State: Minnesota Product: Bank Of America Loan Modification Clear all filters (5 of 86 reviews match)
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Bank Of America in Saint Paul, Minnesota - I had a loan remod with BOA and the loan was sold to Seterus

I want to know why Seterus received the loan when it was clearly BOA who was wtrong during the first loan and secondly completed my loan MOD. Now it's in the hands of Seterus and I don't know why? So does this protect BOA from all of the wrongdoing tey did with my first loan?
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Review
#791324 Review #791324 is a subjective opinion of poster.
Service
Bank Of America Loan Modification
Reason of review
Poor customer service

Bank Of America in Minneapolis, Minnesota - Why was I declined a mortgage modification?

I was let go from a couple of jobs in the poor economy since we bought my house. My yearly income has been cut over 50% since we purchased in 2006. In attempting to do a Home Modification loan to reduce my monthly payments with Bank of America, it took them 6 months to get the paperwork right. Twice they said they misplaced it, and once I was told they entered it too late. This entire time I was told to continue making my payments on time, because that would help ensure a modification. The reason my modification was ultimately turned down, I was told, was because my payments were always made on time, so obviously I did not need to modify my payment schedule.
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2 comments
Anonymous
#369630

David Puzniak

Mortgage Loan Officer

Bank of America Home Loans

628 North New Ballas Rd

Creve Coeur, MO 63141

david.puzniak@bankofamerica.com

Office: (314) 994-2511

Mobile: (314) 486-2652

Dear David Puzniak & Bank of America:

I will be sending this letter to anyone who will read it and listen to the injustice that we have suffered at the hands of Bank of America and Freedom Mortgage. My intent with this is to have Bank of America honor the agreement that they had made with my husband and I in 2010 about streamline financing my current FHA mortgage with Bank of America. And to also make Bank of America fix some of their current processes that harm families like ours. Below is an approximate timeline of events:

November 2009- We received a postcard in the mail from a company called Freedom Mortgage offering to refinance our home with a new FHA streamline refinance and save us on our interest rate and monthly payment.

November 10 2009- I spoke with Freedom Mortgage about the postcard that was sent to me and to ask questions about how it worked. They said no credit check, no appraisal and no closing as long as I had made all payments on time. I told them sounded good I would speak to my husband and if we were interested I would call them back. They asked if they could send paper work to look at and I said yes in case we decided to accept the offer.

January 5, 2010- We get a letter from Russ at Bank of America offering the same thing that Freedom Mortgage was offering. We called Bank of America because they are our current mortgage company and we thought it might be easier to deal with since they had all of our information already.

February 2010- I call and speak to Russ and ask so questions about their program. He assures it will be very easy and we should consider the offer. I tell him I will speak with my husband and call him back. So a few weeks later we call him back and talk to him on three way together so that Jason can ask the questions we has as well so we can make an educated decision. After speaking to Russ Jason feels confident and says we should proceed. So we call Russ and ask him to proceed.

March 2010- Russ calls and says he needs to go over the numbers again because something is wrong in the escrow numbers and that our payment is about to go up to $1800 a month. He says it’s good we are going to refinance now so we can get the payment down. We are concerned with the payment going up because we are trying to lower our current payment to get out of debt and pay off some bills. So now it looks like we need to refinance just to stay afloat much less pay off bills. I feel bad for people in our shoes that don’t have two incomes to fall back on. I think no wonder there are so many homes in foreclosure. It saddens me.

May 2010- I tell Russ we are going to be out of town and ask if he knows when our closing date will be since we are getting close to 90 days now. He says we will get it all done when I get back in town.

June 2010- When we get back in town Russ is on vacation. I leave a message. When he calls back we ask him about a cheaper rate that is being offered. He says ok he will look in to it for us. He calls and leaves me a message to call him. I call and leave a message for him.

July 2010- I call and leave messages for Russ. He calls me back once and leaves a message for me to call him. I try him back but have to leave message again.

August 2010- I leave message after message for Russ to call me. We really need to get out mortgage closed badly. Finally I call one evening and ask for him, they don’t put me on hold and I hear him say, put her into my voice mail I don’t have time for that crazy lady. I ask to speak to his supervisor immediately. Dave Puzinak gets on the phone and I explain what has happened. He apologies but it seems like he is just sorry that Russ gets caught saying it, not that he really is sorry that he did say it. He says BOA would like to keep my business. So I agree to proceed.

September 2010- Dave sends me new papers with the new rate on it and says the processing has to start over because of the new rate. So he says we won’t close this month either.

October 2010- Dave says we missed our window for this month as well.

November 2010- Dave says we can’t close this month because there is a very short window they have to close these loans. And they must be done by the 26th of the month and they are shorthanded and can’t get the paper work processed and completed for this month. I am very disappointed. I even file a better business bureau complaint and they offer me a $25 gift card for my trouble and say it will be done in December for sure. I call another mortgage company to see if we can get it done quicker and to see if I am being lied to. They run my credit and say they can’t help me because my credit score is too low to finance with them. They suggest I continue on with BOA since there is no credit check required.

December 2010- Dave calls for my bank statements so I send them to him. He calls me and asks why I have deposited a $2000 extra in my account. I explain that it is a loan for our Christmas vacation. He says we can’t close because they will think its borrowed funds for closing. But I tell him I have the money to close even if that had never been borrowed and he said yes but that would be too much paperwork so we should wait till the next month. I am beside myself at this point. Money is really tight and my payment is supposed to be more than $300 cheaper a month. And every month I get further and further into debt because I can’t get my house closed and my payment lower. I am scared I am going to lose my house at this point. I have 5 more people in my household to take care of.

January 2011- I call Dave and ask about closing date. He says once again we need to wait one more month till Feb 15, 2011 to get bank statements in with now extra money added to my account. I am livid. I fuss and complain but he says there is nothing he can do and it will be done next month for sure. There is nothing I can do except comply, BOA has my family home in its hands. I pray they can fix this next month because I don’t know how much longer we can hold on to this house without the refinance.

February 2011- I get an email from Dave today saying not to forget to send him the bank statements on the 15th so we can get moving and not miss that window again. I am super excited that he seems to be being proactive. Then 3 hours later I get a call that says he needs me to call him. I call him back and he tells me that because Freedom Mortgage held on to the file or application for 4 months, I am no longer eligible for the no credit check offer and they ran my credit and it’s too low for them to do the loan. I was devastated. I only spoke to Freedom Mortgage One time. I never signed anything or told them that they could do anything. They had called BOA for a payoff quote which I had to pay for even though I had not authorized it in anyway shape or form and they changed my designee on my homeowners insurance through State Farm. How can a company do that? Isn’t that an invasion of privacy? Don’t I have to sign something giving them permission to do all that? And how can BOA back out of a deal just like that? Should they not have to own up to their agreement? Dave has said now after this whole year that it’s Freedom’s fault, I am sure if I call them they will say it’s BOA’s fault, but ultimately my family is the one who suffers because now we cannot refinance our home and will probably lose it because we can’t pay the note every month. I thought President Obama’s mortgage reform was to help people like us, but it has not. So it’s either his fault, the FHA (that’s the other place BOA blames), or one of the mortgage companies fault. But of course I am sure no one will fix this or take the blame. My husband and I both work in education and I thought we were pretty smart people but for the life of me I cannot figure this one out. When we first purchased our home our payment was $1500 a month to Taylor, Bean and Whitaker and we could afford it. We had plans in two years to refinance. Then we get a notice saying they are closing down and Bank of America now has our loan. Then last year for no reason we can understand our payment went up to $1841 but our taxes went down and our homeowners stayed the same so why would it go up?

I am going to send this to everyone on my email list and my face book to let my family and friends know of our injustice before we lose our home so that people will already now it was our mortgage companies fault. I am also sending it to anyone I think might be able to help me get the word out to help some other poor soul from putting their trust into either of these companies. It is wrong what you have done to my family. I hope you open your eyes and do the right thing or that the FHA or someone higher up can step in and make you do the right thing and correct this mistake you have made for us.

Anonymous
#361267

I had the same thing happen to my family. I got to the point that all the savings got dried, so I took a hard decision and stop paying the mortgage.

I have not paid anthing for almost two years, I been saving that money under my pillow and going on a short sale. You may think it was a bad decision, but I think it was just a normal business decision by companies made. Now I have money saved, don't deal with their ***, going into bankrupcy and in a few years I'll be able to buy another house. I think its better than been upside down 200k on a house and dealing with BofA that not willing to help.

I also stoped paying my credit cards, but not before consolidating all of them with BofA. So now they got all my dept and they are stuck with it.

My life has changed, I am no longer worried about my bills and I have more money in my pockets, we only buy things we can afford cash and no way I am doing busines again with BofA, NEVER!

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Review
#265007 Review #265007 is a subjective opinion of poster.
Service
Bank Of America Loan Modification
Loss
$1200

Summary of Bank of America's Actions

In October 2008, Bank of America accepted $15 billion in funds from the United States Government as part of the Troubled Asset Relief Program ("TARP"), 12U.S.C. § 5211. In January 2009, in connection with its acquisition of Merrill Lynch, Bank of America accepted another $10 billion in TARP funds along with a partial guarantee against losses on $118 billion in mortgage-related assets. By accepting this payment, Bank of America agreed that it would participate in one or more programs that TARP authorized the Secretary of the Treasury to establish necessary to minimize foreclosures. Consistent with the TARP mandate, the Treasury Department implemented the Home Affordable Modification Program ("HAMP") -a detailed program designed to stem the foreclosure crisis by providing affordable mortgage loan modifications and other alternatives to foreclosure to eligible borrowers. Companies that accepted money under TARP are subject to mandatory inclusion in HAMP as are certain classes of loans, namely those held by Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac"). Bank of America signed a Servicer Participation Agreement ("SPA") with the U.S. Treasury on April 17, 2009 (attached as Exhibit 1 and incorporated by reference) agreeing in its capacity as loan servicer 1 to comply with HAMP requirements and to perfom1 loan modification and other foreclosure prevention services described in the program guidelines. The guidelines issued by the Treasury Department set forth a detailed process whereby a participating servicer such as Bank of America, acting through its subsidiary BAC Home Loans Servicing, must: "¢ identify loans that are subject to modification under the HAMP program, both through its own review and in response to requests for modification from individual homeowners; "¢ collect financial and other personal information from the homeowners to Evaluate whether the homeowner ineligible for a loan modification under HAMP; "¢ institute a modified loan with a reduced payment amount as per a mandated formu la, that is effective for a three-month trial period for borrowers that are eligible for a modification; and "¢ provide a permanently modified loan to those homeowners who comply with the requirements during the trial period. Whether the homeowner qualifies for a modification or not, participating servicers are also required to provide written notices to every mortgage borrower that has been evaluated for a loan modification, whether or not the borrower has been found eligible. Namely those held by Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac"). Bank of America signed a Servicer Participation Agreement ("SPA") with the U.S. Treasury on April 17, 2009 (attached as Exhibit 1 and incorporated by reference) agreeing in its capacity as loan servicer 1 to comply with HAMP requirements and to perform loan modification and other foreclosure prevention services described in the program guidelines. The guidelines issued by the Treasury Department set forth a detailed process whereby a participating servicer such as Bank of America, acting through its subsidiary BAC Home Loans Servicing, must: "¢ identify loans that are subject to modification under the HAMP program, both through its own review and in response to requests for modification from individual homeowners; "¢ collect financial and other personal information from the homeowners to Evaluate whether the homeowner ineligible for a loan modification under HAMP; "¢ institute a modified loan with a reduced payment amount as per a mandated formula, that is effective for a three-month trial period for borrowers that are eligible for a modification; and "¢ provide a permanently modified loan to those homeowners who comply with the requirements during the trial period. Whether the homeowner qualifies for a modification or not, participating servicers are also required to provide written notices to every mortgage borrower that has been evaluated for a loan modification, whether or not the borrower has been found eligible. HAMP and its associated directives also set prohibitions against certain conduct including instituting or continuing foreclosure proceedings while a borrower is being evaluated for a loan modification, and restrictions on the way a servicer may report the borrower to credit reporting agencies. Though Bank of America accepted $25 billion in TARP funds and entered into a contract obligating itself to comply with the HAMP directives and to extend loan modifications for the benefit of distressed homeowners, Bank of America has systematically failed to comply with the terms of the HAMP directives and has regularly and repeatedly violated several of its prohibitions. Under HAMP, the federal government incentivizes participating servicers to make adjustments to existing mortgage obligations in order to make the monthly payments more affordable. Servicers receive $1,000.00 for each HAMP modification. However, this incentive is countered by a number of financial factors that make it more profitable for a mortgage servicer such as BOA to avoid modification and to continue to keep a mortgage in a state of default or distress and to push loans toward foreclosure. This is especially true in cases where the mortgage is owned by a third-party investor and is merely serviced by BOA because BOA does not carry a significant risk of loss in the event of foreclosure. On information and belief, BOA does not own a significant majority of the loans on which it functions as servicer. Economic factors that discourage BOA from meeting its obligations under HAMP by facilitating loan modifications include the following:2 "¢ BOA may be required to repurchase loans from the investor in order to pennanently modify the loan. This presents a substantial cost and loss of revenue that can be avoided by keeping the loan in a state of temporary modification or lingering default. "¢ The monthly service fee that BOA, as the servicer collects as to each loan it services in a pool of loans, is calculated as a fixed percentage of the unpaid principal balance of the loans in the pool. Consequently, modifying a loan to reduce the principal balance results in a lower monthly fee to the servicer. "¢ Fees that BOA charges borrowers that are in default constitute a significant source of revenue to it. Aside from income BOA directly receives, late fees and "process management fees" are often added to the principal loan amount thereby increasing the unpaid balance in a pool of loans and increasing the amount of the servicer's monthly service fee. "¢ Entering into a permanent modification will often delay a servicer's ability to recover advances it is required to make to investors of the unpaid principal and interest payment of a non-performing loan. The servicer's right to recover expenses from an investor in a loan modification, rather than a foreclosure, is often less clear and less generous. "¢ Fixed overhead costs involved in successfully performing loan modifications involve up-front costs to the servicer for additional staffing, physical infrastructure, and expenses such as property valuation, credit reports and financing costs. Rather than allocating adequate resources and working diligently to reduce the number of loans in danger of default by establishing permanent modifications, BOA has serially strung out, delayed, and otherwise hindered the modification processes that it contractually undertook to facilitate when it accepted billions of dollars from the United States. BOA's delay and obstruction tactics have taken various forms with the common result that homeowners with loans serviced by BOA, who are eligible for permanent loan modifications, and who have met the requirements for participation in HAMP, have not received permanent loan modifications to which they are entitled. In addition to its obligations based on its contract with the Treasury Department, as a participating servicer in HAMP, BOA entered into a standardized contract with Plaintiffs and thousands of homeowners for a temporary trial modification of their existing note and mortgage. Each such modification agreement promises that if the borrower complies with the terms of the temporary modification agreement and the borrower's representations on which the offer of a modification was based continue to be true in all material respects, then the borrower will receive a permanent modification on the same terms. The contract, known as a "Trial Period Plan" ("TPP") Agreement, is for a finite time period- normally three months -and specifies that "TIME IS OF THE ESSENCE." The Trial Period Plan ("TPP") Classes, defined below, made the required payments under their TPP Agreements and expected to receive either a final modification or a denial of eligibility before the end of the trial period. Neither was forthcoming. Despite Plaintiffs' efforts, BOA has ignored its contractual obligation to modify their loans permanently. Because BOA is not meeting its contractual obligations, hundreds of thousands of homeowners are wrongfully being deprived of an opportunity to cure their delinquencies, pay their mortgage loans and save their homes. By failing to live up to its obligations under the terms of the agreement it entered into with the Department of the Treasury, and the terms of the contracts it formed with individual homeowners, BOA has left thousands of borrowers in a state of limbo - often worse off than they were before they sought a modification from BOA. Defendants' actions violate their contractual obligations, thwart the purpose of HAMP, and are unfair and deceptive under state laws.
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#250945 Review #250945 is a subjective opinion of poster.
Service
Bank Of America Loan Modification
Nikki White's call to customer service June 16, 2011 Bank of America Home Modification Customer Service Customer Service Rep. Thisbeth @ ext. 1194 Reason for the Call: Marlene Estrauda told me to call (888)325-5399 to request the LPV data used when determining my...
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4 comments
Anonymous
#1129611

Timely writing , I am thankful for the specifics - Does anyone know where my business could acquire a template a form version to edit ?

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#246186 Review #246186 is a subjective opinion of poster.
Service
Bank Of America Loan Modification
Loss
$260

Bank of America (countrywide) Mtg

I applied for a modification, 1st they lost my documents, which I sent 2x. Now they have lost my counter offer response to their offer, which was beyond my means. In their offer they included the artificial growth on this countrywide subprime mtg. Now I've been told its going into foreclosure because I haven't been in contact with them. This is Outrageous! My mother is 94 and I can't move her it could cause her to have a heart attack from the stress. I need Bank of America to work with me & provide to me the opportunity to modify this loan so we can offered to stay in this house.
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Anonymous
#236574

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#236572

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#134874

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Anonymous
#129245

To modify fraud/short sale fraud is a fraud. First may I ask why would you want to modify your loan when there may be fraud in your mortgage that you were not aware of.

You can take that fraud and make those that broke the law pay rather than you paying them to defraud you. When the banks break the law they owe YOU money, it says so in the law. There are reasons why they can not modify too many loans so most home owners will never get that modification that they jumped through hoops for. One reason is they will loose their tax free exemption if they modify to many in any given mortgage pool.

The next thing that is the most common thing done to home owners is tell them they need to be behind on payments, that is they ploy to get to do just that. Once that is accomplished they can go in to foreclosure. Once you are foreclosed on and you are out of the house, they can collect the default insurance. Now your damages maybe TREBLE.

You have suffered a loss. That is the second time they are paid, the first is when they securitized the loan and put it in a pool as an investment. Sometimes that loan is sold to a pool before you sign the paper. They write it off on a 1099 and don't have to pay taxes on it because it is a loss.

Next they send you a bill for the amount they claim you still owe.

The way to show they broke the law is in auditing the paperwork. An audit performed by certified professionals can go over mortgage documents and find the violations of the law. Since a crime may have been committed you need to treat the paperwork as such.

From the audit then a letter asking for more information or a rescission letter which is asking for the return of all monies paid in because the mortgage is found to be void due to the fraud found. From there paperwork ready to show the court the fraud. They do not want their violations of the law before a jury of 12 homeowners who may wonder if they were defrauded as well. See all the "MISTAKES" they make like losing document etc may be more than that, it may be intentional which is fraud.

endlessfrauddetection.com has many pages of information you the home owner need to learn about your situation and what the law says when it come to mortgages.

If the people are going to take back this country we need to do it one home at a time with the law. When you have gone through the site and see just what you can do then contact steve@endlessfrauddetection.com to start taking back this country one home at a time.

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#176767 Review #176767 is a subjective opinion of poster.
Service
Bank Of America Loan Modification

Contact Bank Of America Customer Service

Mailing Address:
Bank of America Corporation
PO Box 25118
Tampa, Florida 33633-0900
United States
Phone:
(315) 724-4022
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