I have a horror story to add to the hundreds that are already on this site. My husband and I got behind by one month on our mortgage in 2009, right before Bank of America started servicing our loan. By May 28, 2009 BAC had already sent us a foreclosure letter, informing us we were five payments behind instead of just one. A week later, we get a letter from their foreclosure mill here in Alabama they use, Sirote and Permutt. We immediately started to try to work with BAC to figure out how to qualify us for a loan modification. They took my husbands and my financial information over the telephon (gross pay, how much savings we had, what our bills total, etc), and put us on hold for 10 minutes. the guy come back and said we were pre-approved, and to type up a hardship letter, gather up copies of our bills, monthly expenses, two months worth of bank statements, 2 years IRS tax return filings and fax them to the attention of BAC's 'Hope Dept.". Well, they got the demanded paperwork next day. It took them almost 3 weeks before they scanned all the docs into the system.
We waited, and were told that the foreclosure would be postponed while we were in the modification process, but that collection activity would ensue. We were also instructed at this time to NOT send in any money, as this would only "mess up" the modification process. It took BAC two months before they finally approved us outright in July 2009. We got a call on July 25, 2009 from a BAC rep who informed us that our final loan modification docs were in the mail to us. We had 10 days to sign/notarize them, and return the documents with "good faith funds" in the amount of $877. We were told we had to send those funds via money order or cashiers check. They got a cashiers check and their notarized docs back in 2 days. This so called "LOAN MOD" was a mere repay plan in disguise. It kept us at our current interest rate of 7.5%, hiked our monthly payments up from $859.19 to $938.17, and tacked 2 years onto the back end of our mortgage.
Our first mortgage payment of $938.17 was to be Sept. 2009. They got it, as did they the payments for the remainder of the year. If we were past the 15th in sending it, I tacked on a $50 late charge to the payment. We cant help but notice that all this time our mortgage statements are getting higher and higher, and we now have property taxes and homeowners being escrowed (nothing on this loan is to be escrowed, period). We now owe over $14,000 in past due payments, $1500 in late fees, and another astronomical amount in "uncollected costs". When I called in to check on this, I got told "well, your loan is in the closing dept. so any day the mortgage statement will change, just keep making your payments in accordance with the loan mod agreement". Okay, we do just that all the way up through April 2010.
In April 2010 we get a phone call from a lady at BAC, saying she needs updated financial information. She took, over the phone, our gross incomes, all the bills total, how much we had in savings, our monthly expenses, etc. At the end of ALL this, she says "oh, by the way, the workout negotiator needs you to send in a new hardship letter, copies of your last 2 bank statements, your pay stubs, your last 2 years tax filings, and copies of your bills." I told her, flat out, if the workout negotiator needed all new information, he/she could ask for it by letter, we would not send it in unless we were formally asked for it by written request (boy they hate this) and listed exactly WHY they needed the same information again. Well, I'm here to say, that letter never came, so we kept making our monthly loan mod payments up through the end of July 2010.
I called in on August 3, 2010 because our mortgage statements had not changed to reflect the loan mod pricing, but now showed us being close to $16,000.00 in past due, with late fees over $2,000.00 and an escrow deficiency of $4487. I was told on that day that the computer system showed our workout was "closed" and the modification had been "cancelled". Cancelled, just like that, after receiving an entire year's worth of payments, with no notification other than me finding out the hard way. they never sent out a letter stating why.
The first thing they do is transfer you, the second you start complaining, to the Advocacy Dept. The Advocacy dept. does nothing except hold your hand while you lose your home. From August 2010 up through December 2010, BAC received from us anywhere from $1800-$2200 per month to try and get us caught up since they had just up and cancelled out from underneath us. The Advocacy dept. had, on our behalf, done more "escalations" to supervisors regarding this account than i could count on two sets of hands (there are, literally, 20 escalations plus). Each time they do an escalation, you have to wait 7-14 days for a response, if you get one at all. We never got a single response to ANY of the escalations BAC did on our account.
BAC also started doing collections calls from 800-669-0102(which oddly enough is the phone number for their Home Retention Team). We got anywhere from 3-8 calls per day, 7 days a week, sometimes two at once! They were also sending us Notice of Intent to Accelerate every month from August 2010 through December 2010. We would pay $1800 one month, and the next month the Notice of Intent would only show where they had dropped the amount due by $300. Would love to know exactly where that money went to. Probably into their "fees due" account to draw interest BAC gets to keep, cuz you know you're for *** sure not getting it!
January 2011 I make a $2000 payment. BAC cashes it. Jan 31, 2011 I call in to set up payment arrangements, because I knew we couldn't keep going on this way, riding out Notices of Intent from month to month, getting nowhere with BAC. A lady named C@#$y helped me, and asked exactly how much we could put forward, in good faith, to secure the payment arrangements (here we go again with the good faith bologna). I told her we would put forth $2000.00. She said they could work with that, and said that we would need to make 5 additional payments of $2653.00 to get current by July 5, 2011. She took my checking account information over the phone, huffed and puffed and couldn't get it to go through. She says "I'm sorry, I'm having computer issues, I will have to take your number and call you back." Well, I waited 7 hours for her to call back, she never did.
I had to call them back and got a different representative. I asked him if he would set up the payment plan that C@$#y said she'd set us up on. This guy was zero help...he said he wouldn't do it because the lady had put a note in the system saying she did try to call back, but got no answer. She would try back at a later date/time. He didn't want to "step on her toes" and redo anything she may or may not have done.
I also asked him about why the loan modification was cancelled, or what may have happened. He discovered that 12 payments were being held in a fees due account, and had yet to be posted to the account. Two payments that I had made, they also never had posted as receiving them, but the checks had cleared my bank. This guy finds a note, dated for 12/14/09 that says, from their closing dept "work out negotiator to resend loan mod docs to customer. error on original documents. resend updated loan mod to customer asap." Well, folks, that updated mod never left their building!!
And do you think for 5 seconds anyone bothered to apologize and try to rectify the situation? Nope! We got told to try and reapply for another loan mod, because this issue was "dead".
We waited 4 days to see if C@#$y would call us back to finish setting up the repay plan. She never did. I got tired of their *** and mailed in a $2800 payment. So, you would think this would have more than fulfilled my obligation under the repayment structure? Nope!!! Feb. 28, 2011, BAC decides to foreclose on our home! Didn't send us a letter, not a phone call, nada!
We have hired legal representation to fight BAC. However, our story continues. BAC is refusing to acknowledge our legal counsel, because they are saying that the signatures that they have on our "original" loan documents DO NOT MATCH what the attorneys faxed over to them to have authorization on our account!! These dumb butts have actually gone out on that wobbly limb and mailed us a letter stating just that. Well, if the signatures don't match, then we got a BIG problem!
Its been 30 days since we hired our legal counsel, and BAC has yet to release any of the documentation our attorneys have demanded. My husband and I had to go out of our way to type up a formal letter advising BAC that we had in fact hired these attorneys, and that their delay tactic regarding this matter would not be tolerated. WE had it notarized and had our attorneys fax it to BAC, along with yet another demand letter from the legal firm. That was last week, we are still waiting on a response.
The kicker to this whole deal is, BAC told us Sirote and Permutt out of Birmingham, AL have our account for foreclosure. I have been in contact with Sirote since 2/28/11, and they don't have the file yet. It didn't take them 7 days last time to send us a letter of foreclosure. It's been a month now, and we still dont have anything from Sirote. I am wondering what the hold up could possibly be? Can't obtain a clean title? Forged loan documents? Hmmm, one can only speculate until BAC releases the documents for the attorneys to review.
BAC is also still doing collection calls, even though we have informed them that we have hired legal counsel. We even changed our voicemail greeting to inform them who our attorneys are, and give them the contact number. They are also informed on that message that we will no longer accept their collection calls. They don't care, they still call 3-6 times a day, 7 days a week. And, when they do decide to leave a message, it's an automated one of which we only get the same half of every single time.
My attorneys would love to be able to prove a pattern of behavior against BAC. I am in dire need of people who are willing to come forward and give a written testimonial of their horror story, and have it notarized, for us to use in court. In return, I am willing to do the same thing for anyone, just for the asking. If we stand together and help one another, we can surely deliver a powerful blow! If you are interested in helping me, and I you, please feel free to contact me at firstname.lastname@example.org or by phone at 256-486-8085. Thank you.
Product or Service Mentioned: Bank Of America Loan Modification.