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Loan modifications: Bank of America cuts principal


Bank of America Corp., one of the largest mortgage lenders in Florida, said Wednesday it will give some troubled mortgage borrowers a huge break.

It will forgive up to 30 percent of some customers' total mortgage balance.

But the bank remains under fire in Florida, where hundreds of borrowers have lodged complaints with Attorney General Bill McCollum over its reluctance to modify mortgages, lost paperwork, or canceled deals for borrowers who are making their payments on time.

As the nation’s largest bank, Bank of America could lead the way for other lenders to start reducing principal, which is the amount the borrower owes. The U.S. Treasury has discussed making principal reductions a step in the Obama administration’s loan modification program. And, a group of influential mortgage investors recently called for it to become an industrywide practice.

“It’s a step in the right in the right direction,” said Peter E.S. Wallis, a Pompano Beach attorney who handles foreclosure defense cases. “We need to have all the major lenders, all the mortgage holders, to follow suit to bring principal reductions into line across the board.”

The plan, which would begin in May, is part of an agreement the Charlotte, N.C.-based bank reached 18 months ago with state attorneys general to settle charges over high-risk loans made by Countrywide Financial Corp. Florida was part of that agreement. The loans were made before Bank of America acquired Countrywide in mid-2008.

Those loans continue to trouble borrowers like Lynn Mankin of Coral Springs, whose lender was Countrywide and who has been battling Bank of America over a loan modification. She withdrew money – before retirement -- from her 401(k) account to keep paying her mortgage, after losing her job. But Bank of America later cancelled her loan modification. Her reaction to Wednesday’s announcment was skeptical: “I’m from Missouri,” she said. “Show me.”

Under Bank of America’s proposal, homeowners must be at least 60 days delinquent on their loans and owe more than 120 percent of their homes' value. Thousands of South Florida borrowers are “underwater” on their mortgages, meaning they owe more than their home is worth.

Roughly 54 percent of Broward County mortgage holders – 246,675 homeowners – are underwater, according to First American CoreLogic, a California research firm. In Palm Beach County, 45 percent of mortgage holders – 157,544 homeowners – face that problem.
Bank of America is the nation’s largest lender to systematically reduce principal, but it is not the first.

Ocwen Financial, based in West Palm Beach and a servicer of risky loans, has reduced principal on 15 percent of the 100,000 loans it has modified from its portfolio of 300,000 loans. It began reducing principal even before the Obama administration’s foreclosure program Making Home Affordable began a year ago.

Millions of homes have gone into foreclosure since the housing market collapsed in late 2007. The loans affected by Bank of America's announcement include certain subprime and option adjustable rate mortgages. Option ARMs allow borrowers to start with minimal monthly payments that actually increase the loan's balance.

The borrowers who can take advantage of the Bank of America program must also qualify for the Obama administration's $75 billion mortgage loan modification program.

Bank of America estimates that about 45,000 customers will qualify for its plan. It’s unclear how many South Florida homeowners might qualify.

The offer will cut total reduced principal by about $3 billion. That could lower the bank's earnings, which have already been hurt by consumers' continuing defaults on mortgage and credit card loans. Bank of America was among the hardest hit by the credit crisis and recession.

Even so, “the move helps create the best prospect of avoiding a further downward home price spiral, which would result in even deeper losses” for the bank, said Howard Glaser, a mortgage industry consultant, in an e-mail.

According to new plan, Bank of America will first offer to set aside a portion of the principal balance, interest free. That principal can be forgiven over five years, if homeowners don't miss any payments. The maximum decrease in principal will be 30 percent.

The forgiveness allows a homeowner to bring a mortgage balance back down to 100 percent of the home's value, the bank said.

Glaser said the program could lead the Obama administration to launch a similar effort for the entire industry. That, he wrote, would be a “major shift in loan modification efforts.”’

Lenders including Bank of America have been criticized for not helping enough borrowers to complete the Obama administration's $75 billion loan modification program, which is widely viewed as a disappointment. Only 170,000 homeowners have completed the program so far.
As of last month, Bank of America had completed modifications for about 22,000 homeowners, or about 8 percent of those signed up. That compares with about 12 percent for Wells Fargo & Co. and 11 percent for both JPMorgan Chase & Co. and Citigroup Inc.

The Treasury Department estimates that 1.5 million to 2 million homeowners will complete the program by the end of 2012, about half of the original goal. A report issued late Tuesday by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, says numerous changes to government guidelines “caused confusion and delay” and said the government did not do enough to advertise the program.

Staff writer Paul Owers contributed to this story.
Information from the Associated Press was used in this report.

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Comments

SOOO
Just because my wife and I were fiscally responsible, did not borrow "Bubble equity" and made sure our BoA mortgage payments were affordable, we lose out???
Right now I estimate that our home is break even debt to value.
UNBELIEVABLE!!!!
Where is the benefit from being responsible??
Why don't banks just do this across the board for everyone? Maybe the fed should get involved and order it as a fiscal bailout for the common person. Talk about stimulus--If I suddenly owed 30% less on my home--wow. We might be able to eat out again--maybe once a month at Olive Garden--with a coupon,


I lose out because I make my payments on time and I didn't move up to the house I really wanted 5 years ago because I didn't want to get in over my head they way others were, but now, they get some help and I don't? That is crazy! Others are being "rewarded" for their wrongdoing and I am being punished for being mature and smart.
Make it across the board principal cut for all!

As the other poster said, UNBELIEVABLE and sooo wrong.


When Obama introduced the program in the latter part of February of 2009, he claimed that the program would help 3-4 million homeowners, but as it turns out, the program has at best helped… and I use that term very loosely… about 170,000 homeowners to-date.

Assuming the plan’s goal was to create foreclosures, it’s doing fairly well. Only 170,000 loan mods have slipped through. As to how many of those 170,000 loan mods are worth a darn, and how many are saving $20 a month for the next couple of years… I don’t even want to know. You heard me right… please no one study that. I don’t think I could stand the program being shown to be any stupider than it already clearly is.

And as far the program’s cost, let’s not talk about that either. After all, keep it in perspective: $375 BILLION is only a couple years bonuses at Goldman Sachs.

http://tinyurl.com/yjrku2o


Darragh Zehring & jeff stop your crying... everyone is always complaining about how the little guys are killing the system...what about this?

Wednesday, March 24, 2010
JP Morgan's Grand Theft Larceny at the Expense of the Taxpayer

http://tinyurl.com/ybdlrzx


We are where we are at given moment due to the choices that we make. Come on guys. Real estate bail out for home owners? Forgive 30% of the loan amount for someone who made a decision to buy something that they couldn't afford in the first place? They call most of these guys Flippers. A guy or gal who makes 30 or 40 thousand dollars a year lies about their income and that seemed to be leagal at the time. They buy a 400,000 dollar house and flip it for 450,000 6 months later. Oh, and they bought it for nothing down and no closing costs and made zero payments before the flip. Hey, the market crashed and they got caught. Why not use our taxes to bail these idiots out? It's the World according to Barney Frank.


I wonder if our "victim" de jour, Yvonne (from your previous posts), is going to get any relief under this scheme by BoA.

I certainly hope not. She pulled $39k out of her home when she refinanced. Had she not pulled out all the cash, she wouldn't be so undewater on her home.

I hope BoA doesn't give any relief to the folks like Yvonne who used their homes as an ATM.


So upon which tree does all the "free" money grow?

First the feds encouraged the bad behavior of all the loans(via freddie and fannie) to the unqualified, which artificially spiraled the market UP, now they are rewarding the supposed victims at everyone else's expense.

Talk about a double whammy for the taxpayer.


Yeah it has nothing to do with the economy?...all you people must liver by the motto...its better to be lucky than smart...cause the latter you are not...


More middle-class jobless need government aid

"It's a strange world I find myself in, to go from making $100,000 a year to making $24,000 a year," said Tanner, who has found some contract legal work and part-time jobs but nothing solid in the past seven months.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2010/03/23/BUUO1CI40P.DTL&sfgabt=ttmabta#ixzz0jF8AQ4k0


This is pathetic. So people who bought at the peak of the market to live in their home, got screwed on the bloated value but have been mature and responsible homeowners paying on time and keeping up with their bills, CANNOT PARTICIPATE in this plan if it goes through?

This country is so far gone it is beyond belief.


No this is pathetic...if you rigged a market you'd be in jail.

JPMorgan, Lehman, UBS Named as Conspirators in Muni Bid-Rigging

March 26 (Bloomberg) -- JPMorgan Chase & Co., Lehman Brothers Holdings Inc. and UBS AG were among more than a dozen Wall Street firms involved in a conspiracy to pay below-market interest rates to U.S. state and local governments on investments, according to documents filed in a U.S. Justice Department criminal antitrust case.


http://tinyurl.com/yjjmn6y


I pay on time all my debts. I bought several properties during the boom and sold all of them just before the crash, I made out pretty good. But I directed the profits into multiple trusts, to avoid excess tax fees, all done legally. NOW TO YOU CRY BABY PAY ONTIME DOGOODERS WHO THINK THAT ITS A CRIME TO REDUCE PRINCIPLE TO MANY THOUSANDS WHO NEED HELP, GO TAKE A WALK ON A BED OF NAILS. YES THERE ARE THOSE WHO TAKE ON MORE THEN THEY COULD HANDLE, AND THOSE WHO USED THE SYSTEM TO SCAM IT. ALL OF YOU WHO ARE CRYING BECAUSE YOU THOUGHT THAT PAYING ON TIME WAS A GOOD THING(WHICH IT IS, ME INCLUDED)NEED TO STOP CRYING AND GETTING ON WITH YOU LIFE. LIKE ME I PAID ALL MY BILLS AND IN A WAY WAS LUCKY ENOUGH TO PROFIT FROM ALL THE GREED AT THE TIME I DID. BUT I OWN RENTAL PROPERTIES IN AREAS WHERE FORECLOSURES AND ABANDONED HOMES HAVE CAUSED 100'S OF 1000'S OF DAMAGE TO THE LOCAL ECONOMNY. THE BANKS WERE BAILED OUT BY MY TAX MONEY AND YOURS. SO I AM FOR THESE PEOPLE BEING HELPED WHERE QUALIFIED. THE ONLY THING I WORRY ABOUT IS WHAT STANDARD THE STUPID BANKS WILL USE. YOU CRY BABY JACK ASS'S SHOULD THINK ABOUT THE REALITY OF WHAT HAS HAPPENED TO 100'S OF 1000'S OF HOME OWNERS AND UNEMPLOYED PEOPLE, AND SHOULD WELCOME THE HELP THATS BEING OFFERED TO HELP THEM. WHY DONT YOU TO THE GOVERNMENT TO BAIL YOU OUT LIKE THEY DID THE BANKS. HELP TO THE PEOPLE IS WELCOME IN MY BOOKS IF IT WORKS. BUT FOR YOU WHO CRY FOUL BECAUSE OF THE HELP THEY ARE GETTING, GET A LIFE!


Henry nice post...

Wednesday, March 31, 2010


FBI warns of mortgage fraud ‘epidemic’: Seeks to head off ‘next S&L crisis’

Rampant fraud in the mortgage industry has increased so sharply that the FBI warned Friday of an "epidemic" of financial crimes which, if not curtailed, could become "the next S&L crisis."

http://tinyurl.com/yccxfo7


I own a home and paid my mortgage on time for over five years! Then people where I lived started losing their homes and it hurt my customer base for my small company. I mean I have not seen anything like this the entire time I have owned my company (25 years). These greedy little piggy banks potentially cause the whole housing crisis and then got a bail out in the billions! I have been an honest business owner the entire time and paid my taxes. For what!? For them to give the Piggy Banks a bail out? The very Piggy Banks that potentially caused the crisis!? Like the idea of modifications or not, TARP received 591 billion dollars of tax payer money and if anyone is going to get a bail out, it needs to be the American Tax Payer! Can you imagine what bank made off just having $25 billion dollars?

So I would like to play a game of truth or dare with Bank of America concerning their press releases.

Truth: Did Bank Of America make any money on the 25 billion dollar bail out the Tax Payer gave you?

Dare: I dare BofA to give the following press release: "Bank of America is one of the world's largest financial institutions giving modifications to the American Tax Payer!"
Never the less, let us give our press release for BofA to read:

Which one do you guys think they will pick? I think they would pick Dare Before they would ever pick TRUTH.

Please stand with me and United Law Group and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.

One blogger named Terri sent me an email stating: “You won't believe it but while I was at work today I had a voicemail from an advocate from BofA. What do you think about that? No calls all this time, I respond to your email and I get a cal!. How do you like that one?

Divided we might have fell America, but united we must stand!

So please send your email directly to Bank of America and include the following:

1. Your name
2. Your complaint concerning your experience with Bank of America.
3. Please end your email “I support John Wright vs. BofA Lawsuit!”
4. Please send a copy of your email to johns-wright@hotmail.com
5. Please send your email to both BofA link below and the CEO email

CEO Brian Moynihan:
brian.t.moynihan@bankofamerica.com

BofA Linked Email:
https://www3.bankofamerica.com/contact/?lob=general&contact_returnto=&state=VA

The lawfirm representing me set me up with my own page with the option to comment. Since I have a lawsuit against Bank of America, I am sure they will view the page. Please show your support by going to the site and showing your support with your comments about your situation.

You can do it at:
www.unitedlawgroup.com/news_ULG_files_suit_bofa_behalf_john_wright.html#comments

John Wright Vs. Bank of America

Sincerely,
Johns-wright@hotmail.com


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Last July (2009) my husband and I received a loan mod. We were suppose to start paying our new rate in September, which we did.

Then we received a call asking why we did not make our full payment. We explained about the loan mod. They said "okay I see that in our system, you should be fine. It will take 60-90 days to update in our system but you will receive calls until it does."

Fast forward to April... each month we were told we were fine and that they had a high volume of loan mods to get through and to just continue to pay our new rate... until we got a notice saying our house was in foreclosure. Then we were told our loan mod was never accepted and there was nothing they could do to help us.

After making numerous calls and getting outside help they admitted to us that what happened was our loan mod sat on someone's desk and wasn't signed off on until the offer ended. First we tried to get another bank to help us by taking on our home loan, which they couldn't because at this point our credit is now trashed from all this, even though we have done everything on our part. We were able to work out a new loan mod agreement (with some concern about re-entering a agreement again with that bank) that would allow us to keep our house.

However, we have starting to get the same response now that we have to wait 60-90 days, etc. I am getting really nervous about it. Its looking like we may end up losing our house anyway.


WHERE IS OUR LOAN MODIFICATION BANK OF AMERICA!?

If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!

BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled "Piggies" I invite you to listen to this song on youtube and see if it appropriately fits.

http://www.youtube.com/watch?v=NTmeHM-Hojg&feature=related

Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.

Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.

In their ties with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.

Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.


When I filed my lawsuit against Bank of America, myself and United Law Group thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.

Please stand with me and United Law Group and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.

So please send your email directly to Bank of America and include the following:

1. Your name
2. Your complaint concerning your experience with Bank of America.
3. Please end your email “I support John Wright vs. BofA Lawsuit!”
4. Please send a copy of your email to johns-wright@hotmail.com
5. Please send your email to BofA CEO Brian Moynihan:
brian.t.moynihan@bankofamerica.com

I HAVE HAD ENOUGH AND I AM FIGHTING BACK!

John Wright Vs. Bank of America-
Please join my fight or show your support through your comments at www.unitedlawgroup.com or find information and friends at piggybankblog.com

Divided we might have fell America. UNITED WE MUST STAND!

There is tons of info at my piggybankblog.com


Keep complaining about your bail out and how you pay your mortgage on time. Why do you think your values are declining? Banks are foreclosing on people all day long and just turning around and selling the house for $50k to $100k less than what was owed. Doesn't this greatly affect our property values. What does it take for the common people to have common sense? This is the worse real estate market crash we have ever experienced in human existence! You should be posting on how fortunate you are that you didn't end up in this mess.


I am really sorry you homeowners are experiencing this major crisis.


Bank of America is pure EVIL!! We used to have Taylor, Bean and Whitaker and they went bankrupt and our loan was sold to Bank of America which we found out weeks after it happened. Bank of America is not abiding to loan modification regulations and being fraudulent with my mortgage payments. BOA is barely helping anyone with the 45 billion dollar bailout money provided to them for this purpose. They are intentionally prolonging the loan modification process in order to foreclose on homes especially the ones with PMI like in my case, they will get more money this way. Every time I would call, I was lied to over and over again. I have only missed one payment (November 2009) which they told me back in September 2009 that I had to at least miss one payment in order to qualify for a loan modification because I was at the time, up to date on my payments. I was pre-qualified in December 2009 and began sending all requested info many times since then. To this very day I have not received anything advising me that I was denied a loan modification or that I did not qualify due to the info (hardship letter, bank statements, pay-stubs, tax returns, etc) provided to them. They sure do send me with quite consistency via certified mail "Letter of Intent to Accelerate" though but have fully lacked responsibility in their wrong-doings. Furthermore, I have paid every single month since November as instructed by them in order to avoid foreclosure and now they want to start foreclosure proceedings soon as per their threats. We did acquire the assistance of an attorney which luckily will mostly be covered by my husband's legal plan with his employer. The attorney asked BOA for all accounting on my account and not to my surprise they are badly mishandling our funds and charging us ridiculous and excessive fees to boot. My escrow surplus is missing and payments are also missing. They say we owe 4 months when in reality we only owe one and probably it will end up being 2 months because we do not have money yet to send a payment this month even though we have been paying every single month except November. Bank of America is taking extremely long with our loan modification so that we can default even more and then they will gladly take our house, they will make more money that way instead of modifying our loan. Our hands are tied since we cannot refinance this house because our credit is bad (of coarse Bank of America is reporting late payments as well) and our house is worth less than what is owed. Bank of America are crooks that are just trying to take all the money they can get before they take my house and they have even kept my escrow overage and have not even applied it to my payments. Here we are paying every month and we still can lose our house. I could have been saving all that money I continue to pay them and just stop paying the house if that were the case. Every time I call them, I am given a different amount owed (one day it's 6,000 dollars the next day it might be $3,000 etc) and they are not trustworthy at all. To make matters worse, my last payment coupon says that my monthly payment is more than $1,600! I can't even afford my regular payment of $1,215.75 as it is. I cannot believe that my home and my family's future is in their hands. I am tired of speaking to these liars and I do not care if they see my complaint because I have all the proof in my possession needed to also file a lawsuit against Bank of America which I will certainly do eventually. The Attorney General of Florida is also aware of my case and also believes there might be fraud involved. I have also received a letter from a Congressman. To make matters worse, BOA has horrible customer service and they ask personal questions and also give suggestions that are uncalled for. One representative even told me to rent a room in my house to bring in extra income so I can pay my mortgage. I am not going to bring a stranger in my house with two small children. We have an autistic son with special needs and we have nowhere to go if we lose our house. These people need to be stopped. They should have never received a penny from our tax dollars if they were not going to help people. There are no words that can explain the emotional pain and suffering that these voltures have put us through.


I am a single mother of a 9 yr girl. I live in Pikesville, MD and I currently reside in a home that was purchased by my mother via Nations Bank which is now Bank of America. My mom passed away back in 2001 from complications from Lupus and I have been living in the property since. I have lost 2 jobs in the past three years and things have been tight. The mortgage got behind and of course foreclosure as a result. I applied for modification and referred for Making homes affordable. At the same time I rec'd an offer on my property of $60,000+ what the Principle balance is currently. Despite my efforts and being referred for modification Bank of America auctioned my home for almost $50,000 less than the contract that I entered to sell the house myself. No one at Bank of America can tell me why my modification did not go through. A HUD approved agency I found on Hope.org still says I am a great candidate. I received the modification packet from Bank of America on August 6,2010, sent via Fedex August 5, 2010 the day my home was sold. It states it must be completed and returned by September 3, 2010. The state of MD doesnt have a redemption period. The sale was suppose to be postponed but it did not happen. No bailout for me. Now I have "the new owner" knocking at my door to push me to move by the end of the month. According to at least one person at Bank of America I have until the beginning of next my to return the packet!


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WAKE UP AMERICA, STOP FINANCING THEIR FIGHT AGAINST THE MIDDLE CLASS, STOP PAYING MORTGAGE AND CREDIT CARDS,


To whomever this may concern, November 24, 2010

Let me start by telling you a little bit about myself.

My name is Derrick Marquis and I reside in Corona, California. It is here I live with my 16 year old daughter and my loving wife of 19 years. I am 39 years of age. I am a full time employee of 8 years at a company in Irvine where we manufacture precision investment tooling for primarily Aerospace and Medical components. My job title is: Tooling Engineer.

Sixteen years ago when my daughter was born, my wife and I made a decision that it would be better for her to stay home and raise our daughter and I would be the one who brought home the money. We made many sacrifices throughout the years to make that happen. It was and still is a very good investment. Because of our decision my daughter is now a spiritual, responsible straight "A" student with strong morals & focused goals.

As parents who continue to survive so many odds against us, we could not be more proud of those choices that we have made.

Years ago I remember standing on my balcony at an apartment we rented in Huntington Harbor and with tears in my eyes telling myself that one day I'm going to buy a home for my family. This will be a home we can call our own. A piece of the American dream.

Myself coming from a broken family and constantly moving from place to place I never had that security that so many people had growing up. I was dedicated to not allowing that to happen to my family.

For several years we rented a small beach cottage home in Huntington beach just a mile from downtown. At the time my place of employment was only two miles away. This house was just next door to my In-laws whom I adored. We were very fortunate to have lived right next door to family for so many years. It was there my wife's mother Susie (our neighbor) passed away due to complications from Cancer. Not to long after Susan passed we were served a notice that the places were being sold and we had 90 days to move out. This news came very hard to both us and Timothy, Susan's husband. It was at this time in our lives that we decided to purchase a home.

A dear friend who at the time was a real estate agent quickly set the gears in motion. As with most home buyers we looked at a few places in surrounding areas but nothing caught our eye price wise. Knowing that time was of the essence heavy prayers set into place. Our real estate agent found a place in Corona. We got into the car and headed east. With only MLS pictures in our head we pulled up to the property and instantly fell in love. We were proud first time home owners within only a couple weeks of being served the papers at the place in Huntington Beach. It was meant to happen. The power of prayer!

We made a great sacrifice which changed our lives in many ways. Work wasn't 5 minutes away anymore. My daughters school wasn't just down the block. Timothy was 26 miles away not just next door. It was a tough transition but for the better.

Through hard work and dedication I was able to make that dream come true for my family.

We moved in on July 10th 2004.

In the years we have lived here we have spent tens of thousands of dollars on home improvements. All of these improvements were paid for with my earnings. I believe it is the cutest house on in the neighborhood.

Like so many people did when the equity in their home was substantial they took out seconds and bought cars and boats then when the housing market turned they were stuck with huge debt forcing them into foreclosure. In the years living here I have never re-financed even when the market was high. We took on a mortgage we could afford based on my income at the time.

Now, the bad news.

I don't want to bore you with all the details however if all the details are required by "you" the reader I would be more than happy to provide you with that information.

Reminder: All of my testimony from this point on is truthful backed by receipts, documents, dates, times and names of people my wife and I have spoken with.

May, 2009

Work slowed down and I fell behind on my mortgage payment by 2 months. Mind you from July of 2004 thru February of 2009 we never made one mortgage payment late. Being behind we immediately called Bank of America (BOFA) and explained to them our situation. We were told. "We had to be 3 months behind in order to qualify for the Making Home Affordable Program (HAMP)". After we had lapsed into 3 months delinquency I was asked by BOFA to fax them a long list of documents i.e.: 3 months bank statements, 6 months payroll, tax returns, expense breakdown, letter of hardship and so on. Later we were told by BOFA that "We qualified for HAMP" and that our file is currently under review. Note: We were never mailed a HAMP Packet. Two months after faxing BOFA all the documents they requested, we never heard back from them. At this time I was 5 months delinquent. I was receiving foreclosure notices in the mail and one even posted on my door, documents from Recon Trust were showing up in my mailbox and strangers were showing up taking pictures of my home. Perhaps BOFA had their fax machines hooked directly to the shredder.

My wife and I were sick from stress and with BOFA not at all working with us, we had no choice but to hire a company to help us out of our situation.

July, 2009

I did some research and decided to hire Pacific Loan Solutions (PLS) owned and operated by Jeffrey Torrez and Wassam (Sam) Ismail out of Riverside. The attorney on staff was Zachary Gonzalez LLC. I went to their location for a free consultation and they said they specialized in loan modifications, I qualified based on my criteria and they said they would be able to help me with a loan modification. I paid the company $5407.00 to do the work (1.5% of the total amount of the loan to be modified). Strange I thought but desperate. Over the course of several weeks I emailed and faxed them all the information they requested.

Months and months and Trustee sale date postponement after Trustee sale date postponement went by and nothing was happening. I was getting further and further behind on payments. BOFA would not even accept payments at this time until I came up with the full arrears. Months later after hiring PLS I got a one page form letter from BOFA stating *** MODIFICATIONS ARE NOT AN OPTION *** that our loan was non modifiable due to the fact that the investor (Wells Fargo) will not allow it. Did Pacific Loan Solutions know this and not tell me to scam me out of my money? The answer in yes. The company had an "A" rating with the BBB when I hired them and now an "F" rating. PLS shut their doors and Jeffrey, Sam and Zachary disappeared. Once again we were at a complete loss with seemingly nowhere to turn.

July 2010

After several attempts trying to explain to BOFA our situation they still were falling back on the excuse that Wells Fargo does not allow modifications, I was forced to hire another attorney. Through the state bar web site we found a reputable firm, Keefe Roberts & Associates. After a consultation Keefe was convinced that BOFA was up to something strange. We paid Keefe Roberts $2000.00, in which every dime they earned only to have BOFA send a letter to them stating that my loan was non modifiable and it wasn't an option because the investor Wells Fargo doesn't allow modifications. Keefe Roberts was even confused. Keefe and I started talking about different options, i.e.: (Lawsuit against BOFA) not an option as it would cost me ($10,000.00) or more, Restraining order against the Trustee sale ($2500.00), Chapter 13 ($4000.00) or Short sale, ($1500.00) or of course walk away.

Don't get me wrong, Keefe Roberts is a good fair attorney but why is BOFA making me go through this nightmare? You would think BOFA would like to start getting payments from me?

My wife and I decided that we want to save our home and a chapter 13 seemed to be the best way out of this mess so we took that course. I put Keefe on the shelf and went after Zachary in hopes to get my money back so I could pay Keefe for the chapter 13 fees.

August 2010

A friend of mine and I found where Zachary Gonzalez (former PLS attorney) was practicing and confronted him in a public arena demanding my money back. He refused to refund me stating he simply did not have it, and an argument ensued. Police were even called. Finally Zachary offered to provide me the services for a Chapter 13 and court representation free of charge. I scheduled an appointment with him and the contract was agreed upon. The contract stated that Zachary Gonzalez would perform the services required for a chapter 13 free of charge. I contacted Springboard and paid the $45.00 fee to complete the online certificate course for pre-petition counseling for chapter 13. I wrote him a check for the amount of $274.00 for a chapter 13 court filing fee. Relieved I waited patiently to hear back from him.

Well that's just great now I have to call Keefe Roberts and tell him, "you know Zachary, that guy who stole fifty four hundred bucks from me, well now he's going to represent us in court". After notifying Keefe about what had happened I had a sense of relief that Zachary would make good on his promise and maybe things were starting to look up for us. Rightfully so Keefe probably thought we were nuts, however I had no choice and I did not have $4000.00 to pay Keefe for a chapter 13.

A couple of weeks went by and I had not heard back from Zachary so I decided to leave work early and go down to his office in Riverside. The secretary of the building told me she had not seen or heard from him for a couple of weeks and a lot of people were coming in asking the same question. Weak in the knees and a stomach ache I went home and later on found out he was disbarred. Evil forces are working against us once again.

Soon after, the court dismissed the case because of non activity. Thanks Zachary oh and thanks BOFA!

Now without an attorney to represent me in court and the lack of knowledge and paperwork it took to represent myself in court and the fact that 95% of all chapter 13 cases that are self represented are denied by the courts I turned back to Keefe Roberts. I wrote another check to Keefe for the amount of $2000.00 in which he continued to try and get BOFA to modify our loan to no avail.

At this time Keefe Roberts wanted to continue on with a chapter 13 but without BOFA Working with us by modifying my loan and adding my arrears to the back of the loan it seems to heavy of a burden for me.

Keep in mind by this time I am $9726.00 plus numerous days off work trying to get BOFA to modify my loan when all BOFA needed to do was help me out with my mortgage back in May of 2009. $9726.00 is 6 months of my mortgage payments to BOFA!

Why didn't BOFA tell me that modifications were NOT an option up front. Instead they lead me on for months and months allowing me to believe something was happening when actually nothing was happening. If I would have known up front that modifications on my loan were NOT an option (which I don't believe this as being true) then I could have taken a different course which would have landed me in a much better situation now.

A simple one page form letter from BOFA stating modifications are not an option is simply not enough information for me or my attorney for that matter. I thought that BOFA by law was suppose to work with the buyer by modifying their loan (if necessary) providing they have income. Wait according to BOFA you don't even need to have an income for them to work with you. Sure my hours got cut for a while but I never lost my job!

I went on (http://homeloanhelp.bankofamerica.com/en/loan-solutions.html) and here's what they say.

"If you're having trouble paying your mortgage, the following home loan assistance programs were created to help homeowners stay in their homes and make their payments more affordable. Let's work together to find a home loan assistance solution that's right for you."

Option 1: Refinance
Option 2: Home Affordable Refinance
Option 3: Home Affordable Unemployment Program?
Option 4: Home Affordable Modification
Option 5: FHA Home Affordable Modification
Option 6: Home Affordable Second Lien Modification
Option 7: Forbearance
Option 8: Home equity Assistance
Option 9: Reverse Mortgage

My wife and I even spoke with a HUD counselor who said she would take our information and give it to BOFA and that she would get back with us. We never heard from that lady again.

Of course this letter is an abridged version and I left out many small details, but in a nutshell you get the idea. Over the course of the last 18 months of hell starting back in February, 2009 I have learned a lot about a lot of things that most people should never have to know in their lifetime. I understand that it was I who fell behind on my mortgage payments back in February of last year but I never thought it would come to this. Further more I thought that's what the HAMP program was all about, Making Home Affordable Program? I am a hard working middle class American who does not rely on free government handouts to get from day to day like some people do. It was my understanding the Federal Government bailed out BOFA and set up laws forcing BOFA to use the money to help folks like myself. I was never offered that opportunity. All I ever wanted was to get back on track and current on my mortgage and to build up that sense of security I had before this nightmare occurred. It seems to me BOFA wants my home because they have no desire to work with me and start receiving payments?

I will not give my home to BOFA without a fight.

Well, once again, here we sit with a December 2nd trustee sale date looming over us and again at a complete loss with seemingly nowhere to turn.

Do I pay more of my hard earned money to high priced attorneys or would Bank of America rather have it?

Thank you for reading this letter.

Derrick L. Marquis

bubbadirk@gmail.com


It's really sad to think that it happens to the homeowners. I hope you can overcome all the troubles soon.


It's really sad to think that it happens to the homeowners. I hope you can overcome all the troubles soon.


It's really sad to think that it happens to the homeowners. I hope you can overcome all the troubles soon.


It's really sad to think that it happens to the homeowners. I hope you can overcome all the troubles soon.


;} I used Universal Lending to execute a modification (FTC closed their operations for fraud), then had to do it on my own. I had a friend who offered to finance the home, but after three months Bank of America still hadn't responded to multiple requests for payoff. We contacted the attorney in Monroe Louisiana who was handling the forclosure and was told they couldn't get an answer either. They finally sent me a modification just days before my home was up for auction. I signed them and sent them back FedEX. Two days later I recieved another offer. I called and told them I had sent the package off, and was told that it contained an adjustable rate and they could get it waived.. It also added back interest of over $18,000 to the balance due of $118,000 making the total due of over $145,000. Since I was caught between the old rock and hardplace, I told them to go ahead with it and was put on a trial period. I fulfilled the period, (supposedly 3 months, but took over 6 months) and was sent a letter saying I qualify for the modification. The letter also in multiple places said they were preparing Agreement papers and as soon as I got them get them back in the time period stated. The wording actually was "to accept this offer, you will need to sign and return a Modification Agreement that includes the terms and conditions of the permanent modification. We are in the process of preparing your Agreement and will be sending it to you soon. Please be on the lookout for a package in the mail and return the Agreement to us by the requested date so we may finalize you loan modification". I did not recieve them within 4 weeks so I called on and was told if not recieved by June 23, 2010 call back. I waited til June 23 and still no packet. I called and was assured it was "APPROVED" but they were running behind pretty badly. They said call back if not recieved by July 23, 2010. No packet so I called on July 25,2010. Again I was assured it was "APPROVED" and not to worry, it was taking several months to get all the paperwork out. I was told to just continue making the modification agreement payments as I had been doing. I was disabled in Janruary of 2010 and put on weekly disability payments. In Oct 2010 I was put on monthly payments paid on the 21st day of the month so I called and talked to John on the 5th day of December at 12:53 CDT. I explained the situation and he said don't worry, it would not change anything. He asked if I could afford the modification payments where they were and I told him yes. He also told me I could use direct pay by my bank at that time. He also assured me I was approved for modification and would see my paper work soon. On February 23, 2011 I recieved a call from BOA. I returned the call and was told I had been turned down. They transfered me to the DESIREE TEAM. I talked with a supervisor named Julie Nye. She said my payment was $1184.96. I explained that I had been approved each of my statements showed to continue the $983.32 Payments. She asked me to fax all that to her and she would post it to my folder. I also asked her about the turn down, and she said it did not reference that in my account. She said it showed I was still under "REVIEW". I explained the approval letter and she asked that it be sent also. Then last night, February 23, 2010 I recieved another call from another dept of BOA. I was told I had been turned down and I would be sent another packet. She also said not to be surprised if I recieved a forclosure notice and not to ignore them. She said they were sending me another package to see what other program I qualify for. So eleven months after I was sent an approval letter , and over 18 months since the process started they are now wanting to steal my home. I am now on permanent disability and would probably not qualify for any program. Where do I go from here? I have already went to the Federal Trade Commission and Louisiana's AG



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My loan is currently with BOA. I bought my home for a decent price of 150,000 dollars. Both my wife and I were teachers. 3 years later, we had both been laid off. I am now working as a machinist for an engine shop making 10 per hour and my wife is working at a pre k making 9.00 per hour. I am looking for some insight on if anyone in a situation, such as mine, has/had any luck with BOA's modification process. We have been denied 2x so far. BOA has recognized that the denials were do to dates wrong on there computers and not on our end. However, I worry that we are just being strung along. We are making monthly payments again, but we are approx. 5000 behind. Due to unemployment for so long.


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My name is Terry Goldberg and to my surprise I actually had a loan modification done without getting beat for my money!! I was laid off last year and fell behind on my mortgage. I had tried to get BofA to modify my loan and got nowhere. Then I went with a local law firm and ended up losing $2500 just to find out they could not help!! I wanted to give up but my wife started looking online and came across William Berger law offices in south florida. After my wife did the research so we could trust who were dealing with. I called and spoke with Lenny which right away he informed me of what his firm can do for $1500 and $750 a month and it would only take 3 months. My wife and I had only one try left before we would lose our home of 16 years, so we gave it a shot and in 3 months exactly we were able to get a principle reduction with a fixed interest rate for 30 years. I want to let everybody know who's going through the same problems, that this firm helped me when I had lost all hope! Here is the number you can reach Lenny with 561-201-8159 Good luck everyone...


I know BoA has been crooked since 1970. My dad died the year 1969
however through his children's lives had put money in the bank for each of his kids. I was born in 1954 so my account started with $54.00. A couple of years
after he had died Mothers Day was coming up and my mom was still suffering.
My little brother, little sister and myself went to BoA with our bank books wanting
to take money out to buy my mom a nice gift. We waited in line and when we
finally made it up to the teller her response was "Your bank account was inactive and so YOU OWE US and she went on to tell us the money owed. I couldn't believe it "That a Bank of America!" I think not. The bank of BS is a
better name.


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Unfortunately, this principal forgiveness will help few homeowners, as it does not apply to mortgages with Fannie Mae or Freddie Mac.While I am hopeful that this will allow some homeowners to keep their homes, all in all it is just another way for B of A to get "off the hook".


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There are certainly a lot of details like that to take into consideration. That is a great point to bring up. I offer the thoughts above as general inspiration but clearly there are questions like the one you bring up where the most important thing will be working in honest good faith. I don?t know if best practices have emerged around things like that, but I am sure that your job is clearly identified as a fair game. Both boys and girls feel the impact of just a moment’s pleasure, for the rest of their lives.


If u need a reliable and genuine loan help for any purpose,and don't want to be a victim of loan scam,I think this is for you.All posts of loan lenders giving loans on-line especially on these sites are SCAMS..The referrals here as well are bunch of scammers.Don't contact them for your own good.This is a story of how I was ripped off my hard earned cash by some idiots on-line that calls themselves lenders and how I finally got my financial freedom from a God sent loan officer within 36 hours at just 5% as interest.For more info and interest,email me via "kenshawwjeanne@gmail.com"


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This post has rather had some heated comments. But I kinda agree with them. Though I respect your point of view.


Quite a lot of comments on the opposition. But I do agree with them on some of their comments. Somehow, there are parts of this post that I agree upon also. Different people have different opinions, I would have to say. Especially those that have gone through something like this.


BOFA homeowners, check out Piggybankblog.com John Wright vs Bank of America. He is fighting back and you can to. You can e-mail the CEO (the e-mail address is good) and they get back in touch with homeowners.

When John Wright speaks, BofA listens!!!!

http://piggybankblog.com/2010/09/03/bofa-brian-moynihan-email/


BOFA homeowners, check out Piggybankblog.com John Wright vs Bank of America. He is fighting back and you can to. You can e-mail the CEO (the e-mail address is good) and they get back in touch with homeowners.

When John Wright speaks, BofA listens!!!!

http://piggybankblog.com/2010/09/03/bofa-brian-moynihan-email/


BOFA homeowners, check out Piggybankblog.com John Wright vs Bank of America. He is fighting back and you can to. You can e-mail the CEO (the e-mail address is good) and they get back in touch with homeowners.

When John Wright speaks, BofA listens!!!!

http://piggybankblog.com/2010/09/03/bofa-brian-moynihan-email/


Bank of America has to be one of the worst financial institutions in the world. They are nothing but a bunch of lying, incompitent crooks. My recomendation is that if you are on EDD or SDI, that you take your cash out as soon as it comes in.


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About the author
You've got the job of managing your money. No one in school taught you how. But you and I, we can teach each other, how to handle it, how to save for retirement, how to make money last, how to educate the kids, how to make a budget work. The conversations I have with my readers are fun. Money's important, but discussing it does not have to be boring.

Harriet Johnson Brackey Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.

Brackey has worked at Business Week magazine and at USA TODAY, where she was a founder and part of the original staff of the Money section at the country's first national newspaper. After nearly 11 years there - spent covering the 1980s bull market, the insider trading scandals, the 1987 crash - Brackey left Washington, D.C., and came to The Miami Herald. She spent the next decade writing a column about personal finance that chronicled the stock market's Internet boom and bust, as well as the popular Money Makeover features.

Brackey also has done commentaries for Marketplace Money, which airs on National Public Radio and The Nightly Business Report which is broadcast on more than 250 PBS television stations nationwide. She also has been a radio guest on WLRN’s Miami Herald News.
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