This scenario I'm about to explain just might top them all...
My wife and I fell on financially trying times starting back in September of 2008. After much thought and research, I contacted a friend of mine who for a reasonable and money back guaranteed fee, was able to get us a loan modification.
Here is where it gets really interesting... When we started this process our mortgage was in limbo as it was transitioning from GreenPoint Mortgage to Countrywide. What really shocked me about that was the prior news that Countrywide had already gone bankrupt. Needless to say we were offered a loan modification by Countrywide 5 months after starting the process, and we were on track to save a whopping $42 per month. Immediately after that Bank of America took over. They assured me that there would be no lag in transition and that none of my information, agreements, etc., would be lost in translation/transition. Just as I was to make my very first new monthly payment, (according to the signed and notarized APPROVAL we sent in), I called in to confirm the department and address to send the payment in to, only to learn that 2 days before the payment due date they notated a denial of the loan modification. The denial stated that the "financials" don't meet their requirements. I climbed up the ladder and spoke with several managers who stated that I should send in my payments anyway so that I was not in breach of contract. At that point I even asked the manager if he would make a payment if he were in my shoes… Had something in writing stating he was approved, but couldn't get the same information from the associates working there; and HE said "NO SIR, I WOULDN'T". I went on to forcing this man (Robin was his name), to notate in the system that I was going to send in my payment with copies of the signed and notarized approval, and to notate based on other notes in his system that I WAS in fact approved for the loan modification. The manager did as requested. I know because I called in and confirmed it with a different associate later that day. On numerous phone calls that took place from 4/8/2009 through 5/7/2009 I was transferred from one department to the next. Nobody at Bank of America was on the same page and the majority of my calls resulted in a left message in the voicemail box of some person that did not return my call(s). This trend continued into July of 2009 where at last, I had a collections manager calling me every Friday with updates, if any on the progress or lack thereof on our file. For months we made our new, modified payments only to find that Bank of America was not honoring the written approval. They were actually applying those payments to the past dues that according to my approval letter, (signed & notarized), had already been worked into the modified balance and loan terms... This was just the first Phase in which we spoke to people in the Retention Department, HOPE Department, Loan Workout Department, Customer Service Department, Foreclosure Department & Collections Department, and several managers in differing departments as well.
Going back in time just a bit… In May of 2009 I found new employment with a company that specialized in financial assistance programs which included loan modification negotiating. Figuring that the end result of our so-called loan modification offered to us in March was a result that clearly favored the interests of Bank of America, we decided to employ the company I was working for to get the job done and finalized. We started our second attempt at a modification in August, 2009. Due to the fact that our mortgage was owned by Freddie Mac we were eligible for the "Making Home Affordable" (MHA) program. In September, just prior to our being approved for the MHA program we received a certified & recorded NOD, (Notice of Default / Foreclosure Notice with Intent to Sell). Almost immediately after that, in October we were approved for the "Making Home Affordable Trial Modification Program". All we had to do was make our 3 "trial payments" on-time and Bank of America would then advance into making the loan modification permanent. Nowhere in the documentation that we received, signed and sent back, did they mention ongoing negotiations and/or underwriting, etc…
We have now made 7 payments. All of them on time and all of them over the phone, in which we have recorded confirmation numbers for each payment made. Bank of America is claiming that on 5/3/2010 they denied our workout for a permanent modification due to missing documentation, (that was never requested of us). I have also found out that they notated one of our trial payments as being received late, which is a blatant lie that can easily be disproved if a subpoena for their internal records was ordered. This would show the date and time that the confirmation number was issued. The representatives at Bank of America also claim that they sent us a written request for additional documentation, however if they did, we did not receive it. We live in a condominium complex with 321 units. We are always getting mail intended for someone else and vice-versa. What is most upsetting about this is that all of the original offer(s) for a loan modification was sent Fed-Ex (which required a signature); Isn't it safe to assume that any documentation with such a high level of importance be sent via "first class mail" / "certified mail" or the equivalent? These are just all out terrible and irresponsible business practices...
Nevertheless, the reason I found out that they denied the loan modification on 5/3/2010 along with the other aforementioned claims, is because I called them again to get to the bottom of our loan modification, which I was doing because we received 13 copies, (6 by certified mail), of a "Notice of Trustee's Sale" on our property. The public auction is to take place on 6/8/2010 at 10:00 AM. Furthermore, Bank of America states that they issued an Adverse Action Letter to us to inform us of the denial, but that too has never been received. I was informed by a gal there that my home was NOT in foreclosure and that all I needed to do was send in the "missing" documentation, which included our 2009 signed & complete tax return, a signed 4506-T which gives Bank of America permission to access previous tax records, (that they should already have on file for 2007 & 2008 because we sent that in twice already), and proof that we are currently paying our HOA dues. When I asked why this process is taking so long, and educated her a little about the federal making home affordable guidelines that her employer is unable to adhere to, she stated that it's because negotiations were still taking place. I firmly disagreed with her adding that there was nothing further to negotiate. She countered with a response pertaining to the "investor" needing to agree to and attend to negotiations. I countered back stating that the investor was Freddie Mac who FINALIZED their negotiations with the Feds and the President long before they even launched the MHA program and offered it to the public; and that the MHA program we were offered was only available to us due to the FACT that the program was tailored to homeowners who's mortgages we owned be either Fannie Mae, Freddie Mac or was an FHA loan. I also went on to say; and with that said, there were no other pending negotiations, just lack of compliance, lack of follow through, lack of professionalism and stall tactics, which boarder on predatory business practices.
Right, wrong or indifferent, I faxed all of the "required" information to Bank of Amerca's Loan Retention Department along with a copy of the Sale Notice and called the next day to confirm that they received the documents. I figure that if I had any leverage at all; it would rest on holding up our end of the bargain. Their representative confirmed receipt of the documents and went on to tell me that in addition to our modification being denied on 5/3/2010, that they also notated on 5/5/2010 that our file needs a 2nd review for underwriting. I asked if they could give me a timeframe for the review and the gal stated they are not allowed to tell me, in which I replied; "because if you did the feds would shut you down for lack of contractual compliance". I mean after all, aren't all those phone calls supposed to be recorded for quality assurance and training purposes? I called back later to try to find out the name of the underwriter or negotiator in possession of our file but they couldn't give that to me either. I asked to be transferred to a manager of sorts which resulted in my call being transferred in the voicemail box of a "collections" manager who did not return my call. I bet that if somebody with enough time on their hands could get to piecing together all of the phone call recordings in chronological order, and per consumer getting the run-around by Bank of America, that Bank of America would be under Federal investigation before the Supreme Court and trying to defend a tangled web of lies and lazy business practices, in no time flat!
We're still playing the waiting game with Bank of America. We're on the *** of losing our home despite doing everything asked of me and then some. I also know, based on conversations with Bank of America representatives and co-workers who deal with Bank of America as a daily profession, that I can request for Bank of America to postpone the foreclosure sale date on my property. BUT; they will not actually do anything to fulfill those requests until roughly 10 to 3 days prior to the scheduled sale date. …Which basically means that Bank of America is not only being unprofessional and distasteful about their modification practices, but that they're simultaneously and tactfully hindering hard-working citizens from proactively saving their American Dream and their homes.
We have worked long and hard to have what little we possess, and to provide to our child. To educate, discipline, and teach our child the values of honesty and responsibility. We find comfort in knowing that our child's moral compass is pointed in the proper direction. To me it's unfathomable that child who still knows very little can make better morally grounded decisions than the staff at Bank of America.
Unfortunately, Bank of America isn't the only villain out there. I have contacted a couple of law offices with open / active cases against Bank of America. Some small, and some class action; but all they want to do is get me to start a new lawsuit against Bank of America so that they can collect a hefty retainer fee for their services. Unfortunately this is all turning out to be the works of a federal government who's congressional leaders are bribed by our President and the interest of corporate officers and shareholders. The Feds know that Bank of America is the largest financial institution in the world and that any legal action against them that favored the hard working AMERICAN, would result in the absolute single worst economic banking decline since 1929. The same *** that scared the feds into $ Billions of bailouts to the auto industry, and other Wall Street ventures, etc…..
I am going to post this on every blog I can find, and share this with as many people who will read it or listen to it. We the people are not being treated with any dignity by our government or the financial institutions reaping on the benefits of our woes.
Whatever happened to: "We the people, By the people, & FOR the People"?
Product or Service Mentioned: Bank Of America Banking Service.