Paramus, New Jersey
Not resolved
25 comments

Bank of America is giving us the runaround on our mortgage modification. We are worried that they will foreclose on our home because we followed their modification program! Bank of America will be referred to as BOA for the remainder of this letter.

We started our loan modification process in January of 2010. After filling out all the necessary paperwork, and sending in financial documentation BOA gave us a temporary reduced payment that was meant to help us during the modification process. The reduced payments began in February 2010.

Since then we have received letters stating that BOA is missing some of our information or documentation. It has always been information and documentation that we have already provided to them. We have faxed in our tax statements 3 times. Each time we send in documentation we call to confirm that they have received it and are told that they have everything they need to process our modification. Then another letter shows up in the mail.

The most current letter dated July 20, 2010, informs us that our modification has been denied, supposedly because we didn't provide them with documents they requested. The letter goes on to suggest options such as as a short sale or transferring the deed of our home to BOA!

It seems to be the intent of BOA to give homeowners the runaround, and a discounted payment schedule for just long enough that their payments are 3 months behind. We have been paying reduced payments for 6 months. Our payments were reduced by about 50%. So the total late payment amount is about 3 months worth. Three months late = foreclosure. Now they haven't sent a foreclosure notice yet, but we're pretty sure it's coming.

Did I mention what this has done to our credit? No? Well it's ruined. BOA has been reporting that we are a "severely delinquent" account. We are not delinquent, we are paying the amount they asked us to! Is this part of their plan as well? Once your credit is destroyed and you couldn't get a loan for anything to save your life, where else are you going to go? You can't very well decide to refinance with another company. You certainly can't hire a lawyer, you are applying for a modification because you can't afford the payments on your mortgage.

Now they have you right where they want you. Broke, poor credit, and one way to get out. Give them your home, either outright, just give up and hand it over, or try and fight and end up in foreclosure.

We have followed every direction BOA has set forth, and here we are, with horrible credit and about to lose our home. We are trying to get this information out to warn other homeowners what will happen to them if they attempt a modification with BOA, and in hopes that we can get some help in resolving this issue before we lose our home.

Sincerely,

Randy and Berit Raymer

Product or Service Mentioned: Bank Of America Loan Modification.

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Anonymous
#398861

Read the Bankers Manifesto.... explains everything that is happening. Seems our Dear President may have already read it.

Anonymous
#398258

I had perfect payment history until a 3month medical leave put me behind. I was sending more than a payment every month t get caught up and Chase starting splitting the money and putting anywhere but towards my monthly pay.

Then they sent $1300 back to saying it wasn't enough. They put me through the modification process and after months of the 'runaround'.... denied... evryone I speak to gives me a different answer.

Repayment plan...? Next says don't qualify for that either. I now owe $7632 plus attorney fees and in order to do a repayment plan I have to put $7500 dwn... Chase obviously wants to sit on another empty home.

They sure are not conserned about where me and my children will sleep.

The worst part is that I have been TRYING to pay them, but they wouldn't accept the money. I have not met ONE personwho has been helped by these programs.

Anonymous
#338634

Been going through the same run around,Got laid off 2 years ago they gave me a 3 month forbearance,then after 3 months instead of helping me, got stuck with 3 months of back payments and late charges. All i am asking is to drop my 8.3 interest rate down.Have also worked with NACA with no sucess.

Anonymous
#337332

boa did it to us too. modified up $200, late charges on the part they said we did not have to pay, and constantly losing our paperwork. I hate this bank and I am sure the original founder would be very upset at what they have done to his bank.

A. RIZZO
#333376

What a lot of homeowners don't realize is that their lender is not in the business to help them. (i.e.

by granting a loan modification they lose money - hence, they will do everything they can to deny a homeowner, even if they qualify.) This is why many homeowners are unable to obtain the modifications on their own and get the run around. In the end, they end up needing to get outside help from a third party.

At NMHC, we have helped hundreds of homeowners get their mortgage modifications; some as low as 2 and 3%. To see if you qualify, please feel free to contact us at 1-800-445-6365.

Anonymous
#330240

I have been getting the sam run around from Bank of america for over 2 years- We had qualified for the save our home program but they said we didn't send in out tax papers which we did and I had proof- then we went in to appeal 4 times. I have had every documented since day one with names and id# of who I talked to with differnt stories!

I just called yesterday and now they are telling me I have no mortage there????

They must of sold it? I'm going crazy with this run around.

Anonymous
#330239

I have been getting the sam run around from Bank of america for over 2 years- We had qualified for the save our home program but they said we didn't send in out tax papers which we did and I had proof- then we went in to appeal 4 times. I have had every documented since day one with names and id# of who I talked to with differnt stories!

I just called yesterday and now they are telling me I have no mortage there????

They must of sold it? I'm going crazy with this run around.

Anonymous
#269790

same thing here, almost two years now and the phone calls!! Regular boa keeps calling 3=4 times a day now to say we are behind even though we are in makeing home afforable program with trail payments in certifie funds before the first of each month.

lost paperwork, demand paperwork within 24 hours and NO ONE in charge I can talk too. NO ONE!

Anonymous
#266937

same story as all of you regarding BOA 3 years of it finally figured out what was going on because as we all know their agents are clueless and one day I got a newbee who spilled the beans. I quit making payments and continued to call and play along for a year and a half just collecting info for when I actually got the notice and yesterday was my lucky day.

now the lawsuit commences. of course the poor idiots at BOA still tell me theres no info on foreclosure in my system, you will recieve your modification papers in about 60 to 90 days.please keep calling and documenting info. by the way they have recording detection software on their phone system. RAdio shack sells one they cant detect.

the recordings are inadmissable in court but they serve as a memorial of events for your own recolection. Just one very pissed off stay at home mom with the time to screw them back. I don't understand how there overt criminal actions go unprosecuted. They, BOA, make no attempt to even hide it.

To many acts of fraud to mention and when I confronted the agent each time and asked them if they knew that what they just told me was a lie and that their actions equated to fraud which is a crime they were clueless as to what fraud was. In conclusion, Keep calling, ask lots of questions and evertime they transfer you around think of it as a new deposition :}.

We are not powerless! Stand up and fight dirty just like they are!

Anonymous
#258671

I went through a similar situation. I waited 9 months and got the run around.

I phoned BofA every week. They said i could pay whatever I want. Thank goodness I paid the amount due (without late payments). So, while I was going through the supposed MOD they tacked on an escrow account, and my payment went up to 3K.

This is a scam. don't go through the MOD process with BOA. You will be very sorry. You're credit will be ruined, and you'll be left paying lots and lots of late fees.

This has been an emotional roller coaster. Has anyone had a similar experience with them adding an escrow account (taxes + ins to monthly payment)

Anonymous
#255707

This is making me afraid to go through with my l;oan modification. I have Bank Of America and they are staring this missing paperwork scam with me as well but i havent started thier 3 months of reduced payments yet

Anonymous
#252827

We too are in the same situation. They are not offering us reduced payment or anything.

They said we made to much money and are basing it off our last two years tax returns when my husband DID have a job.

I am trying to get it changed but no one will call me back or help. I keep getting run around.

Anonymous
#243899

this is all very disturbing, we too have bee waiting for almost 2 years!- we sent in reduced payments. never heard a thing - kept contactin BOA and constantly got the run around - they need info again-- we've sent countless faxes as well!

what the heck is goin on!?we love our home!- havent made payments cuz we were waitini to hear back from them!- they kept saying oh...?- the underwriters have it..?- not its not in forclosure- ...keep calling? every 7-10 days?

did that- now Bac called last week- we called back and the officer wants all documentation AGAIN!- in 72 hrs.???

i call them back and her voicemail says ill get back in touch w u in less than one business day! hello!

its been 5! --- NUTS please help!- any advice- because i was going to fax in info again- but havent yet.

Anonymous
#241087

I experienced the same runaround however I went a step further. I contacted the corporate office in North Carolina by email and phone, I got a response in two days, and my loan modification was approved and paperwork fed ex'd to me withing two weeks. I don't have the phone number or email but you can easily look it up on the internet, the corporate office in North Carilina.

Anonymous
#241086

I experienced the same runaround however I went a step further. I contacted the corporate office in North Carolina by email and phone, I got a response in two days, and my loan modification was approved and paperwork fed ex'd to me withing two weeks. I don't have the phone number or email but you can easily look it up on the internet, the corporate office in North Carilina.

Anonymous
#225926

Bank of America did the exact same thing to us. Although we had not missed a payment, we applied in January as we are retired, bought our house at the height of the real estate bubble (it is now worth about 1/3 what we paid) plus we lost part of our retirement fund in the recession.

We applied, hoping for a loan modification that would at least adjust for our underwater principal. They offered reduced payments to begin in February. Paperwork went back and forth, with them saying they didn't have all the necessary papers, even though we sent and faxed the same papers to them 3 different times. They finally said we didn't qualify because we failed to supply the correct paperwork.

They said we could short sell, go into foreclosure, or deed to BOA in lieu of foreclosure. They said if we didn't want one of those 3 options to call another BOA department to "appeal" ... we called and began the process over again only to find out that the "appeal" was actually BOA's own inhouse collection agency. We went through the same nightmare of lost papers and refaxing the same paperwork, etc.

In November we finally decided we need to contact an attorney, and through him we learned that none of the reduced payments we had been making were applied to the principal or the interest but were absorbed by BOA as processing. He said we might as well have burned the money in our back yard than send them those payments. So now we owe Bank of America more money that our principal was when we applied in January and our credit is trashed. Where is our government and why isn't it protecting us from BOA??

Our government gave BOA a huge bailout and they are not using the money to help anyone but themselves.

Just wait and see, they'll have all these foreclosures from people they were supposed to help, and then they'll ask for yet another bailout. Shame on BOA and shame on our government for allowing this to happen to good people all across this country.

Anonymous
#183593

This is really scary, these guys are criminals and the whole progam is a joke. I'm experiencing the same situation.

I would like to start a petition list to file a class-action lawsuit against BOA. I am hiring a lawyer and this needs to go up to the top.

This is beyond criminal activity.

If you guys want to join in please contact me by email at lukeglinski@gmail.com.

Anonymous
#182315

I hate Bank Of America. Same thing happened to me.

I sent all the documents as requested. I Was given a trail payment have been paying on it since March to August. Got a letter that I was denied because of missing documents. We have sent everything 2 times.

This would make it the 3rd time. Sent me a letter stating I owe $1,115.63 Then I get a letter in Lew Of Foreclosure I can sign over my house. That will not get my house. I will fight them to the end.

Ive been paying my Mortgage since 1985 to March 2010. And I cannot believe this its been a nightmare.

Anonymous
#180655

i would like someone to explain why a collection agency made a settlement with me, the stopped the transaction when they realized i was in bankrupsy. they knew that from the start.

they returned my money when i complained that they were avoiding me and refuse to give information out about the company i brought the truck through. i am now waiting for a reafformation agreement. but from whom. the collection agency closed my case and won't answer any calls or letters.

What now.

i have a truck in my drive way i can't do anything with. :?

Anonymous
#180640

Bank of America is giving hundreds of people the runaround with home modifications. I have heard many stories with all the same MO!

Lost faxes that they said they received. Everyone you talk to has something diffent to say. Re-sending information that you alreadhy sent in.

I was declined and am in appeal for 1 lost document that they said they didn't get and I have proof of the fax sent! It seems to be a BIG SCAM!!!!!!!