I have filed complaints with the BBB, FDIC, and Comptroller of Currency-(Dept.of Treasury)
Anyone have any other ideas?
I have documented info dating back approximately a year ago when Bank of America promised me a loan modification and did not follow through with their promises. They tried to force me into a program that would benefit Bank of America and not myself the consumer. It all started about a year ago. Interest rates were lower than they were when my mortgage originated, and I wanted to refinance my mortgage. At that time I was approximately one month behind on my mortgage payment. Because there were not any local BOA representatives, I had to do this over the phone. I talked to BOA over the phone about refinancing and they told me that they could not simply do a standard refinance of my mortgage. The BOA representative suggested that there was a special program available (later identified as a government funded program called “home affordable modification program” that can be used for situations where the mortgage is behind by two or more monthly payments. The BOA representative told me that because I was barely one monthly payment behind that I did not qualify. My response to their offer was that it did not make any sense to need to be a behind even more than I already was to refinance my mortgage. The BOA representative said the only way that they could help me was for me to miss another mortgage payment, enter into a forbearance agreement, and then they would be able to refinance to lower my mortgage payments.
Thinking that I had no other options available to me at that time, I did exactly what my mortgage lender suggested that I should do. I waited one more month and contacted them again to get the process going. They sent me a forbearance agreement that stated I would receive a workout/refinance within two months time. The two months passed by and I received no such paperwork or any contact whatsoever from BOA. I contacted BOA over the phone to express my concerns and to ask what had happened. I let them know that I had not yet received the workout agreement that I was promised. I also asked the representative when I would be receiving the necessary paperwork, and when I should send my next payment. The BOA representative told me that they were behind on getting the paperwork completed. The BOA representative also assured me that they were working on it and not to worry that I did not have to send any payments or take any action on my part until I received the paperwork from them. I contacted them on several occasions to check on the status of the agreement and was told each time that I did not need to take any action on my part until I received the paperwork from them.
I truly feel that I was forced to use a program that was not right for me in the first place. I later discovered on my own that there was a program that allowed for borrowers that were 30 days or less behind on to use the government funded program called “home affordable refinance program” which would have eliminated the need to purposely miss payment(s) that I could have easily made. BOA advertises all over including on CNN that they are working with people and using a government program to offer help or workouts for their mortgages. My Lawyer and I are prepared to counter sue BOA for false advertising, misleading me, not providing the services that they had promised to me, and attempting to charge me fees and interest for things that are clearly the fault of BOA. Anyone want to join us/class action in sueing them fo the same thing??? They have no scruples; they are not interested in making practical loan modifications. They are interested in tacking on more fees and interest to the loan. The longer they hold off the borrower the more interest and penalties they can try to collect. They got all that bailout money and none of it is going to the consumers. Shame on Bank of America
I need to get out of this bad situation so that I can get my credit back on track where it belongs. I am very reliable and hard working individual that has a guaranteed steady job. We are as busy now (if not more busy) as we were in the past. In hard economic times my pay is not in danger of being effected, as a matter of a fact I recently got a raise compared to the pay cuts and layoffs that some borrowers are experiencing at this time. I make $50,000 per year, and do not have any bad outstanding debt (besides what BOA is trying to do to my credit). I would be a better credit risk than allot of people that are out there getting loans with no problems. I have a guaranteed steady job.
I have hired a lawyer and they are not working with him in this matter anymore than they were with me. There is nothing that I can do to get to get through to someone that has the power to admit that there was major the bottom of this situation with Bank of America.
I FEEL THAT EVEN IF I CAN RESOLVE THE MATTER AFTER OVER A YEAR OF BEING PUSHED AROUND THAT I WILL STILL HAVE TO ANSWER TO THE MOST CROOKED BANK IN THE U.S.
Ideally I would obtain financing from a trusted local financial institution in order to pay off the mortgage with BOA. That is no longer an option any more. I have tried many different local lenders and they will not touch paying off my dysfunctional loan with Bank of America. Mainly because my credit has been severely affected by this matter.
The second best = Reach a Fair Agreement that is favorable for both parties:
1- Bank of America to admit their fault: Remove all interest and fees that were accrued on my account because of their gross negligence – Under no circumstances will I be paying these fees.
2- Agree on a fair Interest rate equivalent to what is being offered on the market. If a fair rate is not established we do not have a deal.
3- Pay my attorneys fees in full. A consumer should not have to resort to hiring an attorney after they have tried everything that they can possibly do on their own in order to straighten out mistakes that were made by Bank of America.
4-Fix my credit – back the way it was (GOOD) before Bank of America ruined it!
5- Wake Up Bank Of America – Do you honestly think I will ever deal with the Bank of America again? No! Will I let everyone I know what a terrible experience I have had with them? Absolutely!
6- An appology letter adressed to me and sent to me in the mail for the troubles they have caused me
Like mentioned above… I have hired a lawyer and neither myself nor my lawyer has been able to reach a FAIR agreement. If they will not work with us we will be forced to let them have the house back.
We are also filing a lawsuit for false advertising. The program they were advertising and pushing me and probably others into was not even a functioning program. They admitted to me that the program was mot functional until recently even though they offered it to me approximately a year ago. It is not a secret that they are not capable of actually modifying loans for people! I am not the only one that knows this!
This is not uncommom but to get it resolved that is another matter. Not sure if the Attorney will even benifit you as that can cost a considerable amount of money with no results. Not clear where things went wrong as being current on a mortgage does not eliminate them from doing a modification...you have to understand their meaning of current. The modification will eliminate all past due and late fees normally but to get them to admit there mess is a far stretch and a big black money pit.. Lots have changed in a year and now qualifying under MHA is completely different than a year ago so without correct submissions the files are denied or updates requested. Forbearance is one thing modification another..Basically, How this concludes depends on how much time you spend on the phone with them and what the current / past hardship problems were. A les pendence may be in order but that may not have any bearing on retaining your home as attorneys fees will be substancial.
Problems with "loan modifications" and the most crooked bank in the world?
Anyone interested in joining a law suit against bank of america for loan modification problems can follow me on twitter Username: BendOverAmerica http://twitter.com/BendOverAmerica
My e-mail: c_bahrs@hotmail.com
Or My Lawyer: mwurtz@wrbblaw.com
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