I have to re-apply in 30 days. I re-apply, same thing happens again only without paperwork being sent. I have to scramble and try to find the forms myslef or make my own up.....how do I get in on this lawsuit? I'm in Texas and who do I contact?
#18 Bank of America is a Piggy Bank
WHERE IS OUR LOAN MODIFICATION BANK OF AMERICA!?
If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!
BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled "Piggies" I invite you to listen to this song on youtube and see if it appropriately fits.
http://www.youtube.com/watch?v=NTmeHM-Hojg&feature=related
Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.
Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.
In their ties with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.
Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.
I AM FIGHTING BACK!
Write a letter to the BofA CEO at: http://www.piggybankblog.com/2010/05/22/blank-07/
Divided we might fallen, but UNITED WE MUST STAND!
Johns-Wright [at] hotmail [dot] com
Piggybankblog.com
#19 2 years
I was emailed information about the HOPE program back in November 2008. I was struggling as my husband and I seperarated and Michigans economy was in terrrible despair. I applied. First Countrywide changed hands to Bank of America. Then approximately 6 months later still in limbo I was turned down based upon program would not fit my needs. So I was was told to apply for HAMP program, now exactly 10 months later after I called every month and was told that it was in trial perod phase and I should get a letter registered mail that I was approved. June 10th I was declined based upon I did not complete payments by the trial period. I made every payment on time, even did a financial planning class over phone. Now I get this lovely letter, My options for being declined is forclosure or possible another modification program, or short sale, forbearance, WOW! Thanks.... My husband has just passed aways 4 weeks ago and my two children and I are soon to be homeless. Because while I have been on this program for two years and made payments I was told to do. The amount that was not paid on my home is 24,000.00 dollars. Being the rich woman I am, this is certainly NOT AN OPTION. I now have been directed to a team called essacalation team. Has anyone heard of these people. They do not work for Bank of America, I was told they were to help Bank is lying I have confirmation numbers and a print out showing all payments were made. They did post them at different times. But none were late or missing. Anyone have any suggestions on what to do.
#20 Loan Modification - Bank of America
My family and I, where actually able to obtain the first loan modification after a year of frustration. We automatically qualify for our second to be modified...However, now we are getting nothing but the run-around.
Today, after calming down from last week's phone call to BofA (3.5 hours - 7 reps [2 Supervisors] and 7 different answers): I have lodged a complaint with HUD and tomorrow, I'm filing a complaint with the Attorney General's Office (CA) and will also the Department of Real Estate.
How can a company justify this happening not one time, but over a period of months? Also, twice now, I've asked them direclty, 'Do you need updated financials? Do you another Hardship Affidavit? Each time, I was told 'no, we don't need that'. What does HUD ask me today..."Did you provide them with your updated financials?" Needless to say, the HUD Rep said that this sound familiar and that she has heard this before from others.
It would appear that this is a "business practice" to keep their customers from obtaining the loan modification they deserve. I can not believe, that they can continue to operate their business this way? Why isn't more happening? How is any of this legal?
#21 BANK OF AMERICA LOAN MODIFICATION
I dealt with these morons and retards for over a year- I finally have sold my home and all I can say is FREE AT LAST - FREE AT LAST THANK GOD ALMIGHTY I AM FREE AT LAST!!!!!!!!
I feel sorry for ANYONE involved with BOA-I do not think they will be around ten years from now-too big to fail-let's see???
#22 There has to be some law
BOA says they only service your loan, but chances are they also own your loan if it is gov. backed. I have gone thru so much run around yoyo crap to. They will tell you the investor is confidential, but it is not! Then they said write in a request which I did. What I got back in a letter was BANA (tx lp) Gov. 1st lien Cig.! Soooooooooooo let us assume since BOA already made ass's of us, that BANA stands for Bank of America National Association!!!!! tx stands for Texas and Lp is Loan processor. Anyone who has a gov. loan is not getting help BOA not only wanted a bail out and got it, but they want your house and THEY WILL GET IT. We the little nobody people of USA should stand together and knock BOA right off their soap box!
#23 Follow up to previous complaint - UPDATE
Ok so I was the one somewhere up above in all the many complaints about Bank of America an I wanted to share my updates. Hmmmmm there are NONE. LOL. The last time I wrote it was in the beinning of May and now it is the end of July. I have called housing counselors, FHA, and every other resource I could get my hands on and tada still nothing. And guess what no packet still, out of money, house is up for sale, my relationship is over and I have no place to go with my child, anxiety and panic atttacks, can't eat (weel can't afford it) and can't sleep. Then....then they have the nerve to call me up and ask me where is my payment so I decided to ask for my packet.. The guy from BofA was so confused. Poor guy I blasted the crap out of his ears and he did not ask me again for my payment, I got nothing but I'm sorry's, I told him that he better make a notation in their system as a for warning for anyone that dared call my phone about a payment I was going to give them the wrath of god.......All I can say is that I am don. I have never quit anything before but I have it the point of I DON"T CARE ANYMORE!!!!!
#24 Bank of America Wrongful Foreclosure
Just over 2 years ago I switched jobs and began making about 7 thousand a year less. We began having hard times paying our mortgage and got behind, about this time our mortgage was bought out from Countrywide to Bank of America. We continued to stay behind on our payments until we got 3 months behind by 1 day and they would not take my payment. This is when it all began the long process of dealing with BOA. We started on a forbearance program around July 2009 in which we made 4 months worth of reduced payments never being late- which is one of the stipulations. We received a new modification and signed and had it notarized at BOA and then returned the paperwork to BOA. During this process we would receive letter stating our house was going up for auction which BOA had told us not to worry because we were going through the process. Our new reduced payments started in January of 2010 in which we made 4 payments on time. We always sent it via Western Union and they contacted us telling us our 4th payment for April 2010 was refused by receiver (BOA). I called BOA and wanted to know what was going on. We thought everything was good and finalized since we had a new modification in place. They told me that a lot of people’s paperwork had been lost or misplaced the year before which we know is bull, they had no problem receiving my payments for 3 months before that. The lady on the phone said she needed all my financial info. I told her I had paperwork in front of me and wasn’t exactly sure how much my wife makes because it’s always different, she works on commission. She stated that it was alright and to just guess as close as possible when we were done she said it looked like we qualified for making home affordable even though we had already been making payments on a new modification. We received paperwork in which we sent all financial info to them in the allotted time frame. We realized that from one person to the next with BOA that no one knows what’s going on. After we had returned our paper some time had gone by and hadn’t heard anything. We were excited thinking that our new payments would be even lower. We began to receive letters stating our house was going up for auction again in which we were told that we were going through the process again and didn’t think anything of it. Then the shocking notice on our front door telling us that our home was now owned by Fannie Mae, we were in disbelief and stressed. We called BOA and after talking to about 3 people we had a lady tell us the problem was than when we called in our financial info to them and what we had sent was more than a 10% difference and that they had the right to not help us. I said you have to be kidding I was only guessing on the phone. I was really pissed and be making calls to lawyers and it is the middle of August and we are expected to leave our home by the end of August. We had put $46,000 down 4 years ago and love our home. BOA is not working with people on modifications and we hope they go out of business. We will not be banking with them anymore.
Walter Skidmore
skidmore [at] bellsouth [dot] net
#25 B of A loan modification "package"
I requested a loan mod 1/20/2011 and am waiting for the "package". I was told it could come as late as March 25, the 45th business day after my request, but they cannot order it to be rushed before then. It is a government rule. This does not sound right. Have others had bad experiences with waiting 45+ business days for the "package"? It seems one cannot even apply without the "package"; 45 business days is too long.
#26 "bank of Amrica is my nightmare"
My Loan modification was aproved in March 2010 and by Jul 2010 bank of america put my house foreclosure.and since than have not being fix yet.iam not sure how many years it is going to take them to understand the menaing of loan modification.
#27 Same issues
Started my paperwork game in oct '10, still going on, one person says they have all the paperwork, next says they don't, superviser says they do, another says they didn't get it or need an updated P&L, bank statements, utility bills, interestingly, they have not done a credit report check, how do they know if your behind on anything else, fact is they are screwing you along for every dime, they don't care. Has anyone got proof that one loan was EVER modified? Either say yes or no, but say something B of A.
#28 Loan Mod is a joke!
I have worked to try and get a modify on my loan 3 times. Each time I have been turned down. I cannot get a straight answere from anyone. I have to send them in writing requestiong why they won't help me! Funny isn't it! I am so done with them. They can have my house and many more. I read in out local paper the foreclouser section and many of them were BAC loans. What is going on here. Do we need to really take a stand? Guess we would have to send it in writing first! Good luck to anyone with BAC
#29 Loan Modification Denied Bof A
I have been denied three times as well since March 2010 after my husband losing his job and my salary cut. First reason - we were still current (thanks to savings) and our investor wouldn't consider mod. unless 90 days behind. Investor also does not participate in Making Homes Affordable. Bank won't tell me who investor is. Second reason - now 90 days behind - they said we had enough assets to keep making our payment. My husband lost medical insurance, I had to pick up at an additional cost of 1400 a month and was told by B of A that that wasn't a hardship consideration because medical insurance for my 5 children isn't a necessity! Third denial - no reason stated and I can't get anyone to return my calls to find out why this time. Getting ready to short sell, although B or A still hasn't given my realtor the appraisal after 6 weeks of waiting. I doubt getting a short sale done with B of A isn't going to be any easier.
#30 Loan Modification Denied Bof A
I have been denied three times as well since March 2010 after my husband losing his job and my salary cut. First reason - we were still current (thanks to savings) and our investor wouldn't consider mod. unless 90 days behind. Investor also does not participate in Making Homes Affordable. Bank won't tell me who investor is. Second reason - now 90 days behind - they said we had enough assets to keep making our payment. My husband lost medical insurance, I had to pick up at an additional cost of 1400 a month and was told by B of A that that wasn't a hardship consideration because medical insurance for my 5 children isn't a necessity! Third denial - no reason stated and I can't get anyone to return my calls to find out why this time. Getting ready to short sell, although B or A still hasn't given my realtor the appraisal after 6 weeks of waiting. I doubt getting a short sale done with B of A isn't going to be any easier.