Comments on: Bank of America To Modify 630,000 Loans in 2009 To Avoid Foreclosures

By: Hillary

Hillary — Tue, 02 Mar 2010 06:20:22 +0000

Skank of America is foreclosing on my home. I have been trying for a year to get my loan modified. I was told several times I am eligible for the Making Home Affordable loan but they never do anything. I send in paper work and then they take it and they shove it up their ……. Folks these people don’ t want to help you and they could care less about you. The problem is that all these banks need to be regulated. First they made bad loans. Then they get money from the govornment. Then they froze everyones equity line, even when the market value of their property did not substantially decreased. Then they file foreclosure actions with out the note, which I would consider a meritless claim and they can’t prove they have standing to bring the suit ie your mortgage was with Discover Home Loan and Wells Fargo is the plaintiff sueing you. Gee can anyone bring a mortgage suit -think I will try that. Oh wait I am not a bank only they can get away with it. . Next on their agenda are defeciency judgements But you say they are not filing them now. Well of course not they have up to five years to file them and the judgment are good for 20 years. Thats the next wave of economic destruction they will cause in the future year. Get it they are ruining the country.

By: jon conlin

jon conlin — Mon, 01 Mar 2010 17:47:55 +0000

BOA is full of shit. I have tried a loan modification since Oct 2008 with Countrywide and still ongoing with BOA. I keep getting runaround. The only thing that appears to me that works is a threatened class action lawsuit. I saw posting by Jack Thomas. When I called they said they couldn’t discuss it due to a non disclosure clause. They got their deal and refuse to help out anyone else. Its everyone for themselves. Anyone knows of any other class action lawsuit against BOA?

By: Maria

Maria — Sat, 27 Feb 2010 02:50:39 +0000

I heard on the news the other day that Obama is considering putting a halt on all foreclosures until reasonable consideration and negotiations have been made regarding loan modification. This will not help me because I am now walking away but I sure do hope this happens and in enough time to help the rest of you. May God Bless you all and watch over you during this very difficult and trying time.

By: Shelby

Shelby — Thu, 25 Feb 2010 23:01:42 +0000

Pretty much same story here. We applied for a loan mod with BOA back in Dec of 2008. Signed and had contract noterized and mailed back within 3 days of our receiving them. Paperwork said our first payment would begin Feb 1, 2009. New mortgage payment was $400 less than previous. We received a new payment book two weeks later showing our payment was only $150 less than the original. Calling BOA, I was told the new mortg payment on the contract did NOT include interest, taxes or home owners insurance. If we only needed $150 a month extra to make the morgage payment I could have found a part-time job! Both my husband and I were layed off 1 month apart. (And, for the record, we received approval on our home loan with husbands income only as I was not working at the time and had no intentions. One kid to college and two others for braces changed that). He was able to find a job before me (I’m still looking!) but not before our savings was sucked dry and our mortg became delinquent. We continued to make the “new” payment.

Flash forward to Dec 24, 2009. CHRISTMAS EVE, I receive a phone call from BOA wanting to touch base with us regarding our FORECLOSURE because we were 7 months delinquent. WTF??!!! I freaked!! I explained about the Mod, she didn’t see any of that. She researched further and called me back two days later. She explained that the Mod was never finalized and payments were being posted to the OLD LOAN because they had the WRONG interest rate on the Mod contract and we had to start all over and re-apply. This is where I am today. Since December I have been trying to get someone to help me accomplish this to no avail. 20 mins ago I received an automated phone call from BOA saying they were trying to contact us to discuss changes made to our loan. I’m terrified to call them back. Did they correct their error or are they foreclosing?

We had BOA as a mortgager 15 years ago and my experience with them then had me BEG the bank we were approved through for this home, to NOT SELL the loan to BOA! Of course she said that was not possible and imagine my horror when they did purchase the loan. If we make it through this, I am selling the home and I will rent for the rest of my freaking LIFE just to avoid BOA buying any mortgage payment I might have. I am just sick to my stomach with stress and anxiety. And every person I speak with over at BOA has this snotty and holier than thou attitude, like they are soooo much better and smarter than me. I hope to God nothing ever happens to them that is beyond their control and they need to deal with their own freaking employer. Ugg.

By: Maria

Maria — Tue, 23 Feb 2010 04:55:57 +0000

Same ole story as the rest. I submitted information to Bank of America in June ‘09 for a loan modification. I called each month thereafter for a status. In September ‘09, a gal with the bank told me that I do not qualify because I did not live in the property. I never told her that !! I asked to speak to a supervisor and this person spent 30 minutes with me and got me approved for a loan modification. Each month thereafter, I called for status and documents. I kept being told that documents were on their way. By December ‘09, I was told I needed to make trial payments for three months. I set up payments by phone for the three months. They did not deduct my payments. I called early January 2010 and was told that I was now rejected for a loan modification. I was told that an appraisal was done on my property and that based on the appraisal and the price of the home, I no longer qualified. I am moving out and will no longer deal with Bank of America. They are a big joke. They are ruining the lives of people and don’t care. They are toying with peoples minds. They should not be allowed to continue this fiasco. I will never bank with these financial hoodlums. PLEASE BOYCOTT BANK OF AMERICA. Oh, and I would love to join in on a Class Action Lawsuit !!!

By: patthechick

patthechick — Wed, 03 Feb 2010 19:08:40 +0000

I think BoA is stealing my home as well. Like the others, I was told I could not make a late payment and that I could be eligible for a modification. I was given 48 hours to complete the process and fax all my documentation in. I did it and, in late November, 2009 received a modification approval packet with a new mortgage contract, better terms even with the missed payments rolled into the principal. I sent the notarized contract and the required payment back to them. My next payment was due February of 2010. In late December I received a standard BoA payment coupon with a huge amount on it saying it was due by January 20 BUT it also said that if I had made arrangements with the loan mod department, that I should follow those arrangements. To my absolute shock and embarrassment, on January 27, I received notice that my home has been foreclosed upon and is set to be sold on the courthouse steps in 21 days. WTF. Of course I can’t get them to even put a human on the phone. My lawyer has written to their lawyer who initially indicated that it was a likely miscommunication between departments at BoA – but is it fixed? I’m at a loss because I paid them the money they asked for so now I don’t have it to move somewhere else. I have quite a bit of equity in my home and I have been a good steward of the property. When I heard that they only completed 98 of the loan mods by December 1, I was so happy mine was one of them – Now I wonder if I will be seeing the other 97 people in court when we file an injunction to stop the sale and seek punitive damages for what appears to be blatant fraud. If it’s not fraud – just fix it.

By: Screwed in Virginia

Screwed in Virginia — Wed, 03 Feb 2010 12:42:04 +0000

Bank of America Mortgage is STEALING my home from me. Adjustable Rate loan payments skyrocketed – we had trouble struggling to make payments. They advised that until we were at least 2 months late on payments, they couldn’t help us. At the two month mark, i tried to make a payment, so it wouldn’t get any later than that – and they refused to accept the money. They had already decided to foreclose. House is for sale 2/16 – and we have to move. We’re not alone – realtor we spoke to last weekend recited our story to us chapter and verse – all we had to say was “Bank of America”. Said she’d spoken with dozens of clients with the same exact circumstances as us. Think something’s going on here? I sure do. This is heartbreaking – we have 8 grandchildren, and this is the only Grandma & Grandpa’s house they’ve ever known. All of the Christmases they’ve had here and all of the summer’s spent here – some of their fondest memories STOLEN by a horde of corporate thugs. Think I’m ranting? Do business with bank of America and sooner or later – it will happen to you too.

By: Kevin Lambright

Kevin Lambright — Tue, 02 Feb 2010 23:17:00 +0000

My wife and I had a modification going with Countrywide and then Bank of America bought our loan and even after they said the modofication was going through and to not worry we recieved papers yesterday that house will be foreclosed on March 2nd. Here is the kicker! I have a witch for an exwife, who got a hold of Bank of America filled out paper work, even having me not living in the house and cancelled the modification without my knowledge. They let me know three months later and will not release the paperwork she forged and just won’t speak to me. I have a lawyer going after Bank of America and my exwife and hopefully I don’t lose my house

By: Rebecca

Rebecca — Thu, 21 Jan 2010 14:45:52 +0000

WHAT IF YOUR LOAN IS NOT MODIFIED AND YOU ARE FORCED WITH FORCLOSURE OR A SHORT SALE.

Some state laws have made it tougher, if not downright impossible, for lenders to collect such short-sale debt. But others allow lenders to have free rein unless, that is, you had the foresight to get your mortgage company to agree to a “waiver of deficiency.”

I have plenty of clients who had loans with BOA that were allowed to do a short sale and obtained a waiver of deficiency.

Even if someone in your lender’s office made a verbal promise saying you’d be totally off the hook when the deal was done, it could be pretty tough to prove in court. So barring something in writing, stating that you aren’t responsible for the deficiency … well, you know the rest.

If the amount at stake is a small amount it probably wouldn’t be worth taking the mortgage company to court over. But you should feel free to discuss the issue with a real estate attorney who may recognize other recourses based on all facts of the case.

Now to the matter of your tax treatment. There is help: The Mortgage Forgiveness Debt Relief Act of 2007, which was signed into law in December 2007. It was designed to relieve taxes on forgiven debt, previously considered by the IRS as “phantom income” that is realized in a short sale or foreclosure. It applies to most relief given after Jan. 1, 2007, and through 2012.

What if I’ve filed my returns and didn’t take advantage of the Mortgage Forgiveness Debt Relief Act of 2007?

The good news is you can correct your little faux pas by filing an amended return for the 2007 and 2008 tax years, using Form 1040X, the Amended U.S. Individual Income Tax Return. Be sure to explain the change very clearly on the amended return. Such amendments are common and shouldn’t be a red flag for an audit, should that concern you.

You should also try to negotiate the deficiency to obtain a lower amount. When you hear, “We’ll settle,” that usually means there’s room for more negotiation. Make sure you mention to the mortgage company that you believe it gave you wrong or even deceptive information when you made your short-sale decision.

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By: Brian

Brian — Tue, 19 Jan 2010 23:20:43 +0000

Re: Comment by BofA Worker Bee on 22 November 2009

Your objectivity is skewed. You’re assuming rather than basing your ideations on facts. BOA along with its subsidiaries created the “junk loans” that led to the collapse of the international monetary system including the United States. BOA has been ordered by Congress (the peoples representatives) to be accountable for their actions and have yet to admit that their actions were inappropriate. I have written proof from the appraiser (in exchange for her immunity) that she was paid to appraise our home at twice its value to qualify for a mortgage that would meet the Loan to Value ratio which we required. The fact is; you’re an uninformed idiot! The fact is; appraisers were paid with either money or kick-backs! The fact is; “big banks” profited at the people’s expense! The fact is; executives profiting from their inappropriate financial actions should be in jail forever! The fact is; this country is by the people for the people and our Congressmen better remember that!