Hicksville, New York
125 comments

It is not news that there are hundreds of thousands of troubled homeowners in the country. It is not even news that the lenders refuse most who request help.

But, are you aware of the fraudulent practices that the lenders are using to deny loan modifications?

Here is my story:

In July 2007, we re-financed with Countrywide in order to get out of an ARM that was about to go up astronomically.

In order to get the loan through, the value of our home was appraised over what is was really worth. In addition, only my husband's name was put on the loan since the credit cards are in my name.

The loan is an interest only arm that does not include taxes and insurance. The payment is $3407 and my husband takes home $1300 per week. I am a stay at home mom with 2 young children.

In September of 2008, we were struggling to pay our bills. The value of our home was plummeting. We weren't behind yet, but were about to be. We pro-actively contacted Countrywide in October 2008 and asked for help.

Here is a time-line of events:

October 2008 - Sent Countrywide hardship letter. Husband withdraws $25K from his retirement fund to pay bills. This money must be repaid quarterly - $1000.

December 2008 - Countrywide refuses loan mod without a reason.

March 2009 - Obama plan underway. Contact Countrywide again. They say they can't help because we make too much money. Because they added husband's net income to his gross income and used that figure! Request that they re-open our case.

May 2009 - Told by Bank of America rep John McFarland that they will not help us since it is not their fault we are over-extended.

July 2009 - Contact Bank of America's Barbara Desoer to request a loan mod. Cannot pay August mortgage payment. Faxed new hardship letter and required documents.

August 2009 - Assigned Bank of America Negotiator Melissa Henderson.

August 21, 2009 - BOA Melissa Henderson calls to inform me that our request is being denied. She informed that we meet all of the requirements under President Obama's HAMP program, however, because my husband borrowed money from his retirement plan (which is depleted and we are still repaying), we do not qualify for a loan modification. She said that we are current on credit cards and car payments and therefore do not fall under the guidelines for assistance.

This is outright fraud. The HAMP stipulates that retirement accounts cannot be used to determine financial status and in addition, being behind on anything (credit cards, mortgage, etc.) is not a HAMP requirement.

Think I am only one person? Wrong, go out to www.loansafe.org and read the thousands of horror stories.

The lenders feet must be held to the fire! If we continue to let this happen, our country will be in worse shape than it is now!

Joanne in Hopewell

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Anonymous
#646297
You mentioned that your husband "takes home" $1300 a week. HAMP is based on gross income not take home. Your house payment has to be over 31% of your gross income. The HAMP law isn't as helpful as everyone thinks it should be because we all live on our take home pay. I don't work for BOA and my advise is free but NEVER, EVER make a mortgage loan on an ARM. Most people do this when rates are low and when they are there is only one way they can go.....up!
BofCustomerSince1976
#548211
we'd never made a late payment...
we both lost our jobs because of the "economic crisis in america"....
couldn't refinance without any employment!
applied for the loan modification program but didn't qualify the first time...
we went through the "loan mod" process again and were told we qualified....
but only after falling behind!
"congrats!....you're on your way to a more affordable mortgage!"
(their ACTUAL statement!)
after many months of jumping through their hoops and over their hurdles and
experiencing the "lost paperwork" syndrome they finally
sent another letter again stating congratulations!
here's your loan modification:
but they didn't lower the interest rate....
they didn't put the delinquent payments on the back end...
they didn't help by lowering the balance...
they actually UPPED the mortgage payment and demanded a check to bring the loan balance up to date!
too bad we couldn't afford to retain legal representation...
i KNOW they were just setting us up to foreclose...
so with all the equity we had...
and love of our home and location...
we ended up having to do a REVERSE MORTGAGE just to keep our home!
i think we got away from the evil bank just in time...
but i guess i shouldn't complain....
we're still here where we always wanted to be...
while so many americans have lost their homes after
... Show more
there oughta be a law!
#548208
we'd never made a late payment...
we both lost our jobs because of the "economic crisis in america"....
couldn't refinance without any employment!
applied for the loan modification program but didn't qualify the first time...
we went through the "loan mod" process again and were told we qualified....
but only after falling behind!
"congrats!....you're on your way to a more affordable mortgage!"
(their ACTUAL statement!)
after many months of jumping through their hoops and over their hurdles and
experiencing the "lost paperwork" syndrome they finally
sent another letter again stating congratulations!
here's your loan modification:
but they didn't lower the interest rate....
they didn't put the delinquent payments on the back end...
they didn't help by lowering the balance...
they actually UPPED the mortgage payment and demanded a check to bring the loan balance up to date!
too bad we couldn't afford to retain legal representation...
i KNOW they were just setting us up to foreclose...
so with all the equity we had...
and love of our home and location...
we ended up having to do a REVERSE MORTGAGE just to keep our home!
i think we got away from the evil bank just in time...
but i guess i shouldn't complain....
we're still here where we always wanted to be...
while so many americans have lost their homes after
... Show more
Kim  New Jersey
#528065
I read all of these complaints and realize so many people are in the same situation as us. Bank of America is the worst. I wrote to our Senator, Governor, Congressman and even wrote to our President Obama. I am finale getting responses from them and people calling our home from programs that may be able to help. I don't know because before I did these letters we hired a law group to try help us with this modification. Been dealing with this since November 2008 when my loan was still thru Countrywide. It has been a ongoing nightmare. Bank of America told us to "show good faith" and we had money saved, we paid them 13 payments in 4 months!!! To then received an "intent to foreclose"!!! Amazing!!! Bank of America does not want to help anyone and it just makes no sense. Isn't it better to work with their current customers to get them back on track and start generating revenue when the customers can start making their payments again. Instead it's better to foreclose on these homes and get nothing!!!!!!!!!!!!!!!!!!! Has is our world ever going to get out of this financial disaster???? Makes me sick!!!!!!!!!!!!!!!
nama
#437872
I have been jacked around by B of A for about 3&1/2 years. I was a Countrywide customer with an adjustable rate loan. I bought my home in 1988 on a seller carryback that had a balloon so I had to refinance when the balloon became due. My husband was a construction worker and when building slowed down in AZ he lost his job. I had been trying to work with Countrywide to refinance my loan to a fixed rate when B of A took over. I don't believe I have been lied to as much in all of my 56 years as I have been lied to by B of A "specialists". My sale date is 5-15-12, but my "Office of the CEO & President Customer Support Specialist, Celia Robinson" keeps telling me she will "get to the bottom of this problem" when she accidentally answers her phone(which is rare). Any good advice???
Laura
#433048
I emailed Bof A ceo at brian.t.moynihan@bankofamerica.com and cc'd Obama, HUD, and 7 on your side news describing our hardship with the option arm loan. I received an a phone call the next day to modify our option arm loan. We negotiated a rate that would work. It took about a month to finalize. Good luck!
Brian
to Laura #605905
That's too funny!! I went the same route with Moynihan about 2 years ago after getting denied a mod. In a month, loan approved and payment cut in half. It's sad that we, as consumers, now must now go to the top dog to get results. It's also amazing that if you dig around the internet, you can find just about every crooked CEO's email address.
imperial357
#432433
First write your lender asking them to produce the Note then file a civil to bring your lender to the table.


IN THE CIRCUIT COURT OF THE OREGON JUDICIAL CIRCUIT
IN AND FOR LANE COUNTY, STATE OF OREGON
CIVIL DIVISION


GEORGE TRAN Pro Se
645 W18th Ave
Eugene, OR 97402,
Plaintiff,
Vs
John Beaver
Lane County of Oregon
125 East Eighth Ave
Eugene, OR 97401
Defendant.

Stan Surdam
Lane County of Oregon
125 East Eighth Ave
Eugene, OR 97401
Defendant.
CASE NO.:

Complaint for punitive damages for obstruction of lawful remedy

Amount: $499,999 plus legal fees


Obstruction of Lawful Remedy

Plaintiff GEORGE TRAN seeks damages as a result of Defendant John Beaver and Defendant Stan Surdam making legal determination on Plaintiff’s lawful remedy in response to Plaintiff’s current civil action Case No: 1210-05250 filed on March 5, 2010.

Pursuant of the Administrative Procedures Act (APA) of 1946 and the right of Habeas Corpus, Plaintiff have requested a verification of debt with Chase Home Loan Services following Federal Rules of Civil
... Show more
Oscar
#362853
Everybody shoud take BAC to court for these practices
Denise
#361794
:( We had a loan modification with Countrywide which was approved march, 2009 then November 2009 was told by Bank of America that it was denied and had to do over which of course they denied a new modification sent a payment in April, 2010 and they sent it back saying house was in foreclosure, we have been fighting it ever since trying to get them to give us a new modification in the mean time fees etc. keep building up.

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