This is a copy of a letter I wrote to the Attorney General in Connecticut:
I shall not cease my quest for justice. If there is a shred of fairness left for the citizens of Connecticut please follow through with repairing this wide spread mortgage crisis. I have confidence in this office and I ask for help because I believe you can make something happen. It is not for the sake of one but rather many. This one person you help has essentially helped three more people, my children. For those too little to be seen or heard I speak for them. And for those who gave up I speak for them and their children. Use the honor you uphold to face the misleading banking institutions.
Please have BOA refund the money owed me ($786.44) and follow through with the original modification they officially documented and approved on March 30, 2010. My monthly mortgage payment amount before the trial modification for principal and interest was $1,647.02 I was responsible for the escrow. The trial modification payment was $1080.35 effective August 2009. My trial modification lasted 16 months. This was a savings of $566.67 a month under the trial modification. If we take $566.67 x 16 months, the duration of the trial modification, we get a savings of $9,066.72. On 10/8/2010 I received a phone call from Emily with BOA stating, "It's not in the best interest of the investor to modify the loan" To bring my loan current I was told I must pay $20,093.25 which I did on 11/3/2010 using my fathers estate to pay for it. "Bank of America has serially strung out, delayed and otherwise hindered the modification processes it contractually undertook to facilitate when it accepted billions of dollars from the United States." People have been relying on a promise all along, and then they get a denial. Then they find themselves in that much worse of *** servicers are purposely denying permanent modifications and keeping loans in default so lenders can profit from heftier late fees and other charges. Bank of America has left thousands of borrowers in a state of limbo "” often worse off than they were before they sought a modification from Bank of America." servicers were erroneously denying permanent modifications to some homeowners because servicers were inaccurately applying a formula used to determine if the value of modifying the mortgage was greater than the proceeds from foreclosing.
I have since refinanced my home however not to the degree that BOA would have. My payments had I had the modification would have been significantly lower than they are currently ($1360.64). This is what I am looking for, completion of the original plan. Please help us fight for the injustice against the tax payers who bailed out the very bank that violated our trust.
Most recently in the media I came across this passage. I hold it close to my heart in the hopes that we prevail.
Obama also called for aid to boost the nation's struggling housing market--proposing new tax incentives to help homeowners save $3,000 a year on their mortgages. He also announced the creation of a federal task force to monitor banks, mortgage lenders and credit card companies for fraud. "Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that do the same," "Millions of Americans who work hard and play by the rules every day deserve a government and a financial system that do the same," Obama said. "It's time to apply the same rules from top to bottom: No bailouts, no handouts, and no copouts. An America built to last insists on responsibility from everybody."
"Bank of America agreed to participate in at least one TARP-authorized program to minimize foreclosures." In addition, agreed through contract with the United States Treasure to comply with the Home Affordable Modification Program regulations to "perform loan modifications and other foreclosure prevention services." The…Bank of America has done neither." Bank of America Corp reneged on a promise it made to modify troubled mortgages as a condition of accepting $25 billion of federal bailout money."
"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 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 Bank of America to avoid modification and to continue to keep a mortgage in a state of default or distress and to push loans towards foreclosure. This is especially true in cases where the mortgage is owned by a third-party investor and is merely serviced by the servicer such as Bank of America. On information and belief, Bank of America does not own a significant majority of the loans on which it functions as a servicer."
"BOA has reported the lowest completion rates on loan modifications of any lender and has constantly "streamlined" the time frame and modification process in an endeavor to maintain a good public image and good rapport with consumers."
Trial payment plans are contracts, and the Bank of America broke them by not giving permanent modifications to homeowners who made their trial payments on time and provided the necessary documentation. Bank of America broke contracts made directly with homeowners. Please do something.
Product or Service Mentioned: Bank Of America Mortgage.