Glendora, California
Not resolved
20 comments

Please read the following email I sent to the president of B of A regarding my loan mod issues. By the way after the email was recieved i got a letter 7 days later stating it was completely denied and there were NO OTHER programs i would be eligible for. I just wanted to make people aware of what this bank is doing....

I have been a loan client of Bank of America since 2008 after they absorbed my original loan company, Countrywide Mortgage that my mortgage was with since 2001. I have always had an impeccable payment record and never missed a payment. Since the housing market crisis last year, and as has been the case with many others caught in it, the mortgage on my home has surpassed its current market assessed value.

As a single income mother with 2 young daughters, and due to the loss of child support income, I proactively sought your assistance and applied for a loan modification with Bank of America at the beginning of this year. I had submitted my original application on January 27th, 2010 but sent my February mortgage payment in full which was received on February 5th, 2010. It was not posted until February 19th, however, which apparently made me delinquent. The cancelled check does show it was received the first week of the month, but it was placed in a forbearance account and not entered into the record.

I was informed that I pre-qualified for a loan modification and was placed on a trial plan for a three month period. I went ahead and paid the modified trial payments of 1208.37 for the months of March and April. Not having heard anything about the status of the modification, I contacted your institution on April 15th to inquire. It was at this point I was informed that the application had been denied the previous day, April 14th stating I was not in imminent default. I never received a denial letter and I was advised that, despite all the money sent in during the trial period having been received, my account was now showing as severely delinquent.

I was then told that I would be referred to a different department of Bank of America who would see if I qualified for an alternative program. I was to receive an application packet within 2 weeks. Nothing was ever received. I recontacted Bank of America again and was told that I would receive something within 10 days that the bank was backlogged with applications and they would send it out.

Again, nothing was received.

When I called back, I was now informed that, due to the loss of child support not being considered a qualifying hardship, the timeframe to work out an alternative solution had expired and I was in arrears in the amount of $3800 which would be required immediately to bring the account current. Not to mention I was told to "try to make it a year in the house and I could apply for a mod again at that time".

I explained that I could not afford this amount which was the reason I attempted to be proactive and contacted you at the beginning of the year in the first place.

Instead of working with my situation, I feel I was set up to fail just so your company could foreclose on my property despite all my attempts at wishing to work out an amicable solution. I now have to move my self and my kids all because I attempted to proactively save my house but you didn't feel I was at risk of hardship nor did you feel my loan was worth modifying to keep my family in our home.

I don't understand why the trial payments were good enough for the trial period which was put in place to see if I could make the payments, which I could in a timely manner yet I was still denied. Why set up the trial period payments with a borrower if you are just going to deny them at the end of the period. That's what the program was intended for correct?

The making home affordable plan was designed to help homeowners keep their homes. I also understand that the government helps the mortgage companies who help their clients. I have been making this mortgage payment for over 10 years without 1 late payment ever and when I needed the help you were not there to assist me.

When you have a borrower able to make those trial payments and fulfill the loan obligations on the property it makes no sense that you would deny them and take on a foreclosure. When I entered into this I was not delinquent, my loan was paid on time every month. Once entered into the program I was then delinquent and denied. The modification states that once the trial payments are made that the loan would be modified and the payments would continue at the rate the trial payment was set at, not to mention if your mortgage was over 31 percent of your income you were eligible and my income is 52 percent of my income yet I was denied. I do not understand the practice here.

I will let people know of my experience with your bank not that it will make a difference to your institution but other people need to be aware that you do not help those that actually need it. We will be moving but I just wanted you to know this was one home you could've helped save from foreclosure.

Product or Service Mentioned: Bank Of America Loan Modification.

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Anonymous
#575253

bank of america has been lying to me for a very long time and now wants to foreclose on my home without even telling me. i can short sale the property if i had longer than 3 weeks.

how do you expect me to sale within 3 weeks!!! :(

Anonymous
#575252

bank of america has been lying to me for a very long time and now wants to foreclose on my home without even telling me. i can short sale the property if i had longer than 3 weeks.

how do you expect me to sale within 3 weeks!!! :(

Anonymous
#562962

Bank of America home Modification is a scam!

Anonymous
#445064

BOA is a bunch of rotten scam artists. I waited patiently for 7 months to get denied for modification.

I'm currently seeking help from homeownersgroup.org the work as your advocate so you don't have to deal with bank of america. They are non profit and do not charge a dime.

Anonymous
#383926

I am in 1000% agreeance with all of these comments...BOA are scumsuckers who dont want to or dont intend to help ANY ONE of their customers. If I had a way to get my mortgage out of their dirty thieving hands I would.

I've just been in a fight with them for over 18 months for a modification. I fell behind in payments waiting for this mod to go thru, talked to probably EVERY SINGLE person working there, went to seminars in hopes that I would do the right thing...to NO avail. They ended up screwing me in the end. When I was finally put on a trial payment offer I was thrilled even tho it was almost the same amt as my normal payment.

It sucked me dry, but I did it...then I get the final mod payment amt...and its HIGHER than the trial payment and only $100 LESS than my normal payment was. I am beside myself and tired of fighting. This is what they hope to do to their customers...wear them out so they will stop conplaining. So...Congrats BOA...you have won.

I quit. You will probably own my homw within the next year bc you KNOW I cant make the payments I just agreed to.

I hope you enjoy it as much as my kids did living there for the past 13 years. Thanks again for bending me over and doing me dry.

Anonymous
#383682

To start off you have to understand with a company like bank of America there left hand and there right hand never there clueless about each other... Being one of the largest mortgage lender you can understand why they placed you on a trail the denied you to obtain more funds from you that's there position in the modification game...

You also have to understand that there way of justifying there actions is a loan modification is contiguous unpon investor approval and you are *** or Freddie forget about it there guidelines don't make sense.. I understand you situation but the way bofa is looking at it is in there best inserts even thought the government aka tax payers give mortgage lenders 75 billion to help homeowners there success rate is 36 percent and out of 36 who resviced prement loan mods 17 precent defaulted again... What does that show you that there program isn't helping anyone but the CEOs ....the base the approval on 31 percent dti and they use your gross income the numbers have to make sense for the so called investor to approve your mod....

However there are different programs you may be able to utilize.... Good luck if you have any question you can email me at contact@bigflowerinvestments.com

Anonymous
#318794

I could just about quote my story verbatim in likeness to Sampson's above. I moved out and am not looking back, nor am I planning on any future dealing with B of A via loan mod, trail period or anything they have up their sleeves.

They are crooked and they can have my house. it's no longer worth anything anyway. They got bailed out and none of us did.

RIDICULOUS! I'm not looking back.

Anonymous
#310815

i finally did move i have peace of mind and the bank is still sending me my mortgage statements. i finall yhave peace of mind but my old house is still empty. they can have it,

Anonymous
#310731

wow! i've been getting the run around for 1 yr.

4 months sent in paper work to get mod 3 times .With many excuses . This is a SCAM...

i hope they go down and out of business. POOR POOR business practices.

Anonymous
#298253

No kidding. Paperwork and more paperwork.

Runaround and no answers. If they can't do it-tell me. If they can-tell me. Something is seriously wrong with this whole picture.

Someone has made a lot of money off of unsuspecting citizens. Greedy-and crooked!

Anonymous
#262461

BOA sucks they dont return calls every time they say they will fix the problem nobody ever does. they suck suck suck.

I have myy loan paper issued in jan of 2010 and every payment they still tell the credit reporting agencys im 5 months past due I love my home but after trying to get this problem corrected im ready to walk my heart cant take it anymore. My wife and I want another child but cant add on to our small home because they claim we will be in forclosure Im not puting my cash into this home if im close to forclosure what do I do powerguy64@yahoo.com

Anonymous
#185289

They were willing to take my money after my husband died but wouldn't refund me the overpayment because I was not the person on the loan, my husband was and they could only deal with him. So what were they going to do, employ a medium.

No just keep the 500 dollars overpayment after I paid off the loan. They wouldn't modify the loan because it was at 9 percent so I had to get a loan from another bank at 5 percent to pay them off (overpay them) Crooks- all of them.

Anonymous
#177665

Who do we file complaints with...I have 2nd mortgage with them as I consolidated credit cards and was lied to by Capitol one but was desparate and took a 40K 2nd mortgage with 12% interest rate...I applied in May faxed over 30 pages of documents and every few weeks call and they tell me still in review by underwriter. Ok so I call today and they tell me it was denied because they dont modify 2nd mortgages...hmm so why did they make me go through this for 3months and fax documents. I never received anything in the mail...I was blind transferred to 3 different (wrong) departments and got no resolution)

and during the last 3 months was told to keep my payments current which I was doing.

if anyone wants to initiate a class action lawsuit---sign me up

Kristin

Anonymous
#175953

I am so sorry for your loss I am currently attempting for a loan mod with BOA but I hired an attorney (no payment upfront) so I know they are ligit check them with BBB and california state bar no complaints for them but I want to thank you for posting information I gives me an idea of what to watch out for and to be aware of I attempted to try it by myself I thought it was a little wierd when the cust rep from bank of america told me to lie about the value of my home because thier computer valued it at higher rate then what was the true market value. So with hard times and not wanting to loose my home I checked for well know attorneys.

I get updates on a regular basis but I also agree about the letters I recieve one from ca saying i am denied another from back east asking for more information because i qualify I say doesn't one talk to the other. I have to recontact my attorney at let them go to work they call me back and let me know the update it also seems they want you to let it go one thing all of these post is letting me know even if they lower my payment for three months we will still be with just the basics and put that extra away at home so they don't tell us we are behind and we will be ready for that I cannot thank you enough I hope you will be able in the future to get a better and more beautiful home for you family I truly appreciate that you cared enough to tell your story to warn others I will contact occ because BOA is suppose to help peoople not destroy them with all the money they took with obama plan again thank you

sampson
#173901

i did file the complaint with the OCC (thank you jack) it wont do any good like i aid it forced me into bankruptcy. but i did it for the principal.

this bank seems to be doing this to a lot of folks out there. a class action suit like the one up north may be a good idea. i would like to hear from more of you if you are out there. it doesnt change my situation any but it does feel good to know i am not alone..

thanks to all of you.. :)

Anonymous
#173812

To Jack Hutchins> I have been basically bullied by BOA simular to all your stories above. I have been trying to figure out who to file a complaint with.

I have never heard of Office of Currency Comptroller, is that a Bank of America dept, or a dept. of your State government?

Anonymous
#173804

I received a trial period plan from BAC in June 2009. I have completed the trial period plan successfully.

It is now August 2010 and I'm still paying the trial payment. Everytime I call BAC to make my payment I ask them the status on modification and they tell me its still in review. In April 2010 I received a letter from BAC stating that I do quality for a modification and to be on the look out for a package. (NEVER RECEIVED A PACKAGE).

Made my payment for August and I asked BAC representative the status on my modification and was told it's with the Lenders but to keep paying the trial payment that was given to me. I hope BAC is not trying to pull a fast one on me. Because it makes me owing them 24, 000.00.

It feels as if there trying to keep holding onto my modifciation so I can owe them alot, and eventually owing this amount will make my new payment higher. I'm nervous about what will this outcome be and was it worth it.

Anonymous
#169873

DEAR SAMPSON

WHAT WAS DONE TO YOU IS THE SAME THING THEY DID TO ME. I THINK THEY TRAIN THEIR PEOPLE TO DO CORRUPT THINGS LIKE THIS.

I WAS IN A 3 MO BEGINNIG JAN 1ST, MADE A PAYMENT BY PHONE IN DEC 09. THE PERSON TPED A 6 INSTEAD OF A 7 IN MY CHECKING ACCT NUMBER, AND THUS THEY DID NOT NOTIFY ME UNTIL 6 MONTHS LATER OF THIS, I WAS DENIED OF THE MOD PROGRAM BECUASE I DID NOT MAKE PAYMENT "ON TIME", I APPEALED AND FOUGHT THEM, THEY HAVE SINCE SAID "WE ARE REVIEWING YOUR CASE", YET IM BEING TOLD IM NOW 4 MONTHS IN ARREARS . THEY WAITED 6 MONTHS TO TELL ME THIS !! ITS A SCAM TO MAKE ME FAIL.

THEY WANT TO TAKE OUR PROPERTIES, TAKING ADVANTAGE OF THOSE WHO NEED A RATE REDUCTION, AND SELL IT TO INVESTORS.

SOMEONE NEEDS TO HAVE THIS INVESTIGATED !! LIKE COUNTRTWIDE, A CLASS ACTION SUIT WOULD DO THE JOB- JUSTICE NEEDS TO BE SERVED.

sampson
#169842

thank you for the comment. unfortunately through all this i had to file bankruptcy and will be moving very soon.

i thank you for reading my story.

and congrats on your loan mod!! thats wonderful..

Anonymous
#169460

I just signed my modification with BOA You need to file a complaint wuth the OCC (Office of Currency Comptroller). Once I filed I became a proirty of the BOA Home Loan Servicing. If they are aware of the situation then they will monotor BOA It Works!