Financial advice BOA modification = evil

[sweetiepie]

So in the shortest way possible, I will give you the just of it; which is what hundreds of thousands of people are also going through.

BOA has our home mortgage. We have always paid payments on time, never missed. Long story short, income was reduced, 5th child, and mortgage was going to go up because of escrow and taxes. We called before the mortage was due to go up stating that we were not going to be able to make extra $200 payments, is there anything we can do...asked about the government modification program, talked to someone about this, and we qualified.

First he said you have to be dilenquent on payments, but we were not about to do that. (how stupid) He sent us the paperwork, we sent it back, and we were put on trial payments of $400 less of our original payment amount.

Ok forward 11 months later, "lost" faxes, "lost" mailings, over 20 representatives, our contact person had a name but no contact info, they could only email her for us to call us. Never happened over and over.

Every person says hang in there, keep making the trial payments, you will be notified. We were denied once in all this, but then they said they will try another way, resend the info...blah, blah, blah.

Last yelling spree on the phone by my husband to the "supervisor" was we would be notified in 10 days on the modify.

Last week we got a notice to accelerate, which means, oh, we see you are $10,000 behind in your payments, late fees, etc, we are going to start foreclosure proceedings.

What the heck? We were current and fine until you guys strung us along for 11 months!! We would have even made it work if you would have denied us within 3 months!

What do we do now? I am so upset, we can't get to anyone worthwhile, no one cares. We didn't even get an actual "no" on the modify or the reasons why. Which doesn't make sense because we qualify.

I know this is their scam, their evil way of saying they are using the gov money to help people, but in actuality they are making money off of us.

Our only hope now is that our actual mortgage is through Freddy Mac, and they were notified of our "delinquency" and we told them our story, and they are going to "suggest" to BOA to modify.

What would you do? Besides fasting and praying my heart out, I feel so lost and powerless.

[Guest]

So in the shortest way possible, I will give you the just of it; which is what hundreds of thousands of people are also going through.

BOA has our home mortgage. We have always paid payments on time, never missed. Long story short, income was reduced, 5th child, and mortgage was going to go up because of escrow and taxes. We called before the mortage was due to go up stating that we were not going to be able to make extra $200 payments, is there anything we can do...asked about the government modification program, talked to someone about this, and we qualified.

First he said you have to be dilenquent on payments, but we were not about to do that. (how stupid) He sent us the paperwork, we sent it back, and we were put on trial payments of $400 less of our original payment amount.

Ok forward 11 months later, "lost" faxes, "lost" mailings, over 20 representatives, our contact person had a name but no contact info, they could only email her for us to call us. Never happened over and over.

Every person says hang in there, keep making the trial payments, you will be notified. We were denied once in all this, but then they said they will try another way, resend the info...blah, blah, blah.

Last yelling spree on the phone by my husband to the "supervisor" was we would be notified in 10 days on the modify.

Last week we got a notice to accelerate, which means, oh, we see you are $10,000 behind in your payments, late fees, etc, we are going to start foreclosure proceedings.

What the heck? We were current and fine until you guys strung us along for 11 months!! We would have even made it work if you would have denied us within 3 months!

What do we do now? I am so upset, we can't get to anyone worthwhile, no one cares. We didn't even get an actual "no" on the modify or the reasons why. Which doesn't make sense because we qualify.

I know this is their scam, their evil way of saying they are using the gov money to help people, but in actuality they are making money off of us.

Our only hope now is that our actual mortgage is through Freddy Mac, and they were notified of our "delinquency" and we told them our story, and they are going to "suggest" to BOA to modify.

What would you do? Besides fasting and praying my heart out, I feel so lost and powerless.

So sorry about your situation! Yes, it is frustrating dealing with such incompetence. I quit banking with BOA back in 1994! They suck!

Okay, last I heard is that BOA stopped any and all foreclosures. I don't know if it's just in Florida or nationwide - but I know for a fact they quit foreclosing in Florida because of some legal issue with title transfers. Seems like BOA cannot prove that they have the title to their mortgages.

No, this doesn't really help you with your situation, I was just throwing it out there.

I'm not an expert at this but I have a few things I've read over the years regarding foreclosures. I'm assuming you qualified for the HOPE for Homeowners act of 2008, right?

Okay, so first off - until you receive a LETTER in the mail saying that BOA is starting foreclosure proceedings, you are not under threat of foreclosure.

When you do receive the letter in the mail, read it carefully (and all other correspondence they send you through the mail). Don't trust any information relayed over the phone - everything needs to be in writing. Make sure you understand every single piece of document they send you. Also, it would good to review your Deed of Trust from the original mortgage closing proceedings to understand what you agreed on in cases of default.

Okay, once you receive the foreclosure notice in the mail - that should solidify your qualification for HOPE. Write BOA telling them that you want them to consider your qualification for HOPE. Make sure you get a delivery certificate so you have proof that they received the mail.

The rest follows after that. Because you're still paying a monthly amount - even if it is lower than the original mortgage payments, you have a big chance of keeping your home in today's environment. I would suggest to contact a lawyer, but that costs money, and you don't want a willy-nilly lawyer. You want a good one.

Okay, take everything I wrote here as inaccurate until you find out through your own research that what I said here is true. I'm not an expert on these things. Maybe JAG will come chime in here...

[bert10]

Sweetie Pie. The Dark side of Capitalism is that it has no heart and no compassion. When this is coupled with a government that gives free rein even encourage greedy men to act with no regard for others...we then have situations like yours.

10 years ago I sunk all my savings into a house. Within about six weeks I lot my job and my wife also lost her job. I had a kid starting university and needed to buy for him amongst other things a computer. (He was taking computer Science.)

All I can say is that God looked after me. When I went to the unemployment office and was filling paper work an Employer called with exactly the qualification I had. When this short term Contract ended going thru a security gate on the Base...a friend of mine said she was being overworked and asked if I wanted to join Security?

So I did not have to look for work. God dropped those jobs right into my lap.

What more can you do? Since you cannot pray the whole day....Well, you can realize and become aware, that the situation that you are in ....is because God has permitted it. In Romans it is written that for them that love GOD all things work together for their good.

One way to turn fears into a positive and to keep reminding GOD of our situation on the earth...is to praise GOD and thank GOD for exactly the situation that we are in. And to mean it even when things do not go our way.

Fear is anti faith and robs us of the power of GOD in our lives. GOD often says in the scriptures fear not.

Praising GOD for exactly what is hurting and bothering us...is a prayer...and this can become a constant prayer and it has power. I imagine you think of your situation many many times in the day....imagine when you did this...that each time you will praise GOD for your problems with the house.

For example it can be...Thank you Lord for allowing to lose my job. Or thank you God for my bad knee etc.

This praising causes your eye [mind] to be centered on GOD all the day long. And it is a prayer. And we are not any longer ungrateful since we are now praising and thanking GOD for all the things that comes into our lives..the good as well as uncomfortable life experiences..because we know somehow, God will turn it for our Good. For example loosing a home that would in the future be destroyed is much better than we be somewhere else.

The case of Job. Remember Job...said "the things that I feared have come upon me."

GOD tricked Satan into giving Job all the things he feared? Why because it is written that there is no fear in Love. These two cannot co-exist within us. If we have fears which the Lord calls darkness we cannot be perfect in Love...and we would also have little faith. Fear is also anti faith.

I hope this help. I cannot emphasize this more...that praising and thanking GOD for ALL THINGS that come into our lives is extremely important in centering our thoughts on GOD.

bert10

[sweetiepie]

I went on the HOPE website, and I like how it is free, and a government site. We went directly through the bank for the modify, and the HOPE program has a hotline I can call if we think we were wrongfully denied. So I will try that. Anything feels better that just taking this.

What is horrible about what they do to people is stringing them along for over a year in most cases only to have them so behind with the trial payments that they have no chance to even refinance because it looks like crap on their credit.

[rameumptom]

At first I thought you were mad about the Book of Abraham! whew!

Sadly, our government now supports big business in its selfish acts, buoying them up, so they have no need to worry about recklessness. Nor do they need to worry about the little guy, as the government isn't pressing on them in that way, either.

In a true free market, your bank would have either failed from its wanton lending, or it would fail because of how it treats its customers. Since we're using OUR money to bail them out, we end up being screwed from both sides of the equation. And they continue paying off Congressmen to enjoy their evil designs.

Isaiah warned of the princes of his day for grinding the faces of the poor, denying the widows, and taking up all the land until there were no more inheritances left for the people. Today, we're seeing this occur among politicians and many big businesses.

I suggest getting a lawyer and suing them for unfair business practices, bordering on illegal monopolistic practices.

[Just_A_Guy]

Sweetiepie, mortgage fraud/HAMP issues aren't quite my area of expertise. But if everyone else fails, a Chapter 13 bankruptcy plan may allow you to at least get current on your house again.

Keep working your non-bankruptcy options; but if you want to keep the house you need to open the lines of communication with a bankruptcy attorney right now. What I've seen happen a couple of times is, the bank strung people along right up until the night before the foreclosure sale, denied it at the last moment, and we had literally hours to get a bankruptcy filing in to stop the foreclosure sale.

[Guest]

Sweetiepie, mortgage fraud/HAMP issues aren't quite my area of expertise. But if everyone else fails, a Chapter 13 bankruptcy plan may allow you to at least get current on your house again.

Keep working your non-bankruptcy options; but if you want to keep the house you need to open the lines of communication with a bankruptcy attorney right now. What I've seen happen a couple of times is, the bank strung people along right up until the night before the foreclosure sale, denied it at the last moment, and we had literally hours to get a bankruptcy filing in to stop the foreclosure sale.

JAG! There you are...

Did you hear about that goopla with the foreclosures where the mortgage lender didn't have clear title of the property when they sold it to another? I didn't quite pay enough attention to it, so I didn't really understand what that was all about.

[sweetiepie]

Besides the house and some school loans, we have no debt. No car loans, no credit cards. You are suggesting that bankruptcy might be our only option eventually? I don't get how you could keep your house from foreclosing. Even if we keep paying our original loan amount they could still foreclose over this?

[Just_A_Guy]

Anatess - In principle, the idea was that if Wells Fargo sold my mortgage to Servicer A, which sold it to Servicer B, and on through a train of five or six more servicers, and then servicer #8 says they're going to foreclose--the gambit is "fine. I'll see you in court. Oh, and by the way--you do have the original promissory note I signed on that loan--right?" The idea was that probably no one knew where the actual note was by this point, and if the servicer couldn't come up with the original note then they should have a hard time proving liability and the foreclosure ought to stop dead in its tracks.

I don't know how that whole thing ended up--I assume the courts in each state had to figure out whether they were going to buy that defense or not.

Sweetiepie - Actually, I'd contact an attorney in your state who specializes in foreclosure defense first, to see what your options are. In all likelihood, you probably have a deed of trust and not a mortgage--and if that's the case, the technical procedures will be a little different. My impression--and I could be way off base, since I don't do this kind of work--is that most mortgage fraud/foreclosure defense is more focused on giving you a remedy after the (unfair) foreclosure has already been done. I'm not sure how effective it will be at actually keeping you in the house throughout the process.

I'd hate to steer someone into bankruptcy purely over a house--as you probably know, the consequences on your credit report are huge. But a Chapter 13 is capable of doing what it sounds like you want done--it would give you time to draft a plan that (provided it meets certain requirements) gets you current on your mortgage, and which the lender would then have to accept whether it likes the deal or not.

Ideally, you can find an attorney who does both foreclosure defense and bankruptcy work, and just lay out the whole issue before him and see what he says.

[HoosierGuy]

At first I thought you were mad about the Book of Abraham! whew!

Sadly, our government now supports big business in its selfish acts, buoying them up, so they have no need to worry about recklessness. Nor do they need to worry about the little guy, as the government isn't pressing on them in that way, either.

In a true free market, your bank would have either failed from its wanton lending, or it would fail because of how it treats its customers. Since we're using OUR money to bail them out, we end up being screwed from both sides of the equation. And they continue paying off Congressmen to enjoy their evil designs.

Nice of you to push your conservatism in her time of need. Way to go.

[Just_A_Guy]

Yes, well, the current administration taught us all about not letting crises go to waste . . .