Homeowners File Class Action Lawsuit Against Bank Of America For Allegedly Failing To Modify Troubled Mortgages
A class action lawsuit was filed against Bank of America in U.S. District Court, Western District of Washington (Seattle), No. 10-00488, on behalf of homeowners alleging that Bank of America reneged on a promise to modify troubled mortgages as a condition to accepting twenty five billion dollars of federal bailout money, according to a class action news report.
The Bank of America class action lawsuit reportedly alleges that Bank of America agreed to take part in the U.S. Treasury Department’s $75 billion Home Affordable Modification Program (HAMP) since it accepted bailout funds from the Troubled Asset Relief Program (TARP), but allegedly had an incentive not to modify loans because doing so might cause it to repurchase more loans, collect lower servicing fees, or assess lower default charges because fewer payments would be deemed late.
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Hello Don,
What is your “opinion” regarding obtaining a securitization audit?
And what does one do with it once they have it? I was just told “again” that I do not qualify under MHA guidelines since I am self employed and my income varies month to month. I was also told that my payments would be higher that what they are now (how can that be if I am earning less?). already knew this when I applied two years ago. I have read that so many others have been told the same thing with regard to higher payments which does not make sense since the bank has options to lower the interest rate or reduce the amount of the loan. Of course they tell me the investor has to approve the request but no one really knows who the investor is. So the loan was through Fannie Mae but that does not mean they are the investor since most CountryWide to B of A loans were sold multiple times. It appears to me that the reason they do not modify is because legally they cannot so they keep delaying until their attorneys can come up with something. This is perhaps another reason that they have only been doing temporary modifications. Am I accurate in my perception of this situation? If obtaining a securitization audit will help I am prepared to get one in order to fight B of A and their criminal practices!
You mention that most mortgage litigation attorneys are not wanting to get involved. That was to be my next step. How do we stop this emotional and financial drain? I have already contacted my congressional reps and spoken in person with congresswomanMazie Hirono. Yikes – this is insane!!!
Susan …
All I can really do is voice opinion, and amateur opinion at that … however, if you don’t achieve some level of “professional competence” while you’re going through this, you’re going to get swallowed up.
And that’s the point, really.
The banks have floors and floors in building after building of thousands of employees, including lawyers, that know every nook and cranny of banking procedures and statutory law … and you know [potentially less than] nothing.
One fine day several years ago the banks discovered they could take homes using this resource, and profit faster by doing it. After all, corporations (and banks) only look at quarterly (or less) profits and have [virtually] NO long term view, which is what a mortgage is … long term earnings … so one contradicts the other.
But this perception pushes banks into completely rationalizing (justifying through literally insane logic) that taking homes to bolster their profits and reserve assets is perfectly fine. Moynihan even boasted recently … with a gleeful smile … that accelerated and increased numbers of foreclosures are good for the country … a statement that is clearly insane to any rational thinker (not “rationalizing” thinker).
Anyway … a securitization audit tracks and cites the chain of transfer of your property … so it’s extremely valuable in deciding who has a right to do anything WITH the property.
But here’s the core of the problem we face …
As I reference above, the situation is complicated. In fact it’s so complicated even the agencies responsible for monitoring banking are confused about how this works.
Three personal examples –
I have in my possession two letters from the Federal Housing Finance Agency (FHFA) that completely deny any responsibility for overseeing my loan relationship with the bank.
I also have a letter from the OCC (Office of the Comptroller of Currency) that claims my RESPA/TILA Qualified Written Requests (QWR) for both specific accounting of charges and production by the bank of the original paper mortgage/note are NOT requirements under RESPA (Real Estate Settlement Procedures Act) and TILA (Truth in Lending Act).
In addition, I’ve had several telephone conversations with office of the Attorney General’s Office of the Commonwealth of Pennsylvania in which they stated and emphasized that they have NO jurisdiction over my relationship with the bank, and ONLY act for “the corporation” of the Commonwealth (yes, each State is literally a corporation).
What does all this say?
Simple.
Everyone involved is deflecting as much responsibility as possible at every opportunity. Each and every statement above is incorrect and not supported by any reasonable interpretation of Law …
… except theirs.
One might think I’m simply paranoid and that all these agencies are right and who am I … a common uneducated homeowner … to challenge what they claim to know as [so-called] fact.
They KNOW that homeowners not only DON’T know, but will rarely challenge their statements … banks and agencies included.
Here’s the REAL core of it …
People are saps.
They believe official looking statements on official looking stationery are the unarguable facts of the matter … when quite often (if not every time) they are FALSE (or misinterpreted) statements.
ONLY EDUCATED HOMEOWNERS will prevail. The uneducated homeowner will be plowed under … lose their home … simply because that’s what “the system” wants. Only educated warriors who push and press and shove Law and REAL responsibility in their faces will save their homes.
Sadly, the Average American has become a “profit center” to even people in government, much less the corporations and banks. and your ACTUAL rights take a back seat to that objective …
… and throw in an attorney’s “right” to profit from your case. After all, it’s “just business.”
How do you stop the emotional and financial drain?
Unfortunately, you don’t.
That’s the sad fact of the matter.
They WILL use every tool … your emotions at the forefront … to get your home and equity.
You WILL end up paying … since that’s what you’ve agreed to do by signing on to a mortgage.
(The root meaning of “mortgage” comes from Latin, meaning “death pledge.”)
This fight is about how MUCH you’ll pay, and how they squeeze you throughout the process.
Knowing what I know now, seventeen years later, when deciding to “buy” this house, I’d have packed up for Alaska, staked out a piece of tundra and built a shack out of logs and scrap wood rather than sell my soul to the banks and this corrupt system …
… but I’m locked in now … and have to fight.
We all are.
Our ONLY recourse is to self-educate and PUSH both the banks and government to “do the right thing” … and the core of that is knowing and citing specific law … right in their faces.
The Good News is that there’s “some” help out there … “some” governmental representatives sympathize and assist. “Some” attorneys see the injustice and act in their clients’ true interests. The work is in hunting for and finding them.
The trick here is completely contrary to something we’ve all been trained to do … rely on the experts and institutions.
But ONLY YOU can act to save your home … by remaining tenacious and strong-willed … by self-educating … by being INTOLERANT … the opposite of what we’re taught.
Actually, it’s only “insane” if you continue to trust and believe that institutions are there to help. It’s PERFECTLY SANE if you understand that these institutions have evolved to work AGAINST you.
No criminal mind believes they are criminal … none … ever … and they will do everything they can to convince you that being a victim is your only choice … and institutions like banks, corporations, government and even the legal system are not immune to this disease of the mind.
The only choice to to fight and learn, and learn and fight … PERSONALLY … “lead” (leed) yourself, and never allow yourself to be “lead” (led).
They rely on you NOT doing that.
Does that help?
As many of you know, my husband and I are fighting this evil monster called Bank of America on our own. We have no attorney, no one would take our case unless we paid $20,000.00 – $30,000.00 up front which is money that we clearly do not have. We feel like we are swimming in shark infested waters. There is the “Great White Sharks” which are the big banks like BofA and when they bite it is usually lethal and with no mercy, the “Bull Shark” which are Bank of America’s attorneys that are man-eaters as well and will “bully” you and intimidate you into thinking that you cannot fight the “Great White Shark” (I know from personal experience). Then there is the “Angel Sharks” that look more like a stingray and bury themselves in the sand (hypocrites!) and are well known “bottom feeders”. These “Angel Shark” attorneys that “apparently” want to help you will eat away at your money and at the end of the day they are just “bottom feeders” that have no intentional of helping you. Let’s not forget the “Hammer Head Shark”. I consider that most “judges” are hammerheads because even though they are less likely to attack people, they do and their spread-out senses usually favor the other deadly sharks in the ocean not an innocent swimmer (not to mention that the gavel that judges use looks somewhat like a hammer….lol). Yes ladies and gentleman, these are the “sharks” that we homeowners have to deal with in the legal system
(this has just inspired my to write an article about this…lol).
I am sadly awaiting the decision of a possible “hammerhead shark” to see if my case against Bank of Raping America will proceed. The judge had struck my Response to BofA’s latest Motion to Dismiss on the grounds that I have to “focus on why my Complaint should not be dismissed”. Uh, I thought I already did that! I guess the ton of evidence, argument and legal standards that I have submitted through this whole thing is not good enough for him. I hope he does not fail to understand that as a “pro se” litigant I have more rights than if I had an attorney and at the very least, I am supposed to be given a chance to “ammend” my Complaint/Pleading not “dismiss” it. I am already in the process of preparing an appeal and who knows, I might have to include a judge here in there in the “racket”. For all I know, the judge can be BofA’s attorneys golf buddy. They probably go out for drinks, get invited to each others birthday parties and go on vacation together. Yes, this is our (in)justice system.
For the record, I am still not sure if my judge is a “hammerhead shark” yet but I will soon find out. So far, I do not like what I see though.
I guess the judge might want to turn a “blind eye” at the evidence of fraud that I also have on my MERS Assignment of Mortgage which was signed by a robo-signer assigning Bank of America to my mortgage. This was recorded almost two years after the transfer, a clear indication of fraud. I have three different signatures in my posession for this robo-signer called Malik Basurto. This is called “forgery” and “wire fraud” folks which is clearly in violation of RICO.
I suggest that all of you do your own research. Go to the county records online or in person and view your “Assignment of Mortgage” to see if it is robo-signed like mine is. This might help: http://gofightforeclosure.com/blog/using-research-and-discovery-to-identify-fraudulent-assignments-and-you-get-out-of-foreclosure-now/
Remember, it is illegal to conduct any transaction in court based on fraud. If the bank tries to take your home with a forged Assignment or Note, they are committing a federal crime. Why they consistently do this and never get procecuted for the crime is anyone’s guess. If any of us just forges a check, we will be in prison right now. Gotta love our justice system!!
Isabel …
Just hadda comment that this is a really good post.
Ever forward!
Thanks Don!! By the way, so far everything is at a standstill. As I said before, the judge struck my Response to BofA’s Motion to Dismiss. I had to refile a Response which I submitted in late September and it includes a lot more legal standard include some “subliminal” warnings to the judge because I am pro se. I have no idea what other excuse the judge will bring in order to dismiss my suit. I have set all legal standard necessary to move forward with my lawsuit. My expert reports are due no later than March 1st but I have no idea what is going to happen so I am in limbo right now. My discovery deadline is in May and the trial is “supposed to” be in November. I have been in an emotional rollercoaster for more than a year now with this lawsuit.
It really stinks that more than a year ago I filed my case with one of the causes of action being RICO and the judge is turning a blind eye while the rest of the world have noticed Bank of America’s blatant racketeering especially the Register of Deeds in Mass., John O’Brien. Mr. O’Brien is accusing Bank of America and the other big banks of being a “criminal enterprise”. Hmmmm….I hope the judge is listening this time.
http://mainstreetresolutions.com/2012/01/18/john-l-obrien-jr-register-of-deeds-calls-for-criminal-action-against-the-big-banks-says-they-acted-like-criminal-enterprise/
There is also a KY class action RICO lawsuit against BofA. I don’t have the citation, it was filed in the last year or 2. I also am going it pro se against BofA, have to file answer today after a couple extensions – lots of affirmative defenses and some killer counterclaims. They filed foreclosure on me in 2009 and I got it dismissed out of course. This time, I want money, get out of the house with money, damages, blood on the floor…A year in HAMP, gee all that partial payment, they kicked me out because I dared challenge them on illegal fees they capitalized, but all kinds of vindictive fraud afterwards. I just have to live through it! (I am single and could get a reverse mortgage in June if they hadn’t wrecked my credit! )
Good luck to us all…
I have read some posts and I have an attorney and I am fighting Bank of America. But recently I had more occur and I wondered if you can give me some info…..I got a call for a woman in another state. She told me BOA had sent my information to her by mistake and wondered if I had her info. She had payment information and my mortgage information. I did not receive her info. I am sure they broke some law by sending my info to a woman in another state but how can I use this legally to fight BOA?
I have read some posts and I have an attorney and I am fighting Bank of America. But recently I had more occur and I wondered if you can give me some info…..I got a call for a woman in another state. She told me BOA had sent my information to her by mistake and wondered if I had her info. She had payment information and my mortgage information. I did not receive her info. I am sure they broke some law by sending my info to a woman in another state but how can I use this legally to fight BOA? Do you know?
Excellent article today on Mandelman Matters: http://networkedblogs.com/sFby9
Susan
Regulars and Newcomers …
For your own sake, do NOT ignore this link.
No, it’s not a quick-and-easy YouTube video and actually involves taking the time to read it, which few of us have time for these days, but that’s what the banks rely on.
The best (and possibly only) way to beat this thing is to become informed … and then take action … getting others informed and taking action.
Remember … mind-numbed robots make the best victims.
Don S.
I liked your email so much that I used part of it in an email to Bryan Moynihan this morning as follows:
Mr.Moynahan,
Remember, it is illegal to conduct any transaction in court based on fraud.
If the bank tries to take your home with a forged Assignment or Note, they are committing a federal crime. Why they consistently do this and never get prosecuted for the crime is anyone’s guess. If any of us just forges a check, we would be in prison right now. Gotta love our justice system!!
Just so you know I will not give up – so sorry. You and and all the “attorneys” you have will not win because there are too many of us.
It would have been so much simpler for you if you had agreed to a “refi” for me. I would have been willing to sign new papers and it would have been done – but instead you want to be greedy and line your pockets at our emotional and financial loss. It will not work for you anymore. Eventually there will be a judge that cannot be bought out by you or your attorneys. Shame on you, Brian Moynihan. How do you sleep at night? End of my email to Mr. Moynihan.
Now the crazy thing is that I got a call from the CEO’s office this afternoon wanting to know the details of my modification process Yes, I know it will go nowhere as always but at least I got some “small” satisfaction out of it. She was going to look into it and she may well do so but again I know the scenario. She stated that Fanny Mae is the investor on my loan (even though it originated with CountryWide and was transferred to B of A). Hmmmm – who is the real investor, that is the question? Of course, Fanny Mae does not want to take a loss on my “loan”. I fail to see how they have or would take a loss on my loan if I am paying it and have they not already been paid over and over again already since my note is filed with MERS, was insured, and most likely sold one or more times?
By the way I did not know until today that B of A was supposedly “forced” by the government to take the CountryWide loans as part of some other “deal” they were making at that time.
Susan
They weren’t forced to take the CW loans, they BOUGHT THEM, that’s what the merger was about. What they are forced to do is buy back the bundled loans in securities that didn’t meet the underwriting standards the Pooling & Servicing Agreements stated were in the MBSs.
And Countrywide sold your loan before they even closed it. And not to BofA, to some mortgage-backed securities trust. Did you get the June/July BofA transfer of servicing notice from themselves to themselves, with the Fair Debt Collection Practices Act notice on the second page? It probably shows some MBS Trust ID as the owner of your loan. You can go look it up on the SEC website and see who held your loan after you signed. It wasn’t Countrywide or BofA or even Fannie, unless the trust closed, or it was one of their securities, or they purchased a large chunk of it (which is really what they mean when they say Fannie or Freddie is “the Investor.” They don’t say they are the owner! If MERS (get the MIN # off your loan docs and plug it into the search engine for servicer and owner) doesn’t show anything but a transfer from you to Countrywide via MERS to BofA, you are missing a chunk of chain of title and can use that to prove they have lack of standing to do anything to your loan except service it properly.
Using Five Dollar words, Federal Reserve Governor, Sarah Bloom Raskin, calls banks and mortgage servicers criminals …
http://www.totalmortgage.com/blog/mortgage-rates/fed-governor-sarah-bloom-raskin-addresses-foreclosure-crisis-and-the-rule-of-law/15316#.TxMAkpGRXl4.facebook
BANK OF AMERICA HAS OUR HOME LOAN AND IS STILL CAUSING US GRIEF 24/7! WHAT CAN WE DO TO GET BANK OF AMERICA TO STOP SENDING US FORCLOSURE PAPERS, HOLDING OUR MONTHLY HOUSE PAYMENTS, SAYING WE ARE BEHIND WHEN WE ARE NOT, HIGHERING OUT MONTHLY MORTGAGE! THEY ARE OUT OF CONTROL!! THEY LIE, CHEAT AND HARASS!! PLEASE HELP US!
Jamie …
Have you read through this forum?
Clicked on “Previous Comments”?
You’re right to be outraged. Try and turn that energy into calling the bank into account … and educating yourself and others.
Jamie,
You need to read all the previous blogs by Don S. He tells you what you can do. You have to help yourself for what it is worth. I have done 90% of those things but am still going nowhere with my modification request.
The lenders are under investigation for fraud and more but you need to do your due diligence. Read other blog sites as well, piggybankblog.com is an interesting one. All we can hope for is that the banks and lenders will eventually be forced stop what they are doing.
I just got off the phone with my B of A rep today and my mod is still going in circles. I am back to the same place I was in September.
Attention everyone who is “attempting” to modify – the key words to listen for that lets you know your modification request is going nowhere are as follows: GUIDELINES, PROCEDURE, INVESTOR APPROVAL, AND ESCALATE.
Jamie and Susan …
Let me emphasize what Susan is saying …
Jamie, you’ve come here with exactly the same frustration and confusion that hundreds of others have and there’s some fundamentals you HAVE to understand.
First of all, the confusion is intentional … that’s INTENTIONAL … designed to frustrate you and get you to give up and move out.
That’s a major part of the banks’ agenda … “possess” your property … but there’s a problem with that. You’re still IN it …
… and the banks aren’t looking at it as “your” property. They see it as THEIRS … and you’re simply in the way of their profit.
They’re MAKING MONEY off of taking people’s homes, through insurance and often resale. They’re more interested in quick cash than playing out a long term mortgage.
A huge part of the confusion is that people are raised to believe the banks work for THEM. They don’t. Banks work for their boards of directors, executives and stockholders … and you are merely a COMMODITY to exploit. They are NOT in business to keep a roof over your head.
Essentially, the banks are saying “Get out of OUR house. We need the money.”
So …
We have to fight … fight hard … and don’t give an INCH.
This is a shoving contest. They try to shove us into the street, and we’re forced to shove back … over and over … with everything we’ve got in the way of resources … which HAS to include TENACITY … or they win.
Push back … say “NO!” … and be INTOLERANT of their agenda.
Learn HOW to fight and fight HARD.
Remember … this is a NATIONWIDE CONFISCATION of property and NOT “just business as usual.”
DIRECT FROM AN ATTORNEY:
Thank you for your email. What you describe is a perfect example of how
and why the mortgage mess occurred, including the use of MERS, the
securitization of mortgages, the confused chains of title, and the lack of
anyone with any authority to clear up the mess.
You are also correct, unfortunately, that many attorneys are unwilling to
tackle such problems. From your email it does not sound as though you are
currently in foreclosure, but rather that you are simply trying to modify
your loan. A good real estate attorney would be able to help you through
this process, but would require payment of fees for his or her services.
If your title is truly in question, perhaps an attorney could even file
what is called a “quiet title” action, seeking to have the court determine
and declare the true ownership, and help determine who has legitimate
possession of your note and mortgage.
I”m sorry we can”t offer you any more help in this regard. If you have
any questions about how to find a real estate attorney willing to consult
with you, we can point you to services that help locate attorneys with
specific expertise. Your own yellow pages, however, probably also have
listings of attorneys who specialize in real estate issues.
Good luck with your problem.
BOA Bend Over America!!!
I’ve been trying to get my loan modification done for overfive months and BOA has lost several different documents six times. The last time they lost my my tax returns, where’d they go? Who’s going to steal my identity? They said that a request had been put in for the forclosure sal but they tried to sell it yesterday. They won’t return any of my loan modication specialist phone calls. It’s time for all of the American peple to stand up and boycott BOA. They’re to big for there own good.
gee, only 5 months? Most of us tried 8 months, 10 months, a year, more…and didn’t get one after all that. Dojn’t count on it. See if you can refi somewhere. credit union, local bank?
Great posts Mindymac …
… I’m entering my 30th month …
**smile**
I agree. We tried for almost 2 years……hundreds of hours on the phone….finally got a “trial” modification and made the payments only to be foreclosed on afterwards. DO NOT trust ANYTHING Bank of America tells you.
K Burkey – Your story sounds just like mine…except it took 3 years I believe. Insane process.
Has anyone on here been thru mediation with bank of america? They called today because the judge ordered it before they could do anything else. Any help would be awesome…
Don S,
Got an email update on posts here with one from you suggesting a link but I do not see the post here and the link was not in the email I received.
I received a call from B of A yesterday letting me know I was approved for the “trial” modification for 3 months. Now my payments will not really change however my interest only loan will become a fixed 40 year loan at 4 3/4%. Not that good really but better than nothing. I have to make my first payment by Feb 1 of course which does not give me much time to investigate. If I accept this do I acknowledge that Fanny Mae is the legal investor. Will I not be able to go after B of A for emotional and financial damages. Lots of questions before signing my life away. AND the big one of course is that there is no guarantee I will get the permanent modification after the 3 month trial period (straight from the mouth of the rep). Yikes!!!!!
Oh – later that day I also received a call from a higher up at B of A asking if I would like them to speak with my attorney.
Susan …
Not sure which link you’re referring to. Email me with more details if you like donsweet (a) verizon [dot] net.
Good luck with those “higher ups.” Just remember that they’re just more highly educated in manipulating people out of their homes.
Trust no one.
Susan, be very, very, very careful with a trial mod offer from Bank of Destroying America. They will SCAM you every which way and suddenly foreclose on you. Also, be careful with anything you sign. I have heard of Bank of America secretly implementing “waivers” within loan mod papers so that they cannot be sued. Everyone needs to be careful with this. Rememeber, Bank of America’s dealings have been deemed ILLEGAL and they are covering their arses every which way.
Susan,
I got a 3 month “trial” mod too. I made “trial” payments for SEVEN months and all they kept doing was asking for the SAME paperwork over and over. I told them to shove it and right about then, HAMP became available. BOA set the listing price (and of course it was WAY too high for a sale) and then when the term was about to expire they lowered the price and refused offers that were close to the price! I requested a DIL which was my right and they dragged their feet for about 6-9 months on that until it went into foreclosure. Absolutely NOTHING I could do. I called multiple times per week to make things happen for MONTHS and got different stories EACH time. It will make you sick. I got my 1099A recently (NOT a 1099C which forgives the debt) and now Fannie Mae is coming after me via NSM Recovery. I was one of the first in the process so everyone else better watch out. Fannie Mae AND BOA absolutely WILL screw you over!
Correction – I meant to say…right about then, HAFA (not HAMP) came along.
“U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.”
http://www.msnbc.msn.com/id/46070458/ns/business-us_business/t/top-justice-officials-linked-mortgage-banks/?fb_ref=.TxmgQNDw9j8.like&fb_source=home_oneline#.Txpan658DBN
The rumor mill says that Obama will be settling with the banks by tomorrow (tuesday). It is imperative that we bombard all of our Attorney Generals with emails so that this can be stopped. I sent an email to my AG Pam Bondi and “hopefully” she will listen especially since it is an election year. Here is the email I sent:
“Ms. Bondi, please do not sign an agreement with the greedy banks who have caused the meltdown of our economy and who so recklessly ruined so many lives. The Banks do NOT deserve immunity for their crimes. They are guilty of racketeering and should be prosecuted like any other person who would commit these crimes and go to prison. If banks get immunity, what message does this send to the rest of the country? That wire fraud, mail fraud, embezzlement, forgery and other racketeering crimes are okay? The sad part is that if the “average joe” just forges a check, he will be prosecuted and go to prison. Why are the banks any different? Everyone knows who holds the reigns in these evil and corrupt corporations (ie CEO’s).
I am a CRIME VICTIM of Bank of America and there are millions more. I see that you have the following clause on this page that reads: “Whoever knowingly makes a false statement in writing with the intent to mislead a public servant in the performance of his official duty shall be guilty of a misdemeanor of the second degree, punishable as provided in s. 775.082, s. 775.083, or s. 837.06, Florida Statutes”. I find this clause very interesting because Bank of America has provided “false statements” in writing with intent to mislead Mr. Bill McCullom (previous AG) and also the OCC and the Governor of Florida in regards to the investigation of my complaint that I filed in mid 2010. I have proof in writing of these “false statements” which were truly misleading and an “obstruction of justice” which is another racketeering crime under RICO.
I am currently in litigation against this criminal enterprise called Bank of America and I have no intention of giving up. Even though I have my physical and emotional ailments due to Bank of America’s abusive practices, I have to fight for my autistic children. Bank of America tried everything possible to STEAL my home and manipulate my mortgage account. I also asked for help (loan modification) but was tricked into defaulting like they have also done to many other Americans. I am sure you know that this is fraud. Therefore Ms. Bondi, please do not sign this settlement with the banks. It would be like making a treaty with the Devil himself. Thank you for your time”.
Lets get to work!!
We too were mislead by BOA. We made our “trial” modification payments and then were foreclosed on. I am looking for an attorney. Do you know how to go about that?
Thanks for any help.
K. Burkey …
Please see my note to J. Brown below.
My husband and I have been hit really hard by the Bank of America scam. Dealing with two layoffs for over two years was bad enough, but to be told by Bank of America that once we filled out paperwork for assistance our mortgage had been given to a debt collector, was heart breaking. You would think a company that holds the name “america” would show more professionalism and compassion towards their customers. To make matters worse, we were sold to a company by the name of GreenTree who don’t seem to be any better than Bank of America. We are getting the run around and being force to do all of this paperwork and not see any results. We have been paying our mortgage for the past two months and we are only three months behind, but are being given the runaround have no idea where this is going. I’m scared for my family and it breaks my heart to know that companies can treat people like this and the government not hold them accountable. I think it will take a extremely long time for individuals to trust companies like Bank of America and the government again.
When I refinanced my house in 2004 I wanted a fixed rate mortgage and I used a mortgage broker. My income was more than enough to handle the mortgage, and my loan to equity ratio was below 70%, and my income put the payment at 30% of my net, I was comfortable with the situation. I cannot believe the pressure we had to put up with, and we finally agreed to an adjustable rate at 6% for a couple of reasons, it was guaranteed to stay at 6% for 5 years, and if the rates went down, it would reflect those rates.
A lot happen in 5 years, I left the company I was working for because they were slowly shipping my job overseas, I left with positive references form all my superiors. The position I took was for half of what I was making, but it was a small company and I was building their internet business with the promise to share in the profits.
When the economy collapsed, the work I had done had been successful, bit the owner of the company suffered business reverses in other areas and I was let go. The real irony was when the 5 years were up I was expecting my mortgage to go down, rates were down, but they didn’t. When I looked at our mortgage I found a sheet that was not initially provided to us, the rate was set so that it would not go below 6%. The page had my initials on it along with 20 others so I had no recourse.
Countrywide had our loan, and we applied for a loan modification, My income, when we bought the home, the ratio between my income and mortgage had exponentially exploded and the value of our house in Castro Valley had dropped significantly. B of A bought Countrywide and we had to refile for a loan modification, we actually had to refile 3 times before we could get a response from B of A, “We service your loan on behalf of an investor …That has not given us the contractual authority to modify your loan…” The caveat is the county records say B of A is the loan holder. I have written my congressman, called B of A and I have gotten no information as to who owns the loan.
The bank is doing all it can to continue to collect 6% rather than give me the same opportunity they got from the government. It is called greed!
How do become a “member” of this lawsuit? We have a long, sad story as many of us do now…..
J. Brown …
I wish it was that easy.
After going through this, I’ve come to believe that our educational system intentionally omits learning about the law. Somehow we’re taught that class action lawsuits are the be-all-and-end-all of holding a big-bad-bank or corporation into account.
It doesn’t.
Three things.
First, a class action brings all the fish into one barrel. This essentially silences all those voices … from dozens, or hundreds, possibly thousands or even tens of thousands … down to one.
Banks and corporations love this. They only have to send one small legal team to attack and defeat this one voice. It’s cheap and easy.
But also, second, often cases are “settled” rather than fully prosecuted. That means the banks/corporations can use the leverage of the processes of suing to force the “class” to accept some lesser amount AND avoid ANY admission of guilt.
In my opinion, this happens WAY too often, is almost normal procedure, and RARELY hurts the bank or corporation since amounts are TINY compared to the profits they reaped … and there’s usually NO compensation for the anguish they caused …
… and that in addition to class actions taking possibly DECADES to settle.
I recently got a check in the mail for a class action against Ebay (which I was unaware) for 47 cents. Despite how many people were paid, I’m sure Ebay wasn’t hurt by this 47 cents.
Third, a FAR more effective way to hurt them and hold them into account is when each one of those potentially hundreds of thousands of people FILE INDIVIDUALLY against them. They are forced to respond to EACH AND EVERY case, spending bizillions of dollars on hundreds of lawyers in court after court. They HATE that.
And notice that I said “filings.” There’s a difference between a “suit” and a “filing.” You can ask (petition) the court to force the corporation/bank to do something it’s not doing or stop them from doing something they shouldn’t … like foreclose or evict.
A “suit” is different. A suit merely asks a court to look at a contract … and what people did or didn’t do under the contract … and decide if anyone did anything wrong.
For your own sake, I’d strongly suggest you read through this forum to learn what others have learned. I’d pay particular attention to a list I developed from discussion here that appears on the previous page. Simply click on “Previous Comments” in light blue at the top or bottom of this column.
A class action should be your LAST choice … not your first … and that suggestion comes from one of the only attorneys I’ve known to post in this forum.
We are also a victim of B OF A we have been trying to modify are mortgage since June have sent out and faxed tons of the same paperwork over and over again and every time they say they lost it or never received it .Now yesterday I see that they are planning on putting our house in forclosure We do not want to lose our home but we the ring around every time we talk to them and they will not work with us I do not understand what we are doing wrong and why they will not even help us!!!
I am really freaking out I just do not know what to do in the forclosure letter it stated Bof A would still be willing to work with us and we needed to obtain a mediation packet but we do not even understand what it is can someone please give us some kind of advise or help we are in California Thanks
Parrish
Parrish …
Please see my note to J. Brown above.
Bank of America tells these home owners that call in and ask for a lower interest rate to miss three months of payments then they will work on a deal to lower their payments. (who wouldn’t want a lower payment) Once the missed payments are registered Bank of America uses the mortgage insurance to collect the money and pay off the investors. Meanwhile the home owner is waiting and waiting and paying a “trial payments” higher than the original payment. The home owner cannot call a different mortgage company because it now shows that they are three months behind on their payments. Then, Bank of America kicks the owners out and sells the house for a full profit after collecting thousands in late fees.
You can read story after story of people getting the run around until Bank of America steals their house. Every day another post pops up and another person is put on the treadmill of sending paper after paper , fax after fax, call after call. Months and years of communication for nothing. Bank of American and no intention of helping anyone.
Contact your recorders office and find out who actually owns the home. If MERS is in the mix you may not own anything to Bank of America.
Check this out.
http://www.youtube.com/watch?v=wIbgAEUG4DM&feature=related
http://www.youtube.com/watch?v=ZG8E5YQtPSo&feature=related
http://www.youtube.com/watch?v=OrxSViQ7pIg&feature=related
http://www.msfraud.org/howtheysteal.html
http://www.youtube.com/watch?v=eClDqlPgBRg&feature=related
http://www.youtube.com/watch?v=sc39chef30k&feature=related
HIRE AN ATTORNEY AND SPEND YOUR MONEY ON FIGHTING BANK OF AMERICA.
Bank of America tells these home owners that call in and ask for a lower interest rate to miss three months of payments then they will work on a deal to lower their payments. (who wouldn’t want a lower payment) Once the missed payments are registered Bank of America uses the mortgage insurance to collect the money and pay off the investors. Meanwhile the home owner is waiting and waiting and paying a “trial payments” higher than the original payment. The home owner cannot call a different mortgage company because it now shows that they are three months behind on their payments. Then, Bank of America kicks the owners out and sells the house for a full profit after collecting thousands in late fees.
You can read story after story of people getting the run around until Bank of America steals their house. Every day another post pops up and another person is put on the treadmill of sending paper after paper , fax after fax, call after call. Months and years of communication for nothing. Bank of American and no intention of helping anyone.
http://www.youtube.com/watch?v=wIbgAEUG4DM&feature=related
http://www.youtube.com/watch?v=ZG8E5YQtPSo&feature=related
http://www.youtube.com/watch?v=OrxSViQ7pIg&feature=related
http://www.youtube.com/watch?v=sc39chef30k&feature=related
GET AN ATTORNEY AND USE YOUR MONEY TO FIGHT BANK OF AMERICA
Bank of America should be torn apart…..READ THIS
http://thehill.com/blogs/on-the-money/banking-financial-institutions/206537-consumer-group-to-regulators-break-up-bank-of-america
My husband and I are very desperate because since 2009 Bank of America is giving us the “RUN AROUND” for a mortgage loan modification. We think we been discriminated because we both disable, living on a fixed social security income and because we are Hispanic. We been going to different agencies,departments even we wrote to a senator with no luck, we don’t want to loose our home, but the level of stress is too much.Can somebody help us “PLEASE” we don’t know what to do, we want to know how we can be added to one of this lawsuits or an attorney that can give us legal advise of what to do. God Bless and Thank You ahead.
Sincerely,
Mr. & Mrs. Lopez
Connecticut
I finally have my trial loan mod at 4.672% at a fixed rate conventional loan w/Fanny Mar (down from 5.5% interest only). When the going interest rate is 3.5% or lower this does not seem like much help especially when my payments go up about $100 more as well. I am also told (in writing) that I “will” get the permanent modification after I make the 3 payments on time however nowhere on the paperwork does it state the interest rate or terms for the permanent modification. So if I accept this mod (which I most likely must) I wonder what the permanent rate and terms will be??????
Speak out now more than ever …
(Don’t skip this article)
http://www.cbsnews.com/8301-505123_162-57367022/is-bank-of-america-muzzling-borrowers/http%3a//www.cbsnews.com/8301-505123_162-57367022/is-bank-of-america-muzzling-borrowers/
Sorry Bank of America … only doing the right thing gets you good publicity.
Repression begets Revolution.
Read history.
When will you understand that life is more than profit?
Any suggestions for lawyer in New Jersey after 3 years of waiting for answer were being foreclosed by Bank of America any help would be appreciated! thanks
Dear friends,
I wanted to let you know about a new petition I created on We the People,
a new feature on WhiteHouse.gov, and ask for your support. Will you add your
name to mine? If this petition gets 25,000 signatures by March 02, 2012, the
White House will review it and respond!
We the People allows anyone to create and sign petitions asking the Obama
Administration to take action on a range of issues. If a petition gets
enough support, the Obama Administration will issue an official response.
You can view and sign the petition here:
http://wh.gov/kKZ
Here’s some more information about this petition:
Force the Bank of America to give people who qualify, the loan
modification they should have given by now.
Trial payment plans are contracts, and the Bank of America broke them by
not giving permanent modifications to homeowners who made their trial
payments on time and provided the necessary documentation as well as
receiving official permanent modification qualifying documents. Obama said,
“Millions of Americans who work hard and play by the rules every day
deserve a government and a financial system that do the same,” Obama
said. “It’s time to apply the same rules from top to bottom: No
bailouts, no handouts, and no copouts. An America built to last insists on
responsibility from everybody.”
I didn’t click on the link (always leary of that in public postings – could be a virus), but I searched on the whitehouse.gov site and could not find the petition for BOA. Hopefully it will appear soon. My guess is you can get about 25,000 sigs…in one day.
Bank of America son unos ladrones con leyes nos robaron nuestras casas y no hicieron las cosas bien nunca desde el comienzo cuando empezamos a tratar de modificar el morgage loan. Lo siento pero nos robaron bien hasta dejarnos sin casa.
Manon,
If you want to get the needed signatures by March 2 you will need to make it easier for people to find and sign the petition. I want to sign but am having difficulty doing so.
Also it would seem to me that Fanny Mae and Freddy Mac need to be named as B of A uses them as their scapegoat for not being able to move forward on many modification requests.
Below is a cut and paste from Fannie Mae’s website. Of course the statements have no basis in reality(except for the statement regarding keeping the money flowing to mortgage lenders) as the best rate they are offering on my modification is 4.625% and raising my payment by $100 more than it already is (according to B of A).
Exerpt from website:
Fannie Mae is a government-sponsored enterprise chartered by Congress to keep money flowing to mortgage lenders, to help strengthen the U.S. housing and mortgage markets, and to support affordable homeownership. We are a national mortgage finance company, but we don’t offer home loans. We stand behind mortgage lenders – local and national banks, thrifts, credit unions, and other financial institutions in all 50 states – to securitize or buy the mortgage loans they originate, enabling them to replenish their funds so they can lend to other homeowners. Similarly, we work to keep funds flowing to support affordable rental housing.
We’re also focused on helping struggling families. By working with our partners, we’re helping families prevent foreclosure and keep their homes whenever possible. When foreclosure is unavoidable, we work to sell homes quickly at or near market value to people who will live in those homes. That helps to stabilize neighborhoods and home values.
In 2010 BofA approved us for the Obamma plan/grant. Then we never heard another word from them or anyone else! We are part of the NEW POOR! Used to financially comfortable, but BofA destroed our credit!!
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