Bonita, California
Not resolved

I'm at my wits end! My wife and I have been trying for over 3 years to save our home.

The whole mess started with an IRS problem due to a flaw in the Turbo Tax Home and Business edition for 1999. The program deducted our home mortgage interest twice. IRS was super to work with Because, it was a flaw in the program they did not apply any penalties or interest. I asked a friend who I knew since 5th grade to help while my wife and I arranged for a loan to take care of the problem.

He was a former IRS auditor and now with an accounting firm in Phoenix. This was back in 2002. Because my friend missed 3 deadlines the IRS became a little hard to deal with. The dollar amount jumped to $39,000.

and IRS wanted it now. To complicate matters, I had lost my job because the company I was with since I was 17 went out of business and at that time I was 51 years old and we were the largest furniture retailer on the planet with 1018 stores. As a result the only loan we could get was a refi on our home, which later turned out to be labeled a "Predatory Loan" through Countrywide. We paid off IRS.

Then in 2007 the loan became unaffordable, the interest had jumped to almost 11% with payments approaching $4,700. per month. The State of California had filed a law suit against Countrywide for "Predatory Lending Practices" and our loan was among those involved. That brings us to 2008 and the "Obama Make Homes Affordable" plan plus the acquisition of Countrywide by Bank of America.

We had retained "Wall Street Modifications" to represent us with Countrywide related to the law suit and Countrywide having to fix these loans. Wall Street Modifications was a fraudulent company however, they negotiated a Modification for us at about the same time as BOA acquired Countrywide. The acqusition was approved by the Federal Reserve Board and as part of that approval BOA was to fix those Predatory Loans extended by Countrywide. Here is the statement from the Federal Reserve Board and I Quote - "...Bank of America should stabilize this massive portfolio (Countrywides questionable mortgage loans) by ensuring those borrowers can afford to keep their homes".

The Modification through Wall Street was also unaffordable and Countrywide agreed, so that never went forward at their suggestion. Countrywide, under BOA control and under the "Obama Make Homes Affordable" plan came up with a new Modification plan with payments of $1,385. which were affordable and mailed it to us on December 24th, 2009. Payments were to begin on February 1, 2010 which we signed and returned to the BOA office where they originated from in Pittsburgh, Pa.

and I have copies of the agreement. My wife called BOA to make our first payment on Monday February 1, 2010 and was told that for some reason BOA decided they were not going to go through with this plan and they would work something out and get back to us. We called and called and called, then in early April 2011 we were told that we might lose the home!

That brings us to today a year and 2&1/2 months later BOA is now telling us we do not qualify under the Obama plan because of the past due payments are making the loan balance to high to fit a into payment related to our income. If they had honored the Modification of December 2009 there would not be any past due amount.

Product or Service Mentioned: Bank Of America Loan Modification.

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Pittsburgh, Pennsylvania, United States #724285

Did you ever get a resolution from BOA?

to Justv389 San Diego, California, United States #724373



Names changed situation similar.. I became disabled in 2009 and was working with Countrywide to modify my primary mortgage had it all worked out too lower monthly payment, better interest rate, yeah I added a few years to the term but I would at least be able to afford the house on the joke that the Workers Comp was paying me.

BOA took over right as I was mailing my notarized and signed agreement in to countrywide...

Suddenly all deals were off.. Despite my circumstances BOA never processed me under the hardship provisions that they grabbed tax payers money for. Oh no..

they just screwed around letting me make the payments that I'd agreed to pay Countrywide because that was all I could afford. They of course kept piling up the unpaid amounts along with whatever penalties they could stick on... Then when I was around 10K underwater on the original loan they dropped the foreclosure bomb.. I said goodbye to my home on July 14th 2012

Now the State is contacting me about a "settlement" for BOA's bad faith actions..

but of course the lions share of the bucks squeezed out of BOA is going to keep people in their homes..

*** to be me since mines gone.. my group may see a 1 or 1.5K check less than 3 mortgage payments I'm sure BOA execs are laughing their *** off at the impotent States Attorneys Generals and the "penalty" they pay while they pick up homes for chump change...


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And it won't be pretty. You'll be one of the first casualties of what will become known as the pitchfork riots.

That's when the former middle class says enough and takes out the greedy rats infesting out great country.

Oh, and you. You'll be one of the first to go cuz everyone who has ever come in contact with you thinks your an ***

Sha Tin, Hong Kong, Hong Kong #277644

They are unconscionable and unethical. Friends have had similar experiences.

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