I had a chance to revisit with a past client that is OK right now. The issue came up as to whether he should sue his mortgage company (BofA) for bad faith, fraud, and ......? My client shared his story and I will share it with you. About 2 years ago, months before my client was to be laid off, he tried to renegotiate lower payments.......

WHAT REALLY HAPPENED...

This man and his family had excellent credit, always paid their bills and being pro-active realized that rough times were coming. what does an honest man do...? He contacts his bank and tells them that while he can afford to pay the mortgage now, he doesn't think so in the months ahead.

THE BANK ADVISED HIM ON WHAT TO DO

Bank of America responds with we can help you, but only if you are delinquent. My client was flabbergasted. He says...I am calling you to work something out so I do not become delinquent. BofA says, we cannot help you. We have programs that kick-in 30, 60, 90 and 120 days after you are late and in default.

DOESN'T MAKE SENSE

My client, who believes in doing the right thing is speechless. Calls two more times and his conversations are all documented by the bank and their final response is to become late. He and his wife have a meeting, discuss it in detail and then decide to go along

WHAT LISTENING TO BAD ADVICE DOES

Every day of not paying was stressful and pure hell. It went against everything they believed in. They checked in with the bank periodically and was told...not yet. But if you have money, you can send it in and it will go against what you owe. This made no sense at all.  Should he pay or not pay..?

BofA...THE KING OF THE CARROT DANGLERS

After months of this existence....BofA promised to do a loan mod and took months to set it up. Lost paperwork, no return calls, being kept on hold for 1-3 hours per call all added to the non-success of this supposed help.

After enduring months of this, finally paperwork was received and acknowledged and my clients were told that they would have something within 60 days. Two days later, their home was foreclosed on and they were given 3 days to move.

POINT OF THE POST:

My client was contacted recently and asked if he wanted to sue the bank and question their right to foreclose under these conditions. His response is as follows:

Doing right is missing here. Right by all. I called months in advance to renegotiate my payments being content to be underwater. I just wanted a place to stay. I was told no help will be provided you until you are delinquent. I persisted and was denied. I became delinquent (reluctantly) which was stressful for me and my family because I didn’t want anything that way. From there, I was encouraged to get even more delinquent because that is how all the HELP programs kicked in….i.e. only if you are delinquent. Meanwhile, my credit is shot and I go into free-fall. Living this way is not living. Every knock on the door causes one to get butterflies from hell. I am glad to be rid of this problem, but I am battle scarred and wounded because of it.  I lost the house, my credit is destroyed, I was evicted and lived in fear. I want nothing to do with this anymore and I want to get on with my life..….

That's what really happened lest we forget. That's the real story.....and it stinks....

 

Richie Alan Naggar          Ran Right Realty       Riverside, Ca

Real Estate Broker and AUTHOR of the popular "PEARLS SERIES" of books on LIFE and LOVE

Richie@RanRightRealty.com         Richie@Pearlsforthesoul.com

PEOPLE FIRST...THEN BUSINESS

 
This post has been included in California Real Estate News

19 Comments on BANK OF AMERICA MORTGAGE STORY....MY CLIENT GONE...BUT NOT FORGOTTEN.....

NOV
16
2010
813,263 Points 163 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Richie, that is so disgusting. I can understand why he doesn't want to have anything to do with a law suit, but ghesh... there has to be a point in time where we all stand up and say NO MORE.

 
10:52am • #1
Outside Blog

Unfortunatly there are alot of these stories!
11:00am • #2
839,193 Points 69 Featured Posts Outside Blog Called Shot Master

Andrea....I hear you. I am incensed just to share his story. I left him with..I am sorry for your stress and circumstances.  Please be open and wait to see what happens....What else can I say...? It is between him and some gung-ho attorney out there...

Sean....more than this country would care to admit. Not everyone who defaulted was trying to beat the bank or get something for nothing....what a tragedy...
11:11am • #3
196,951 Points 2 Featured Posts Localism Sponsor Hit Router Called Shot Master

Wow.  What a story.  I wonder how the executives at BOA can sleep at night?
11:11am • #4
839,193 Points 69 Featured Posts Outside Blog Called Shot Master

Jeanne....what a great question to ask.....who is running the place...? If they are getting millions for this type of management, we really in trouble. And the government loaned them money...?? Is everyone crazy..?
11:17am • #5
1,520,536 Points 275 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Richie....there are too many of these stories today and more to come, I fear.....it just not right.
12:10pm • #6
839,193 Points 69 Featured Posts Outside Blog Called Shot Master

Barbara....It reminds of the story of people stepping over a dead body in the streets in New York for three days until someone inquired about it...How can anyone in office treat this as an elephant in the room to be not talked about?
12:25pm • #7
361,997 Points 60 Featured Posts Outside Blog Called Shot Master

Richie ~  I have worked with several Clients and friends who have all been given the exact same "advice", only to end up totally destroyed while BOA lives and thrives with the sanctions of our own government -- you know the one:  "Of the people, for the people, by the people . . ."
2:23pm • #8
839,193 Points 69 Featured Posts Outside Blog Called Shot Master

Tish.....Hitler should have and could have been stopped many times.....but no, it was allowed to go on and on until millions paid with their lives. I wonder what will cause people to stand-up and say, we are not going along with this...it is wrong and unacceptable......I heard one Sheriff in a State refused to evict anyone anymore....Now that's a hero......
3:01pm • #9
NOV
17
2010
275,890 Points 17 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Richie:  This story is absolutely tragic!  Makes you wonder how these people can look at themselves in the mirror. Very sad indeed.
7:22am • #10
839,193 Points 69 Featured Posts Outside Blog Called Shot Master

Kathryn....They do not have the problem of "Mirror" because they have a denial system that includes negligence, indifference, iiresponsiblity, injustice and the worst of all.....their GOLDEN RULE...which is he who has the GOLD rules.....In the end, the question they say to your face without saying is.....JUST WHAT ARE YOU GOING TO DO ABOUT IT...? The ordinary guy in the street responds:.....there is nothing we can do. Others have chosen to litigate.......Agreed on Sad....
9:50am • #11
162,519 Points 10 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Richie, I have a list of similar stories, and they are all devastatingly sad. The system is not set up for people who are responsible and conscionable. There should be a way that sellers like your client, who proactively address their situation with the lender and have verifiable, documentable hardship, should automatically be qualified for a loan modification. And the lenders should be REQUIRED to give it to them for as long as they are able to make the modified payment. The cost on individuals as well as our society as a whole can hardly be measured, and the big banks are truly devastating America for the sake of the not so almighty dollar!
11:01am • #12
839,193 Points 69 Featured Posts Outside Blog Called Shot Master

Hello Lisa.....You would make a good ruler of a fair land land offering fairness and justice to everyone worthy to receive it. Your comments are true and accurate. There is no reason to sacrifice and disrupt lives when this subject matter is brought up. We give to charities and other nations when they are in need, but an American with a mortgage problem just slips through the cracks.....How bizarre is that...?
11:09am • #13
NOV
20
2010
981,695 Points 114 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

This type of attitude is so prevalent -- the passive/agressive mindset.  A woman being stalked and threatened can't get police protection because no crime occured . . . yet.  So they find her laying in a ditch with her throat cut . . . now they'll hunt down the "perp."  Too bad, she had to die in order to get some help!

Same with home owners.  They have their throats cut and are lying in the ditch before anything is done to help them.

This is INSANE!!
12:57pm • #14
839,193 Points 69 Featured Posts Outside Blog Called Shot Master

Hello Carla....Portland's best.......you spoke well.  This will be Congress celebrating after millions took the fall and they will say..."The operation was a success, but the patient died". See, congress works.... (ha)
1:06pm • #15
NOV
21
2010
596,136 Points 70 Featured Posts Outside Blog Called Shot Master

Richie - I too have heard way too many stories of homeowners who wanted to keep their homes and how they continued to make their mortgage payments (regardless of how hard it was to make them) until they were told that the only way to get a loan mod was to not pay their mortgage.  As soon as they got delinquent, they were denied the loan mod and then foreclosed on.  This is just so wrong on so many levels and it just makes me so sad for these people.
10:10pm • #16
NOV
22
2010
839,193 Points 69 Featured Posts Outside Blog Called Shot Master

Donne....when people open themselves up to others and become vulnerable by doing so, then the other party has a responsibility to handle that a certain way. The banks used this system to abuse and take advantage of people and are still doing it. This is not acceptable behavior from one human being to another. The fault lies with us though because banks are entities who do not care about the person, only the transaction. They like you to believe when you go into their bank branches that they are there for you ...like family. But on the back-end, they are ruthless and without compassion playing by rules that destroy instead of build-up. In this realm, Bof A rules, but the others are not far behind......As you say...it is wrong. Wrong me once, shame on you...wrong me twice, shame on me.....best to you Donne...
11:03am • #17
DEC
04
2010

Richie- Well written, it just make you wonder, how is much this costing the taxpayers?
5:57pm • #18
DEC
05
2010
839,193 Points 69 Featured Posts Outside Blog Called Shot Master

Henry...in dollars and sense...who can say right now. But in suffering in watching your fellow man mistreated...lots...it is costing lots and lots...best to you and yours Henry
1:51pm • #19


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