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 at news.yahoo.com/s/nm/20100323/us_nm/us_bankofamerica_mortgage_lawsuit.
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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Feds need to fine BOA and take back all profits they made off TARP money and directly overtake HAMP program. If you are able close all your BOA accounts and go to a community bank
Hello,
Everyone, Bank of America is running a scam straight from the pit of hell. They are prolonging everyone to keep on paying on their houses until they can foreclose on it. Instead of being caught with alot of houses that they can not unload fast enough. This is especially for home owners who have equity in their houses. Once they know your status and have all of your information, BOA bring in an investor on your home; while, I am sure that a deal is being made on the side. That is why they are not modifying peoples homes; instead they are foreclosing on the houses to make money folks. I should have unloaded my house instead of trusting in them to help me save may home. BOA are scam artist. WAKE UP EVERYONE, UNLOAD YOUR HOUSE AND SAVE SOME MONEY FOR YOUR NEW LIFE. WISH I HAD, IT WOULD HAVE SAVED ME A LOT OF MONEY. I WILL NEVER TRUST THE BANKS AGAIN. CAN I SAY WE NEED TO GO BACK TO THE DEPRESSION ERA. PUT YOUR MONEY UNDER YOUR PILLOW. IT WILL BE SAFE FROM THE SCREW BALLS LIKE BOA. I HOPE YOU ARE LISTENING.
Are there any class action suits pending in SC ? If so what firm is leading the way ?
You should call the number i called and she can give you any information you need regarding these suits. 206-623-7292 Bonnie McCormick
To Becky: My mother had the same problem. BOA misplaced two to of my mothers mortgage payments, instead of applying them towards the mortgage, for some reason they applied them as credits. Showing the months of December 2009 and January 2010 as late which sprung up late chargers, default letters and a Notice Of Intent To Accelerate letter.
We ended up faxing a copy of her payments from Dec 2009 to August 2010 to BOA’s Payment Research Department. After two weeks of battling with them one of their reps confirmed that the December 2009 and January 2010 payments were added as credits. We managed to knock off $152.00 of late fees but $175.00 still shows. One of their reps agreed the $175.00 should not be there, this was after we flooded BOA with complaint e-mails, so we find out later today or tomorrow if they’ve waived the mythical $175.00 late fee and also will contact our negotiator to see where we are with my mothers MHA application. Crossing fingers and praying, but not holding my breath as these people are pure evil, with all of their deception, their lies and their games.
BOA has never given us the same answer twice to the same question one day apart. Logged every call every answer every incompetent person we spoke to.
BOA is corruption at the highest level. Whom are they paying off to get TARP funds then put HAMP program on their back burner for profit ? BOA is for BOA and no one else.
But tommy b, our calls are important, we are valued customers of bank of America….lol! Pitchforks and torches anyone?
As Remus said a week or so ago…class action suits are NOT the way to go…we need to band together BUT file individually.
I would like to hear from everyone on this thread….tammyisfightingback@gmail.com
We have started a thread where you can talk freely and share ideas!
LOOKING FOR LAWSUITS INVOLVING CHASE FOR THE SAME LOAN MODIFICATION IN THE NEW JERSEY AREA…
THEY DID NOTHING !!! AND ITS OVER 15 MONTHS THAT I AM IN THIS PROGRAM , WITHOUT ANY KNOWLEDGE OR ACCURATE ACCOUNTING OF THE STATUS OF OUR MORTGAGE., I HAVE CALLED 100’S OF TIMES AND I NOW HAVE A GOOD EDUCATION IN ALL THE DEPARTMENTS OF THE BANK ~ INFACT , I HAVE SPOKEN TO SO MANY DEPARTMENTS., I COULD TAKE JAMMY DIAMONDS PLACE AS CEO .,
I HAVE BEEN IN COLLECTIONS, UNDERWRITERS , GENERAL ACCOUNTING ., AND LOSS MITIGATION ., LEGAL DEPARTMENT , HOPE , SENT THOUSANDS OF THE SAME FAXES FOR 15 MONTHS, FED EX RETURNS AND SPOKEN TO HUNDREDS OF DIFFERENT IDIOTS WHO DO NOT HAVE ANY KINDNESS IN ORDER TO STOP STALLING ME ALONG IN ORDER TO GAIN MORE BACK FEES…
THIS IS ABSOLUTELY RIDICULOUS !!! SINCE 6/09 ~ THEY HAVE RUINED MY CREDIT AND REFUSE TO GIVE ME ANY INFORMATION ON MY LOAN …
ANY INFO I DO GET , IS DIFFERENT FROM PERSON TO PERSON., WHO IS PAYING THESE PEOPLE `???? AND FOR WHAT ., TO SIT AT A DESK AND ACT LIKE A MORON???
CAN IT BE THAT THIS HUGE BANK OF JP MORGAN CHASE WHOSE ASSETS AND BUSINESS DEALINGS ARE WORLDWIDE IN THE TRILLION OF DOLLARS ~ CAN ‘T MODIFY A MORTGAGE FROM 6 1/4 PERCENT TO 6 PERSON IN ORDER TO MEET THE 31% CRITERIA !!! IT TAKES 10 MINUTES , PRINT THE CONTRACT ., GET THE BALANCE OF THE MONEY FROM TARP AND SEND THE HOMEOWNER THE CONTRACT !
HOW INTERESTING , THAT THEY CAN ACCEPT TRILLIONS OF DOLLARS FROM TARP ~ AND THEN NOT KNOW HOW TO HELP THE PEOPLE WHO ARE IN THE STREET.,
WHERE IS THE MONEY?????? WE SHOULD “FORECLOSE” ON THEM!!!! FOR MIS APPROPRIATION OF FUNDS , LORING US INTO MODIFICATIONS AND THEN ALLOWING THEM TO BE FORCED INTO MODIFICATION!!!
WHERE ARE ALL THE LAWYERS ON THIS !!!????
LET ME KNOW IF ANYONE IS FILING AGAINST CHASE ~ OR ELSE I WILL FILE IN DISTRICT COURT MYSELF , GO TO STAPLES AND GET THE FORMS , FILL THEM OUT AND SEND THEM IN ~ IF YOU CANNOT PAY FOR THIS , THE COURTS WILL HELP YOU
BUT THE BEST THING IS TO GO TO LEGAL AID FOR ASSISTANCE..
http://stopforeclosurefraud.com/2010/10/06/please-tell-president-obama-not-sign-the-interstate-recognition-of-notarizations-act/
Okay…I spent the last two and a half hours trying to get simple answers as to the $175.00 late charge on my mothers BOA account. Heidi McNaughton and the negotiator both requested that my mother e-mail to them a written authorization statement to them giving me permission to discuss her account with BOA. Heidi received one last Thursday, our negotiator received hers on Monday.
Today is Wednesday, neither have yet to put me on the authorized representative list in their system. It can only go down hill from here correct? Correct.
My goal today was to follow up to see if a $175.00 late fee was waived as I was told to do. My other goal was to talk to the negotiator to see where we are at in the MHA process.
I was on the phone for two and a half hours, much of it on hold. Couldn’t get a hold of the negotiator, so I left her a message. Moving on to the mythical late charges.
BOA had initially screwed up and put Dec 2009 and January 2010 mortgage payments in their system as a credit. Now I’m being told that those two payments were put into a partial account. A partial account, aren’t mortgage payments suppose to go towards the principal? Because of this, some how my mother is penalized with a $175.00 late fee for their error or procedure.
Was told by a Barry at BOA that I was correct, the late charges should be waived. The moron, Kimberly who I spoke with today, asked me “Well why didn’t Barry waive them then”??? Perhaps she should ask Barry herself.
Again I got a lot of talk, when I read the BOA letter my mother received from an Aundria (who was actually helpful) it stated the two payments were put in as a credit, Kimberly stated “That doesn’t make sense” and asked me “what is a credit”…???
Question, and I apologize if I might of brought this up before but my mother has been paying her mortgage on time, with the exception of the December 2009, which she included the late fee in that payment.
By law, when you receive a Notice Of Intent To Accelerate demanding a payment of $1805.58, shouldn’t the borrower be informed what that figure is for? Also after receiving that letter my mother received letters and a form from BOA about “In deed of lieu” and concerns about foreclosure, received similar phone calls and a letter from REDC Default Solutions. Again my mother was current on her mortgage.
Although she never paid the amount and was told last week to forget the Intent letter, it was a mistake and sent in error…isn’t this a case of extortion? What if my mother paid that money? What if she signed the “In deed of lieu” paperwork? for fear she was going to lose her home? Is this something a lawyer may look into or because no harm was done, there is nothing legally my mother can do????
Has anyone been following the stories (yesterday and today) about
an upcoming national foreclosure freeze? On the heels of the three
big banks halting foreclosures in 23 states pending investigation and
review of flaws in their requirements on judicial procedures–now
politicians, AGs, etc. in several other states including CA, TX, NJ, MN
and others are calling for/demanding that a nationwide foreclosure
freeze be setforth while a detailed investigation into the negligent
and shoddy handling of thousands of foreclosed properties is under-
taken. In my case, should this happen, it may buy me the time I need
to finish research on class actions, RESPA, TILA and other means to
avoid foreclosure and keep my house. I have no websites linked here,
but to find these articles–type ‘freeze on foreclosures’ in your browser
search window and find them. I think the WSJ and NYT had some
articles too. I caught wind of this via Stuart Varney this morning. For those who need to buy time, the events going on my bring a little joy
to your day. Good luck. Bob Mc
CHECK OUT “THE HUFFINGTON POST”. HEADLINE, “PELOSI CALLS FOR INVESTIGATION OF FORECLOSURE FRAUD.” The article is helpful until it stated that the investigation is requested through Treasury Secretary Tim Geithner. I feel sorry for the Homeowners. Because that means homeowners are not going to get any help until Obama kick Geithner off the white house! My opinion, Geithner is a mole sent by the banks to make sure taxpayers money keep flowing to the banks’ ceo’s pockets to pay for their million dollar homes, toys and bonuses.
Dan–You are right about TG. But I think that Pelosi sent several letters out–one, I read, went to Eric Holder. Maybe Frank and Dodd got letters too. I can handle all the politics as long as it helps me and others achieve the ends we are looking for. One thing for sure:
Breaking News on this is only days away. Bob Mc
To anyone–
Before you make any assumptions–my political persuation is
independent. That said I want to throw out a question and hope
I get a response or two. The thread’s stories have been very
insightful but often very sad. My question is this: Of those whose
may have contacted their Republican congressmen or women in
states where they in power–have you found them to be helpful or even very helpful or rather less helpful than you might have expected?
In general–Republican politicians, you would think, would be less
enthusiastic about TARP bailouts, foreclosure assistance, loan mods and the like. Have any of you who have made such congressional
contact had less than adequate support? Bob Mc
Bob,
In the past I have sent a letter to my representative, Keith Ellison (D) and never received a response, just some generic, generated email. I recently sent letters to President Obama, Geithner, Holder and waiting to see if I get a response. I also sent letters to democratic senators Dodd, Franken and Klobuchar, but they are all on recess for the midterm elections so I don’t know when they will get to the letters. I won’t even waste time sending a letter to Michele Bachmann as she has done nothing for her constituents in the sixth district, the district that leads our State in foreclosures. I just cannot believe that neither party has really fought for the homeowner through out this crisis. It’s sad to see a program that had initial promise (HAMP) ending up being a colossal failure. Our government is allowing these bankster’s to have their way with homeowners. In a normal and just world one would think government would be there for it’s citizens but…
I sent letters to McCain and Kyl in january of 2010 and then again maybe 3 months ago, form letter responses…..(thank you for your letter) no follow up. Actually not suprised as both voted for the first bail out and are big corporate guys…….in fact McCain suspended his campaign…..”to fix the crisis” .
Note to Chesaree …
No, I do not know of anyone in Illinois…I keep asking, but to no avail.
Looking for Legal help here in Ilinois…I know we can file ourselves..it is an option, just loads of trouble and time, not to mention money that is not available while trying to work and stay afloat..and take of family..and sick Mother…it is all unbelievable.
I told you I am in Illinois…been at this since Aug 09…I sent 4 page letter to
CEO, Pres,VP,Negotiator, @ BAC….(on 9/12/10)
I had cc: to Pres. Obama
IL Governor
IL Senators
IL State Reps
IL Attorney General
IL Congressman
US Dept.of HUD
I got response from State Rep first…he contacted IL Attorney General…they contacted me for more info and sent
forms. Both gave contact info for their offices and contact name. They said they would follow up…
Got letter from Congressman and Senator. They needed a Privacy release signed and sent back…did that.
I have yet to send to all those other agencies. It is time consuming. Right now, I am concentrating on sending
all info to IL Attorney General. I have spent so much money on fax and copies…now I have to send copies
of everything all over again…(pay stubs, tax returns, financials, etc…)
On BAC front…after letter to CEO, I like many ended up in Office of the President…I am pretty sure this is
going to be more of the same…it is ESCALATED…telling me I will hear from them in 7-10 days. I called on
10/4/10…no news…will call again on Friday.
http://www.huffingtonpost.com/2010/10/05/democrats-call-for-invest_n_751373.html
This is article on Huffington Post re: Pelosi calling for Investigation of Banks and Foreclosures …
Please read this article, then if you care to, please email or call the President and ask him not to sign the Bill HR 3808. … 202-456-1111 9am-5pm EST or http://www.whitehouse.gov/contact …
http://www.google.com/search?client=safari&rls=en&q=email+president+of+the+united+states&ie=UTF-8&oe=UTF-8
To contact the White House; Calling is REALLY EASY! No typing, not long of a wait. You just tell the Person who you eventually get to, (In a couple of minutes or less), and tell “Them” that you urge the President NOT to sign H.R. 3808. I did it todday, and was pleasantly surprised at how easy it was.
ON http://WWW.CNBC.COM ~ AS OF 10/7/10 ~ LAST NIGHT SECRETLY PASSED THROUGH CONGRESS AND AWAITING SIGNATURE BY THE PRESIDENT ~
IS A BILL , SNEAKLY PASSED WEDNESDAY NIGHT ~ “NOT” ALLOWING LAWSUITS AGAINST BANKS FOR FORECLOSURE!!!
CAN YOU BELIEVE THIS !!!! WHY WOULD YOU FURTHER HELP THE BANKS???? IF THEY DID SOMETHING WRONG AND ILLEGALLY PUSHED OUT THOUSANDS OF HOMEOWNERS IN THE STREETS
WHY NOW WOULD THE CONGRESS (LAST NIGHT) A DEMOCRAT CONTROLLED CONGRESS , WHY WOULD THEY PASS A BILL , NOT ALLOWING LAWSUITS AGAIN BOA????
READ IT ON http://WWW.CNBC.COM ., YOU WILL SEE THE ENTIRE ARTICLE!
Bank of America is the worst of the worst. We are going through pure hell with them and they continue to get away with murder. They keep getting complaints filed from the Attorney General, OCC and others and they will continue to ignore them like they have done in my case. I personally have been trying to sue BofA individually because I do not want to be thrown in the bunch with a class action. If everyone sues them individually it will make more of an impact and will eventually bring these monsters down. Of course, it is hard to find an attorney that is actually willing to help you mainly on contingency even if you have a very good case like mine. Most of them are just plain scared to fight this beast or they are scared to take a chance. Mark my words, Bank of America is going down and before the flood gates open, we need to sue them as individuals. I am not willing to go through all this hell that has cost me and my family so much time, money and anguish and then get a check for $500.00 in a class action lawsuit. That won’t cut it for me or anyone else.
I completely agree! I am vistiting an attorney tomorrow. BOA has told me for 3 moths that we were in underwriting then in the 3rd month we were told that we have never been in underwriting and now we got a postponement, I called to check the status and she advised me that we just got put into underwriting. This comes a month after the last time we wre told that we we not in UW. So, we were lied to again. For 4 months we have been waiting, what in the world were they doing with our paperwork? Plus every time i call I get even more confussed. Our sale date was originally for 10/05/2010, on 10/4/10 I was told the only thing holding us up was verifying income over the phone. WHAT?! I’ve called how many times and they tell me the day before the only thing holding us up is verifying income over the PHONE!!!!!
Lori – I’m not seeing that article??? can you send the link of the article?
cnbc.com/id/39550663
This is link to article on cnbc on fast passage of bill thru senate
regarding inability to sue banks…
cnbc.com/id/39550663
This is link Bill McAuliffe was talking about to call regarding that passage of bill….
stopforeclosurefraud.com/2010/10/06/please-tell-president-obama-not-sign-the-interstate-recognition-of-notarizations-act/
Wow. What banker lobbyist blew the senate to get that passed. Vote Nov 2nd. Oust any incumbents
I am FURIOUS over that article!!! I just called the White House. I really, REALLY hope everyone isn’t just going to comment this blog about this…I hope you’re going to be PRO-ACTIVE! MAKE THE CALL! I took 5 minutes. If you don’t have 5 minutes to spend making the call – you really can’t fuss about losing your home and having no recourse! Nobody is going to fight your battle for you, people! FIGHT!!!
Please visit the new blog we’ve set up for you too:
http://conquerthebeast.blogspot.com/
to: Tommyb
Too funny…my sentiments exactly…My neighbor has said she is voting for anyone except encumbents…just for the record, the politicians that have contacted me regarding BAC, have all been Democrats…and not just form letters…contacts, numbers, and follow up. Fox News (I can’t stand them), but they just did a story on all this Foreclosure hub bub…with a clip of Eric Holder (Attorney General) saying they are looking into it. I say EVERYONE on here write to ERIC HOLDER.
Eric H. Holder
U.S. Attorney General
U.S. Department of Justice
950 Pennsylvania Avenue, NW
Washington, DC 20530-0001
Department of Justice Main Switchboard – 202-514-2000
Office of the Attorney General Public Comment Line – 202-353-1555
http://www.justice.gov/contact-us.html
E-mails to the Department of Justice, including the Attorney General, may be sent to AskDOJ@usdoj.gov. E-mails will be forwarded to the responsible Department of Justice component for appropriate handling.
Regarding the sneaky passage of the notarization bill last night:
Was it a yea or nay vote, hands up, or eletronic–just curious as I would
like to find out who voted which way. There will be no need to
expect help from those who voted for it. Also–let’s say Obama
signs it today: There is a waiting period before it becomes law,
right? How long is that waiting period? Is it thirty days or longer?
Anyone?
No one should waste their energy on the recent law voted
for my congress. It addresses merely administrative process
in executing foreclosures. IT HAS NOTHING to do with
the fraud and misrepresentations concerning HAMP
and MHA. Does everyone know and have studied the
guidelines documents furnished by the Dept of Treasure
on how the Servicers were supposed to administer the
HAMP MHA program ? Firstly, the banks volunteer
to modify loans and they do not have to. Secondely
there is something called the NPV test ( net present value)
and the banks and the investor get to decide which is
more profitable either foreclosure or modifying a loan
and they get to pick the one that is most profitable
for the BANK and FANNIE MAE or FREDDIE MAC.
IT MAKES NO DIFFERENCE WHETHER YOU QUALIFY OR NOT !
Anyone contemplating lawsuits must digest this first and find
other grounds to sue. I believe our best chance are civil
actions resulting from wasted time and deceptions and
fraud along those lines. Now only if you can prove that
you qualify AND the NPV test favors loan modification
would you have a chance in a law suit on the grounds
of not modifying a loan.. Still that is doubtful because
once again, the Dept of Treasure says the banks modification
of loans is VOLUNTARY!
Any one that disagrees can call me 678-290-0507
Last post sounds like the lobbyist that blew the house and senate Attorneys wouldn’t be wasting their time if they couldn’t win. Try blowing somebody else
Regarding comment on NPV test banks use re: mods…this is link to PDF with info
hmpadmin.com/portal/docs/job_aids/npvtestresults.pdf
BOA epitome of corruption in the banking business. They payoff or blow a greedy politician everyday.Do business with someone else. There is strength in numbers
Let me see if I can support GSP for a moment …
Mortgages are private contracts generally between individuals and and corporate entities and what lawmakers is Washington, or even the States, say or do is irrelevant. They should keep their noses out of it and besides, it has no bearing on private contracts, other than the laws and rules they institute to govern them.
Mortgage companies are just another form of business, private business, and it doesn’t matter what “public opinion” is. All their actions in any response to “public opinion” are simply voluntary, not required, and we should view mortgage companies as graciously accommodating anyone who has a complaint.
Also, it’s entirely up to a mortgage company whether or not they can take your home. All that’s really important is the best way they can acquire money, after all, it’s simply a contract, intended to collect funds, and has no other value than that.
It’s contract law, period. Mortgage companies have totally justified formulas and processes where they can pick and choose who stays and who goes. One glitch on the homeowners part, and they’re instantly subject to anything a mortgage company wants.
And it’s completely irrelevant that the majority stockholder for companies like Fannie Mae is The United States Government. It’s all just rules, completely justified statutes and contract law in private contracts working the way it’s supposed to.
Acting “in the public interest” or “in the public trust” has no viability here and is totally irrelevant, It’s merely private contracts following duly instituted law. The only option for someone that has the nerve to complain about the process, or even question it, or any laws connected to it, is to accuse the other “contractee” of breaking the rules.
Hold on a second …
Ok.
Thanks.
Sorry … I had to take a minute to vomit after typing that.
Correct Typo
No one should waste their energy on the recent law voted
for my congress. I meant to say “BY” congress and not
“my” congress. You can never beat them by exercising
delaying tactics because sooner or later the delays will
work themselves out. The recent legislation only deals
with a technique of notarization of documents that allows
the banks to more quickly “review” documents.
Slowing the banks down cannot help you in the long term.
You must search for basis of suits with real merit that can
result in permanent solutions for you. TP is shallow
minded. There are no attys anywhere that are winning
in the notarization legislation. Beware of emotional
people with frivolous concepts that will waste your time.
GSP–
You are right on with your comments about the effect of the
notarization bill passed last night. It might be pertinet in
about ten percent of loan mod cases if that many. And those
us who live in ‘non-judicial’ states like –Texas– are not even in-
volved with notarized affidavits per foreclosure. The mortgage
holder can bypass the courts where the deed of trust, for example, say it has the right to foreclose. There there are so many abuses like those setforth on this board and others
that serve as good grounds for lawsuits whether filed as class
action or individually. Again–we are talking about loan mod
irregularities. Now go file your lawsuit!
Thanks Tammy …
Good post and link.
It lead me to this paragraph, which is written to loan holders and servicers (not homeowners) …
Certification Prior to Foreclosure Sale
Recently, several large servicers have taken actions to temporarily suspend foreclosures in a number of states, pending review of their internal foreclosure procedures. Treasury wishes to remind you that, as a participant in the Making Home Affordable (MHA) program, you are required not only to comply with all applicable federal and state laws, but as described in Section 3.4.3 of Chapter II of the MHA Handbook, you are prohibited from conducting a foreclosure sale until you have issued a written certification to foreclosure counsel or the trustee, attesting that all loss mitigation options have been considered and exhausted for a potential Home Affordable Modification
Program (HAMP)-eligible borrower. Further, you are required to have a written policy describing how your organization will implement this certification. Adherence to these requirements is subject to audit by Treasury’s compliance agent.
Note the phrase …
“attesting that all loss mitigation options have been considered and exhausted for a potential Home Affordable Modification
Program (HAMP)-eligible borrower”
First … they’ll do what they can to cite that you are INELIGIBLE so they don’t have to follow HAMP rules. That’s why they paid back ALL the original TARP funds … to get out from under the rules.
Second … the word “attesting” is a VERY IMPORTANT word to keep in mind. I in a legal sense, and again, I’m no lawyer, but “attesting” means the SWORN TESTIMONY of an officer of the company … a living, breathing, live person that swears the statement is true … that they’ve done all they can to work out a payment plan … which is what “loss mitigation” means … and they simply have no choice (to maintain a healthy profit) but to foreclose, throw the homeowner out, and collect money on the sale, insurance and any other scheme they can use to turn that profit.
“I swear … we did everything we could.”
Really?
Time to start suing INDIVIDUALS …
… and that’s in addition to legally prescribed fines, professional censures, and even potential jail time for people who “swear” they did everything they could.
You can find the name of the person doing the “swearing” through a RESPA Qualified Written Request letter. They’re legally obligated to tell you.
Sorry … it was Florence’s post and my citation can be found at —
hmpadmin.com/portal/docs/news/2010/hampupdate100610.pdf
Bob Mc—-I wrote my Republican Congressman and he answered back within a week asking for more info. Then he sent an inquiry to BOA. Since that time BOA has been in contact with me—supposedly trying to finalize my final papers for a modification. He also gave me the name of a contact person at his state office to contact if I should need assistance or have more info for him. So as of now I would have to say the Republican helped me. Meanwhile, I wrote my Democratic Senator who wrote back 2-3 weeks later telling me how concerned he is and what he has done for us(NOTHING!)—end of story with him. And you can bet come election time, I will vote for my Republican Congressman and when the Democratic Senator’s time is up—I hope to campaign against him just to show him what I think about what he has NOT done. Yes I am a registered Republican but am more of an Independent in my voting, voting for the person, not the party.
Joy–
Thanks for your response–a nice experience for you. This
goes to show that assistance from your Congressman can cut
across party affiliations. I know a few people who think the
opposite but your experience will somewhat renew their
interest in our system of elected officials representing our
best interests and not necessarily their own.
JUST WATCHING CNN AND PRES. OBAMA DID NOT SIGN H.R.
3808. I GUESS PRES. OBAMA LISTEN TO US FOR ONCE. IT WAS MENTIONED THAT IT MIGHT INVESTIGATE HOW THE BILL WAS PASSED OVERNIGHT.
Whomever made calls to the White House regarding HR 3808–I tip
my hat to you. Your efforts made a difference. Obama is sending
the bill back to Congrss to be reconsidered/revamped or maybe
done away with. Sorry–no link, but found on maby news websites.
Y E A ! ! !
I meant ‘maybe’ in the just posted. It’s that last margarita.
To little help and way late for most homeowners. Corruption rules again.
Bank of America stopped applying our payments (we were 4 months behind and catching up) but never told us. We got a phone call from them saying we were six months behind. The service rep didn’t know why. We had to call another number to find out that there is a sale date in February and that they are holding our payments for 60 days before they return the money. On top of that, we’ve applied twice for Home Modification and they say it’s in review…still after 120 days. We first applied in January, checked it in March. They said it was under review. In May, they suddenly had no record and we re-applied. Now they tell us we’ve been assessed attorney fees for over a month. Who knew? The never notified us and they admit to that with the attitude that they didn’t have to. Is this behavior legal? BTW, I live in Montna and it’s not one of the 23 states investigating foreclosure practices.
In the face of numerous and flagrant violations of the guidelines
of the HAMP we have to reconcile with the fact that the guidelines
have no teeth. There are many instances where the guidelines
specify that servicers act in a certain manner and prohibit certain
activities but there is no enforcement or penalties applied and
no grounds of recourse for the homeowner borrower.
I believe that we cannot be successful in attacking BOA
for wrongful servicing unless we convince the designers
of the HAMP guidelines to specify penalties and damages
for certain prohibited behavior. The big load servicers
simply ignore the guidelines because they can.
It has been stated before that the servicers may be using
the HAMP story to get a little money out of the borrowers
in the form of reduced trial payments until they can foreclose
and sell to another buyer. The technique of persuading
borrowers to send in less money on a regular basis until
the Bank can foreclose on a home with built up equity
which guarantees instant profit is reprehensible to us
but profitable to the bank. During the whole time
that the borrower is making the reduced payments
thinking they are going to be ok, they should have
been marketing their home to sell at a slight profit
for themselves instead of letting the bank sell
it and make the profit for the bank.
We have to show the politicians that are responsible
for developing HAMP guidelines and monitoring the banks
that the banks are abusing it and actually using it as a tool
to fleece the borrowers with hardships.
Even though the banks are required to periodically report
their activities and the status of all applicants to HAMP
there is no watchdog capability to scrutinize that the
banks are using accurate data or how they are arriving
at their numbers.
We need to identify and locate the committee members that
have been developing and administering the HAMP
program. Does anyone have any info along those lines ?
Your story is like thousands. Morons from BOA give different answers to same question and will do it same day all day long. Incompetent morons Really dumb asses
Very dissapointing to see BOA advertising in baseball playoffs. Let all TV and radio stations know that BOA is not welcome How can they support corrupt corporation ?
We need to all contact Elizabeth Warren at the new agency;
Bureau of Consumer Financial Protection
http://www.whitehouse.gov/blog/2010/09/17/fighting-protect-consumers
Washington Post
BREAKING: Bank of America Corp., the nation’s largest bank, said Friday it would stop sales of foreclosed homes in all 50 states as it reviews potential flaws in foreclosure documents.
Here is the link to the BOA stopping foreclosures!
washingtonpost.com/wp-dyn/content/article/2010/10/08/AR2010100803030.html
Breaking News Alert: Bank of America will halt foreclosures nationwide, including the D.C. area
October 8, 2010 11:30:06 AM
—————————————-
Bank of America has announced they will halt foreclosures nationwide, including the D.C. area, because of concerns about mishandled mortgage documents. The suspension is an expansion of last week’s move to halt foreclosures in 23 states.
link.email.washingtonpost.com/r/GWSCIY/26OD4I/OFNHPO/BNZ27B/RCJKE/W1/h
Have you all seen these? Foreclosures by BOA halted in all 50 states!
online.wsj.com/article/SB10001424052748704657304575539963605720860.html?mod=WSJ_hpp_LEADNewsCollection
PLEASE READ!!!!!!!!!!!
BOA Halting Foreclosure in all 50 States!!!!!!!!!!
money.cnn.com/2010/10/08/real_estate/bank_america_50/
GSP – your situation must be different than most others on this board. How can we market our homes for a profit in a market that is not conducive to that. The majority of us are underwater now with our mortgages. We can market our homes all day long but if you don’t bring in enough money to pay the mortgage off – your efforts were in vain IF a buyer comes to the table. I don’t know about you …but I live on a main road…and if I step to the end of my driveway and look both ways….I can get lost in the sea of for sale signs and election signage. There are no buyers for our homes. And it’s too darn hard for anyone to even get a mortgage anymore. My mother is a career realtor…and a successful one. She has sold 2 houses THIS YEAR. She had another under contract but she was having the fight…guess who? BOA! And her buyer finally walked away.
Things must be different were you live. Personally, I’m living in a “cold” market.
Let me be the first to post this …
startribune.com/business/104571549.html
Seems they’re “escalating” themselves.
You have to wonder the level of “ass covering” that’s going on behind closed doors as we speak … or whether documents are being “properly” adjusted.
I requested a 3 months forbearance from bank of america after they
forclosed on our property that we were 4 payments behind and by the time we received the foreclosure papers and all the bogus attorney fees and late charges along with so many other charges by the bank,the total was almost %40 higher than all the missed payments with help from family we brought the property out of foreclosure in oct of 09 and immediately after bring the mortgage current i applied for 3 months forbearance and at the advise of b of a,i was referred to a specialist at the home retention she advised me to apply for a modification instead. After nearly six months and literally more than 100 hours waiting and getting transferred from one person or a department to the next ,i was notified by the agent in the late march of 2010 that i was approved that loan package had been sent to me and as soon as i received them i was to sign,notarize and fed-ex the package
to b of a,cause it was very time sensitive which i did .
I was to make the first payment on June ,1,2010 and i still hadn’t received my payment voucher so i called them to determine how to go
about making the payment on or before June 1st ,it was then that i was notified for the very first time that modification was turned down due
to having had two forbearances within the past 5 years.
I truly believe that none of these banks are even trying to help the
home owners with the hardship that we are all going through,as a matter of fact i recently received an e-mail from a friend that solidified
this belief for me.
You can see this on youtube, outube.com/user/fiercefreeleancer
This is truly an eye opener and shows that banks have an incentive to foreclose and then do a short sale.
good luck to all of you,proplyr
EVERYONE SIT TIGHT TODAY B.O.A. HALTS FORECLOSURE IN ALL 50 STATES SOME ONE HAS A LOT OF QUESTIONS TO ANSWER.LETS SEE WHO WILL TAKE CONTROL OF TRAIN WRECK. TALK ABOUT FRAUD. LETS HOPE THE AMERICAN PEOPLE PERVALE .IF THE GOVERMENT TAKES BACK THE BAILOUT MONEY AND SET UP A PROGRAM TO HELP THE PEOPLE THEY CAN SCREW THE BANKS AND MAKE A PROFIT ON THE INTREST. AND ALL SO HELP THE U.S.DEBT. SEND COMMENT TO DANNYHOLLY@AOL.COM
I also heard on the ABC news that BOA has halted foreclosure proceedings in all 50 states. Think maybe some one is getting the idea that they have screwed up to many times? How long will this last we don’t know but enjoy it while you can and don’t stop writing, calling, emailing, etc.?!
The overwhelming thing lately I keep thinking about is that someone for sure passed thru over 8,000 foreclosures without looking at the paperwork…and how many others did the same thing??
Is there NO conscience? You threw 8,000 families out of their homes with their children and possessions??? It is so unbelievable and sad. People trying to keep their homes and be productive…EVERYONE MUST Write every know politician, and government office, and BAC…over and over and over. Yes, it is alot of work, I am exhausted from it…get someone to help you make copies…type the letter on the computer so you can use the same letter and change the addresses…copy everyone.
KEEP the PRESSURE ON. Calling them Scumbags and Asses doesn’t help…we all know that…SEND SEND SEND…CALL, CALL, CALL !!! WE WILL PREVAIL!! We’ve caught some attention and we now need to CAPITALIZE on it…NOW!!!
Joy,
Hate to burst your bubble, and maybe, God willing, your situation will be different, but don’t get your hopes up. I did, and now they are trying to foreclose. Went through the office of the president, made it through underwriting, and even got the contract. Signed it, returned it, and now they fail to acknowledge that it exists. I hired an atty to make them uphold the contract that they sent me, and I signed and sent back. Let me give you a little quote from the letter from Boa’s attorneys to mine. This quote pertains to my lawyer stating to Boa’s atty’s that he sent them my legal binding contract, and he wants them to uphold it! Boa’s atty response. ” I often suggest that attorneys and borrowers contact the bank’s loss mitigation department directly”. HELLO..you are their lawyers, you should be telling them the contract is legal, and it needs to be upheld! It is just morons hiring morons! Good luck
G. Luck,
Just curious, did your contract say anything about being “Trial”. The reason I ask is because the exact same thing is happening to me. My contact did not say Trial anything. It was a done deal as far as I was concerned.
One more question, did your contact end with a sentence that basically says they can change their mind even after you sign it?
I am wondering if there are any attorney’s out there that have actually seen the loan mod. acceptance letter that BOA sends and if so does it qualify as a binding contract?
Thanks for posting G and I look forward to your response.
Jim.
No, it did not say trial. It was an actual contract, and my lawyer said it is LEGAL BINDING. He is taking it to court next week for a judge to uphold it. Please email me, I would love to email you a copy of it and see yours as well. neautomation@comcast.net
Wow I just watch a funny video on the Huffinton Post It toke a comedian to do what the local news wont do check it out He talks about the accindental Foreclosures the website is The Huffington post.com He makes a lot of sinse….
I FORGOT TO MENTION IN A NEW JERSEY NEWSPAPER A EMPLOYEE OF B.O.A. STATED THAT HE SIGNED OFF ON 8,000 APPLICATIONS FOR HOME MODIFICATION LOAN AND NEVER REVIEWED ONE.
I just wanted to give everyone an update on my modification. After 10 months of waiting, I finally got some communication from Bank of America on Monday to do counseling. I completed on Tuesday and called Bank of America today and they said that I have been moved from the Home Retention Division to the Office of the President. When I asked what status my modification was in, the customer advocate said that I have been underwriter approved and I am just waiting for the investor to sign off on it. Has anyone heard of being this far and is this a good sign for me as I have had more communication in the past week than in the past 7 months? Guess it helps to send a letter of complaint to the Department of Treasury after all. Please let me know anyones thoughts. Thanks!!
Hi Andrew
That’s exactly what happend to me but I been waiting for the Investor to sign off on the MOD. For about 14 Days I call yesterday to talk to the Rep from the CEO office he told me nothing Yet but as soon as he here something he would let me know . I hope everything turns out okay Becuase Bank Of America are full of BS…..
Good Luck to you Keep us posted …..
Unfortunately I was also fed that line of BS and within 30 days got my letter of intent to accelerate after being told we were approved etc etc etc for 10 months we were lied to.
Aloha Andrew,
Read my post from a couple days ago. I had the same thing happen to me and even at one point a supervisor told me because I was just waiting for the investor to sign off, I was in the home strech and not to worry. Well, on 9/27/10 I got my letter that my modification was denied and now I was going to go under review to see if there are any other programs I qualify for. I had already thought I was qualified for the Mod. They out right lie. The letter states they would be contacting me with in 10 days to let me know my options. 10 days has come and gone and I have yet to hear from them. I am going to be contacting them on Tuesday the 12th, I will let you know what they say.
Good luck to you and your situation. Hope yours gets approved.
let me know what happens. I got the same letter after waiting about 10 months as well….they were going to send it to another dept. to review to see if I qualify for any other programs . That was last dec. still nothing. I have just continued to pay the “trial” payment while it continues to build up interest and late charges and ruin my credit. Witch they said would not happen…..
Andrew,
It doesn’t mean squat. My case was turned over to the Office of the President and CEO (OP/CEO) last May. I still haven’t got the modification. In fact, I had to submit the package for a THIRD time, because of the right hand not knowing what the left was doing–the original negotiator even lied to the OP/CEO rep about me not responding to a request for MORE paperwork. I never received a request by mail or by phone. Nothing happened to that negotiator. They just assigned a new negotiator out of the Customer Care Unit (CCU). The negotiator didn’t even know the name of the CCU rep who assigned him to my case. So this pattern of deception, incompetence, whatever you want to call it, runs throughout the organization from top to bottom. I was told in August that a decision would be made by 16 Sept. 2010. Here it is 11 Oct. 2010, and nothing. Calls to the negotiator go unanswered.
If you can, start paying back the accumulated delinquency amount. They will add that, and delinquent interest (Even though you have paid it, it sits in a “partial account”, and they will tell you it will be dispersed after the mod goes into effect) to your current mortgage balance as the balance on which your “new” mortgage will based even with the reduced rate. If the account is caught up, they really can’t pad the balance, and screw you out of funds already paid.
I do wish you luck. Let us know what happens.
How can someone sign so much paperwork and not know what the f— they are signing be it right or wrong.Bank employee needs to be tarred and feathered and moved out of her home.How could you sleep at night knowing you did something so wrong and relied on some one else to read what you are signing.F—— Stupid.
You’re right, Florence. This is not time to sit back and say “we’ve won”….we’ve won A battle…NOT the war! Keep pushing! Keep writing! Keep calling! KEEP FIGHTING!!!! We can’t let this die down!!!!
Andrew…that’s my next step. I was also told the investor will want a home inspection? They’ll also check credit…check your OTHER bills….blah, blah, blah….It’s all a game….
Jon Stewart’s video can be seen at …
http://www.huffingtonpost.com/2010/10/08/stewart-banks-foreclosures_n_755527.html
Anybody else see cockroaches diving for cover from the spotlight of national comedy?
Time for some foot-stomping. However you can, turn up the heat.
Write, call and complain to anyone you can think of, and file your RESPA letters.
Andrew—I am also to the President’s/CEO’s office and was told they were almost positive I had been approved and are trying to get an official document out to me that says this. However, that was 3 weeks ago and still I wait and wait. Oh and they lost the papers I signed for the finalization of my modification so they had to call me and ask me to fax then what I had signed—darn, I should have changed a few things to my favor, after all they have proven they don’t read things before they sign them(jk). So I’ll let you know if this is good or not when ever I find out and please you let me know what you find out.
Hey Everyone! I am so thankful that I found this site. It has helped me when I just wanted to crawl in a ball on the floor. Our situation is the same… Mod since July 09.. I was told in June that investor approved and wait to get my perm. mod in the mail. I have been waiting for months! I called 15 days ago (again, I call every monday) and I was told that my mod was denied in June. Not INVESTOR APPROVED!!!! I have appealed it. blah blah blah. Their system did nt generate me a letter nor did they give a reason. Now we are facing bankruptcy to save our home and I am torn between Ch. 7 or Ch. 13. I live in WA and my attorney is telling us that if we file CH 7 they will foreclose. If we file Ch. 13 we can do a payment plan to catch up on the money we are now behind on thanks to the mod. I am sick and sad and really hoping maybe someone has some advice?? I thought we could still keep our home if we filed Ch 7. Apparently not? I would so appreciate some good friendy advice.
P.S. glad somebody stopped BOA NOW! atleast for alittle while.
i charles samuel have appiles for a loan mod sice 2009, i wen through a trial period for 3 months making the trial period payments, after making the trial period payments, i am waiting to hear from B of A DID NOT HEAR ANYTHING FOR OVER 6 MONTHS THEN I GET A LETTER AFTER 6MONTHS THEN THEY SAY I DO NOT QUALIFY FOR A HOME MOD, NOT ONLY DID THEY TELL ME THAT THEY ALSO SAID I OWE THEM 16.000.00, FOR THE TIME THEY WASTED GETTING BACK TO ME, THEY GAVE ME NO REASON WHY I WAS DENIED, I HAVE ALL THE DOCUMENTION SINCE I FIRST STARTED THIS TRIAL PERIOD, WE ALL KNOW WHAT A TRIAL PERIOD MEAN.AFTER ALL THAT TIME I FOUND OUT THAT THEY NEVER EVEN REVIEWED MY DOCUMENTS BECAUSE THEY ARE SO OVERWHELMED WITH THEIR PAPERWORK. I AM A FROMER COUNTRYWIDE CUSTOMER, THEY TOOK OVER COUNTRYWIDE ON TOP OF THEIR OWN MORTGAGERS. THEY DENIED ME 2X AND I AM STILL FIGHTING.
Been doing this stuff since 4/2009, told by B of A they haven’t been instructed with Gov. program and also you need to be at least 3 payments behind. Called monthly finally Aug. they told us to submit our financials again. 2/2010 received a letter online from bank approved mod. All collections stopped you will be receiving time sensitive doc that need notorized and sent in 10 days. Please do not call prior to 4/27 as it will delay process. No fed ex pkg… call early May told you should be getting paperwork with workout info. Mid to late May received package. New financial docs. Called B of A said we cancelled that there is a better program for you. Sent in financials. 7/09/2010 Received forclosure with a sale date 10/18/2010. They have been stalling since, I have documented all phone conversations with them and call sometimes 3-4 times in one day as to find you get several different responces from each person you speak with. I have tried to push my sale out and was instructed that you can call 14days prior to sale. Call 10/4 they said they put in the request. Called 2 days later to make sure it was put in as they lie alot. I was told the underwriter cancelled the request for postponement. Underwriter instructioned to call 8 days before sale. OMG that is a Sun. and mon. is a holiday. How convienent they are stalling so I run out of time. That gives me Tues to call and Friday to find out if they do it and Monday is auction. STALL TACTIC! Supposively I am in underwriting and that should grant the extension. haha what a joke. They said they escalated my file to the OCC Pres. not sure what that is but Im sure it is another stall tactic. They said we will have someone review and get with you in 10-14 days. the date is Oct 8. Are you serious I told her I am out of time and tired of the misleading information, lies and stall tactics. I do not trust you guys and the only way you can prove to me you are serious is to get my sale date extended by Tues. I doubt that will happened and I will probably be forced into to bankrupcy because I am by no means ready to move. The sad thing is we the borrowers have no one to complain to for results, the banks are getting away with this and for us who are having hardships we can’t afford to seek an attorney.
Just wondering if after being told they were denied for home mod loan- then told they were looking into other programs, actually ever got another program????
It says there are 1289 comments about this … so how do
we gain access to read them all ?
Using the link they send me I only get to see the most recent dozen
or so.
GSP
Here is my issue. Has anyone had this happen???
Some of the issue’s as follows.
Wilshire owned my loan before Bank of America
Did a loan modification with Wilshire and have a signed contract for that loan.
Bank of America bought the loan 3 weeks after my loan modification was done. (8 months ago)
Bank of America knows nothing about my loan modification. Even with a signed contract from Wilshire. (Faxed to them but they keep losing)
Bank of America is not honoring the loan modification.
Have been informed that they are researching still. This has been ongoing for so long, including losing important info.
Slow Response and almost like it doesn’t matter. Not to mention I talk to a new person every time and have to explain everything. Imagine doing that every time.
Talked to a lady 9-20-2010 said she would fix it and then never heard back. She was in Loan Modification department. Told me she would call back
Got a email from a Kyle Almazan (Bank of America Management office) asking for my phone number. Responded twice with no answer. Emailed twice with no answer.
hello seems some one finally caught the ball !!!they have stopped forclosures.lol well what about the people who they have already took their homes.I saw a count of 8,000 thast no paper work was looked at just stamped and moved on.As I have said this was conspiracy from day one.Alot of this shit was outsourced too..to forclosure company firms..there is not enough room in boa building in charlotte to do this …the building only holds few thousand employees lol …this will lead to another fianacial crisis in banking..
For any and all newcomers …
If you want to keep your home, you have to fight for it … but ALSO, you’ll have to learn how this game is played. Unfortunately, this IS a game to them. It’s how they can manipulate things to get as much money as possible. After all, that’s what their stockholders DEMAND … profit, profit, profit. That means getting money (your home equity) from YOU.
Please try and read ALL of this AND scan back through previous posts. There’s a link near the top of this page “Previous Posts” in light blue. Click on that. It’s also at the bottom of the posts.
1) If you haven’t made a journal/diary of your BOA experience start NOW. Record every instance every time it happens in detail. This is critical for a court case, but can also be helpful for Attorneys General and Agency complaints and for your politicians, should they get involved.
2) Sit down and write out as complete a timeline as you can from the beginning of your experience with as much detail as you can recall. Take time to do a thorough job. Equally valuable as “1)”.
3) Call your State and Federal representatives, Congressman/woman, State Assemblyman/woman and inform them of your situation. Calling is preferred over emailing. It puts a human element into the contact. Ask for help. Don’t hesitate. It’s their job to oversee your community and the goings-on in it. It’s why you elected them. INSIST that they help you if they try to wiggle out of it. Mine were VERY cooperative and helpful.
4) Get any attorney you can find to advise you from church, synagog, friends, family, neighbors. Retain one if you can afford it or call legal aid if you can’t. These are “contractual negotiations” that involve Statutory Law and a lawyer will navigate that best. Tempt them with the possibility of getting a piece of a class action suit.
5) Call the Hope Hotline 877-300-5454 or Money Management International direct 888-881-7558. Use MMI (or a similar NON-profit) literally EVERY TIME you call BOA. A representative will be with you through your calls and the nightmares on hold. They will also keep a record (although it can’t be released without a subpoena from a court). But if it goes to court, you can get it that way. It’s also better to have the BOA people hear you’re not alone on the phone.
6) Call and call and call and call until you get results and cooperation. If you’re using MMI, they’ll ask for supervisors. If you’re not, YOU ask for them. I know from a full year of this garbage how much it cuts into your personal (or even work) time and how traumatic it is, but big corporations BANK on you getting frustrated and giving up. DON’T GIVE UP. Hold their feet to the fire.
7) Keep up your payments as close to on time as you can. This is ALL about the MONEY. It’s a contract and your end is feeding this behemoth monster your hard earned cash. You agreed to it when you signed the mortgage. Courts (and BOA negotiators) will want to see your willingness to pay, as will your politicians and regulatory agencies. It’s your “good will” that you’re willing to work it out.
8) Find as many people as you can in your State that are going through this AND keep in contact with forums like this. The ONLY power any of us have over this monster is NUMBERS. It is literally “United We Stand, Divided We Fall.” One-by-one they can take us down, but as both national and State groups, they’ll have a hard time of it.
9) Once you’ve contacted your politicians and they’ve started to help you, tell all your friends, family, co-workers and anyone else who knows you to write to them and THANK them for helping you get through this difficult time. DO NOT have them criticize, complaint or tell stories. Just a short thank you will make it clear to your politicians that people are watching their performance. No need to get into detail. They’ll KNOW they’re being watched just through a simple thank you.
10) File a complaint with your State Attorney General and the OCC (http://www.occ.treas.gov/customer.htm). Research your State and complain to any applicable agency. Be sure not to “rant” and provide information in the form and with the content they request.
11) Contact your telephone company and request call records to and from BofA, or get all your calls and highlight them. Add that to your package of evidence.
12) Compose a letter asking news agencies to look into this problem. Describe your situation BRIEFLY, then forward it to every news program and news agency you can think of. There are lists of contacts throughout this blog. Key Point: News people are a bit “legalistic” in covering stories and require documentation and facts. Although they respond to emotional pleas, they will likely ignore incoherent rants, finger-pointing and unproven accusations. Be factual in your letters. The emotions will come across even if you try not to.
13) Learn about, compose and send a RESPA qualified letter to the bank and other regulatory agencies, and include anyone (politicians) who might be monitoring your case. The Federal government REQUIRES banks to provide you with DETAILED information on your mortgage.
RESPA is explained on these two government sites —
http://www.hud.gov/offices/hsg/rmra/res/reslettr.cfm
http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea10.shtm
Samples of letters can be seen (copied) here —
http://www.nololawlibrary.com/foreclosure/7-2d.shtml
foreclosureindustry.com/2009/08/qualified-written-requests-respa-and-mortgage-servicing/
http://www.scribd.com/doc/11903044/Respa-Letter
Insert your personal information, rewrite the opening paragraph(s) to describe your personal concerns, and customize the “demands” to your own case, preferably with the help of a lawyer.
DO NOT send via email, and use the Postal Service, registered mail, return receipt requested. Copy all related people/parties the same way.
14) Lastly … and this is tricky … this is ALL about contract law, which is called “Statutory Law.” It literally has NOTHING to do with Right and Wrong, but what contract law expressly states. This is NOT “Common Law” that talks about the rights of a human being. This is about your “fictitious corporate self” that’s a party to the contract … NOT YOU as a human being. Statutory Law only sees the “contractee,” not the human being. Statutory Law couldn’t care less whether you live in that house or not … just whether the contract is fulfilled.
READ your mortgage and READ your restructuring agreement. Everything that’s happening to you is based on THOSE, not Right or Wrong … or have someone who understands legal language read them and explain what they mean.
Contract violations are what Class Action Law Suits are based on … contractual violations, and that’s all a court will listen to.
Remember, this is a nation (now, anyway) of laws, courts and parties to contracts … NOT common decency or even Common Sense. Work to save your home. Complaining gets you no where. Working hard and learning “the game” they play is the only thing that works.
15) One other thing has emerged … try to get over any embarrassment. For most people, this is not your fault. You have no control over the financial environment and you are merely exercising your rights. In fact, you should be BOLD about exercising them. Don’t let anyone convince you that “you were just asking for it.”
16) Consider stretching your budget to file an INDIVIDUAL lawsuit, rather than being lumped in with a class action. Jamming up a bank’s legal department with multiple suits is far more effective than allowing them to combat one class action. A class action puts you in a barrel with all the other fish.
But if you can’t file individually, keep in touch with people in your State. You can’t simply “put-your-name-on-a-list”. It’s not that easy. You have to work to FORM a class action suit. For the moment, no Federal class action exists and they MUST be State-by-State. Band together and hunt hard for an attorney who will take it on.
Sorry … the number 8 and a parenthesis makes a Smiley Face.
Don, can I ask where you actually got a RESPA letter that was that lengthy? I am currently searching all over to come up with one that has alot of things to make the bank accountable to me for yet one of the sites you put a link up for does not let you copy it…just trying to figure the best route to go, I have already sent 1 RESPA to BofA and am currently looking for an amended one to send as they have lied on the reply to me from the first one…hey at least I got them to answer.
Well maybe I can celebrate a little. I just got a call from the CEO’s/President of BOA office and I have definitely been approved and finalized for a modification. Allegedly the problem was 1. The lady helping me couldn’t find anyone who knew what they were doing(her words, not mine) and 2. codes did not get changed in the computer. If I do not hear from them by Wednesday, I am to call and again and see what is going on—one employee has been assigned to assure these codes are changed. I still am not believing them until I have those finalized/signed papers in my hand! Some of you should get your Congressman to get your case elevated to the CEO’s/President’s office(this is how I got there and remember the election is coming up soon) or elevate yourselves. From what has been said(by CEO’s office) there are people employed in this office to chase these things down. Now that BOA has been basically caught with their pants down, keep pouncing, don’t lay off now.
Joy,
That is great news!! I have heard that once you are at the Office of the President and underwriter approved…that you are almost a lock for the modification to be approved, I have heard that many do not make it past underwriting so I feel hopeful but hate to really count on it.
Anyone know who to exactly sue for BofA when I sue them this week. I know every company has a particular someone that takes care of stuff like this. Any help would be a great help.
Shawn …
Again, I’m no lawyer, and only a lawyer can really narrow that down for you. But in your shoes, and if I was filing on my own, I’d find every name I could for any BofA “department” or subsidiary I could find in my notes PLUS every PERSON’S name, particularly managers, supervisors, “advocates” or “negotiators” and even look up officers of the company and name them PERSONALLY.
This situation is coming out in the press as “vicious” … which it is … legally (or illegally, you could say) vicious. Let’s feed them a spoonful of what they’re feeding us.
Other than physical violence against a person, can you think of anything more vicious than taking their home?
LATELY THERE ARE LOTS OF HEADLINE NEWS FLOATING AROUND ABOUT BANKS HALTING ON FORECLOSURES. JUST TO REMIND EVERYONE THAT MOST OF US HERE ARE ALSO FIGHTING FOR LOAN MOD. SCAM. THIS IS THE BEST TIME TO EVEN MORE FOR EVERYONE TO PUSH THE ISSUE TO THEIR CONGRESSMEN/WOMEN. LET THE ENTIRE COUNTRY KNOW THAT BANKS ARE SCAMMING THE LOAN MOD. APPLICANTS. LET US CONTINUE TO PUSH THE ISSUE OF LOAN MOD. SCAM TO MAKE IT A HEADLINE NEXT TO FRAUDULENT FORECLOSURES THAT HAVE BEEN GOING ON. LET THESE BANKS REEXAMINE AND TESTIFY IN FRONT OF THE CONGRESS TOO TO EXPLAIN HOW THESE BANKS ARE SCAMMING LOAN MOD. APPLICANTS. JUST LIKE HOW THESE BANKS HAVE TO EXPLAIN ABOUT THE FRAUDULENT FORECLOSURES. SO OUR HOMES DON’T EVENTUALLY END UP IN FORECLOSURE.
Dan–
Good post. It will interesting to see how Dodd’s scheduled
hearings go next month. I’ll be watching on C-span. Also in a
related matter I want to see how Congress handles the
notorization bill that Obama vetoed and sent back to the floor
for revamp. Congress is on vacation now. I’m not sure how long they stay out there but I am thinking they are out through the
mid-term elections.
Anyway this thing is about–the scams perpetuated on innocent
distressed homeowners by BoA and other lenders/servicers,
negligence and possibly criminal activity associated with loan modifications and the law of the land and the improper taking of homes. It is also about investigating wrongdoing and uncovering
the unlawful scheme that BoA and others have utilized that
resulted in so many people getting cheated and screwed. I
hoping to see some smart aggressive and caring experts,
consumer advocates, attorneys, whatever that have done
their homework and can expose the lies and cover-ups that
the BoA scumbags have been engaged in for years. And those
crooked politicians who have stood by BoA need to be called
on the carpet and run out of town. It will be good reading and viewing.
I just have read some of these post since my last post. We all talk about lies and manipulation and stall tactics from B o A. I have seen a couple of post about files being transfered to a new dept of the Ceo Pres. Is this just another loop hole, lie and a way for the bank to stall, to pacify the upset borrower until they can foreclose? Just a thought. I have been seeking legal advice. The banks want our home. I have heard the gov. insures the banks up to 75% of their losses on with the bailout money.
The foreclosures have been halted at least in the 16 states that recontrust handles for BofA . http://www.recontrust.com
My file went to the office of the president, the office of the chairman, a case # assigned by the comptroller of the currency and………. Bof A sold my home at a foreclosure auction with no notification., while telling me that my modification paper work was on the way. All who have not been foreclosed on yet, will have a bit of a break with the halting of the foreclosures. Personally, because of the timing …….the quick passage of a bill giving relief to the banks from lawsuits and then the also quick veto of the same bill by the President…….thank goodness someone was paying attention. If I had to do it over again, I wouldn’t have given the banks a dime, saved my cash and planned my move.
I’ve spoken … and warned of … the Office of the CEO/Pres before.
“G Luck” is not wrong in pointing it out. It’s just another more sophisticated level of manipulation. Way down in regular customer service they’re pounding out the foreclosures by the gross with people who get frustrated and give up, don’t know what they’re doing, over-emotionalize and forget the legal aspect … or whatever.
“The Office” is just a fancy title for a better filter … that filter being the one that boots you into the street with more sophisticated methods because you put up more of a fight.
I’ve said it before and I’ll say it until I’m blue in the face … you can ONLY beat this with numbers and public pressure.
Remus suggested INDIVIDUAL lawsuits, and it was a brilliant suggestion. BURY THEM in paperwork and call attention to this publicly. If you file, call every local and regional newspaper with your own, home grown “press release.” Call and write to every television station around and invite them to tape you walking into the county clerk’s office to file your suit in person.
Don’t hide at home or in front of your computer screen pounding out emails, blogs or complaints … GET PUBLIC and talk to everyone you know about the TRUTH of this thing.
About the truth of this thing …
There’s another beast to wrestle to the ground and kill besides just the banks … it’s the INCORRECT assumption in many people’s minds that this is all about loans that were gotten by predatory BROKERS and people didn’t “deserve” the loans in the first place, now the banks have to scramble to “dump” … or save the economy.
Remember … the VAST majority of people on here have had their loans for some time … and merely sought a modification (renegotiation) that ANYONE is entitled to seek with ANY contract.
Banks are targeting ANYONE who has the slightest glitch or problem and repossessing their homes unjustly simply for the sake of PROFIT.
Remember, this is NOT about “saving” some damned bank or the American economy from collapse, which politicians, the banks, every propaganda machine you can imagine and particularly the news media have been PUMPING into the American public.
This is about SCREWING PEOPLE who are perfectly willing to PAY for their homes.
Let’s not forget that.
G Luck,
I’m not counting on anything until I have signed documents in my greedy little hands. Interestingly though, the CEO’s office told me the other day that we had a contract that was legally binding—don’t know why they felt they had to tell me that. Actually I don’t think we do, it plainly says on the final papers that it is not effective until BOA has signed and returned a copy to me—and I have no copy. But I asked if they were also legally bound by it at that time and they told me yes! They also lost my final papers I had signed and I had to fax them my copy. But I won’t rest unless I see for myself this is complete and I don’t have foreclosure papers. Good luck with your attorney and BOA, I know something has to come out of all of this, I think..
I want to caution everyone along the lines of false hope and
encouragement. I have made it past three underwriters and
three negotiators some of which were called “govt” negotiators
and said each time my numbers appeared to be within guidelines
and it should not take much longer and that also it has been
sent to the investor ( Fannie Mae) for approval etc.
In each situation, even after they said they were escalating
my application to higher management ( because I informed
them they were taking longer than the mandatory 30 days
which went into effect on June 1 2010) I was strangely
and suddenly confronted with a new team of evaluators
“because the old team was too busy and backlogged
so they transferred the highest priority applications
to the new evaluation teams to catch up the slack. This
would start the process all over from the beginning
requiring all new documents as each new evaluation
with new documents takes about six weeks when you
factor in all the special explanations about your special
situation and unique documents etc. After 6 months
of having all my document submissions declared
“complete” I still have not received even a trial
payment program. The HAMP RULES “require”
a 30 response from document complete date
either yes or no and the reason why so that a NO
may be appealed if based on erroneous info.
Be aware also that the MMI people are very friendly
and seemingly helpful but that are NOT effective
in the least. They have no clout, their escalation
team has no power whatsoever and when it finally
boils down to BOA scheduling an auction sale
date the MMI people are totally useless except
that they do a good job of logging phone calls
and can be your witness that conversations
took place and what was said etc. if you ever
go to trial etc.
I just want to state again there is nothing BOA can
say and apparently there is nothing they can send
to you ( as some on here have said they got contracts
sent to them that they returned ) that can give you
an all clear feeling that you made it and got a modified
loan.
My house was auctioned on OCT 8 while the people
at MMI and several depts withing BOA said
that my house could not be auctioned and that
any application still under review for MHA HAMP
program MUST be automatically postponed.
The big legal question has to be regarding deception
and inaccuracy about when a big company like
BOA makes representations that reasonable people
would believe and rely on and in relying on the
info they are harmed. I realize BOA has no legal
requirement to modify my loan, in fact I acknowledge
that the HAMP guidelines describe the banks participation
as voluntary…. but when they say something, and you believe
it and behave accordingly, I think the might be liable
for your damages. I believe the case can be made that
they gain financially from their lies and deception
and that is the basis for law suits we might file.
I am not sure how behind you were. I am very sorry about your outcome. The bank does not want to modify any loans. I honestly believe that they put me in this situation by telling me I need to be 3 payments behind to qualify from the start. They tell you that then they can start forclose after you are 90 days past due. They set you up to take your home and you think along the way you are going to get help and that there is hope. The other part is all these people who get the trial payments. They trust the bank, pay their trial payments to find out that they are now behind because the banks tell them they didn’t qualify for the permanant mod., and they only paid 1/2 payments for the last several months. The bank tells them they need to come up with the money or will be foreclosed on. The banks force you into this by pretending they are helping you. Lets face it when they foreclose they get 75% of the amount of the loan from the gov. its like an insurance policy for them. Someone needs to hold them accountable and STOP them from manipulating homeowners.
Once your loan is in Pres office and investor looking @ it expect a letter of intent to accelerate. You are going to be in forclosure
Thanks Don I will get every name I can find. I do know the name of the person specifically that sent the modifaction out in so called error. I have the paper work with the name of the person that signed to foreclose , and I have the paper work of the person that had me evicted or sent the un-lawful detainer so they call it..I do have an attorney giving me legal advise , but like the rest he is scared of BofA. I don’t get it . What are people scared of either you win or loose. My situation wont be any worse then what it is right now . I may be out a few more $$$ but hell I am going for it,so up yours BofA …lol
I meant to mention to the forum that I did get another offer from BofA . Its started off that they were terribly sorry for the mistake they made ( specifically written in those words) and they want to make this horrible situation right. I have to move out of the house I am in now and back into the one that I was evicted from. Graciously BofA will give me a modification NOW with a $200 a month increase from the unpayable payment in the 1st place. Bless their little hearts.
http://abcnews.go.com/Business/Savings/wireStory?id=11832875
this was one of the many BofA story’s on ABC news tonight. The have a section for feedback people. LETS ALL DO IT !
here it is…
http://market-ticker.org/akcs-www?singlepost=2205355
Bill …
Terrific post and a great story. Glad to be able to read the details of one of the battles … or Round One.
That one is about Countrywide (which BofA now owns) and how they instituted a system of the ever-famous “predatory lending” scheme. I’m waving my Go-Get-Em flag as I type this.
But let’s not forget Round Two, which is an entirely different scheme of a totally different nature … turning existing mortgages, some with no problem or default at all, and others with so little as a “modification inquiry,” to BANK OWNED PROPERTY to do with as they will.
… and they “will” a MAXIMUM PROFIT.
That’s what most of us are experiencing here … not sub-prime borrowing. Some may be “distressed,” but the bank has set in motion a plan to NEGATE and thoroughly eliminate the slightest hope of renegotiating and making a BEELINE for TITLE and SALE.
Make your calls, write your letters and emails, submit your RESPA letters, file your complaints with State and Federal agencies, file a suit if you can … then REPEAT whatever you can repeat … like spreading the word.
This is the largest “land grab” in American history since Native Americans lost theirs a hundred and fifty years ago …
… but this time it’s not at the point of a gun (unless you count the Sheriff at your sale) … it’s at the point of a dollar bill, fear and deceit.
http://4closurefraud.org/2010/10/10/4closurefraud-exclusive-president-obama-falls-victim-to-chase-robo-signer/
Another:
livinglies.wordpress.com/2010/10/11/4closurefraud-posts-lender-processing-services-mortgage-document-fabrication-price-sheet/
The point here is that ANYONE can get pertinent info, for a “fee”.Still gonna need an Attorney to coagulate and simplify to enter in Court.
http://www.scribd.com/doc/38591053/Lender-Processing-Services-DOCX-Document-Fabrication-Price-Sheet
Folks …
My first suggestion today is for you to look up the (often abused and misleading) words anarchy, anarchism and anarchist, then decide for yourself how they can be applied in this situation.
My second is to suggest you consider doing what I’ve done with my RESPA/TILA letter.
I haven’t just sent copies to one or two people or agencies.
I’ve sent them to —
— Both the “negotiator” and “advocate” at BofA
— The Federal Reserve
— Fannie Mae
— Housing and Urban Development (HUD)
— Office of Housing Enterprise Oversight (OFHEO)
— Comptroller of Currency (OCC)
— Comptroller of Currency’s Ombudsman
— Both of my Senators
— My Congressman
— My State Assemblywoman
— Attorney General of the United States
— The PA Attorney General
— The Local District Attorney’s Office (Community Outreach Atty)
— My County Sheriff
— The Fox 29 Reporter that interviewed me
— My Attorney
Food for thought (and action?)
Most addresses are available online, or email me.
My letter is 15 pages long, and their response to each and every point is required by law.
Question: I’m not a home owner but am helping my mother deal with BOA during this nightmarish MHA process. What exactly is RESPA or TILA letter? Is this something we should fill out even though my mother isn’t in foreclosure as she has made her monthly mortgage payments?
Just for the heck of it, I’ll post the cover letter all the recipients above got with the package —
To Whom It May Concern:
Enclosed you’ll find two letters to the assigned servicers of my (now “alleged”) mortgage accounts with Bank of America.
Unfortunately, these letters are the result of an untold horror story facing tens, if not hundreds of thousands of homeowners nationwide. It is a story far from being merely “David and Goliath” and is more akin to an amoeba facing Mount Everest.
These letters are being provided to you from an “amoeba” that is no longer willing to suffer the abuses of this particular predatory “Everest.” In fact, the use of the word “predatory” has been misdirecting the true problem for quite some time. It’s been widely used to describe the origination of mortgage loans by unscrupulous people to sign “risky applicants” who can’t really afford the home they’re buying.
That’s not the case of the many tens of thousands of people I’m referring to. In what my opinion is the vastly larger percentage of victims is currently existing loans where the mere inquiry for a modification tags a homeowner as a “mark” to be pillaged, triggering a contrived, manipulative and illegal “negotiation” that ruins homeowners’ credit, sends them into emotional meltdown and forces a foreclosure that may never have taken place at all.
Mine is such a story, and you have received these letters to illustrate the problem, add them to your files of Bank of America’s record, and possibly further stimulate the investigation of their position as a statutorily regulated lender. To an individual with more than a grade school education, it is plain to see that Bank of America has formulated, contrived and initiated a nationwide and systematic agenda to possess as much real estate and it can possibly get its hands on, perversely profiting from their sale, and tossing thousands of families and individuals into the streets without the slightest regard.
In plain language, I’m defending my home against people who are clearly bent on improperly and likely illegally possessing it and profiting from its sale.
Your attention in this very serious matter is truly appreciated.
Thank you.
Sincerely,
Question: My mother refinanced with Countrywide back in 2005 and signed off on a interest only loan (interest only period was for 5 years) Since BOA took over Country Wide, what are the chances that they, BOA do not hold the original paper to the mortgage?
Tony …
The best way for you to find that out is with a RESPA letter. They are REQUIRED BY LAW to respond to paperwork and financial accounting of the loan … and that includes a demand to “produce the note.”
Not only that, but you can demand they produce the “chain of transfer” associated with the note, which means proving who’s hands it passed through to get where it is now.
If they can’t to that, they’re in violation of the law. If they can’t physically produce the note itself and TESTIFY where it’s located and how it’s stored … THEY HAVE NO CLAIM TO YOUR PROPERTY.
Every step of their claim to your property and debt has to be legally SUBSTANTIATED by documentation AND TESTIFIED TO by a living, breathing person that swears by law that it’s true.
If it’s not, that person AND BofA can not only be fined, professionally “censured” and have possible jail time imposed, but YOU could (a long, tedious process) OWN your home outright.
If your home was obtained by fraud, malfeasance, systematic abuse and malicious intent, you can OWN your home.
… but again A) I’m no lawyer and B) it’s a LONG process to prove THAT.
But it’s your right to know these things. They have no choice but to tell you … and PROVE IT.
You can imagine that the delay in foreclosures has banks RUSHING like rabid squirrels to locate notes and the paper trail.
Nothing I’m typing here is telling them anything they don’t already know.
What we really need is a bank employee that’s willing to tell us (and a court) that they KNEW all this BEFORE they became rabid squirrels.
Tony Z–
Here’s hoping you have picked up a little information and
knowledge with regard to RESPA and TILA. They deal with
requirements that a lender has to address or perform as
per notification, the passing on of info to borrowers and
many legal things that need be done during and as part of
the loan /mortgage process. You can find all the particulars
about ‘real estate settlement procedures’ and ‘truth in
lending’ and acquire sample inquiry/complaint form letters
at various websites. Good luck.
From all I can understand:
1) Look at your Deed of Trust and see if Mortgage Electronic Registration Services (MERS) is listed.
2) If they are, your chances are about 1:69,000,000 BAC (or your servicer) may have the original note – the “wet ink” document. (IOW, they most likely DO NOT). The title/note association is also broken therefore, if you contest any action of the bank, they have no real legal “leg” to stand on.
And I wondered why my monthly statement suddenly ceased to show a payment amount if made after 15 days late..?? They obviously have no documents to enforce!!!
That’s how I understand the mess the banks have created.
To: Don S
Thank you for all your effort and information you provide. I just spent another $30 copying papers and docs for the IL Attorney General..got that package out..it is like applying all over for a Home Mod Loan. I did all the RESPA letters and am mailing today. My cc: list is getting enormous and postage is nuts…I am copying all agencies, politicians, Attorney General, etc…as well as everyone up/down the ladder at BAC.
…and including my original 5 page letter to BAC execs.
Thanks again!
Great job Florence!!
I don’t have a nickel to spare, but I’m HAPPY to spend money on postage.
From my past comments I had mentioned my mother receiving a “Notice Of Intent To Accelerate” letter on July 6th, 2010, where BOA was asking for $1805.58 by or on July 30th, 2010, that her loan was in serious default and foreclosure proceedings could take place.
Again, we don’t know where BOA came up with that figure and didn’t receive any answers. One rep said the letter is computer generated and was sent in error and a mistake. Would this have something to do with MERS?
Today we can all take a small moment to make a BIG difference. Go to the Better Business Bureau website and file a complaint against BOA on a national level (not your local branch). They have to answer each complaint and it will lower their score, imagine if ALL the homeowners abused by them did this! DO IT NOW and boycott BOA sponsored events and let them know why….
Government had Been Warned for Months about Troubles in Mortgage Servicer Industry
http://www.informationclearinghouse.info/article26556.htm
Tony Z. —
Great post and article. Everybody should read it.
I love this quote:
“In general, servicers make more money when they foreclose on a loan than when they find a better arrangement for the borrower. That’s because the payments to the servicer decline when a loan is modified. But if instead the borrower is in default, the servicer adds fees on the account and can collect when the house is sold, even at foreclosure.”
What have I been saying for WEEKS? They’re after PROFIT, pure and simple. They don’t care if you move in with your elderly mom or live in a cardboard box, or even how they screw you for even MORE as you’re being booted into the street. They just want money.
Here’s another:
“In an interview this week, a senior administration official confirmed that the White House and Treasury Department had received warnings that the mortgage industry employed inexperienced staffers to oversee foreclosures, had problems handling documents and communicating with borrowers, and often failed to comply with regulations.”
FAILED TO COMPLY WITH REGULATIONS?
That’s an understatement. Failing to comply with regulations (laws) means their ability to do business AT ALL should be revoked …
… and I challenge ANYONE who claims their staffs are undertrained. They spend MILLIONS to train. The question is, what exactly are they trained to DO? “Take homes” seems to be at the top of the list.
Here’s where my heart pumps peanut butter for “the-poor-overworked-mortgage-industry-and-banks” …
Two administration officials, who declined identification, said “… problems in the foreclosure process were largely the result of mortgage servicers being overwhelmed.”
OVERWHELMED?? They have dozens and dozens of multi-million dollar corporate facilities nationwide PACKED TO THE GILLS with TRAINED personnel in tens of thousands of cubicles and hundreds of sub-contractors and they’re OVERWHELMED?
If you want to experience “overwhelmed” come and live at my house for a couple of weeks.
Any industry that can’t handle the business (legally and professionally), should be put OUT of business.
Too big to fail? How about too big to even OPERATE.
Excellent observations Don S.
I watched the Housing/Mortgage hearings in congress this past spring on CSPAN which was held I believe by congresswoman Maxine Waters.
I recall a housing advocate telling congress that the system was set up so that it was more profitable for banks to foreclose on homes then to work out loan modifications with the borrower.
When I heard this I just shook my head knowing this program was going to be a colossal failure and a scam. One would think after hearing the testimony of this housing advocate, that some in congress would have looked into this and try to enforce the banks to begin working with borrowers. Cripes we just bailed these rat bastards out.
If ever there was a time to be afraid for the future of our democracy, the time is now. From the Supreme Court ruling in favor of Citizens United, which opens the floodgates for corporate money, foreign and domestic to further influence our electorate process, by funding pro-corporate politicians and out spending politicians who stand up to corporations to the toothless financial reform bill, we the people are going to soon find we are at the mercy of multinational corporations, banks, Wall Street, the oil industry, the War industry, big pharma and the private health insurance industry. Welcome to the United Corporations Of America.
The New Pledge Of Allegiance:
I pledge allegiance to the logo,
Of the United Corporations of America,
And to the greed, for which it stands,
One nation, under Mammon,
With usury and debt for all.
I just wanted to give everyone an update on my modification. I got my final modification documents with their offer today. What I find off is that my trial payment was $651 and my offer is $886. It does not make sense becasue they always say your permanent mod will be right around your trial period payment. This offer only saves me around $70 a month which isnt bad, but way off to where it should be. Also, in the final paperwork, it said that my modification was effective on April 2010 but why am I now just getting it on October 11th?? Somthing is a little weird here. I am going to dig into the packet once I get home from work and make some calls. Please share any similar comments anyone may have had with this. Would you accept the offer or go back and try to get it re looked at? Thanks!!
http://www.huffingtonpost.com/ellen-brown/foreclosuregate_b_752788.html
Methinks because all of us are being strung along and eventually denied a modification is because BAC does not (nor does other “servicers”) have the note to modify and they have errantly believed foreclosure would hide their biggest screwup in the history of home finance, their loss of the wet ink bearer’s instrument and its association to the property title through MERS.
Hang on tight, folks – you just might be in a position to “negotiate” your own modification, and if my instincts are correct, probably to the tune of pennies on the dollar. You may be able to name your own price and terms to keep these issues out of court.
With all the errors, deceit, lying, fraudulent documents, and perjury, if the courts uphold the penalties, attorney fees, and court costs for those crimes and award treble damages to those wrongfully evicted, very few cases will benefit the banks much better than them doing a “walk-away” from the properties. Talk about come-uppance!
I smell a bloodbath among the top banks and it’s going to be coming from both sides – from those who bought MBS’s and the borrowers who have been defrauded by the banks.
No, this isn’t just a BAC issue, the entire industry used MERS to defraud millions out of billions.
This will be a new definition of “BANKRUPTCY”.
Who would have believed TARP and HAMP would’ve helped uncover some of the most massive fraud in the history of the banking industry?
Those banks would not hesitate to capitalize upon your default – and they’ve proven their position by doing anything for a profit. Now it’s our turn to capitalize upon the banks’ screwups. The banks need to lose the value of their entire mortgage loan portfolios and be held responsible for the investors they’ve screwed.
Keith …
Another great post and article. I read it all and watched the embedded video from CNBC.
Yes, things get complicated, but it’s worth listening, reading and figuring out what’s happening.
My favorite quote is the last paragraph:
“What we need to avoid at all costs is ‘TARP II’ – another bank bailout by the taxpayers. No bank is too big to fail. The giant banks can be broken up and replaced with a network of publicly-owned banks and community banks, which could do a substantially better job of serving consumers and businesses than Wall Street is doing now.”
YES!!
This is what I said above … put them OUT of business if this is the way they behave … too big to operate or trust.
I’m no fan of “publicly-owned banks,” but I LOVE community banks … people who live and work in MY community.
Cut off all the “Mr. Potter’s” banking legs (remember he was in a wheel chair to begin with), and de-program them into compassionate”George Baileys.” We need our scientists to come up with a skull-mounted electronic “Debankerizer.” Remember, shock treatments are still a legal, accepted medical protocol.
Isn’t that what the penal system is supposed to do? Rehabilitate?
Just remember, these people aren’t going down without a fight. From the [alleged] recordings of training sessions I’ve heard, they think they’re doing the RIGHT thing … just like Potter.
No way to utilize any device that shocks when a lie is told – ALL BAC employees would end up being electrocuted.
But on second thought, that might be a good thing, a new beginning….
For all the folks that call in to BAC, they need to know those people they have spoken or will speak with are no more than peons in a cubicle and any “supervisor” is just the next cubicle’s warm bodied peon. They are nothing more than inflated telemarketers lying from a script born from a training class of CYA and screw the consumer. When you can’t discern right from wrong any better than those “reps” is it any wonder they believe they’re “right”, can only do what they’re told? Those working there who have any similitude of a conscience will not remain in that job more than six months. So don’t expect to speak with the same rep twice, let alone thrice….
So I think what would be great is if everyone could put the name of the person they talked to, the phone number(direct line) and e-mail address.
This way others who are facing the same situation can have someone to call or e-mail.
Thanks!
I got a loan modification last year in August 2009 from Bank of America. I signed and got all the documents notarized as per the instructions and sent all documents back to BOA in the return FedEx package, I retained my customer copy. I then began making the new payment as indicated in the modification agreement and have made all such payments to date. Yet BOA has sent several notices of intent to foreclose, upsetting my family and causing serious emotional harm and fears. I have made dozens of calls to the bank trying to discover why my account is not reflecting the modification and have not received any clear answers. I want to consider suing BOA for breach of contract, continuous illegal harassment under FDCPA, and other legal rights violated by BOA.
After 7 months on the Trial, I signed, notirized and returned my FINAL modification agreement in May. I called BOA and was told it will take a few months until totally finalized. Well its 5 months later and I get a call from the mortgage insurer stating BOA told them I’m 12 months behind in payments. I explain that I have been finalized for the MHAP and was advised to call BOA. The rep stated that the underwriters last notes is “waiting for the signed final copys” and escallated it for me, which means the underwriter will call me directly or i shud call them with a status tommorow (3 day weekend). For 5 months they been telling me it will take time and I will know when my monthly statement reflects the changes. I am starting to think they will try to pull a fast one and say the docs are lost, which they always seem to do. I will call them first thing in the morning to find out what going on, but unlike the majority on here, I was at least approved and have the docs from them in hand. I will not go down without a fight.
A new twist from BOA in their swindling. After 6 months
of struggle with BOA for a MHA modification where everyone
said my numbers looked good and without ever even getting
a trial payment program, my house was headed for auction
sale date of Oct 5, 2010 The night before I met with local
attys of foreclosure firm and gave to them certified check
for all overdue payments which they accepted stopping
the foreclosure. Having been brought current I understood
I was still under review for MHA modification. Today, I
received a call from the supposed highest escalation dept
at BOA… the one several lower level supervisors had escalated
my application to in an effort to stop foreclosure proceedings
since I was still in foreclosure. The girl said and I quote,
it has been a new policy for BOA for two months now that
for anyone to be considered for any in house modification
that the Borrower must first Officially Opt Out of the MHA
program in writing. I asked her if I could have the new
policy in writing and she said she had no way to send me
a letter and that their outgoing email was blocked.
She did offer a supervisor name and number I could call
to verify the new policy. I said I has spoken to dozens
of BOA officials in the last two months some saying they
were working for in-house BOA loan modifications
and some analyzing my applicattion for a MHA HAMP
solution workout and I had never heard of such
a new policy. I said I would not consider OPTing out
of the HAMP process since I am supposedly under
review for a modificatin but I would entertain any
inhouse modification she cared to offer me.
She then said she would review all my documents
and call me in 3 or 4 days with details of her in house
modification. No explanation on why she as
suddenly agreeable to working on an in house
solution when previously she was telling me about
the new banks policy. ? ? ?
Does anyone know of a place to purchase telephone
recording equipment affordably ? I want to begin
to record all my phone calls. I know it is illegal
to do so without informing people and I say big
deal, I will simply tell people at BOA the conversation
is being recorded for possible training purposes
and in every conversation I will slip in the date
or day of the week and some calendar event
taking place etc.
http://www.defensedevices.com/telephone-microphone-recorder.html
http://www.summitsource.com/product_info.php?ref=1&products_id=10273
http://www.bonanza.com/booths/hottestdeals/items/NEW_Suction_Cup_Microphone_Telephone_Phone_Recorder_Mic
Plug into any recording device with the correct plug size.
… or Google “suction cup microphone” or “telephone call recorders.”
GSP – I know of other people who have told them they are being recorded and they immediately hang up…..go figure….
livinglies.wordpress.com/2010/05/21/and-the-indictments-start/
Thanks Bill. Everybody should read this one from top to bottom.
Ok folks … here’s the people you’re dealing with. Notice that in 2007 when they got caught with their pants down, they immediately turned on their banker friends to provide evidence against them.
“No honor among thieves.”
And while they “ratted” their friends, they turned on us.
“They rigged bids on auctions …”
“The whole investment process was rigged across the board …”
“… bid rigging cost taxpayers billions of dollars.”
“Banks took their illegal gains from the additional returns and paid CDR kickbacks …”
“… Wall Street’s biggest banks were cheating cities and towns …”
“… the banks were steering the world’s financial system to the brink of catastrophe …”
“… they were also duping public officials across the U.S.”
“… are now subjects of the criminal antitrust investigation …”
“The banker is providing evidence against his peers.”
“Six bankers with Bank of America, the biggest U.S. lender, are also named in the sealed Justice Department list as participants.”
“Banks and advising firms illegally siphoned money from taxpayers …”
“They were gouging the municipalities …”
“The evidence is clear in telephone recordings …”
“Such deals could produce large illegal profits by banks …”
“Even as the banks were settling with regulators, they devised another way to burn yield …”
“… bankers from those two companies [BofA -Morgan] colluded in bidding for GIC contracts in Pennsylvania.”
“… Bank of America was willing to pay the town as much as $40,000 upfront to win the deal.”
“The next day, Bank of America offered $31,000. It won the bidding, authority records show.”
“… Bank of America would dominate GIC deals in Pennsylvania by soliciting sham bids from other banks to make the process look legitimate …”
“… a very small band of brothers who know the market. So, of course, they are going to reap the benefits.”
“It’s just raw greed at the expense of the most vulnerable …”
“If this was going on in a small state like West Virginia, it must have been huge elsewhere …”
How about in FORECLOSURES?!?
Is there really much more to be said?
… other than “you’re done.”
For 10 months I have been repeatedly lied to by BOA. Never once have I gotten the same answer from the same question on the same day. God these Bastards we should have let fail.Vote Nov 2nd. Get all encumbments out of office.
Its official BOA has topped HP for worst customer service in any industry. They won in a tiebreaker camel tie off.
All this chatter about profit for BOA, but I believe we missed one angle they’re working. Can you imagine the number of adjustable loans out there scheduled for an interest rate reset at 2% less than they are today? By defaulting those loans BOA would and/or their investors will save billions. Why on earth would they grant me a modification if I were in trouble if they saw my rate going from 6% to 4%?
I guarantee you much of this is by design and either by whisle-blower or discovery in a law suit the truth will be ferreted-out. This policy has to show-up in memos, recorded in meetings, etc.